The Top Easy Access Savings Discussion Area

Rawrzy

SaveTheEuro said:

Zaul22 said:

I don't know whether to consider that Skipton account good or not. I have 3 accounts better than it, they are all NLA issues now but they still exist. People say base rate trackers become good when rates go down but competition still exists. 

Worth putting a few quid in, in case it becomes competitive in the future?

This is what I've done. I've opened it and just left a quid in it to sit on it incase it becomes good when everyone else drops their rates. A lot of the good accounts were only 12 month rates too, where as this tracker one is 24.

Middle_of_the_Road

Rawrzy said:

SaveTheEuro said:

Zaul22 said:

I don't know whether to consider that Skipton account good or not. I have 3 accounts better than it, they are all NLA issues now but they still exist. People say base rate trackers become good when rates go down but competition still exists. 

Worth putting a few quid in, in case it becomes competitive in the future?

This is what I've done. I've opened it and just left a quid in it to sit on it incase it becomes good when everyone else drops their rates. A lot of the good accounts were only 12 month rates too, where as this tracker one is 24.

Can't see the logic here. This account "guarantees" the rate will fall with the base rate, whilst a competitive standard account might hold up longer. It also starts with the base rate -0.19%, while there are currently higher paying accounts available.

mebu60

Middle_of_the_Road said:

Rawrzy said:

SaveTheEuro said:

Zaul22 said:

I don't know whether to consider that Skipton account good or not. I have 3 accounts better than it, they are all NLA issues now but they still exist. People say base rate trackers become good when rates go down but competition still exists. 

Worth putting a few quid in, in case it becomes competitive in the future?

This is what I've done. I've opened it and just left a quid in it to sit on it incase it becomes good when everyone else drops their rates. A lot of the good accounts were only 12 month rates too, where as this tracker one is 24.

Can't see the logic here. This account "guarantees" the rate will fall with the base rate, whilst a competitive standard account might hold up longer. It also starts with the base rate -0.19%, while there are currently higher paying accounts available.

Exactly that, the guarantee. Because if standard EA rates fall below BR-0.19% in the next two years then leaving £1 in this account will turn out to have been a smart move. And if they don't it's hardly cost anything to maintain the option.
Earlier this year Newcastle's BR-0.7% was a top of the pots. Briefly. 

Wheres_My_Cashback

And if you don't already have another Skipton a/c this one could give you loyalty status for when another interesting a/c does become available i.e the 7.5% RS earlier this year.

Middle_of_the_Road

mebu60 said:

Exactly that, the guarantee. Because if standard EA rates fall below BR-0.19% in the next two years then leaving £1 in this account will turn out to have been a smart move. And if they don't it's hardly cost anything to maintain the option.
Earlier this year Newcastle's BR-0.7% was a top of the pots. Briefly. 

Granted, no harm in having the account as a back-up, it's just I don't think it will play out like you hope.
I suppose I'm hoping that the best rates available as the BR is reduced will be as close to the BR as they are now.
As the BR rose over the past year, the best providers matched each 0.25% and even 0.5 on one occasion. Will they therefore do the same on the way down? If so, I think the tracker will never be at the top.

georged123

The Skipton tracker seems like a no brainer to open and chuck £1 in as a banker.

It's bound to be there or there abouts the top of the list for the next 24 months.

wiseonesomeofthetime

janusdesign said:

@soulsaver

Skipton BS Tracker Account Issue 5 - 5.06% (£1 - £1,000,000) - Monthly or Annual interest
"The rate of interest is guaranteed to track 0.19% below the Bank of England Base Rate for 24 months."
Base Rate Tracker - Skipton Building Society

Thanks, but having rushed to open similar type accounts as they appeared over the last few months, only for them to abandoned within days, I think I shall pass on this occasion.

But then I do have Barclays Rainy Day at 5.12%, Santander at 5.20%, Beehive at 5.20% and Gatehouse at 5.23% at the moment, and personally do not foresee any upward movement in rates in the near future (could be wrong of course!)

Rawrzy

wiseonesomeofthetime said:

janusdesign said:

@soulsaver

Skipton BS Tracker Account Issue 5 - 5.06% (£1 - £1,000,000) - Monthly or Annual interest
"The rate of interest is guaranteed to track 0.19% below the Bank of England Base Rate for 24 months."
Base Rate Tracker - Skipton Building Society

Thanks, but having rushed to open similar type accounts as they appeared over the last few months, only for them to abandoned within days, I think I shall pass on this occasion.

But then I do have Barclays Rainy Day at 5.12%, Santander at 5.20%, Beehive at 5.20% and Gatehouse at 5.23% at the moment, and personally do not foresee any upward movement in rates in the near future (could be wrong of course!)

I don't think any of us are expecting much upward movement. More all these account are likely to go down over time now and may leave others on top. Opening this new Skipton account was just a few clicks in the app so don't mind going through that "just in case".

Bazzalona13295

I have 2 accounts with Skipton so opening this tracker account with a quid seemed a no brainer.
Yes there are other better paying EA accounts and those currently have my money.

But in a few months time ........

brucefan_2

janusdesign said:

@soulsaver

Skipton BS Tracker Account Issue 5 - 5.06% (£1 - £1,000,000) - Monthly or Annual interest
"The rate of interest is guaranteed to track 0.19% below the Bank of England Base Rate for 24 months."
Base Rate Tracker - Skipton Building Society

Thanks for the heads-up on this. Account opened and funds transferred internally within a couple of minutes - all done in-app and very smooth.