The Top Easy Access Savings Discussion Area

InvesterJones

Johnny-Cage said:

If you open the Oxbury EA that min 1k deposit can you drop below the 1k once opened.
Current have a Tandem at 4.90% but tempted to move it to the Oxbury only a 0.4% difference but I have a notice account with Oxbury so easier to have both accounts together 

Most likely, however they probably won't pay you interest.

flobbalobbalob

Johnny-Cage said:

If you open the Oxbury EA that min 1k deposit can you drop below the 1k once opened.
Current have a Tandem at 4.90% but tempted to move it to the Oxbury only a 0.4% difference but I have a notice account with Oxbury so easier to have both accounts together 

I opened the Oxbury EA with over £1000 as specified in their terms but subsequently withdrew all but £1. Then stayed at £1 for 6 months. They did not close it on me but no interest is paid if balance is below £1000. I now have an Oxbury notice account as well and use the EA to transfer money in/out of it.

Angelica123

Johnny-Cage said:

If you open the Oxbury EA that min 1k deposit can you drop below the 1k once opened.
Current have a Tandem at 4.90% but tempted to move it to the Oxbury only a 0.4% difference but I have a notice account with Oxbury so easier to have both accounts together 

If you drop below the minimum balance then you don't get the advertised interest rate. 

Johnny-Cage

Angelica123 said:

Johnny-Cage said:

If you open the Oxbury EA that min 1k deposit can you drop below the 1k once opened.
Current have a Tandem at 4.90% but tempted to move it to the Oxbury only a 0.4% difference but I have a notice account with Oxbury so easier to have both accounts together 

If you drop below the minimum balance then you don't get the advertised interest rate. 

Cheers yh think I am better to stay with Tandem not sure I like the 1pm cutoff either if you wanna withdraw funds 

allegro120

Chorley BS Easy Access Saver (1 Withdrawal) NLA goes down from 5.1% to 4.9% from 3rd June.

gwapenut

allegro120 said:

Chorley BS Easy Access Saver (1 Withdrawal) NLA goes down from 5.1% to 4.9% from 3rd June.

I think I'll be ditching them I've got plenty of 5.1% accounts which haven't been as eager to bait-and-switch, with the Chorley now having cut rates by 0.2% every couple of months. Looking at Chorley's general interest rate spread, you can see that they're probably trying to harmonise this account with their other low paying accounts.

allegro120

gwapenut said:

allegro120 said:

Chorley BS Easy Access Saver (1 Withdrawal) NLA goes down from 5.1% to 4.9% from 3rd June.

I think I'll be ditching them I've got plenty of 5.1% accounts which haven't been as eager to bait-and-switch, with the Chorley now having cut rates by 0.2% every couple of months. Looking at Chorley's general interest rate spread, you can see that they're probably trying to harmonise this account with their other low paying accounts.

I'm undecided.  I withdrew most of my cash when they dropped the rate from 5.3% to 5.1% leaving £500 to keep the account going, so I have only two choices left, ditch or keep it running.  I have plenty of EA accounts paying above 5%, but they are all variable and all institutions are now dropping the rates.  So it is tempting to keep £500, which is a tiny proportion of my savings, in the account in case 4.9% becomes competitive.  On the other hand it is likely that they'll drop the rate again very soon, so the rationale for keeping this account is very thin.  I'll probably withdraw £499 and let them transfer this account to a Chorleian IA (I still want to keep the membership).

gravel_2

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?

2010

I wonder if a lot of people don`t realise that it doesn`t take much to be dragged into tax on interest these days.
Anyone with £20k should first be thinking of sticking it in, at the very least, a variable rate ISA.
Top rate at the moment is 5.17%, which is higher than any easy access account rates currently available.

SeriousHoax

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?