The Top Easy Access Savings Discussion Area

AmityNeon

Zopa_Trooper said:

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%.

£21.66 is the correct 31-day monthly amount for 5.10% Gross on a balance of £5,000.

Zopa_Trooper

AmityNeon said:

Zopa_Trooper said:

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%.

£21.66 is the correct 31-day monthly amount for 5.10% Gross on a balance of £5,000.

Okay thanks. So is the 5.22% that was advertised imaginary or it it to do with compounding?

allegro120

Zopa_Trooper said:

AmityNeon said:

Zopa_Trooper said:

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%.

£21.66 is the correct 31-day monthly amount for 5.10% Gross on a balance of £5,000.

Okay thanks. So is the 5.22% that was advertised imaginary or it it to do with compounding?

It is to do with compounding.

patpalloon

Investec are increasing the rate of their 90 day notice account from 5 to 5.25%. Just thought this was interesting as seems to be bucking the trend at the moment

CuparLad

Castle Community Bank are reducing the interest rate on their Easy Access Savings (NLA) for balances over £20,000 from 5.18% AER to 5.08% AER on 1st February 2024. Source: eMail from CCB this afternoon.

Bridlington1

Just a reminder that the NLA Gatehouse Easy Access interest rate reduction from 5.23% to 5.06% comes into effect tomorrow.

cadguy77

Bridlington1 said:

Just a reminder that the NLA Gatehouse Easy Access interest rate reduction from 5.23% to 5.06% comes into effect tomorrow.

My app is showing the reduction already.

Edit: also showing reduction on web too

allegro120

cadguy77 said:

Bridlington1 said:

Just a reminder that the NLA Gatehouse Easy Access interest rate reduction from 5.23% to 5.06% comes into effect tomorrow.

My app is showing the reduction already 

Just checked mine, showing the same. I didn't expect it to be a day earlier... Well, there's no point withdrawing tonight, I'll do it tomorrow morning as scheduled.  I will leave £1 to keep it going, this account might be useful again one day, you never know.   

Bigwheels1111

I think it’s changed today as interest has been paid, a whole 4p on £10.
I just hope the 7% regular saver stays at 7%.

allegro120

Bigwheels1111 said:

I think it’s changed today as interest has been paid, a whole 4p on £10.
I just hope the 7% regular saver stays at 7%.

My profit is paid on the 10th, I think it's "montlyversary".  I hope 7% RS will stay at this rate, but this is unpredictable, we have no historical record of past performances - this is the first RS from Gatehouse.