The Top Easy Access Savings Discussion Area

YorkshireBoy

I-LOV-MONEY wrote: »

With Tesco Internet accounts you can open more than one. When the interest rates drops, you can open a new account and transfer your money from old to new account. Leave the old account open so that you can pick up any interest from that.

Why would you not close the old account, get the interest, and put it where it could make more interest, ie the new Tesco Internet Saver?

I-LOV-MONEY

I presume because some of it isn't paid until annually. When the interest comes through, I immediately transfer it into the new account.

YorkshireBoy

I-LOV-MONEY wrote: »

I presume

Always dangerous.

because some of it isn't paid until annually.

It's paid on account closure. All you're doing by delaying closure is giving Tesco Bank an interest free loan (of an amount to the value of the interest accrued but not yet paid)!

I-LOV-MONEY

YorkshireBoy wrote: »

Always dangerous.It's paid on account closure. All you're doing by delaying closure is giving Tesco Bank an interest free loan (of an amount to the value of the interest accrued but not yet paid)!

Oh okay., thanks.

Speedster2

New Easy Access savings account from The Nottingham Building Society. Branded as Beehive Online Saver it’s starting at 1.5% Gross/AER (Variable). Minimum deposit £2500.

On first inspection it’s not too tempting for me, but will keep an eye on it.

https://www.beehivemoney.co.uk/savings-and-investments/beehive-online-saver/

I-LOV-MONEY

Speedster2 wrote: »

New Easy Access savings account from The Nottingham Building Society. Branded as Beehive Online Saver it’s starting at 1.5% Gross/AER (Variable). Minimum deposit £2500.

On first inspection it’s not too tempting for me, but will keep an eye on it.

This will be useful if the rates stay the same as Marcus, where my money is at present, as they will reduce their rate on the first anniversary of opening an account with them.

2010

I`ll be surprised if it`s still around at 1.5% in a couple of weeks time.

The smaller players have a set amount they hope to draw in and then they cut the rate.

dcs34

I-LOV-MONEY wrote: »

This will be useful if the rates stay the same as Marcus, where my money is at present, as they will reduce their rate on the first anniversary of opening an account with them.

The 1.3% base rate of Marcus will probably still be higher than the rate of Beehive once they've decided enough people have moved across and cut their variable rate. Surprised they didn't start slightly over 1.5% to tempt more people over more quickly.

Zero_Sum

Paragon are offering 1.45% and you can start saving with £1, also with monthly interest option.

soulsaver

2010 wrote: »

The smaller players have a set amount they hope to draw in and then they cut the rate.

Maybe an important distinction for some: In Beehive's case they didn't cut the rate - they still pay the 1.55% offered a few months ago, and you can still add to it at that rate..

However it's not available to new applicants.