The Top Easy Access Savings Discussion Area

soulsaver

adindas said:

My Al Rayan saving was opened in September last year. I have not been following Al Rayan since recently. From my note Al Rayan Target Profit will drop from 1.60% - 1.35% on June 01.2020. I do not remember another communocation regarding the rate reduction.

What is the interest rate of this AC is it still the case that in June 1, the Interst rate will be 1.35%?

They do not allow a new SO to be set up any longer so I will gradually shift my SOs to other accounts.

Yos…
Tip: 'Rate' is a good word for 'target profit', 'expected profit' and/or 'interest'.

RG2015

RG2015 said:

adindas said:

I notice from my Virgin saving AC

Man Utd Double Take E-Saver Issue 7 is currently paying 1.45%

Double Take E-Saver Issue 12 is also currently paying 1.45%.

I am aware that this rate is variable so it could change anytime. Is there any news  regarding the rate reduction in the future for these accounts ??

After Marcus and Al-Rayan Slash their rate to 1.35% (effective)  this month/next month is there any better instants access saving ac than this Virgin saving AC ?

Thanks

I believe their Ts & Cs say they will give you 60 days notice of any rate decrease. As of today I have not received any emails of messages from them regarding my Double Take E-Saver Issue 10 currently paying 1.50%

PS See the post courtesy of @colsten on the thread on the link below.

https://forums.moneysavingexpert.com/discussion/comment/77100579#Comment_77100579

I made an error here and the notice period is only 14 days as the VM Double Take is a non payment account. As it stands though it is still paying 1.50%

tel_

Just received an email from Kent Reliance, my D31 EASY ACCESS ACCOUNT MI rate is dropping from 1.5% to 1.0% as of 9th June.

I knew it was coming, surprised it's been 1.5 for this long. However, 0.5 is a fair drop, so I'm glad I've finally got access to my Al Rayan saver, after all their IT fiasco!

tg99

Also got the Kent email today for the reduction to 1.0% so think that now leaves just my various issues of Virgin Double Take that are ‘untouched’ so far (between 1.4-1.5% depending on the issue). Can’t imagine it will be for long though!

tg99

Actually, going through all my accounts, there are actually a few others that I have not had any notification of rate cuts for that - other than Virgin Double Take - would now be my highest paying ones at between 1.2-1.35% (ICICI Hisave, Coventry, Shawbrook, Aldermore .....all of which are issues no longer on sale). Am probably tempting fate though!

Connie

tg99 said:

Actually, going through all my accounts, there are actually a few others that I have not had any notification of rate cuts for that - other than Virgin Double Take - would now be my highest paying ones at between 1.2-1.35% (ICICI Hisave, Coventry, Shawbrook, Aldermore .....all of which are issues no longer on sale). Am probably tempting fate though!

Tempting fate, indeed!

ICICI are dropping their interest rate again.

New HiSAVE Notice Savings Account interest rates

Effective from	Notice Period	AER*       |    Gross**
1st September 2020	95 Days	1.10%     |      1.09%
15th July 2020	45 Days	1.00%     |      1.00%

I-LOV-MONEY

Hi.  Looking at the Virgin website, I can't find the Double Take account.  There is the  Virgin Money Current  Account paying 2% gross, but you need to have a Savings account (1%) as well.   Do you need to keep a minimum balance in the Savings account, or could you just leave it with say £1 ?

I can't see if the rate is variable - I presume it is.  If so, have they reduced it recently, or are they about to do so?

lhsecons

The savings account is opened automatically, but you don’t have to put any money at all into it. I certainly haven’t.

dcs34

I-LOV-MONEY said:

Hi.  Looking at the Virgin website, I can't find the Double Take account.  There is the  Virgin Money Current  Account paying 2% gross, but you need to have a Savings account (1%) as well.   Do you need to keep a minimum balance in the Savings account, or could you just leave it with say £1 ?

I can't see if the rate is variable - I presume it is.  If so, have they reduced it recently, or are they about to do so?

It only launched in May at 2% so they have not reduced the rate yet, you'd think they wouldn't have launched it at that level if they were planning on dropping it too soon - lots of expense on admin otherwise!

Yes the rate is variable, two months notice required if it's cut.

You can put £0 in the savings account and still earn the 2% (albeit, that's what the T&Cs imply, wait until June 1st when the first lot of interest is paid out!).

tg99

Connie said:

tg99 said:

Actually, going through all my accounts, there are actually a few others that I have not had any notification of rate cuts for that - other than Virgin Double Take - would now be my highest paying ones at between 1.2-1.35% (ICICI Hisave, Coventry, Shawbrook, Aldermore .....all of which are issues no longer on sale). Am probably tempting fate though!

Tempting fate, indeed!

ICICI are dropping their interest rate again.

New HiSAVE Notice Savings Account interest rates

Effective from	Notice Period	AER*       |    Gross**
1st September 2020	95 Days	1.10%     |      1.09%
15th July 2020	45 Days	1.00%     |      1.00%

I’ve got the easy access bonus saver account which still pays 1.25% I think but guessing the above signals that a cut will soon be coming!