The Top Easy Access Savings Discussion Area

masca

It's sad to see Cynergy falling behind the pack.  An increase from 0.70% to 0.71% following the TWO BOE interest rate increases is more than a little bit unsatisfactory!  My savings will have to find a new home, me thinks...

refluxer

masca said:

It's sad to see Cynergy falling behind the pack.  An increase from 0.70% to 0.71% following the TWO BOE interest rate increases is more than a little bit unsatisfactory!  My savings will have to find a new home, me thinks...

I know that 'every little helps' but I'm not sure a 0.04% increase would be enough to make it worth the effort for me, personally. 

typistretired

Someone will probably correct me as I am not very mathematical and please do all help appreciated.
£10,000.00 savings left in account for a year and interest left in account
interest earned
Marcus £60
Cynergy £71
Atom £75
Tesco £84
Virgin £100 (from 1st March 2022)

refluxer

typistretired said:

Someone will probably correct me as I am not very mathematical and please do all help appreciated.
£10,000.00 savings left in account for a year and interest left in account
interest earned
Marcus £60
Cynergy £71
Atom £75
Tesco £84
Virgin £100 (from 1st March 2022)

It's probably worth pointing out that Tesco would be currently £49 (0.49%) to new customers or less than £84 for those without that specific version of the Internet Saver.

typistretired

I was just trying to point out it is not pennies if you have large sum. Some posters have been talking about over £30,000. 

But yes if you missed out on the account with Tesco which is now paying interest at 0.84% you will only get £49

refluxer

Ah yes, I'd forgotten about the latest Virgin announcement in which case, yes - a jump from 0.71% to 1% would be a bit more like it. However, after the previous discussion about withdrawal hassles/limits and having also to open a current account with Virgin, I think I'll hold fire and see if the others play catch-up. The 0.84% Tesco saver will keep me going for a while longer

Daliah

typistretired said:

Someone will probably correct me as I am not very mathematical and please do all help appreciated.
£10,000.00 savings left in account for a year and interest left in account
interest earned
Marcus £60
Cynergy £71
Atom £75
Tesco £84
Virgin £100 (from 1st March 2022)

Inflation takes at least £500 off the purchasing power of £10,000.

typistretired

And the big banks are sitting on billions of savings paying only 0.01%

eskbanker

typistretired said:

And the big banks are sitting on billions of savings paying only 0.01%

Some would say that illustrates bank greed, whereas others would observe that it's due to ignorance/laziness/inertia of savers....

cricidmuslibale

eskbanker said:

typistretired said:

And the big banks are sitting on billions of savings paying only 0.01%

Some would say that illustrates bank greed, whereas others would observe that it's due to ignorance/laziness/inertia of savers....

I would say both of those are true tbh.