The Top Easy Access Savings Discussion Area

allegro120

Chorley Easy Access Saver (1 Withdrawal) NLA

Goes down from 5.3% to 5.1% from19th February 2024.

refluxer

In case this hasn't been mentioned, Monument's Easy Access Savings account has increased from 5.03% to 5.08%.

£25k minimum balance / unlimited withdrawals / app-only

https://www.monument.co/savings/easy-access-savings

SJMALBA

Shawbrook email:

simonsmithsays

allegro120 said:

Chorley Easy Access Saver (1 Withdrawal) NLA

Goes down from 5.3% to 5.1% from19th February 2024.

Note that it seems those with the NORTH WEST & LOYALTY EASY ACCESS SAVER account that you will be affected too as I received the same email.

allegro120

simonsmithsays said:

allegro120 said:

Chorley Easy Access Saver (1 Withdrawal) NLA

Goes down from 5.3% to 5.1% from19th February 2024.

Note that it seems those with the NORTH WEST & LOYALTY EASY ACCESS SAVER account that you will be affected too as I received the same email.

I've expected this to happen at some point, but never thought of what would be the best strategy when it happens. I definitely want to keep continuous membership.  It's either open one of Chorley's low paying (£1 minimum to operate) accounts or withdraw leaving £500 there at 5.1%.  So far I'm inclined to do the latter.  I have more than enough in 5.2%+ EAs to fund all my RSs up to their maturities and on the larger scale the difference from 5.1% and 5.2% on £500 is negligible.  

simonsmithsays

allegro120 said:

simonsmithsays said:

allegro120 said:

Chorley Easy Access Saver (1 Withdrawal) NLA

Goes down from 5.3% to 5.1% from19th February 2024.

Note that it seems those with the NORTH WEST & LOYALTY EASY ACCESS SAVER account that you will be affected too as I received the same email.

I've expected this to happen at some point, but never thought of what would be the best strategy when it happens. I definitely want to keep continuous membership.  It's either open one of Chorley's low paying (£1 minimum to operate) accounts or withdraw leaving £500 there at 5.1%.  So far I'm inclined to do the latter.  I have more than enough in 5.2%+ EAs to fund all my RSs up to their maturities and on the larger scale the difference from 5.1% and 5.2% on £500 is negligible.  

I already hold a legacy and poor account with them with a couple of pounds in.

I'll be closing the EA when the rate falls and move it to a better place

XDA

SJMALBA said:

Shawbrook email:

Is this the start of savings rates dropping and others will follow?

I have this account and while Shawbrook have never been top of the list for rates, it was reasonably decent for the small amount I have with them.

I’ll probably leave what I have in there as I’m waiting for my new ISA allowance in April.

jaypers

XDA said:

SJMALBA said:

Shawbrook email:

Is this the start of savings rates dropping and others will follow?

I have this account and while Shawbrook have never been top of the list for rates, it was reasonably decent for the small amount I have with them.

I’ll probably leave what I have in there as I’m waiting for my new ISA allowance in April.

Inevitably, yes. The Base Rate will start to drop, arguably starting in March. As that happens savings rates will follow suit. The peaks have long gone but if you are concerned and are able to lock some money in, you should look at some of the fixed rate deals if you want certainty on returns. 

auser99

XDA said:

SJMALBA said:

Shawbrook email:

Is this the start of savings rates dropping and others will follow?

I have this account and while Shawbrook have never been top of the list for rates, it was reasonably decent for the small amount I have with them.

I’ll probably leave what I have in there as I’m waiting for my new ISA allowance in April.

Shawbrook are often quite high up / top the rates don't they? That's where I first came to notice them.

Rollinghome

allegro120 said:

It's either open one of Chorley's low paying (£1 minimum to operate) accounts or withdraw leaving £500 there at 5.1%.  So far I'm inclined to do the latter.  I have more than enough in 5.2%+ EAs to fund all my RSs up to their maturities and on the larger scale the difference from 5.1% and 5.2% on £500 is negligible.  

Bear in mind that interest won't be paid until 31 Dec if you don't close the account before then. So for someone who has had a very large sum in the account, it might be better to close when the rate drops in order to receive and compound the interest early (or possibly on 6 April if that helps their tax numbers).

Then again, the rates on the alternative homes for their money may soon fall still further. Some calculations and good guesses needed.