The Top Easy Access Savings Discussion Area

slinger2

FIREmenow said:

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

Depends on how important the easy access aspect is to you. Personally I've got quite a lot in fixed rate stuff (1 year+). However some of the notice accounts are quite tempting, especially those that give long notice of reductions in rates (eg 90 day accounts giving 104 days notice). You never know what's going to be on offer in 90 days time, but that's the case whatever you invest in. Of course, if you might need the money in the next 90 days it's not for you.

allegro120

Johnny-Cage said:

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

Too early to say, it's another month to go before the rate drops.  At present I have Ulster, DF Capital, Coventry Triple and two Sunny Cahoots paying 5.20%.

BigBlueSky

allegro120 said:

Johnny-Cage said:

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

Too early to say, it's another month to go before the rate drops.  At present I have Ulster, DF Capital, Coventry Triple and two Sunny Cahoots paying 5.20%.

Can you open 2 x Cahoot accounts or is that just if joint and sole account?

allegro120

BigBlueSky said:

allegro120 said:

Johnny-Cage said:

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

Too early to say, it's another month to go before the rate drops.  At present I have Ulster, DF Capital, Coventry Triple and two Sunny Cahoots paying 5.20%.

Can you open 2 x Cahoot accounts or is that just if joint and sole account?

Yes sole and joint.  You can't open two sole accounts.

Blackjack_Davy

Cynergy bank in Easy Access recommendation requires a smartphone which isn't stated on the main page (app to authenticate who you are. They won't even send you login details until you've made a minimum deposit)

FIREmenow

Thanks all!

Bridlington1 said:

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 expect my regular savers will continue to absorb the vast bulk of my EA savings going forwards.

Thanks @bridlington1 I guess a lot of people like you will have the lower rates from the way up, so might not need to open more on the way down! I might open something with Skipton ready for loyalty offers one day.

I've got no ISA allowance spare for cash as I use it on stocks and shares. Maybe I am just holding too much cash and should put a chunk in the ISAs now instead of later in the year.

ThePirates said:

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.

Thanks, I have the FD, but nothing with Co-op, I recently did a load of switches for cashback so trying not to open any more. I've also got Club Lloyds and TSB reg savers.

allegro120 said:

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 opened a lot of spare accounts that pay above 5%, also didn't close any accounts that have been reduced to below 5%.  Any of them can become the best rates in the future.  It is impossible to predict when and how each account or issue will be reduced, so I prefer to have as many as possible ready for use.

I wouldn't concentrate on which providers are best, just open everything that you can find and is easy to open.  Most of them have £1 minimum operating balance. I avoided those that require large sums to keep them opened, for example the accounts with min operating balance of £10k paying lower rates than I currently get from existing accounts can be counterproductive.

Thanks allegro, that's why I haven't opened the 5.2% Ulster as it doesn't feel like easy access if I have to keep £5k in it. A couple more £1 openers could be a good idea.

slinger2 said:

FIREmenow said:

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

Depends on how important the easy access aspect is to you. Personally I've got quite a lot in fixed rate stuff (1 year+). However some of the notice accounts are quite tempting, especially those that give long notice of reductions in rates (eg 90 day accounts giving 104 days notice). You never know what's going to be on offer in 90 days time, but that's the case whatever you invest in. Of course, if you might need the money in the next 90 days it's not for you.

Thanks slinger, I think I'd prefer really easy access as I have S&S ISAs and LISAs (and adding extra to pension) which are tied up. 

Really grateful for your thoughts

pecunianonolet

Zopa_Trooper said:

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.

Same here, funding some reg saver I still have running and rest in and out of Chip ISA as required. 

Bridlington1

FIREmenow said:

Thanks all!

allegro120 said:

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 opened a lot of spare accounts that pay above 5%, also didn't close any accounts that have been reduced to below 5%.  Any of them can become the best rates in the future.  It is impossible to predict when and how each account or issue will be reduced, so I prefer to have as many as possible ready for use.

I wouldn't concentrate on which providers are best, just open everything that you can find and is easy to open.  Most of them have £1 minimum operating balance. I avoided those that require large sums to keep them opened, for example the accounts with min operating balance of £10k paying lower rates than I currently get from existing accounts can be counterproductive.

Thanks allegro, that's why I haven't opened the 5.2% Ulster as it doesn't feel like easy access if I have to keep £5k in it. A couple more £1 openers could be a good idea.

On this point you don't need to keep £5k in it. You only need to keep £5k+ in it if you want the top rate there and then. Mine's been sat with 1p in it for most of the time it's been open just in case it becomes useful and you cold reduce down to nil if you wished.

allegro120

FIREmenow said:

Thanks all!

Thanks allegro, that's why I haven't opened the 5.2% Ulster as it doesn't feel like easy access if I have to keep £5k in it. A couple more £1 openers could be a good idea.

You are welcome. Ulster Loyalty Saver is a true easy access.  You can pay in and out from and into any accounts you want and money arrive instantly like you would expect from a conventional current account.  It's basically the same as Santander issue3, the only difference is that there is no option for monthly interest.  You don't have to keep £5k in, there's no minimum balance requirement.  The only inconvenience is that your interest is paid on a tired basis, so there is no point having any less than £5k there, therefore not useful for savers with smaller budgets. 

FIREmenow

Thanks Bridlington and Allegro,

I was saying Ulster isn't true easy access, I think, because in my mind it is not 'condition-free'. If I needed to withdraw money I'd need to weight up taking the Ulster balance below £5k versus other accounts with other conditions. Easy decision access I guess!

Almost emptying my lower paying triple access accounts into Ulster would put me a decent amount higher than £5k which would make it feel 'easier' to me! 

I'm aiming for at least the £1k 0% taxable interest this year and invest the rest in ISA and pension, but not totally agile yet on moving between savings products and putting a price on the differing account conditions. I pick up a lot on this board so thanks to all!