The Top Easy Access Savings Discussion Area

allegro120

SeriousHoax said:

Hi, I'll be moving my money from Santander to my Cynergy bank account @ 5.15% easy access (68).

Are most people who are moving their money completely closing their accounts, or are they leaving £1 in to keep it open?

I'm thinking of reducing the balance to £0 out of curiosity. Want to see whether they will enforce min £1 rule or not.

castle96

Moving most to Coventry 5.15 var 3 w/ds. Certainly leave £1 (as with all a/cs)

mebu60

SeriousHoax said:

Hi, I'll be moving my money from Santander to my Cynergy bank account @ 5.15% easy access (68).

Are most people who are moving their money completely closing their accounts, or are they leaving £1 in to keep it open?

I use Santander for my current accounts (two) so will be keeping a float in the Saver until it ends in September using cash that would normally be sitting in the current accounts for upcoming bills. 

dealyboy

@SeriousHoax said:

Hi, I'll be moving my money from Santander to my Cynergy bank account @ 5.15% easy access (68).

Are most people who are moving their money completely closing their accounts, or are they leaving £1 in to keep it open?

I'll be closing it to get the interest out and putting that, with the rest, in Chase.

FishInGlass

allegro120 said:

SeriousHoax said:

Hi, I'll be moving my money from Santander to my Cynergy bank account @ 5.15% easy access (68).

Are most people who are moving their money completely closing their accounts, or are they leaving £1 in to keep it open?

I'm thinking of reducing the balance to £0 out of curiosity. Want to see whether they will enforce min £1 rule or not.

I have a previous Easy Saver Issue 1 which has had a zero balance since November last year. I have not been asked to close it so I guess they are not enforcing it. I do have the Issue 3 along with my Edge account and saver as well though which all have money in at present.Most of my money went from issue 3 at the start of the financial year to the Zopa Smart ISA.

jameseonline

gravel_2 said:

The Santander drop from 5.2% to 4.2% seems pretty aggressive vs BOE rate expectations. Suggests they just don't want or need the amount of retail money they received through the 5.2% offer. Regarding other banks - should we anticipate a more staggered reduction or similarly large decreases?

They want people to get Edge Current Account then Edge Saver 😉, they keep doing switch offers (+ you can get cashback for opening through TopCashback/Quidco)

7% on upto £4000.

Then of course Santander own Cahoot so 

5.2% on upto £3000.

You can also earn cashback through bills etc with Edge & more cashback through Santander Boosts.

Anyone with more money to play with can go Ulster at 5.2% and possibly elsewhere, I only have brief periods with a lot of money in easy access because I mainly put money into regular savings accounts each month.

jameseonline

allegro120 said:

SeriousHoax said:

Hi, I'll be moving my money from Santander to my Cynergy bank account @ 5.15% easy access (68).

Are most people who are moving their money completely closing their accounts, or are they leaving £1 in to keep it open?

I'm thinking of reducing the balance to £0 out of curiosity. Want to see whether they will enforce min £1 rule or not.

They will just might not be straight away, I think it might be a year of no use but not sure 

wiseonesomeofthetime

dealyboy said:

@SeriousHoax said:

Hi, I'll be moving my money from Santander to my Cynergy bank account @ 5.15% easy access (68).

Are most people who are moving their money completely closing their accounts, or are they leaving £1 in to keep it open?

I'll be closing it to get the interest out and putting that, with the rest, in Chase.

I take it you are one of those invited to open a 5.1% Chase savings account then, else it would make little sense, withdrawing from a 4.2% to deposit it in a 4.1% account.

allegro120

FishInGlass said:

allegro120 said:

SeriousHoax said:

Hi, I'll be moving my money from Santander to my Cynergy bank account @ 5.15% easy access (68).

Are most people who are moving their money completely closing their accounts, or are they leaving £1 in to keep it open?

I'm thinking of reducing the balance to £0 out of curiosity. Want to see whether they will enforce min £1 rule or not.

I have a previous Easy Saver Issue 1 which has had a zero balance since November last year. I have not been asked to close it so I guess they are not enforcing it. I do have the Issue 3 along with my Edge account and saver as well though which all have money in at present.Most of my money went from issue 3 at the start of the financial year to the Zopa Smart ISA.

I have issue 1 too with £0 balance. There is no mentioning of minimum operating balance for this account in 'key facts' document.

allegro120

jameseonline said:

allegro120 said:

SeriousHoax said:

Hi, I'll be moving my money from Santander to my Cynergy bank account @ 5.15% easy access (68).

Are most people who are moving their money completely closing their accounts, or are they leaving £1 in to keep it open?

I'm thinking of reducing the balance to £0 out of curiosity. Want to see whether they will enforce min £1 rule or not.

They will just might not be straight away, I think it might be a year of no use but not sure 

It will turn into Everyday Saver in three and half months (at least for me because I opened it on 4th September) and from that point it will be totally useless anyway.  And I doubt it will be useful until then. I'm on monthly interest, so I will collect my interest on 5th June, not much need for closing the account. If I was on annual interest I would close it.