The Top Easy Access Savings Discussion Area

soulsaver

ToTP: Top (of The Pots) ranked-by-rate Easy(ish) Access Top 10. 

Links & availability checked as at 11.00 23/12/23

Note: This is a snapshot and isn't maintained so in future links maybe broken: For latest data (and more) see the original doc. linked at the very bottom of this post in the 'signature' box.

1 Metro Bank Limited Edition Instant Access  5.22% £500 min (10/11) **Risk? discussion here.**

2 Ulster Bank Loyalty Svr  5.20% £5k+ (29/09)

3 Cahoot Simple Saver 5.12% (09/10)

4 Cynergy Online EA iss 69  5.10 % (24/11)

 Beehive Limited Issue Easy Access Issue 3  5.10% £1k min (12/12). ***NLA 22/12***

5 Leeds BS Limited Issue Online Access Account (Issue 53) 5.10% £1k min (13/12)

6 Charter EA iss47 5.07% £5k min (07/12) 

7 Virgin Money Defined Access E-Saver Iss 20  'Tri' 5.07% (08/12) 

8 Kent Reliance EA Iss66 5.06% £1k min FTR (09/12) 

9 Paragon Dble Access Iss5 5.05% £1k min (22/12) 

10 Family BS OL svr (6)  5.04% £100 min (27/09)*

masonic

I suppose we won't see much movement now for the rest of the year. I just wanted to thank @soulsaver for tracking all these rates upward over the year, and to @Bridlington1, @poppystar, @janusdesign, @jaypers and everyone else who has kept on top of all the changes and shared them with us. Here's hoping there isn't as much work to do as rates slide in 2024!

ircE

Others mentioned it recently so I thought it worth a repost for ease of reference.

You know the drill: the first table is soulsaver's ranking, the True EA table is those accounts that can be opened with £1 and allow unlimited withdrawals, the True Instant EA table is restricted to those that also allow instant deposits and withdrawals 24/7. (I've mentioned new accounts from Sainsbury's and iFAST elsewhere, but I don't think either of those are truly instant access though I'm happy to be corrected on these and other errors.)

As expected, no change at all in the third table. I'm pretty sure that's a reflection of the link between these accounts and the base rate.

The second table has changed in a slightly less dramatic way than the first table. Rates on the top accounts are either dropping, or being withdrawn entirely so their spots are taken up by lower rate accounts, thereby pulling down the average top rate. I think this reflects that these accounts are more sensitive to the short-to-medium term expectations of the base rate. So much for "higher for longer".

I want to echo the thanks from the previous post, and wish everyone a merry Christmas and happy new year.

AmityNeon

ircE said:

You know the drill: the first table is soulsaver's ranking, the True EA table is those accounts that can be opened with £1 and allow unlimited withdrawals, the True Instant EA table is restricted to those that also allow instant deposits and withdrawals 24/7.

I think you'd need to apply an exception or at least a caveat to Metro Bank's Instant Access Savings account because it's highly unusual, but fits the definition of 'True Instant EA' after the £500 deposit requirement is fulfilled for one day, which is an initial £0.05 loss (£500 @ 1.64% instead of 5.00%). Being too definitionally strict can effect a misleading impression.

surferstar

I opened a Metro Bank easy access account on Thursday. The interest rate is still showing as 1.64%. When will it update? It has well over £500 in there. 

flaneurs_lobster

surferstar said:

I opened a Metro Bank easy access account on Thursday. The interest rate is still showing as 1.64%. When will it update? It has well over £500 in there. 

Did you open after CoB on Thursday? If so the rate will apply from the next working day i.e. Wednesday 27/12.

allegro120

surferstar said:

I opened a Metro Bank easy access account on Thursday. The interest rate is still showing as 1.64%. When will it update? It has well over £500 in there. 

It should have been updated on Friday. 

ColdIron

surferstar said:

I opened a Metro Bank easy access account on Thursday. The interest rate is still showing as 1.64%. When will it update? It has well over £500 in there. 

It's not the date of opening that counts but the balance to meet the eligibility criteria. When did you pay in and how late in the day?

• During the eligibility time period we’ll assess whether you have met the Limited Edition rate criteria, and begin paying the Limited Edition rate. When the interest is paid from can be worked out using the following table:
• Please note: If you meet the Limited Edition rate criteria on a Friday or Saturday we will only consider your closing balance on a Sunday for the purposes of eligibility and applying the Limited Edition rate.
• If there is a Bank Holiday (including before or after a weekend), we will only consider your closing balance on the last non-working day for the purposes of eligibility and the Limited Edition rate will apply from the next working day.

See the eligibility table

https://www.metrobankonline.co.uk/globalassets/documents/customer_documents/personal/instant-access_savings-account_important-information-summary.pdf

Bazzalona13295

allegro120 said:

surferstar said:

I opened a Metro Bank easy access account on Thursday. The interest rate is still showing as 1.64%. When will it update? It has well over £500 in there. 

It should have been updated on Friday. 

I've been told there is a glitch which Metro are aware of, the rate continuing to say 1.64% - this may now have changed, I'm going back a few days.

If you are going to keep the money in, keep a note of the dates (being Xmas should be easy enough).

Its allright them saying 'oh we know the money is earning 5%' but sceptical old me thinks some 'cover' is needed and details kept.

janusd

thought it worth mentioning...
Family BS Market Tracker Saver (1) - 4.95% from 1st January (currently 4.64%) on £500+ (£250k max)

• Interest is calculated daily and added to the account annually on 31 July.
• The interest rate tracks the highest interest rates paid in the taxable immediate access market. It is calculated using data from Moneyfacts® and pays an average interest rate of the 20 highest gross annual variable interest rates, for an investment of £10,000 from a reference group.
• We will review the interest rate four times a year in March, June, September and December and publish the results on our website here no later than 15 calendar days before the end of the review month.
  
• Up to 20 withdrawals are permitted per calendar year without notice or access charge, and can be paid by transfer to your bank account or by transfer to another savings account with us.
• Minimum withdrawal is £100.
• Maximum withdrawal of £25,000 per day, per account.
• Additions are allowed but not required on a regular basis.
• Additions to the account can be made by debit card (online only), by transfer from your bank account, by cheque, by transfer from another savings account with us.

Happy New Year! 🎉