The Top Easy Access Savings Discussion Area

VfM4meplse

pbsis wrote: »

Just got a letter from M&S for my Everyday savings account opened just a few weeks ago. They're dropping the interest rate by a whole 1% from 12th April.

Looks a bit like a smash and grab to me - suggest MSE should think twice about including M&S savings in their top deals list in future...

applepad wrote: »

I opened one aswell after seeing it on this site.

Now need a new home for my money, need instant access and some where that will not do and M & S on me!

Just to add, I held off completing their remote checks on money laundering for some months because I was unhappy about sending original docs through the post (it has been known to go AWOL in the local system). I was aware that there would be a counter service emerging at some point - and there are 2 accessible to me now, Marble Arch and Westfield White City (although Stratford City would have made life much easier ). My ISA rate will be expiring shortly, and I'm ready to transfer it asap.

ETA: having just looked at instant access rate savings a/cs again, I'm thoroughly depressed.

Dobber_Den

Why have your money in a UK bank with tiny interest when you can deposit your money into foreign banks that pay much higher interest rates. 5%+ in Bulgaria is not uncommon in many banks
(TBI bank in Bulgaria for instance), who will pay 7% if you deposit your money before 31st march. The bank is protected for deposits of up to 100,000E which includes Bulgarian nationals and non-nationals.

P.S - As a new user, I am not permitted to post the link to the bank but a google search should give you all the info you require.
Any thoughts??

Fluffington

Apologies if this has been asked before, but is there any guaranteed duration of the 3% interest rate with the Santander 123 account? I have visions of changing to this account and then finding the interest rate suddenly cut as per so many other savings accounts as indicated above.

rb10

Dobber_Den wrote: »

Any thoughts??

1. Foreign exchange risk.
2. How much do you trust the Bulgarian deposit protection scheme?

rb10

Fluffington wrote: »

Apologies if this has been asked before, but is there any guaranteed duration of the 3% interest rate with the Santander 123 account? I have visions of changing to this account and then finding the interest rate suddenly cut as per so many other savings accounts as indicated above.

No, there is no guarantee.

I'd be surprised if they cut the rate now. They may reduce the maximum interest-bearing balance though.

melbury

Seems like every time I open a new account, within a very short time the rate plummets - it is very disheartening:(

It is very difficult to get worked up about accounts offering next to nothing, which is pretty well what most of them seem to be doing at the moment. I wonder how long it will be until these institutions actually want our money back in savings accounts.

badger09

melbury wrote: »

Seems like every time I open a new account, within a very short time the rate plummets - it is very disheartening:(

In that case, would you mind telling us which accounts you are going to open so the rest of us can avoid them

melbury

Nice one:rotfl::rotfl:

Trouble is I think it is happening to everyone.

I found a it of paper stuck in the back of a book where I had written down a Nationwide account paying 9.2% gross - trouble is it was many, many years ago!

badger09

melbury wrote: »

Nice one:rotfl::rotfl:

Trouble is I think it is happening to everyone.

I found a it of paper stuck in the back of a book where I had written down a Nationwide account paying 9.2% gross - trouble is it was many, many years ago!

Late 80s early 90s? Only problem was, inflation was around 9.5% in 1990

broju

Has anyone encountered problems with opening BOS accounts online? I've tried a few times but they seem to want me to call in a branch with documents. I don't usually have any problems as I/we fulfill all the usual requirements