The Top Easy Access Savings Discussion Area

snowqueen555

Opened the Paragon triple saver one day before it closed. 0.65%
Savings rates are horrible, the worst thing is that they will stay like this for a really long time.

Anyone have any guesses when they want increase? 15-20 years?

Consumerist

I-LOV-MONEY said:

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

I understand that cats can make good foot warmers.

Stoodles

Saffron Building Society are putting their rates UP! Sadly only to 0.5% on their E-Saver Instant Access.

cragside

This is getting silly now. Recently I've had to ditch Santander 123, Marcus looked good but of course they dropped their rate soon after I joined, NS&I Income Bonds were good for five minutes, then YBS looked the best for a while, now their rate is dropping to even lower than Marcus' newly dropped rate - I give up! Not worth the effort for the piddling amounts on offer.

Consumerist

It seems to me that it doesn't matter what you do at the moment, the savings market is positioning itself for the possibility of negative interest rates and it's not helped by the CMA proposal that all savings accounts will have to hold their rate for 6 months once a new account has been opened. We'll have to see if that one comes off.

Being locked-in to a fixed savings account doesn't seem too attractive at the current derisory rates either.

The Bank of England may well be looking for a lot more than £5bn "lost" cash in the future, methinks.

typistretired

That’s why I am taking out 1% Regular Savers would usually not bother 

sharp910sh

cragside said:

This is getting silly now. Recently I've had to ditch Santander 123, Marcus looked good but of course they dropped their rate soon after I joined, NS&I Income Bonds were good for five minutes, then YBS looked the best for a while, now their rate is dropping to even lower than Marcus' newly dropped rate - I give up! Not worth the effort for the piddling amounts on offer.

I experienced literally the same, will just leave my money in YBS no point moving back to Marcus for them to drop it again. 

Consumerist

typistretired said:

That’s why I am taking out 1% Regular Savers would usually not bother 

I've always been a fan of Regular Savers for their flexibility and their generally better rates than standard variable-rate savers. The fixed-rate RS gives the rate certainty and, in my experience, there seems to be a reluctance to change the rates on the variables in favour of launching replacement accounts at lower rates.

I've got Regular Savers opened in the spring which are sill averaging 2.1% AER until next spring. I don't think they should be overlooked for short-term savings planning.

alexhassan

For the Chip+1 account if you put £5000 in the interest rate is ~0.84% or £42/year after the fee. If you put less the rate is worse and there may be better deals. Worth putting on the article?

Ian181676

The  Chip+1 account article should come with a warning about the app's reliability.  During initial setup I tried to connect to my bank account using it and got an error saying it had failed.  I tried again and got another error message saying I already had an account connected.  It clearly had worked first time because the test debit of £1.01 had been made when I checked my bank account.  The only way to get past the connect an account page was to turn my phone off and back on again, at which point the app decided I had a connected bank account.

Next, I tried to deposit some money in my Chip+1 account using the app.  This time I got an error saying "This is embarrassing. We've encountered an unforeseen error." followed by various ways of contacting them to sort it out.

I was also pretty unimpressed by the statement on the deposit page that it will take 3 working days for the money to be credited to my Chip+1 account.