The Top Easy Access Savings Discussion Area

polymaff

oldwiring wrote: »

Received a notification this morning that the rate on my Tesco Internet Saver (standard interest rate account will reduce from 0.55 to 0.35% w.e.f 14/10/2019.

Strange as my account as the account is still in its bonus period to Jan 2020, and their on line pages have no mention of bonus rates for new applicants.

is Tesco Bank abandoning bonus offers completely?

Tesco Internet Saver accounts receive two types of interest. The bonus, which applies to the first year only, and the indefinite Standard Interest Rate (variable). It is the latter that is being cut.


Who knows about the bonus? It has come and gone in the past.

ColdIron

oldwiring wrote: »

Received a notification this morning that the rate on my Tesco Internet Saver (standard interest rate account will reduce from 0.55 to 0.35% w.e.f 14/10/2019.

The standard rate will drop from 24/10/2019

Strange as my account as the account is still in its bonus period to Jan 2020, and their on line pages have no mention of bonus rates for new applicants.

Your bonus will continue until it expires Jan 2020

is Tesco Bank abandoning bonus offers completely?

Basically yes, for new accounts from 7th August, see

https://forums.moneysavingexpert.com/discussion/6034981

djpailo

Has anyone had experience calling Marcus bank and changing your email address?

harz99

deleted...

1Foz

Guys, need an easy access saver to bring all the money together each month that currently feeds into small accounts that I keep open to satisfy current account terms needing DDs. This is only for spare money but I figure I may aswell bring it all together into one account each month paying the best interest than the 0.55% or whatever that Birmingham midshire etc pay, plus itd be easier. I was thinking about either Marcus 1.5% or Virgin Money reg save @ 3. Think the virgin one is easy access though obviously only given there's a branch 2 miles up the road otherwise I'd be put off by having to do it in branch. Is there anywhere offering as good or better rate with easy access that allows multiple deposits / WDs?

Thanks!

polymaff

1Foz wrote: »

Guys, need an easy access saver to bring all the money together each month that currently feeds into small accounts that I keep open to satisfy current account terms needing DDs.

Why? The fundamental monthly process is: A to B to satisfy B's requirement, then same day B eventually back to A - again and again.


No loss of interest; no need for a high-interest intermediate.

1Foz

Well, I have about £100 spare each month after I deposited to my FD and Nationwide 5% savers and H2B isa. This £100 currently feeds into 4 accounts for DD purposes to fulfill current account conditions . This is a surplus tho, i.e I don't need to recycle it each month from A to B and back, I have that amount to keep put away each month, but I want it in an easy access in case of emergency. The virgin account seems the best option for that?

polymaff

My mistake. I was thinking of the bigger sums involved in meeting T&Cs.


As the £100 is a regular income it is ideally suited to a regular saver.


Ultra-ultra-MSE...:)

1Foz

Yeah I probably didn't explain it well either. Wherever I put this spare money it needs to be easy access in case I need it for emergency. From what I can see, Virgin Money is the best option for that, just requires branch opening, which isn't a problem. Will setup a continual payment anyway. I don't think many reg savers are easy access like this one.

polymaff

1Foz wrote: »

Yeah I probably didn't explain it well either. Wherever I put this spare money it needs to be easy access in case I need it for emergency. From what I can see, Virgin Money is the best option for that, just requires branch opening, which isn't a problem. Will setup a continual payment anyway. I don't think many reg savers are easy access like this one.

At one time there was a clear difference between easy access and regular saving accounts. Now they seem to be blurring into one - which for the regular account manifests as an ability to withdraw, to skip a payment, not having to deposit on a fixed day of the month, not having to pay in the same amount each month - and lower interest rates...:(

They're still ahead for regular income, as you then do get something like the full headline rate.

p.s. have you costed in the shoe leather wear in those two miles to, and then back, from Virgin?....:)