The Top Easy Access Savings Discussion Area

LondonSouth556

Tipton account maturing, just got an email and was able to select an option in the app to get the money and close the account.

I-LOV-MONEY

I have been busy recently, and it looks as if I have missed the Tesco rate.  Are there any others still around that is paying a 'decent' rate of interest?  Maybe it will be best to see if any institution increases their rates because of the Bank Rate rise?

Nick_C

I-LOV-MONEY said:

I have been busy recently, and it looks as if I have missed the Tesco rate.  Are there any others still around that is paying a 'decent' rate of interest?  Maybe it will be best to see if any institution increases their rates because of the Bank Rate rise?

I've been looking around for an instant access savings account for a friend who wants a savings account with a week known name. They were slow to act and missed out on Tesco by a couple of days.

They have gone with Skipton's Flexible Tracker ISA. It pays 0.35% + BOE Base Rate, so currently 0.6%

https://www.skipton.co.uk/savings/isas/online-cash-isa-tracker

Suitable for anyone who hasn't already funded an ISA this year, and is looking for a safe place for up to £20k.  Withdrawals can be redeposited up to the £20k limit.

Not the best available rate, but good for a well known brand. 

Nick_C

Deleted_User said:

I-LOV-MONEY said:

I have been busy recently, and it looks as if I have missed the Tesco rate.  Are there any others still around that is paying a 'decent' rate of interest?  Maybe it will be best to see if any institution increases their rates because of the Bank Rate rise?

You will have read about the rumour of a possible Tesco .84% rate coming in the New Year. Meanwhile I suggest you consider taking a regular peep for best rates here:

https://moneyfacts.co.uk/savings-accounts/easy-access-savings-accounts/

Why would Tesco offer 0.84pc on a new saver when they have just reduced the rate from 0.7 to 0.5?

I think you may have misinterpreted the preceding posts.

Tesco had a variable rate account paying 0.69 before the rise in the BOEBR.  This account should now increase to 0.84pc.  But it is no longer available to open. 

Edited to fix the gobbledegook

I-LOV-MONEY

Maybe it is a mis-type, but what is an "e Jimmy" ?

djpailo

Many of the banks have commented about the mortgages changes/rises but only two have written back about the savings increases. 

https://www.moneysavingexpert.com/news/2021/12/bank-of-england-base-rate-rises/

RG2015

LDeleted_User said:

Nick_C said:

Deleted_User said:

I-LOV-MONEY said:

I have been busy recently, and it looks as if I have missed the Tesco rate.  Are there any others still around that is paying a 'decent' rate of interest?  Maybe it will be best to see if any institution increases their rates because of the Bank Rate rise?

You will have read about the rumour of a possible Tesco .84% rate coming in the New Year. Meanwhile I suggest you consider taking a regular peep for best rates here:

https://moneyfacts.co.uk/savings-accounts/easy-access-savings-accounts/

Why would Tesco offer 0.84pc on a e Jimmy when they have just reduced the taste from 0.7 to 0.5?

I think you may have misinterpreted the preceding posts.

Tesco had a variable rate account paying 0.69 before the rise in the BOEBR.  This account should now increase to 0.84pc.  But it is no longer available to open. 

As I said in my post, there was a rumour (note the word rumour!) about a possible 0 .84% rate, but we'll have to wait for Tesco's update in the New Year for the reality of what is being offered and to whom. Tesco evidently regard their ups and downs as "every little helps".

It’s not a rumour. There is an earlier version of the Tesco bank internet saver that offered a basic rate of 0.10% plus a bonus of 0.59%.

From 11 Jan 2022, their basic rate in increasing to 0.25%, hence those who opened the account in September will get 0.84% from 11 Jan 22 to September 2022.

Correction. As per ColdIron, the 0.69% was available from 3/12/21 to 16/12/21, hence the 0.84% total rate will run from 11 Jan 2022 to December 2022.

ColdIron

The 0.69% Internet Saver ran from 03/12/2021 – 16/12/2021. You godda be quick these days

RG2015

ColdIron said:

The 0.69% Internet Saver ran from 03/12/2021 – 16/12/2021. You godda be quick these days

Thanks ColdIron 

My mistake. I was thinking of the 0.59% one which is the one I got in September.

https://www.tescobank.com/savings/previous-interest-rates/

RG2015

Deleted_User said:

RG2015 said:

LDeleted_User said:

As I said in my post, there was a rumour (note the word rumour!) about a possible 0 .84% rate, but we'll have to wait for Tesco's update in the New Year for the reality of what is being offered and to whom. Tesco evidently regard their ups and downs as "every little helps".

It’s not a rumour. There is an earlier version of the Tesco bank internet saver that offered a basic rate of 0.10% plus a bonus of 0.59%.

From 11 Jan 2022, their basic rate in increasing to 0.25%, hence those who opened the account in September will get 0.84% from 11 Jan 22 to September 2022.

Correction. As per ColdIron, the 0.69% was available from 3/12/21 to 16/12/21, hence the 0.84% total rate will run from 11 Jan 2022 to December 2022.

You are mistaken.

Firstly, I believe the 0.84% is currently only a rumour because I am not aware of it actually being published officially by Tesco, unless you can show me an official notification from Tesco Bank clearly showing the 0.84% rate and the date it will come into effect.

Secondly, your suggestion that "the 0.84% total rate will run from 11 Jan 2022 to December 2022." That statement is currently a fabrication because the 0.25% underlying rate might change at any time. For example,

- what is to stop the Bank of England changing interest rates up or down at any time in 2022?.

On the Tesco Bank Community Website, posted by the Community Manager.

"The Bank of England has increased its base rate. We’ll pass the full increase to Internet Saver, Cash ISA, and Instant Access Saver accounts, as well as Round Up savings on Tesco Clubcard Pay+. Our standard underlying rate (variable) will increase from 0.10% Gross/AER to 0.25% Gross/AER on 11 January 2022."

See link below.

https://yourcommunity.tescobank.com/threads/14861-Bank-of-England-Base-Rate-Change?highlight=bank+england+base+rate