The Top Easy Access Savings Discussion Area

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.

dealyboy

@wiseonesomeofthetime said:

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.

Yes that's right ... I don't think the qualification criteria were really fair, but then again my luck out rate is very low  .

jameseonline

allegro120 said:

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.

I dunno, seems all the Santander rates are going down bar the everyday saver (1.20%/1.19%) & Edge Saver at the mo.

I got a previous limited edition (currently called easy access paying 4.05%/3.97% gross) and it's going down to 1.19% gross on 11th June

Seems that's the Limited Edition 1 judging by the in app document.

Account Name: Easy Access Saver Limited Edition (Issue 1) (M)

New account Name: Everyday Saver (Issue 2) (M)

Not that I do anything with those 2 accounts anyways, just the current 5.2% & 7% accounts 

If I'm right I must have missed a limited edition 2, because the current 1 is issue 3 yeah?,🤔

ToastLady

dealyboy said:

@wiseonesomeofthetime said:

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.

Yes that's right ... I don't think the qualification criteria were really fair, but then again my luck out rate is very low  .

Glad that you were lucky with the Chase offer. It really was so unfair for keeping £500 in their savings accounts. Lesson learned, monthly spend kept in higher interest easy access account and transfer as needed. 

allegro120

jameseonline said:

allegro120 said:

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.

I dunno, seems all the Santander rates are going down bar the everyday saver (1.20%/1.19%) & Edge Saver at the mo.

I got a previous limited edition (currently called easy access paying 4.05%/3.97% gross) and it's going down to 1.19% gross on 11th June

Seems that's the Limited Edition 1 judging by the in app document.

Account Name: Easy Access Saver Limited Edition (Issue 1) (M)

New account Name: Everyday Saver (Issue 2) (M)

Not that I do anything with those 2 accounts anyways, just the current 5.2% & 7% accounts 

If I'm right I must have missed a limited edition 2, because the current 1 is issue 3 yeah?,🤔

Yes, the current one is issue 3.  I've never had issue 2.  IIRC they've launched it imminently after issue 1, but at lower rate. I'm not sure why they did it at the time when the rates were rapidly rising.

Patr100

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?

We were told this cut would happen back in March and though there are always mixed signals from the BoE, the likelihood of a rate cut is almost certainly closer than it was two months ago. For them, the rate has obviously done its job. I moved that haul to a flexible ISA by April.

dealyboy

@ToastLady said:

dealyboy said:

@wiseonesomeofthetime said:

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.

Yes that's right ... I don't think the qualification criteria were really fair, but then again my luck out rate is very low  .

Glad that you were lucky with the Chase offer. It really was so unfair for keeping £500 in their savings accounts. Lesson learned, monthly spend kept in higher interest easy access account and transfer as needed. 

Hi ToastLady ... Seriously I should adopt Jonah as my middle name ... I do get a lot of bad luck or maybe I should more correctly say good luck passes me by. Actually the Chase Saver will not benefit me for long, I estimate about two months as I have maxed out on regular savers, and I will have to throttle down on those. However although I don't have a huge amount of savings, about 19k, the regular savers will mostly be earning a higher rate of interest, albeit not so easy to access.

Maybe I'm lucky after all.

intalex

Bridlington1 said:

@soulsaver
Paragon Double Access Issue 3 now 5.25% (£1k min).

Historically, do Paragon sustain the rate on their limited access accounts long beyond any market rate cuts, on grounds of having controlled the number of accounts (and hence total funds) by pulling the account from sale promptly?

My guess is that they may consider a weighted average of a few issues of their double access together when making these decisions, so as to consider aligning them to the same (lower) rate, which I guess helps prolong any rate cut decisions and particularly favours those with Issue 3.

janusd

intalex said:

Bridlington1 said:

@soulsaver
Paragon Double Access Issue 3 now 5.25% (£1k min).

Historically, do Paragon sustain the rate on their limited access accounts long beyond any market rate cuts, on grounds of having controlled the number of accounts (and hence total funds) by pulling the account from sale promptly?

My guess is that they may consider a weighted average of a few issues of their double access together when making these decisions, so as to consider aligning them to the same (lower) rate, which I guess helps prolong any rate cut decisions and particularly favours those with Issue 3.

if it helps, their historic rates page only shows increases in their limited access accounts - though base rates have been rising during that time so perhaps not indicative of what they might do when rates drop.