The Top Easy Access Savings Discussion Area

SonOfPearl

This is niche, but may be relevant to some savers who have a Tesco Internet Saver that they have reduced to a NIL balance since it's not currently a competitive rate. I received an email from Tesco today about changes to their T&Cs effective 29 August 2024, and one change is that they may close savings accounts that have a NIL balance for at least a year without notice. So if you want to keep an old Tesco Internet Saver account active you will need a small balance in the future.

Barkin

RetTaxMan said:

slinger2 said:

The Oxbury Easy Access Account Limited Edition 1: 5.02%AER has reappeared. Minimum £20k.

I clicked through on this account.  Buyer beware, and read the Oxbury summary carefully: the minimum opening balance is £20,000, but you receive NO interest on the first £20,000 of your savings, whatever the balance.  Even if you had £500k of spare cash, you would get the 5.02% only on £470k, so the real rate is anywhere between 0% and 4.7188% on the full balance.

Can you point us to whatever makes you think that, because that's not how I read it?

In fact, the summary info gives an example of the amount of interest that would accrue, over 12 months for a £20k balance, of £1004.

slinger2

RetTaxMan said:

slinger2 said:

The Oxbury Easy Access Account Limited Edition 1: 5.02%AER has reappeared. Minimum £20k.

I clicked through on this account.  Buyer beware, and read the Oxbury summary carefully: the minimum opening balance is £20,000, but you receive NO interest on the first £20,000 of your savings, whatever the balance.  Even if you had £500k of spare cash, you would get the 5.02% only on £470k, so the real rate is anywhere between 0% and 4.7188% on the full balance.

Not true.

"Below is an example of what the future balance might be for an account balance of £20,000 with interest paid annually. ... Initial Deposit £20,000 ... Interest Earned £1004.00"

Perhaps you're confused with the "Interest will only accrue on balances above £20,000". You get interest on the whole lot if the balance is above £20,000.

mebu60

SonOfPearl said:

This is niche, but may be relevant to some savers who have a Tesco Internet Saver that they have reduced to a NIL balance since it's not currently a competitive rate. I received an email from Tesco today about changes to their T&Cs effective 29 August 2024, and one change is that they may close savings accounts that have a NIL balance for at least a year without notice. So if you want to keep an old Tesco Internet Saver account active you will need a small balance in the future.

Thanks for that heads-up. Not received the email as yet (but then I only received the Secure Trust one about health data today which was being discussed on this forum a couple of days ago).
My £4 and my daughter's £1 in Tesco are doing their job nicely then! 

dgpur

SonOfPearl said:

This is niche, but may be relevant to some savers who have a Tesco Internet Saver that they have reduced to a NIL balance since it's not currently a competitive rate. I received an email from Tesco today about changes to their T&Cs effective 29 August 2024, and one change is that they may close savings accounts that have a NIL balance for at least a year without notice. So if you want to keep an old Tesco Internet Saver account active you will need a small balance in the future.

Thank you. I’ve a couple of accounts that have had £0 for over three years now. Frankly the account closing procedure is a pain in the proverbial, so I’m pleased to discover that they’ll likely close them for me.

ColdIron

SonOfPearl said:

This is niche, but may be relevant to some savers who have a Tesco Internet Saver that they have reduced to a NIL balance since it's not currently a competitive rate. I received an email from Tesco today about changes to their T&Cs effective 29 August 2024, and one change is that they may close savings accounts that have a NIL balance for at least a year without notice. So if you want to keep an old Tesco Internet Saver account active you will need a small balance in the future.

Yes thanks. I got fed up a few years ago having to set up new payees every few months when they created a new issue so just kept an old one as an intermediary account. It now has £1 in it

jameseonline

SonOfPearl said:

This is niche, but may be relevant to some savers who have a Tesco Internet Saver that they have reduced to a NIL balance since it's not currently a competitive rate. I received an email from Tesco today about changes to their T&Cs effective 29 August 2024, and one change is that they may close savings accounts that have a NIL balance for at least a year without notice. So if you want to keep an old Tesco Internet Saver account active you will need a small balance in the future.

You say niche BUT any bank etc have the capability to do this with current and savings accounts which is why you should always leave in a minimal amount in.

Malchester

Saga Easy Access savings underlying rate being reduced by 0.2% from 15 June. Bonus remains the same. Isn't a top rate now, less so then

I guess Marcus will be doing the same but haven't had an email from them yet

dealyboy

Malchester said:

Saga Easy Access savings underlying rate being reduced by 0.2% from 15 June. Bonus remains the same. Isn't a top rate now, less so then

I guess Marcus will be doing the same but haven't had an email from them yet

... has already happened ... edit: underlying rate changes on 15 June ... renewal of bonus continues as now.

cloud_dog

I suppose the discussion now needs to be the complete opposite of when rates were starting to rise, e.g. how frequently will people look to move from a reduced/reducing account to a current top paying EA account, or whether you just wait for the dust to settle, and how long do you give it?