The Top Easy Access Savings Discussion Area

RosieRooBear

S_uk said:

I'm glad I opened that Skipton Issue 5 BR tracker now.

Me too, think it might turn out to be a useful account to have

Bigwheels1111

RosieRooBear said:

S_uk said:

I'm glad I opened that Skipton Issue 5 BR tracker now.

Me too, think it might turn out to be a useful account to have

Opened and stuck in £10.
Looking good now 😎

Middle_of_the_Road

Bigwheels1111 said:

RosieRooBear said:

S_uk said:

I'm glad I opened that Skipton Issue 5 BR tracker now.

Me too, think it might turn out to be a useful account to have

Opened and stuck in £10.
Looking good now 😎

Can't see Santander or Ulster being below whatever Skipton are/will be offering.

Bridlington1

Middle_of_the_Road said:

Bigwheels1111 said:

RosieRooBear said:

S_uk said:

I'm glad I opened that Skipton Issue 5 BR tracker now.

Me too, think it might turn out to be a useful account to have

Opened and stuck in £10.
Looking good now 😎

Can't see Santander or Ulster being below whatever Skipton are/will be offering.

The Skipton Base Rate Tracker Issue 5 account tracks 0.19% below the base rate for the remainder of its 2 year term, a lot can happen in that time. If my memory serves me well in the last 2 years alone we've seen top EA rates septruple from below 1% to over 5% (excluding any accounts with fairly small maximum deposit limits such as Virgin's 2% M Plus current account etc), accounts paying 0.7%+ below the base rate become competitive before being rapidly overtaken and many providers including Chip, Chase, Zopa, Al Rayan, Ford, Monmouthshire among many others have offered top EA rates before being left behind in this period.

Santander's latest Limited Edition eSaver at 5.2% is due to mature in September 2024 so unless the term is extended it could quite easily fall to around the rate of their EA Saver (currently at 1.7%) long before Skipton matures. As for Ulster, the gap between it and Skipton is currently only 0.14%, which could quite easily be bridged at some point before late 2025. 

Personally I wouldn't be so quick to rule out the possibility of Skipton's tracker one day beating the best EA rates available at the time, it may well join the ranks of accounts that are opened with £1 but never funded further, but then again I suspect it has a decent chance of becoming competitive at some point over the next year or two.

Middle_of_the_Road

Bridlington1 said:

Middle_of_the_Road said:

Bigwheels1111 said:

RosieRooBear said:

S_uk said:

I'm glad I opened that Skipton Issue 5 BR tracker now.

Me too, think it might turn out to be a useful account to have

Opened and stuck in £10.
Looking good now 😎

Can't see Santander or Ulster being below whatever Skipton are/will be offering.

The Skipton Base Rate Tracker Issue 5 account tracks 0.19% below the base rate for the remainder of its 2 year term, a lot can happen in that time. If my memory serves me well in the last 2 years alone we've seen top EA rates septruple from below 1% to over 5% (excluding any accounts with fairly small maximum deposit limits such as Virgin's 2% M Plus current account etc), accounts paying 0.7%+ below the base rate become competitive before being rapidly overtaken and many providers including Chip, Chase, Zopa, Al Rayan, Ford, Monmouthshire among many others have offered top EA rates before being left behind in this period.

Santander's latest Limited Edition eSaver at 5.2% is due to mature in September 2024 so unless the term is extended it could quite easily fall to around the rate of their EA Saver (currently at 1.7%) long before Skipton matures. As for Ulster, the gap between it and Skipton is currently only 0.14%, which could quite easily be bridged at some point before late 2025. 

Personally I wouldn't be so quick to rule out the possibility of Skipton's tracker one day beating the best EA rates available at the time, it may well join the ranks of accounts that are opened with £1 but never funded further, but then again I suspect it has a decent chance of becoming competitive at some point over the next year or two.

I agree with everything you've said, and as far as trackers go, it's not a bad correlation. I just feel your point, in bold will be the outcome, at least over the next 18 months or so. 

If the first base rate cut is 0.25% and Santander and Ulster reduce their rates by the same amount to 4.95% they will still be above the Skipton rate at 4.81% This holds for any base rate matched reduction by those offering 5.061 or above at present.

If providers reduce rates by more than the reduction in base rate, then I agree, the Skipton account will be a valuable account for an extra few months.

allegro120

S_uk said:

I'm glad I opened that Skipton Issue 5 BR tracker now.

Yes, it was a wise move. It doesn't look like BoE will be increasing the rate next year, more likely reducing. Gatehouse is now dropping their rate and it is likely other providers will follow the suite.  There's a good chance that Skipton tracker will become the top paying EA at some point in the next 2 years.  If not, keeping £1 there doesn't do any harm.

SaveTheEuro

Earl Shilton Building Society Bonus One account - 5.15% including bonus of 3.05%. Minimum balance £5,000. Only one withdrawal per year (March to February) permitted or lose bonus. Open at branch or by post.

1spiral

I had a Newcastle tracker a few years back which tracked 0.7% above base rate. At the point in time it became too competitive, they closed it to new funding. The account had already been long withdrawn but they reached a point where they wouldn't let even existing holders add new funds.

poppystar

wiseonesomeofthetime said:

Section62 said:

janusdesign said:

Re: Ford Money Flexible Saver... just received an email from them that for those already with the account, the rate will drop to 4.85% AER / 4.75% monthly) on 17th January 2024 - in other words, that's the 30-day interest rate decrease notice that will bring the account into line with the current rate new applicants receive today.

I'm now getting a second round of emails for each Ford Money account saying the effective date of the drop is January 18th... no reason given for the two different dates.

Still not had the first formal notification yet 🤷‍♂️

Me neither- not heard anything yet from Ford.

KevinG

1spiral said:

I had a Newcastle tracker a few years back which tracked 0.7% above base rate. At the point in time it became too competitive, they closed it to new funding. The account had already been long withdrawn but they reached a point where they wouldn't let even existing holders add new funds.

Below, not above. I still have mine with about £1 in it, paying 4.55%, 0.7% below 5.25%.