The Top Easy Access Savings Discussion Area
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CuparLad said:Does anyone recall the minimum balance for the Metro Bank Online Instant Access Savings when launched back in Nov'23 @ 5.22%? I have a note that says £500, but the current IA Accounts are minimum £1 so want to be sure what the required minimum balance is to keep it open after the interest rate cut today.From the T&Cs:
- Limited Edition rate of 5.10% Gross / 5.22% AER* (variable)
- From 10 November 2023 you can earn a Limited Edition rate of 5.22% AER* (variable) for 12 months if a minimum account balance of £500 is reached within 28 calendar days of account opening.
- • During the 12-month period the rate can vary meaning it can go up or down, but it will not go below the Standard Variable rate that is available at that time.
- • Your account will earn Standard Variable rate interest until you meet the Limited Edition rate criteria.
- Standard Variable rate of 1.64% Gross / 1.65% AER* (variable)
- If your account balance does not reach £500 within 28 calendar days of account opening you will be eligible for our Standard Variable rate of 1.64% Gross / 1.65% AER* (variable).
But I see nothing about maintaining that balance once the eligibility criteria is met. It's basically the Instant Access Savings Account with a better rate and that account has a minimum balance of £1I plan to remove all but £5 today or tomorrow and move it to the Chase Boosted Rate Saver or the Santander 5.20% one but I'll keep this as the new 4.97% rate may have its day in the sun again
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Yes mine as well
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ColdIron said:I plan to remove all but £5 today or tomorrow and move it to the Chase Boosted Rate Saver or the Santander 5.20% one but I'll keep this as the new 4.97% rate may have its day in the sun again5
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You're best setting up just one withdrawal account with Metro (probably others too) then money coming out is a simple transaction. Emptied mine today, still have the 5.2 Santander for now but the 5.1% easy access ISA with CHIP is my main "savings" account now.1
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Bridlington1 said:1
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Zopa_Trooper said:You're best setting up just one withdrawal account with Metro (probably others too) then money coming out is a simple transaction. Emptied mine today, still have the 5.2 Santander for now but the 5.1% easy access ISA with CHIP is my main "savings" account now.0
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Hi all,
Just wondering what people's strategy is when rates are slowly going down?
Do you open new (lower rate) EA accounts/new issue numbers in case these become the best rates left in the future? Or when there's a cut does it tend to be applied to several issues at once?
Apart from reg savers, I've got the Santander Edge Saver, Cahoot Sunny, then a couple of triple access accounts and one easy access all between 5.0-5.15%
I also have the secure trust one year bond at 5.25% - need to decide how much to lock away soon.
I'm late to the game so these were all opened since late January. Not sure if I should keep opening accounts speculatively for the future. 1 I'd be interested to hear your plans and any thoughts on which providers have been best as interest rates fall in the past (if there is ever a pattern, and recognising that no one has a crystal ball!).
Thanks all.0
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