The Top Easy Access Savings Discussion Area

typistretired

murphydavid said:

BTW Marcus have just informed me that my existing instant access account rate will be 0.5% from 11th Dec.

Suddenly those Virgin Money saving accounts are not looking too bad. I got that email from Marcus too during the early hours of this morning 

refluxer

DireEmblem said:

refluxer said:

DireEmblem said:

Is there somewhere with a list of best places for easy access cash.  I have 1k at 2% and the rest at 0.75%.

Yep ! 

Thanks reflux but I know that list is not exactly complete.  I get 2% from Virgin that I think is still open, and 0.75% from Tandem.

Are you sure your Virgin account is easy access and not an older fixed rate ? If it is easy access, I think you might want to check your current rate on their website - it's unlikely that even an older/legacy easy access account is paying anywhere near 2% now !

polymaff

wiseonesomeofthetime said:

Sailtheworld said:

If people had kept just a small emergency type of pot on instant access and the rest in fixed savers they'd have a better income stream and more spare time.

Interest rates have been on a downwards trajectory for decades. It's an exercise in futility to keep chasing instant access rates because of a fear of missing out.

Some of us did, and it is those Fixed Savers that are now maturing in a completely different world!!

Indeed.  We have NS&I GIB 3-year 2.15% maturing over the coming  months.

The default renewal rate is 0.36%.  And no early access this side of the grave.

Sailtheworld

wiseonesomeofthetime said:

Sailtheworld said:

If people had kept just a small emergency type of pot on instant access and the rest in fixed savers they'd have a better income stream and more spare time.

Interest rates have been on a downwards trajectory for decades. It's an exercise in futility to keep chasing instant access rates because of a fear of missing out.

Some of us did, and it is those Fixed Savers that are now maturing in a completely different world!!

It could be down to bad luck of course with everyone's fixed rate savers expiring at a rather inopportune time but most appear not to have done. There's a real headless chicken vibe at the moment which just shouldn't be associated with the world of cash savings

- we've had people being told they'll have NS&I money with them next day who are 'phoning NS&I (and posting in a panic here) when it's not there by lunchtime
- people setting up accounts in a rush and then not being sure what account they've set up
- posters worried that they've missed a x% regular saver and scored for x-sod all% for a difference of £25/ year.

Some emergency savings on instant access (hang the rate). If there's a need to hold more cash then fix at 3 to 5 years (and forget about the 'danger' of rates rising). Savings rates don't need to be checked more than a couple of times a year.

The headless chicken routine is going to lead to mistakes at best and scams at worse. The stress can't be doing anyone any good either. 

I'd suggest that people take a step back. If the difference between very low and even lower interest rates is vital then they've got too much cash or too little - neither problem will be solved by a 0.2% interest rate differential.

colsten

refluxer said:

DireEmblem said:

refluxer said:

DireEmblem said:

Is there somewhere with a list of best places for easy access cash.  I have 1k at 2% and the rest at 0.75%.

Yep ! 

Thanks reflux but I know that list is not exactly complete.  I get 2% from Virgin that I think is still open, and 0.75% from Tandem.

Are you sure your Virgin account is easy access and not an older fixed rate ? If it is easy access, I think you might want to check your current rate on their website - it's unlikely that even an older/legacy easy access account is paying anywhere near 2% now !

They are talking about the VM current account which indeed still pays 2%, on max £1,000. By it's very nature, it's an instant access account but it obviously doesn't figure in the savings accounts lists, and is of limited use to savers.

Consumerist

It wasn't so very long ago I was planning to ditch Lloyds & Bank of Scotland current accounts when they reduced in-credit interest to 0.78% on £5k balances and the Halifax current account which stopped paying a £2 pm 'Reward'. Now that 0.78% doesn't look so shabby and Halifax is paying me £5 pm 'Reward' (fixed for a year) to make £500 pm min debit-card payments.

So, for the moment, I'm staying put with BoS & Halifax but I'm sure it won't be too long before even these change.

YorkshireBoy

Consumerist said:

So, for the moment, I'm staying put with BoS & Halifax but I'm sure it won't be too long before even these change.

Unlike Marcus, for example, these have generally given 60+ days notice of a rate change (and BoS only very recently dropped). We have room for 5 more BoS Vantage accounts, and will be switching some of our TSB Plus accounts in shortly (not that we need to switch but may as well let someone else close the accounts for us!).

I-LOV-MONEY

I have a couple of NS&I Guaranteed Growth Bonds, both at 2.20%  due to mature in January and May.   I don't actually need the proceeds at the moment, so what do I do with it ?   Hello Marcus,  hello mattress !!!!!!!

Consumerist

I-LOV-MONEY said:

I have a couple of NS&I Guaranteed Growth Bonds, both at 2.20%  due to mature in January and May.   I don't actually need the proceeds at the moment, so what do I do with it ?   Hello Marcus,  hello mattress !!!!!!!

Not under the mattress. Spread between the blankets - at least it may help keep you warmer at night.

I-LOV-MONEY

Now that is an idea.  Save water, save electricity on a hot water bottle, and the cat can find her own bed !!!!