The Top Easy Access Savings Discussion Area

sjwajw

I can't really see the point of saving cash nowadays. Both the world & this country are in a dreadful state. The banks don't want our money & they don't look after it carefully & they treat customers woefully (I wanted to write a much ruder word here!). We are sick & tired of having to jump thro hoops to get access to OUR money when it's in a bank. Just spend it & worry about the future if the future ever comes !

eskbanker

sjwajw said:

I can't really see the point of saving cash nowadays. Both the world & this country are in a dreadful state. The banks don't want our money & they don't look after it carefully & they treat customers woefully (I wanted to write a much ruder word here!). We are sick & tired of having to jump thro hoops to get access to OUR money when it's in a bank. Just spend it & worry about the future if the future ever comes !

This cheery note has the makings of a country and western song....

RedSkywalker

@sjwajw - sadly, I very much agree with you!

sarahemmm

colsten said:

They state "We will inform you as soon as possible, via the Moneybox app, of any change to the interest rate." You'd expect that they will be decent enough to give you at least 95 days notice but they don't commit to that.

It does rather smack of an attempt to get to the top of the recommendation lists, doesn't it! Still, I daresay it can't drop so badly that losing 95 days' interest makes it a worse bet than others, so here goes...

murphydavid

For what it's worth: a candle in the gloom. Charter; Paragon and PCF (I quickly add no longer a good investment) have all had notice accounts at the top of the list and all of them have taken their eye off the ball so to speak and left their slightly inflated interest rates for existing accounts to drag beyond the point where they could have fallen in line with newer lower rates. They have all also held the existing rate for the notice period after notification of intent by email. So maybe this one will do the same.
Personally I have never heard of Moneybox (except as a BBC radio 4 commentary program) although MSE seems to say it is a traditional account. I also note it shares the 85k protection between 2 but does not appear in the MSE are your savings safe linked banks list. This list shows investec (which I believe may be the other 85k sharer) as not sharing with anyone so who does Moneybox share with? This discrepancy would either stop me investing with them or cause me to do more investigation if I was interested.

Connie

Another one!

Email from ICICI today says the interest on their 95-day and 45-day Hi-Save Notice Accounts will drop as follows:

Effective from	Notice Period	AER*       |    Gross**
15th June 2020	95 Days	1.40%     |      1.39%
01st May 2020	45 Days	1.25%     |      1.24%

 (Sorry  -  just noticed this is an Easy Access Accounts thread.  I clicked the link at the end of  the Top Savings Accounts page, which said "Join the MSE Forum Discussion:  Top Savings Accounts"  -  and it took me here.).

Tim11111000111

Looks like Moneybox have just dropped their interest rate on the notice account to 1.45% for new customers - no longer a best buy. I don't know if this applies to existing customers as well (I am not one).
murphydavid I believe LISA savings with MoneyBox are held in an OakNorth Bank account and so receive protection that way.

murphydavid

Tim11111000111 said:

murphydavid I believe LISA savings with MoneyBox are held in an OakNorth Bank account and so receive protection that way.

Yes having checked on Google this appears to be so. It concerns me a little because I often use (rely on) MSE tools to verify savings information and the MSE "which banks are linked" tool shows OakNorth as not sharing with any accounts with other names. Having put MoneyBox in their listings you would have thought this would have been updated.  

eskbanker

murphydavid said:

Tim11111000111 said:

murphydavid I believe LISA savings with MoneyBox are held in an OakNorth Bank account and so receive protection that way.

Yes having checked on Google this appears to be so. It concerns me a little because I often use (rely on) MSE tools to verify savings information and the MSE "which banks are linked" tool shows OakNorth as not sharing with any accounts with other names. Having put MoneyBox in their listings you would have thought this would have been updated.  

I believe that MSE's linkage tool is based solely on institutions sharing FSCS coverage by virtue of being under the same banking licence, whereas Moneybox are effectively simply a client of OakNorth.  Without checking, I'm pretty sure there are a number of other examples of small players who deposit their funds in ring-fenced accounts with the likes of Barclays, HSBC and RBS, and claim that doing so offers inherited protection from the host, but yes, it does seem to be true that such arrangements aren't considered as being within the scope of the 'safe savings' article....

murphydavid

eskbanker said:

murphydavid said:

Tim11111000111 said:

murphydavid I believe LISA savings with MoneyBox are held in an OakNorth Bank account and so receive protection that way.

Yes having checked on Google this appears to be so. It concerns me a little because I often use (rely on) MSE tools to verify savings information and the MSE "which banks are linked" tool shows OakNorth as not sharing with any accounts with other names. Having put MoneyBox in their listings you would have thought this would have been updated.  

I believe that MSE's linkage tool is based solely on institutions sharing FSCS coverage by virtue of being under the same banking licence, whereas Moneybox are effectively simply a client of OakNorth.  Without checking, I'm pretty sure there are a number of other examples of small players who deposit their funds in ring-fenced accounts with the likes of Barclays, HSBC and RBS, and claim that doing so offers inherited protection from the host, but yes, it does seem to be true that such arrangements aren't considered as being within the scope of the 'safe savings' article....

If you investigate in depth MoneyBox themselves say that the £85,000 protection for them will be reduced if you have accounts with OakNorth. So if MSE does not cover this eventality except by not including the ring-fenced accounts in the list maybe it should be noted that if an account is not included in the list then it is not a true bank and thus may have reservations relating to the £85,000 indicated in the best savings article. Personally; when I first saw MoneyBox listed in MSE best savings I made the mistake of assuming it must be a Bank I had never heard of and not a ring-fenced account. I also still at the moment cannot differentiate between the Marcus type of account and the MoneyBox type of account. Both are within other Banks. Yet Marcus is in the list and MoneyBox is not.