The Top Easy Access Savings Discussion Area

allegro120

Bridlington1 said:

pookey said:

allegro120 said:

pookey said:

lopsyfa said:

pookey said:

gussie5555 said:

flaneurs_lobster said:

pookey said:

Oh I didn't realise we could open the account without having to pay the fee, must have missed the posts but I'll definitely give it a try

I think the jury's still out on this one. 

In any case, 7% on £4K is about £23/month. Even with the £3 charge (and no cashback) probably still worth holding.

Yes even deducting £36 you'll still earn 6.1% interest on your 4k holding after 12 months assuming Santander doesn't drop the rate.

Can you help me recalculate the interest taking out another £2 per month please? So deducting £60 over 12months please?

And if its not too much trouble teach me the calculations please ☺️? 

It is just your net interest/amount * 100 where net interest is the interest you would have received normal minus fees/deductions. Mathematically,

Effective interest rate (EIR) = ((interest rate * amount/100) - deductions)/amount * 100

So, for 7% interest on £4000 and deducting £60, you have:
EIR(%) = (7*4000/100 -60)/4000* 100 = (280-60)/4000*100=5.5%.

A simple way is to calculate the interest rate corresponding to the deductions and take that from the original interest rate. For £60 deductions for an amount of £4000, the interest rate = 60/4000*100 =1.5%.

If you take this from 7%, you also arrive at 5.5%.

Mathematically, can be derived from the first forumla, it is
Effective interest rate (EIR) = (interest rate  - (deductions/amount * 100)) %

Thank you, I'll use this to calculate my Barclays rainy day as comparison.

Edit to add
My rainy day with Barclays only works out to be 4.64% after deductions.

Thanks got explaining how to calculate it, I'll definitely have to move some things around soon. 

My only worry is the rates will drop where Barclays may still hold the rate as its been going for around a year now 😅

Re, Barclays Rainy Day.  You shouldn't be loosing anything if you have 2 direct debits set up and pay in £800 a month.

I only have 1 direct debit in my sole account (my phone bill), the rest are in the joint account and i didn't want to move anything from there and transfer money over monthly. I set up 2 charity direct debits to get the account up and running with no extra charges. At the time it was the best rate around byt others have become more competitive now

You could set up a DD to a savings/investment account on the Barclays account. There's a few DD ideas on this list:
https://forums.moneysavingexpert.com/discussion/6445857/savings-investment-dds-and-debit-card-deposits-an-updated-list/p1

One thing to note is that a single DD being paid out twice each month will satisfy the DD requirements for the blue rewards so you could, say, set up a £1 DD with plum or whatever and let it be paid out twice each month. This would also then free up the DD for your phone bill to be redeployed elsewhere.

Personally I'd be reluctant to give Barclays blue rewards the chop at the moment since it can be kept going quite cheaply and it would probably save some time if they offer anything competitive again in the future, be it an increase in the rainy day saver rate or some other loss leader.

Also Moneybox - DD comes out weekly.  I don't use them anymore because I now have a surplus, my Co-op and TSB bonuses have been already paid so I put Plum, Moneybox, Currensea and credit card on hold until they are needed again.

I'm keeping my Blue Reward and Rainy Day.  Most of my EA money are in Santander issue3, but I prefer to have more than one in case of blocked payment or anything else preventing instant access.  Barclays Rainy Day is perfect for this, 5.12% is not far from 5.2%, so I keep a little bit of cash there. Blue Reward is easy to maintain and now they have 5% cash back offer on debit card purchases (every little helps).

pookey

evenasus said:

subjecttocontract said:

pokemaster said:

Yorkshire Building Society Loyalty Six Access eSaver 2023

5.10% Yearly

12 months minimum membership to YBS required to open

Source: MoneyFacts

I think I might open this account. It's going to suit my circumstances quite well.
* 5.1% easy access is good......and the 6 withdrawal limit won't bother me.
* I have the Santander 5.2% easy access but am near the £85K fscs limit and need somewhere else to deposit.
* Their branch is local to me if I ever need to visit.
* I'm already a customer so will be easy & quick to open & operate.

I too am already a customer with quite an amount in there over three accounts. They still requested documents  to prove my ID, even though I've sent the ID documents previously.
Then to add insult, they closed my  Loyalty 6 Access E saver which was 4.70% and transferred it to a Six Access E-Saver issue 2 @ 4.15%
It's one way to lose savers.

Is this YBS? 
I wanted to open a joint savings with my husband and they asked for his I.D again even though he's a customer. I ended up closing the account as it was too much hassle 

pookey

Bridlington1 said:

pookey said:

allegro120 said:

pookey said:

lopsyfa said:

pookey said:

gussie5555 said:

flaneurs_lobster said:

pookey said:

Oh I didn't realise we could open the account without having to pay the fee, must have missed the posts but I'll definitely give it a try

I think the jury's still out on this one. 

In any case, 7% on £4K is about £23/month. Even with the £3 charge (and no cashback) probably still worth holding.

Yes even deducting £36 you'll still earn 6.1% interest on your 4k holding after 12 months assuming Santander doesn't drop the rate.

Can you help me recalculate the interest taking out another £2 per month please? So deducting £60 over 12months please?

And if its not too much trouble teach me the calculations please ☺️? 

It is just your net interest/amount * 100 where net interest is the interest you would have received normal minus fees/deductions. Mathematically,

Effective interest rate (EIR) = ((interest rate * amount/100) - deductions)/amount * 100

So, for 7% interest on £4000 and deducting £60, you have:
EIR(%) = (7*4000/100 -60)/4000* 100 = (280-60)/4000*100=5.5%.

A simple way is to calculate the interest rate corresponding to the deductions and take that from the original interest rate. For £60 deductions for an amount of £4000, the interest rate = 60/4000*100 =1.5%.

If you take this from 7%, you also arrive at 5.5%.

Mathematically, can be derived from the first forumla, it is
Effective interest rate (EIR) = (interest rate  - (deductions/amount * 100)) %

Thank you, I'll use this to calculate my Barclays rainy day as comparison.

Edit to add
My rainy day with Barclays only works out to be 4.64% after deductions.

Thanks got explaining how to calculate it, I'll definitely have to move some things around soon. 

My only worry is the rates will drop where Barclays may still hold the rate as its been going for around a year now 😅

Re, Barclays Rainy Day.  You shouldn't be loosing anything if you have 2 direct debits set up and pay in £800 a month.

I only have 1 direct debit in my sole account (my phone bill), the rest are in the joint account and i didn't want to move anything from there and transfer money over monthly. I set up 2 charity direct debits to get the account up and running with no extra charges. At the time it was the best rate around byt others have become more competitive now

You could set up a DD to a savings/investment account on the Barclays account. There's a few DD ideas on this list:
https://forums.moneysavingexpert.com/discussion/6445857/savings-investment-dds-and-debit-card-deposits-an-updated-list/p1

One thing to note is that a single DD being paid out twice each month will satisfy the DD requirements for the blue rewards so you could, say, set up a £1 DD with plum or whatever and let it be paid out twice each month. This would also then free up the DD for your phone bill to be redeployed elsewhere.

Personally I'd be reluctant to give Barclays blue rewards the chop at the moment since it can be kept going quite cheaply and it would probably save some time if they offer anything competitive again in the future, be it an increase in the rainy day saver rate or some other loss leader.

Thank you very much, I'll definitely look into it. 



Yes I'm thinking of keeping hold of it as if rates drop I'm hoping they will stick to it. 

tg99

allegro120 said:

Bridlington1 said:

pookey said:

allegro120 said:

pookey said:

lopsyfa said:

pookey said:

gussie5555 said:

flaneurs_lobster said:

pookey said:

Oh I didn't realise we could open the account without having to pay the fee, must have missed the posts but I'll definitely give it a try

I think the jury's still out on this one. 

In any case, 7% on £4K is about £23/month. Even with the £3 charge (and no cashback) probably still worth holding.

Yes even deducting £36 you'll still earn 6.1% interest on your 4k holding after 12 months assuming Santander doesn't drop the rate.

Can you help me recalculate the interest taking out another £2 per month please? So deducting £60 over 12months please?

And if its not too much trouble teach me the calculations please ☺️? 

It is just your net interest/amount * 100 where net interest is the interest you would have received normal minus fees/deductions. Mathematically,

Effective interest rate (EIR) = ((interest rate * amount/100) - deductions)/amount * 100

So, for 7% interest on £4000 and deducting £60, you have:
EIR(%) = (7*4000/100 -60)/4000* 100 = (280-60)/4000*100=5.5%.

A simple way is to calculate the interest rate corresponding to the deductions and take that from the original interest rate. For £60 deductions for an amount of £4000, the interest rate = 60/4000*100 =1.5%.

If you take this from 7%, you also arrive at 5.5%.

Mathematically, can be derived from the first forumla, it is
Effective interest rate (EIR) = (interest rate  - (deductions/amount * 100)) %

Thank you, I'll use this to calculate my Barclays rainy day as comparison.

Edit to add
My rainy day with Barclays only works out to be 4.64% after deductions.

Thanks got explaining how to calculate it, I'll definitely have to move some things around soon. 

My only worry is the rates will drop where Barclays may still hold the rate as its been going for around a year now 😅

Re, Barclays Rainy Day.  You shouldn't be loosing anything if you have 2 direct debits set up and pay in £800 a month.

I only have 1 direct debit in my sole account (my phone bill), the rest are in the joint account and i didn't want to move anything from there and transfer money over monthly. I set up 2 charity direct debits to get the account up and running with no extra charges. At the time it was the best rate around byt others have become more competitive now

You could set up a DD to a savings/investment account on the Barclays account. There's a few DD ideas on this list:
https://forums.moneysavingexpert.com/discussion/6445857/savings-investment-dds-and-debit-card-deposits-an-updated-list/p1

One thing to note is that a single DD being paid out twice each month will satisfy the DD requirements for the blue rewards so you could, say, set up a £1 DD with plum or whatever and let it be paid out twice each month. This would also then free up the DD for your phone bill to be redeployed elsewhere.

Personally I'd be reluctant to give Barclays blue rewards the chop at the moment since it can be kept going quite cheaply and it would probably save some time if they offer anything competitive again in the future, be it an increase in the rainy day saver rate or some other loss leader.

Also Moneybox - DD comes out weekly.  I don't use them anymore because I now have a surplus, my Co-op and TSB bonuses have been already paid so I put Plum, Moneybox, Currensea and credit card on hold until they are needed again.

I'm keeping my Blue Reward and Rainy Day.  Most of my EA money are in Santander issue3, but I prefer to have more than one in case of blocked payment or anything else preventing instant access.  Barclays Rainy Day is perfect for this, 5.12% is not far from 5.2%, so I keep a little bit of cash there. Blue Reward is easy to maintain and now they have 5% cash back offer on debit card purchases (every little helps).

Thks for this as I have Barclays blue rewards but was not aware of the 5% cashback offer.

pookey

tg99 said:

allegro120 said:

Bridlington1 said:

pookey said:

allegro120 said:

pookey said:

lopsyfa said:

pookey said:

gussie5555 said:

flaneurs_lobster said:

pookey said:

Oh I didn't realise we could open the account without having to pay the fee, must have missed the posts but I'll definitely give it a try

I think the jury's still out on this one. 

In any case, 7% on £4K is about £23/month. Even with the £3 charge (and no cashback) probably still worth holding.

Yes even deducting £36 you'll still earn 6.1% interest on your 4k holding after 12 months assuming Santander doesn't drop the rate.

Can you help me recalculate the interest taking out another £2 per month please? So deducting £60 over 12months please?

And if its not too much trouble teach me the calculations please ☺️? 

It is just your net interest/amount * 100 where net interest is the interest you would have received normal minus fees/deductions. Mathematically,

Effective interest rate (EIR) = ((interest rate * amount/100) - deductions)/amount * 100

So, for 7% interest on £4000 and deducting £60, you have:
EIR(%) = (7*4000/100 -60)/4000* 100 = (280-60)/4000*100=5.5%.

A simple way is to calculate the interest rate corresponding to the deductions and take that from the original interest rate. For £60 deductions for an amount of £4000, the interest rate = 60/4000*100 =1.5%.

If you take this from 7%, you also arrive at 5.5%.

Mathematically, can be derived from the first forumla, it is
Effective interest rate (EIR) = (interest rate  - (deductions/amount * 100)) %

Thank you, I'll use this to calculate my Barclays rainy day as comparison.

Edit to add
My rainy day with Barclays only works out to be 4.64% after deductions.

Thanks got explaining how to calculate it, I'll definitely have to move some things around soon. 

My only worry is the rates will drop where Barclays may still hold the rate as its been going for around a year now 😅

Re, Barclays Rainy Day.  You shouldn't be loosing anything if you have 2 direct debits set up and pay in £800 a month.

I only have 1 direct debit in my sole account (my phone bill), the rest are in the joint account and i didn't want to move anything from there and transfer money over monthly. I set up 2 charity direct debits to get the account up and running with no extra charges. At the time it was the best rate around byt others have become more competitive now

You could set up a DD to a savings/investment account on the Barclays account. There's a few DD ideas on this list:
https://forums.moneysavingexpert.com/discussion/6445857/savings-investment-dds-and-debit-card-deposits-an-updated-list/p1

One thing to note is that a single DD being paid out twice each month will satisfy the DD requirements for the blue rewards so you could, say, set up a £1 DD with plum or whatever and let it be paid out twice each month. This would also then free up the DD for your phone bill to be redeployed elsewhere.

Personally I'd be reluctant to give Barclays blue rewards the chop at the moment since it can be kept going quite cheaply and it would probably save some time if they offer anything competitive again in the future, be it an increase in the rainy day saver rate or some other loss leader.

Also Moneybox - DD comes out weekly.  I don't use them anymore because I now have a surplus, my Co-op and TSB bonuses have been already paid so I put Plum, Moneybox, Currensea and credit card on hold until they are needed again.

I'm keeping my Blue Reward and Rainy Day.  Most of my EA money are in Santander issue3, but I prefer to have more than one in case of blocked payment or anything else preventing instant access.  Barclays Rainy Day is perfect for this, 5.12% is not far from 5.2%, so I keep a little bit of cash there. Blue Reward is easy to maintain and now they have 5% cash back offer on debit card purchases (every little helps).

Thks for this as I have Barclays blue rewards but was not aware of the 5% cashback offer.

I think it's very new, i just got the email this evening

TheWoodler

15% cashback at ‘selected retailers’ and a 5% account - the existing Rainy Day account offer shown for me.

I haven’t got the 5% offer and I am very underwhelmed by the 15% offer at selected retailers where Barclays are very coy about which retailers are participating. 

I don’t like that sense that the rewards are not uniformly offered to all eligible customers, and 15% at a limited range of retailers, probably of very little interest to my spending habits, isn’t a reward worth having and can’t compete with other banks with more sensible offers. 

Nick_C

The Barclays cashback offer is for anyone signed up to Blue Rewards.  Max £10 a month.

See https://www.barclays.co.uk/content/dam/documents/personal/current-accounts/cashback_welcome_offer_faqs.pdf

And

https://www.barclays.co.uk/current-accounts/blue-rewards/barclayscashback/

TheWoodler

Thanks very much - that wasn’t very prominent on the page, was it? Absolutely nothing about it at all in my app! 

BUTEMACS

I was just about to open an account with the recommended Nat West Group Ulster Bank Easy saver but when I downloaded & read the terms & conditions I discovered that a power of attorney can't be used on this account if it's not an Northern irish one, English, Scottish & Welsh ones are not recognised by the irish government, this might not be important to some but my husband has POA for me also joint accounts are not allowed unless you already have an account with them.

tg99

Guessing payments to a sharedealing account such as Hargreaves Lansdown would not be eligible for the blue rewards 5% cashback - probably excluded under the bill payments or cash transactions exclusion categories in the t and c - but may give it a test. Anyone else know if this is the case?