The Top Easy Access Savings Discussion Area

Johnny-Cage

Bridlington1 said:

@soulsaver
It seems I forgot to mention this the other day but now that the 4.9%ers are being included in the top EA list, the Tandem Instant Access Saver at 4.9% (includes 0.25% variable top up) (£1 min) now qualifies for inclusion in the list.

Thx opened as a backup when the Santander drops 

sparkyspark

Saw this below on the Money Saving Expert weekly Money Tips email 

How do online savings platforms work?

Savings platforms, or savings marketplaces, offer accounts from the various banks that they partner with. Essentially it's a way to easily switch between accounts, though rates are not always as good as the ones above. Big names in this space include Raisin, Flagstone and Hargreaves Lansdown Active Savings.

Raisin's £50 cashback offer

Raisin currently has a £50 cashback offer for those who can save £10,000+ with it for at least six months. To qualify, you need to be a new customer to Raisin. Here's how it all works...

1. Register for a new Raisin account via the link above and enter MSMG5024 in the promo code box by 11.59am on Tuesday 30 April. 
2. Open a qualifying account (see below) on the Raisin platform and fund it with at least £10,000 by 11.59pm on Friday 31 May. You must keep £10,000+ saved for at least six months. 
3. The £50 cashback will then be paid into your Raisin account within 14 days.

Which accounts qualify for the cashback offer?

All of Raisin's accounts* qualify, except for fixes which are shorter than six months. If you choose an easy-access or notice account, you must keep £10,000+ saved for at least six months.

Which Raisin accounts are in your top picks?

Right now we have two Raisin accounts in our top-picks – Paragon Bank's 5% easy-access savings account and QIB UK's 5.15% one-year fixed account. If neither of these suit, we've many other easy-access and one-year fix options which you can open direct, though they don't pay any cashback.

allegro120

Raisin.  If my calculation is correct, by depositing £10k into National Bank of Egypt for 6 months at 5.01% you can get 6%AER.  Sounds like a proposition worth a thought, but I\m not sure if I'm qualified for the bonus.  I used to be a customer, but after years of inactivity they have closed my account - don't know if their system will see me as a new customer...

jameseonline

6 months isn't a year though, I'm confused 🤔

allegro120

jameseonline said:

6 months isn't a year though, I'm confused 🤔

6 months is the minimum term required for getting the bonus. It you deposit for longer than 6 months and more than £10k the value of you bonus will be less than 6%AER.

mugston

soulsaver said:

And, if you feel the need to 'bottom feed' and/or prefer bricks & mortar, these 3 have history..  for 0.01% difference..

10 Hampshire Trust Bank Online EA 4.90% £1min (18/04)

11 Aldermore Dble 4.90% £1k min (18/04)

12 Secure Trust EA 4.90% (18/04)

How do most here decide which institution they deem "safe"?

If it is FSCS protected up to £85k that is generally enough for me.

If it is a high street bank with lots of public exposure that instinctively feels even safer.

@soulsaver do you have a criteria for what makes you confident enough to add an institution to your list?

allegro120

mugston said:

soulsaver said:

And, if you feel the need to 'bottom feed' and/or prefer bricks & mortar, these 3 have history..  for 0.01% difference..

10 Hampshire Trust Bank Online EA 4.90% £1min (18/04)

11 Aldermore Dble 4.90% £1k min (18/04)

12 Secure Trust EA 4.90% (18/04)

How do most here decide which institution they deem "safe"?

If it is FSCS protected up to £85k that is generally enough for me.

If it is a high street bank with lots of public exposure that instinctively feels even safer.

@soulsaver do you have a criteria for what makes you confident enough to add an institution to your list?

I go by the interest rate and t&c suitable for me and make sure I don't have more than £85k in one institution.  I don't care about the brand, FSCS protection is good enough for me.

soulsaver

mugston said:

soulsaver said:

And, if you feel the need to 'bottom feed' and/or prefer bricks & mortar, these 3 have history..  for 0.01% difference..

10 Hampshire Trust Bank Online EA 4.90% £1min (18/04)

11 Aldermore Dble 4.90% £1k min (18/04)

12 Secure Trust EA 4.90% (18/04)

How do most here decide which institution they deem "safe"?

If it is FSCS protected up to £85k that is generally enough for me.

If it is a high street bank with lots of public exposure that instinctively feels even safer.

@soulsaver do you have a criteria for what makes you confident enough to add an institution to your list?

My criteria? If I wouldn't put my hard earned money there, it won't normally get a ranking. 

Malchester

My criteria - there are several depending on what I am looking for:

(in no particular order)

- do I already have an account with them or have I had one in the past
- what is the interest rate
- has my experience of them been OK 
- Do I want easy access or instant access or is next day access OK 
- do I want to use open banking for deposits and withdrawals 
- what is their history on interest rates 
- do they automatically increase your rate if it goes up or do they make you open a new account at the new rate 

Plus others I can't think of at the moment 

friolento

Apart from the Post Office, I will use any account that has FSCS protection.

My PO aversion pre-dates the Horizon scandal --- their systems (provided by the Bank of Ireland) were atrocious and so was their customer service. There are plenty of decent other accounts about, usually at better rates than the PO accounts.