The Top Easy Access Savings Discussion Area

polymaff

50Twuncle wrote: »

11 years ago - I had a fair amount of savings in a Coventry easy access account - paying a (now unheard of) 5% over 2 years - with more (I believe up to 7.5%)

Scrolling up my spreadsheets I note that eleven years ago BoS IASAR - yes, instant access - accounts were paying 6.5%.


Fumbling through old pass books, I find a 1990 Leeds & Holbeck 90-day notice account delivering 12.4% NETT.


The past is - truly - a foreign country..:)

eskbanker

polymaff wrote: »

The past is - truly - a foreign country..:)

At those sort of rates it sounds like Venezuela....

polymaff

eskbanker wrote: »

At those sort of rates it sounds like Venezuela....

Just to put it in context, RPI over the 90 days was just under 10% - so that still meant a good return over inflation.


Venezuela - current estimated inflation is 130,000%...:(

YorkshireBoy

adindas wrote: »

Does anyone have any idea if there is "a newly launched" instant access saving AC (or event current account) paying than 1.5%+ to divert the Tesco Current Account Balance ?

If there is, it'll be found in the savings accounts article on the main site. Or in the usual places such as moneyfacts, etc. Please come back and let us know if there is anything "newly launched" because, like you, I'm now on 1.45% for cash I need to distribute monthly (from one account for ease). The rest is making 1.5% with Marcus.

adindas

YorkshireBoy wrote: »

If there is, it'll be found in the savings accounts article on the main site. Or in the usual places such as moneyfacts, etc. Please come back and let us know if there is anything "newly launched" because, like you, I'm now on 1.45% for cash I need to distribute monthly (from one account for ease). The rest is making 1.5% with Marcus.

Just my personal opinion (open for criticism)
One of the way people could do is to put it into one year fix rate earning 2.0 Percent, but split it into a small chunk of £1000 (say) to be spreaded into different maturity dates with interval of 1 month (say). Doing this it will substitute one year fixed rate saving with one month notice but earning a higher interest rate. Doing this it will be at least one Saving mature one month when people need the cash. It might not fit all people need but might fit for some people.

Alternatively for people who wanted to accommodate some risk, is to put small amount of money into P2P (such as Rate satter) on monthly rolling base.

polymaff

adindas wrote: »

One of the way people could do is to put it into one year fix rate earning 2.0 Percent, but split it into a small chunk of £1000 (say) to be spreaded into different maturity dates with interval of 1 month (say). Doing this it will substitute one year fixed rate saving with one month notice but earning a higher interest rate. Doing this it will be at least one Saving mature one month when people need the cash. It might not fit all people need but might fit for some people.

Nothing wrong with that idea at all. I do that as part of a spread of return versus accessibility. Regular Income => Regular Savers => N-year fixes - and alongside this an amount in true instant access for emergencies.


Trouble is that the shrinking span of interest rates makes this strategy pretty creaky compared to 10 years ago...:(

I-LOV-MONEY

Adindas. I think I follow your idea; however, you would still have to tie up the money initially for two years. What wories me is Brexit! Who knows what is going to happen to interest rates - if they go up you have locked your money away for that time.


Also, each time you make a new investment there maybe a minimum amount required.

polymaff

I-LOV-MONEY wrote: »

Adindas. I think I follow your idea; however, you would still have to tie up the money initially for two years. What wories me is Brexit! Who knows what is going to happen to interest rates - if they go up you have locked your money away for that time.

When would he have money tied up for more than 12 months?

I-LOV-MONEY

polymaff wrote: »

When would he have money tied up for more than 12 months?

Apologies. I mis-read the original post.


I blame the heat !!

Spacevoyager

Tried to open Beehive Easy saver account. Filled in the on-line application form. On exit it said they needed additional original documentation sending to confirm my identity. I sent exactly what they asked for by first class post. One week later, having heard nothing, I phoned to ask if they had received the document and they said yes and it would be a couple of days before confirmation. Two weeks later they said they needed more information. I said absolutely not as my patience had run out and told them to stop my application and said my documents back and they agreed. I received an email confirming my documentation was being returned. Shortly after I received an email saying my application had been DECLINED!
I phoned and said this absolutely was not the case, to be told "oh its ok thats just the wording on the IT department documentation. STEER CLEAR OF THE BEEHIVE ACCOUNT!!!!