The Top Easy Access Savings Discussion Area

BigBlueSky

soulsaver said:

Shawbrook:

"Notification of increase in interest rate

We monitor the savings market, ensuring we remain consistently competitive for our customers, and occasionally change our rates as a result.

We are writing to let you know that we will be increasing the interest rate on your Easy Access Account. Here are the key details you need to know:

Current Rate	0.72% Gross/AER* (variable)
New Rate	0.89% Gross/AER (variable)

The new rate will take effect on 25th March 2022 and it will be applied automatically on your account so you do not need to do anything. Please note, if your balance goes below £1,000, the rate will be 0.05% Gross/AER (variable)."

Has anyone else had this notification on one of their Cash ISA's ?

Trying to decide whether to wait for an increase or move the existing ISA @ 0.67% to their latest Issue 18 ISA @ 0.85%

leaphaze

BigBlueSky said:

Has anyone else had this notification on one of their Cash ISA's ?

Trying to decide whether to wait for an increase or move the existing ISA @ 0.67% to their latest Issue 18 ISA @ 0.85%

Not so far

SeriousHoax

Top of our standard best-buy table is Aldermore which pays 0.95%, though this stretches the definition of easy-access as it only allows two penalty-free withdrawals a year.

SeriousHoax

UncleK said:

Aidanmc said:

Cynergy easy access now 0.9%

Thanks for the heads up. Switched to new account. Previous one existed for 11 days! What a faff.

Thanks I just switched just now using faster payment.

Yellowman

With frequent switching between easy-access savings accounts to chase the best interest rates, is it better to close the previous account (for the sake of data security) or keep it open with a zero balance in case it is required again?

What do others tend to do?

SpanishBlue

I keep the old account open with a £1 in it.

That way when they inevitably a week later come along with a better rate than the one you switched to, it's very easy to open a new account.

gwapenut

Yellowman said:

With frequent switching between easy-access savings accounts to chase the best interest rates, is it better to close the previous account (for the sake of data security) or keep it open with a zero balance in case it is required again?

What do others tend to do?

A few building societies will offer better rates for existing members who have been with them for a certain period, for example a year of more. It is worth always having an account with some of these. The days of carpetbagging are long since gone so "loyalty" accounts would be the only short- or mid-term reason nowadays.

Such building societes who reward loyalty include Yorkshire, Cambridge, Saffron, Newbury. There will be others.

I can't think of any banks who particularly reward loyalty. Oh, Marcus did for a while, when they only offered accounts to existing active customers.

Other reasons for keeping an account open are to minimise hassle of setting up online access etc if you think you'll be back with them in due course, though some online credentials persist for a long time after the last account has been closed. 

UncleK

Yup, I do the same - leave minimum balance in there. Often £1 but sometimes a bit more. 

castle96

dozens of a/cs with £1 in, just in case

Daliah

Chase UK 1.5% AER. Proper instant access account. Not for those without smartphone or tablet as it is digital only. Thanks to @andyhicks88 for the heads up.

https://www.chase.co.uk/gb/en/product/chase-saver-account/


The account has a sort code and account number but CoP (confirmation of payee) doesn't work as Chase haven't implemented Open Banking yet.

Deposits and withdrawals are instant, at least on working days, but probably 7 days a week. You can set up standing orders for payments out of the savings account to other UK accounts in your name. Not sure whether the account can be used for Direct Debits, but someone will find out before long, I suppose.