The Top Easy Access Savings Discussion Area

18cc

Yes, automatic. 1.2% now, 1.35 from 1 December.

uptdale

I think you'll find the Paragon's T&C are the same as Charter Savings. Both require deposits from the nominated account which must be a current account in your name. This is how the Newcastle Strategic Solutions platform, which they both use, works.

My nominated account was a current account with Coventry BS in my name. Charter accepted my initial deposit with no problem, but I could not make further deposits from my nominated account. Charter do not warn you of this problem when you open the account. The Coventry were sympathetic - they had had other customers unable to make deposits to certain banks like Charter - it in the end it was a problem with the way Charter recognise deposits, not Coventry's problem. At least I could withdraw the money to my nominated account, it was only deposits which were a problem.

It's a shame if Paragon operate the same way. I opened the Paragon account with a transfer from a different current account, with a clearing bank, so I was able to make a second deposit. It's just going to be a hassle to move money into the nominated account before making any large deposits. So now I've got the Birmingham Midshires account up and running, I'll stick with that until something better comes along.

I can't see why some of these banks (but not others) are so picky about which of my accounts subsequent deposits come from. Any ideas?

18cc

Re Paragon - yes, you can only transfer funds to and from your linked nominated account. A few months after I opened my account with them I asked if I could change my linked account. They said this was possible but I had to get a bank statement and passport copy certified at a solicitor (or post office) to do this. I didn't bother.

On the positive side at least it's secure

Uxb

uptdale wrote: »

I can't see why some of these banks (but not others) are so picky about which of my accounts subsequent deposits come from. Any ideas?

AML regulations and the costs to the organisation of enuring they are compliant: I'd guess.
So it makes it easier for them to audit/control if all they have to do is reject any payment not from the nominated account.
They need not "worry" about exactly where subsequent funds are coming from.

puttee

AirlieBird wrote: »

It's unlikely the interest rate will be quickly cut. Most of these challenger banks use retail deposits to fund their lending business. They tend to launch a new issue if they want to lower the interest rate.

Why wait? It's an easy access account. Nothing to stop opening it now and moving the savings if something better comes along in December.

Thank you for this information. I decided to go ahead and open the Easy Access which is very simple if you already have another type of account with them which I do. It seems for the risk averse as I am 1.32% instant access is fairly decent (sadly!) and as you say if something changes in the next few months I can switch it out easily.

p.s. is there a central website where you can check which banks or building societies etc. have made rate increases to be implemented in the near future and by what amount following the Bank of England rate increase, or do you have to look at each institution individually?

Thanks

Uxb

AirlieBird wrote: »

Why wait? It's an easy access account. Nothing to stop opening it now and moving the savings if something better comes along in December.

That game of opening new accounts in the same group when they up the rate won't work with the Bank of Cyprus - they ain't stupid.

Their T&C's specify that you cannot open a new easy access account if you already have one or have had one in the last 6 months.

DawlishDilbert

Is it just a coincidence that both Charter and Paragon are based in Wallsend? There PO Box Nos. just 5 apart too. The tool on MSE says they are not, so perhaps it's just a coincidence!

AirlieBird

DawlishDilbert wrote: »

Is it just a coincidence that both Charter and Paragon are based in Wallsend? There PO Box Nos. just 5 apart too. The tool on MSE says they are not, so perhaps it's just a coincidence!

They both outsource some or all their savings operations to Newcastle Strategic Solutions, the outsourcing arm of Newcastle Building Society Group. You'll find a few other of savings banks with similar addresses including Ford Money and RCI.

ATur

Hello. Based on the top easy access savings accounts tables I opened an account with Bank of Cyprus last week as it was top with 1.35%. It has now disappeared from the table. Is there a reason for this as it still looks as if it should be the highest interest paying account in this division? Thanks

dekkard

soulsaver wrote: »

Coventry BS apply the BoE base rate raise on their Easy Access Online ac:

Current rates Annual Monthly
Balance AER*/Gross p.a. AER Gross p.a.
£0.01 plus 1.15% 1.15% 1.14%

New rates from
1 December 2017 Annual Monthly
Balance AER*/Gross p.a. AER Gross p.a.
£0.01 plus 1.40% 1.40% 1.39%

https://www.coventrybuildingsociety.co.uk/

PS These rates were emailed to me by CBS; I couldn't find accounts on their site that match... so may be for existing ac holders or maybe the site hasn't been updated yet??

I emailed the Coventry Building Society about their rate changes. Here's their reply:

"We're increasing rates on all variable rate savings by 0.25% on 1 December - the [1.40%] rate you're referring to will be paid on some closed issue Easy Access accounts held by existing members.

Our current range of Easy Access savings accounts will be increasing by 0.25% on 1 December."

So, as of December 1st, their Easy Access rate will be 1.10%.