The Top Easy Access Savings Discussion Area

allegro120

pecunianonolet said:

CuparLad said:

Zopa_Trooper said:

Chip have announced their instant access account will from the 14th February be directly linked to the bank of England rate, less 0.51%.

It seems from "Harry"'s eMail that they've taken the last few months to revamp their market offering. I can imagine their business was decimated once Tandem forced EA rates over 5% and perhaps their existing deal with Clearbank didn't give them any further wiggle room so they've renegotiated a new arrangement that allows them to effectively offer a base rate-linked fix. Worth keeping an eye on once base rates start to shift downwards.

And they introduce ISA's as well to hold on for longer to funds as it is more work moving it around, although the new rules state you can just open a new account anywhere you like but will be interesting to see if they launch with any promotions to attract funds. Once there easy access becomes attractive again, my balance with them is 0 and I have enough other and tracker accounts that I don't foresee any cash going there anytime soon. ISA's may well change this

I like trackers in principal because they give some certainty, but it doesn't look like -0.51% will become competitive in near future.  My Chip balance stays £0 since 6th Sept 2023 when I withdrew the remaining interest.

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.