The Top Easy Access Savings Discussion Area

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.

eskbanker

murphydavid said:

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.

They're not both 'within other banks' really - they are both FCA-regulated institutions but their actual permissions are different.

Marcus is simply a trading name of Goldman Sachs International Bank, which is authorised by the FCA to accept deposits.

Moneybox doesn't have such authorisation in its list of permissions and therefore has to use another regulated institution which has the right to do so. 

-hAnZ-

Tim11111000111 said:

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.

it's still 1.65% for existing customers. unfortunately not hopeful that this will last thou.

murphydavid

eskbanker said:

murphydavid said:

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.

They're not both 'within other banks' really - they are both FCA-regulated institutions but their actual permissions are different.

Marcus is simply a trading name of Goldman Sachs International Bank, which is authorised by the FCA to accept deposits.

Moneybox doesn't have such authorisation in its list of permissions and therefore has to use another regulated institution which has the right to do so. 

How convoluted. So does that mean that even though MoneyBox is not authorised by the FCA they will be happy to compensate its customers and it will be as straight forward as that.  

dcs34

Newbury Welcome to Newbury to drop from 1.5% to 1.35% on 12th March 2020 for new and existing customers

SaverRate

Virgin Money has their Fixed Rate 1.5% regular saver. No penalty withdrawals. This seems the best account for 'easy access' now due to the rate reductions! A similar account is TSB Monthly Saver at 2% but thats only for Classic Plus account holders. 

I-LOV-MONEY

Looks good, but remember you are only getting 1.5% pa  on the first month of savings.

I-LOV-MONEY

Marcus are reducing their underlying interest rate on their easy access from 1.30% to 1.20% on 7 May.   You still get your (unchanged) bonus on top, so it is still good value.