The Top Easy Access Savings Discussion Area

FIREmenow

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.

Johnny-Cage

Where is everyone thinking of moving to when the rates drop on the Santander account 

jameseonline

Johnny-Cage said:

Where is everyone thinking of moving to when the rates drop on the Santander account 

People already have moved to Santander Edge Saver, Cahoot Sunny Day, Post Office, Ulster Bank Loyalty Saver etc.

I guess you could also go for YBS Rainy & Barclays Rainy

Futuristic

Johnny-Cage said:

Where is everyone thinking of moving to when the rates drop on the Santander account 

I will probably move to trackers that I have like Skipton, Chip until the June BoE meeting. Probably no rate decrease in May but possible in June. 

Johnny-Cage

jameseonline said:

Johnny-Cage said:

Where is everyone thinking of moving to when the rates drop on the Santander account 

People already have moved to Santander Edge Saver, Cahoot Sunny Day, Post Office, Ulster Bank Loyalty Saver etc.

I guess you could also go for YBS Rainy & Barclays Rainy

Thx looking to move just over 20k but was gonna wait just before the rates go down on 20th May 

Rheumatoid

Johnny-Cage said:

Where is everyone thinking of moving to when the rates drop on the Santander account 

I guess a few like me will be going into the Chase 5.1 if they got offered it.

ColdIron

Chase Boosted and Skipton base rate trackers. When those drop then take a view, probably my Metro Limited Edition again if there are no decent alternatives. Who knows, my 4.81% Tesco Internet saver may come into play by then though I hope not

Bridlington1

FIREmenow said:

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.

I've opened a series of accounts that can be opened with £1 paying a reasonable rate speculatively. I've still got some from last year with £1 including the YBS Loyalty Six Access, Skipton BR tracker etc. I've avoided those that required a fairly high minimum balance to be maintained though as I regularly keep my main EA account balance below £100 anyway and my total savings is expected to suffer a sharp drop this year so I expect my regular savers will continue to absorb the vast bulk of my EA savings going forwards.

Aside from that I refreshed the Skipton Member Bonus Saver earlier this month for tax purposes with the added bonus of pushing the account maturity date on a bit, I may do the same with Santander Edge and Cahoot Sunny Day at some stage.

Johnny-Cage said:

Where is everyone thinking of moving to when the rates drop on the Santander account 

I've already moved most of the contents into regular savers and an ISA. If I have any remaining funds I'll probably move them to Cahoot Sunny Day as things stand.

ThePirates

FIREmenow said:

Hi all, 
Just wondering what people's strategy is when rates are slowly going down? 

Have you got First Direct and Coop Regular savers? 7% on both of them.

Zopa_Trooper

I'm lucky, have got all my savings into ISAs now so can get off this particular roller-coaster. I'll have a few grand from time to time, but only for a month or two and the difference in the interest rate for that length of time is negligible. Phew, feels good.