The Top Easy Access Savings Discussion Area

Zerforax

Tried to open an account with Cynergy but they have asked for a certified copy of passport to be physically posted to them.

Considering the delay to open an account and that they pay interest annually, I think it's time to cut my losses and look elsewhere.

AndyTh_2

I'm not sure what the problem with annual interest is. You get the same annual effective amount as if you had kept the interest in the account on a monthly interest account.

In any case, these new rate issue accounts with transfer and close give you all the interest accumulated. Hopefully they don't have a limit on number of closed accounts though.

Daliah

AndyTh_2 said:

I'm not sure what the problem with annual interest is. You get the same annual effective amount as if you had kept the interest in the account on a monthly interest account.

Two possible explanations:

1. people want to prop up their monthly income with interest (however small) from their savings
   
   
2. people misunderstand how interest is calculated and paid. 

janusd

wouldn't there be a third option for those that open account(s) in the middle of the tax year and want to spread the tax liability on their savings interest over two tax years ?

SJMALBA

FWIW, as a full-time 'unpaid carer', my income is very low, so being topped up, even modestly, by monthly interest, is very much my preference.

Consumerist

If you've got bills to pay now then the sooner interest on savings is accessable, the better, perhaps.

SJMALBA

FYI, Charter Savings Bank have finally offered another EA account (issue 24) @... 0.85%

Having got fed up waiting for them to raise rates on existing accounts, I closed my issue 23 (0.6%) a while back; correct decision, it seems.

UncleK

SJMALBA said:

FYI, Charter Savings Bank have finally offered another EA account (issue 24) @... 0.85%

Having got fed up waiting for them to raise rates on existing accounts, I closed my issue 23 (0.6%) a while back; correct decision, it seems.

Agree - I asked if they were raising rates a few weeks back and got a non-answer so closed my issue 23. Given that took months to open, plus their £5,000 minimum, they're crossed off my list these days.

SJMALBA

UncleK said:

SJMALBA said:

FYI, Charter Savings Bank have finally offered another EA account (issue 24) @... 0.85%

Having got fed up waiting for them to raise rates on existing accounts, I closed my issue 23 (0.6%) a while back; correct decision, it seems.

Agree - I asked if they were raising rates a few weeks back and got a non-answer so closed my issue 23. Given that took months to open, plus their £5,000 minimum, they're crossed off my list these days.

TBH, I held on longer than I should, because I actually found them good to deal with, having had no problems opening or operating the account; it was purely the uncompetitive rate that made be move. ☹️

Ah well, onwards and... upwards? 🙂

jaypers

Used to love Charter Savings Bank but in recent months their offerings are pants. Have removed all of my savings from them.