The Top Easy Access Savings Discussion Area

ColdIron

AirlieBird wrote: »

Although it is still available, there is no guarantee that it will be available at that high a rate come 1 December

I agree, I'd open the 1.20% one now. I did read somewhere that the increase will come on the 6th of December not the 1st reported on this board, I can't find the reference to this so bear in mind this tidbit is worth precisely what you paid for it

EachPenny

ColdIron wrote: »

I agree, I'd open the 1.20% one now. I did read somewhere that the increase will come on the 6th of December not the 1st reported on this board, I can't find the reference to this so bear in mind this tidbit is worth precisely what you paid for it

Tesco put out a press release saying the rise in the underlying rate would kick in on 1 December. There are various links to the press release on this thread (somewhere:o) but a quick online search confirms the date.

But as far as I know there is no confirmation that a rate of 1.35% will ever exist (for new accounts), so I'd echo the advice to apply now and hope for the best

badger09

Thanks all.

I wasn't going to bother with this one, as I have no real need for an account at this rate, other than the purpose they have served so well for so long:o

However, being instant access, it will be useful as a holding account for matured regular savers, NSI bonds etc while I try to prevent all my spinning plates from crashing to the ground next year:(

So I've just opened one.

ColdIron

Why on earth not eh? It's a good hub account

dekkard

Oddly(?), Charter Savings Bank are still not offering any kind of Easy Access account on their website, having taken down their last one last week.

Perhaps they're waiting to see what the market will do after 1st December. I'd be surprised if Tesco are the top Easy Access account for long.

polymaff

ColdIron wrote: »

I agree, I'd open the 1.20% one now. I did read somewhere that the increase will come on the 6th of December not the 1st reported on this board, I can't find the reference to this so bear in mind this tidbit is worth precisely what you paid for it

EachPenny wrote: »

Tesco put out a press release saying the rise in the underlying rate would kick in on 1 December. There are various links to the press release on this thread (somewhere:o) but a quick online search confirms the date.

But as far as I know there is no confirmation that a rate of 1.35% will ever exist (for new accounts), so I'd echo the advice to apply now and hope for the best

http://www.tescobank.com/savings/flexible/internet-saver/index.html?cmpid=agg/acq/sv/is/Is

clivep

polymaff wrote: »

http://www.tescobank.com/savings/flexible/internet-saver/index.html?cmpid=agg/acq/sv/is/Is

Just tried logging in and opening one and get the error "Sorry, we’ve not been able to continue your application online. Please try again or contact us".

I only currently have 1 Internet Saver and 1 Instant Access so don't know why it's rejecting it. I couldn't open a new one in joint names either. Maybe I'll try tomorrow without logging into my account first... means entering lots more detail but it may work.

The_Big_Bamboo

clivep wrote: »

Just tried logging in and opening one and get the error "Sorry, we’ve not been able to continue your application online. Please try again or contact us".

I only currently have 1 Internet Saver and 1 Instant Access so don't know why it's rejecting it. I couldn't open a new one in joint names either. Maybe I'll try tomorrow without logging into my account first... means entering lots more detail but it may work.

Can someone help me out here,..I’m probably misunderstanding something , but why would anyone want to invest in this Tesco pseudo 1.35% ‘instant access’ account that’s actually only paying a miserly 0.55% for the initial 364 days?

ColdIron

Interest is calculated daily at 0.55% and 0.80%. The standard rate component will be paid in March and every subsequent March. The bonus component will be paid on anniversary of opening. You will be earning 1.35% every day for the first year, nothing pseudo about it. Why have you put instant access in quotes, do you doubt it?

The_Big_Bamboo

ColdIron wrote: »

Interest is calculated daily at 0.55% and 0.80%. The standard rate component will be paid in March and every subsequent March. The bonus component will be paid on anniversary of opening. You will be earning 1.35% every day for the first year, nothing pseudo about it. Why have you put instant access in quotes, do you doubt it?

‘Pseudo’ (for want of a better word) because quoting an interest rate of 1.35% and the term ‘instant access to your cash’ when used in the same sentence are incompatible, IMHO;…if you want ‘easy access’ to your cash then the interest rate of 1.35% is not available for the cash you’ve withdrawn;…it is in fact a miserly 0.55% !

You need to make a 12 month commitment to get the ‘full’ 1.35% interest rate,… at which point 'instant access' becomes a purely academic term.

Is that correct?....I’m not an expert btw;…please feel free to dissect/correct anything I’ve posted.

My understanding is probably awry,…it often is!