The Top Easy Access Savings Discussion Area

G_M

EachPenny wrote: »

Still a little bit behind Tesco, but shows continued positive movements

except Ulster Bank is going down in april...... not all positive!

PhylPho

I note on the MSE 'Top Savings Accounts' page that Ford Money has a "decent rate if you don't want a bonus". But why would anyone not want a bonus?

I opened a West Bromwich Building Society savings account a couple of years ago, trusting to the fact that although it was Variable Rate, I'd be able to enjoy at least several months' use. No chance. After an absurdly elongated signing up process requiring more steps than you'd need to get security clearance from MI5, Westbrom opened the account and, two months later, gave me 30 days' notice that the rate was indeed to be "varied". . . down to a level so hopeless as to be not worth bothering with.

Never again.

* By "several months' use" I'd been -- naively, as it turned out -- thinking of half a year at minimum.

gadgetmind

We've just opened an ICICI account at 1.35% variable (and subject to bonus) as our Barclays mortgage offset account is full as is our Santander 123.

It might be worth us switching to a different 123 account with lower fee and moving close to £20k across to ICICI. Is there a good summary of the various 123 options around?

eskbanker

PhylPho wrote: »

I note on the MSE 'Top Savings Accounts' page that Ford Money has a "decent rate if you don't want a bonus". But why would anyone not want a bonus?

The context is that some accounts (the ones above Ford in the MSE analysis) have a significantly lower basic interest rate that's boosted by a temporary bonus to give a relatively appealing overall interest rate initially but one that will definitely reduce at the end of the bonus period.

Some will prefer to sign up to a rate that doesn't have a promised future rate cut, although clearly variable rate products will always be subject to variation anyway, so non-bonus products are likely to appeal more to those who are happy to shop around once but not to keep doing so as regularly as most on here....

eskbanker

gadgetmind wrote: »

Is there a good summary of the various 123 options around?

https://www.santander.co.uk/info/current-accounts/123-current-account-cashback-and-interest-calculator allows you to model what you'd earn from the full 123 or the Lite version based on your own circumstances.

lisyloo

But why would anyone not want a bonus?

Some people prefer a rate that's better over a longer period.
For example my MIL is in a nursing home and has lost capacity (fortunately she usually passes eletronic checks). FIL (aged 89) is currently in hospital but didn't handle money for 60 years so doesn't pass eletronic checks. It's very difficult to provide ID as he doesn't have driving licence or passport. I've just done it but it was a real trial especially as I'm 100 miles away so can't make phone calls with him.

Often bonus accounts are dreadful after the bonus period. That's fine if you are able to switch but it's not always so easy for everyone.
I would prefer to switch less often for them.

lisyloo

After an absurdly elongated signing up process

Why didn't you vote with your feet and go elsewhere when this became apparent early on?

If a company is diffcult in the inital enagement process when they are supposed to WANT you as a customer then it should be pretty obvious that they are going to be rubbish if there's a problem.

curious_squirrel

I applied for a ICICI HiSave account and am growing moss waiting for it to be up and running! Does it do everything it's meant to once it's finally open? As well as the delay, the slightly unclear emails don't fill me with confidence. I'm thinking of abandoning the idea and putting my savings somewhere else.

Member42

Just read (paper post) that Coventry BS is dropping the AER on their Easy Access Saver from 1.30% to 1.15% from 18/3/2018.

yaddayadda

I don't really understand why the best buy section of this article doesn't include the first direct regular saver with 5% interest - locked in for a year but I've had one of these every year for the last few years and it beats most other options...

Max £300 per month and can carry over "allowance" if not used that month - so max saving of £3600 with 5% interest after 12 months.