The Top Easy Access Savings Discussion Area

soulsaver

Zopa_Trooper said:

So Metro lose top spot in the MSE table after how many weeks? I don't recall anyone staying at the summit that long before.

10/11/23 - 16/01/24 (and subject to them giving notice, another 2 months at 5.22%).

soulsaver

soulsaver said:

Zopa_Trooper said:

So Metro lose top spot in the MSE table after how many weeks? I don't recall anyone staying at the summit that long before.

10/11/23 - 16/01/24 (and subject to them giving notice, another 2 months at 5.22%).

If Metro do give notice imminently, you'd have been better sticking with previous toppers, Santander (still 5.20% since Sept) and similarly with Beehive (5.10% Sept & still 5.20% since October). 

I say 'If' because if they do issue notice to existing account holders, I cant see many staying for 4.50% with >5.0% available with 'solid' banks.

CuparLad

soulsaver said:

soulsaver said:

Zopa_Trooper said:

So Metro lose top spot in the MSE table after how many weeks? I don't recall anyone staying at the summit that long before.

10/11/23 - 16/01/24 (and subject to them giving notice, another 2 months at 5.22%).

If Metro do give notice imminently, you'd have been better sticking with previous toppers, Santander (still 5.20% since Sept) and similarly with Beehive (5.10% Sept & still 5.20% since October). 

I say 'If' because if they do issue notice to existing account holders, I cant see many staying for 4.50% with >5.0% available with 'solid' banks.

It feels to me like they've just pulled down the shutters. No more money thank you very much, we've got loads. Whether they've been able to get institutional funding on the back of these receipts, so don't actually need to keep them (and hence can reduce rates) remains to be seen, but until Base Rates drop, I'm not sure we'll see movement for existing customers.

What's more bizzare, to me, is why Ulster Bank continue with their 5.2% offer. You would have thought NatWest Group could source funds elsewhere at a better rate than from retail punters.

barafear799

One thing I would say about Metro is that when they "removed their fixed rate products" from their website recently, it was seemingly only for new customers to Metro - as an existing EA customer, I was able to log in and open a fixed rate account. So it might not be an immediate reduction in the EA rate for us yet. And seemingly the t&c do seem to suggest we might get two month's notice - it seems highly unlikely there would be a base rate cut before then...but we never know. 

steviola

My instant access account with Metro now says the AER is 5.10% - I’ve had no communication that it’s reducing from 5.22%. Is anyone else seeing this?

infoadict

Yes - same for me ????????

Maybe it's just showing the Gross Rate instead of the 5.22% AER. Even though it states AER?

ColdIron

Are you using the app? It's been discussed many times on this board that the app displays the gross rate but incorrectly states AER

infoadict

No - I used online banking, not the app.

Ok - checked again and it doesn't state it's the AER rate. It just says Interest rate: 5.10%. Must be the Gross

steviola

I wasn’t aware of that… makes sense thanks!

Zopa_Trooper

My app shows 5.1%. However I put £5000 in the account on 1st December. I received £21.66 interest for December which I believe is 5.22%.