The Top Easy Access Savings Discussion Area

kaMelo

I wasn't doubting it, it's just something I'd never seen or even thought possible.
Every day's a school day.

Eco_Miser

Daliah said:

murphydavid said:

Daliah said:

murphydavid said:

 I am happy to put up with off topic postings here as a number of them have been of interest and thus useful to me. ie I enjoy the "nattering" as long as it relates to investing.

You can argue whether this thread should be about more than easy access savings (I personally don't think it should be, and it generally isn't) but it certainly should not be about investing. This forum makes a clear distinction between saving and investing, as the two subjects are vastly different.

Yes, I agree the word investing; on its own; is too generalized. Should have said "investing in a cash savings product. I will go back and edit it so.

"investing in a cash savings product" is a bit of an oxymoron. You either put your money into an investment product (=investing) or you put your money into a savings product (=saving). There are several differences between investment products and savings products; the main one probably the very different levels of risk you take.

You'd better tell National Savings and Investments that; all their current products are cash savings products (except arguably Premium Bonds, which are speculation).

Outside this forum "investing" is used for long term savings, for buying houses to live in, and generally for anything where you expect to get more than the original cost back on disposal.

Mr._H_2

Eco_Miser said:

Daliah said:

murphydavid said:

Daliah said:

murphydavid said:

 I am happy to put up with off topic postings here as a number of them have been of interest and thus useful to me. ie I enjoy the "nattering" as long as it relates to investing.

You can argue whether this thread should be about more than easy access savings (I personally don't think it should be, and it generally isn't) but it certainly should not be about investing. This forum makes a clear distinction between saving and investing, as the two subjects are vastly different.

Yes, I agree the word investing; on its own; is too generalized. Should have said "investing in a cash savings product. I will go back and edit it so.

"investing in a cash savings product" is a bit of an oxymoron. You either put your money into an investment product (=investing) or you put your money into a savings product (=saving). There are several differences between investment products and savings products; the main one probably the very different levels of risk you take.

You'd better tell National Savings and Investments that; all their current products are cash savings products (except arguably Premium Bonds, which are speculation).

Outside this forum "investing" is used for long term savings, for buying houses to live in, and generally for anything where you expect to get more than the original cost back on disposal.

Actually, the fact that it’s savings  and investments is the clue you need, and as you correctly identify, Premium Bonds skew more to the investment side.

If you Google “saving vs. investing”, you will find plenty of evidence that it is widely acknowledged that saving and investing are two different things; it’s not a distinction that was cooked up on this forum.

Daliah

Eco_Miser said:

Daliah said:

murphydavid said:

Daliah said:

murphydavid said:

 I am happy to put up with off topic postings here as a number of them have been of interest and thus useful to me. ie I enjoy the "nattering" as long as it relates to investing.

You can argue whether this thread should be about more than easy access savings (I personally don't think it should be, and it generally isn't) but it certainly should not be about investing. This forum makes a clear distinction between saving and investing, as the two subjects are vastly different.

Yes, I agree the word investing; on its own; is too generalized. Should have said "investing in a cash savings product. I will go back and edit it so.

"investing in a cash savings product" is a bit of an oxymoron. You either put your money into an investment product (=investing) or you put your money into a savings product (=saving). There are several differences between investment products and savings products; the main one probably the very different levels of risk you take.

You'd better tell National Savings and Investments that; all their current products are cash savings products (except arguably Premium Bonds, which are speculation).

Outside this forum "investing" is used for long term savings, for buying houses to live in, and generally for anything where you expect to get more than the original cost back on disposal.

Yeah I know. Quite a few savings providers talk about their products as investments. This is a hangover from when savings were considered investments. The facts are that savings are not investments, despite what some people may call them, or consider them to be. This forum should not perpetuate the false classification of savings because it's supposed to be an expert forum 

Daliah

Mr._H_2 said:

Eco_Miser said:

Daliah said:

murphydavid said:

Daliah said:

murphydavid said:

 I am happy to put up with off topic postings here as a number of them have been of interest and thus useful to me. ie I enjoy the "nattering" as long as it relates to investing.

You can argue whether this thread should be about more than easy access savings (I personally don't think it should be, and it generally isn't) but it certainly should not be about investing. This forum makes a clear distinction between saving and investing, as the two subjects are vastly different.

Yes, I agree the word investing; on its own; is too generalized. Should have said "investing in a cash savings product. I will go back and edit it so.

"investing in a cash savings product" is a bit of an oxymoron. You either put your money into an investment product (=investing) or you put your money into a savings product (=saving). There are several differences between investment products and savings products; the main one probably the very different levels of risk you take.

You'd better tell National Savings and Investments that; all their current products are cash savings products (except arguably Premium Bonds, which are speculation).

Outside this forum "investing" is used for long term savings, for buying houses to live in, and generally for anything where you expect to get more than the original cost back on disposal.

Actually, the fact that it’s savings  and investments is the clue you need, and as you correctly identify, Premium Bonds skew more to the investment side.

If you Google “saving vs. investing”, you will find plenty of evidence that it is widely acknowledged that saving and investing are two different things; it’s not a distinction that was cooked up on this forum.

Totally agree it wasn't this forum which cooked up the savings v investment distinction.

But I would very much disagree that Premium Bonds are investments, or like investments. You could argue they aren't even savings, but more like gambling, with your stake being returned. 

NB. I have savings, investments, and PBs, and I even buy the occasional lottery ticket....

Phret

Daliah said:
"As long as you download the app from the AppleStore or from Google Play, there is nothing to worry about."
That's perhaps logical but how do I know that the the app has not been set up by a fraudster, who takes the money and disappears. I presume Apple and Google will not act as guarantors.

soulsaver

Gatehouse Bank tell me they are about to offer 1.3% Expected Profit on their Easy Access ac.

No application process is yet shown on their home web pages as best I can find without logging in is 'currently under review'... but there is an application 'button' when logged in, so appears available to existing customers with on line access. 

ETA They expect application to be sorted overnight - will be available to all.

soulsaver

OK rate hunters... Easy Access(ish) top 10(ish) of the pots.. All now 1.0% min!

As at 03/05/2022.. c.12:00 hrs - Starter for 10; not meant to be comprehensive, DYOR.
Latest changes in bold.
Links added for all accounts. Thanks to all for contributions.
Bracketed dates = date rate added/amended here.

1 Chase: Saver 1.5% App only Home | Chase UK

2 Gatehouse Bank 1.3% (04/05) - Sharia; £1k min initial deposit.  Easy access account | Gatehouse Bank | Gatehouse Bank plc 

3 Aldermore: 1.25% Double Access (29/04) or 0.85% EA . £1k to open Double Access Account, Instant Access Savings Account - Aldermore Bank

5 Cynergy: 1.20% (14/04) digipass or app for on line access. Existing customers only thnx @rallycurve(01/05) Cynergy Bank 

6 Zopa: Smart Saver (app only) 1.2% £85k max (19/04) (NB 7,31,95 day notice, rate boosted options). Smarter Savings built for real life - Zopa

7 Tandem: 1.10% App only A greener way to save for the future (tandem.co.uk) 

8 Al Rayan:1.10% ( 29/04) App only(ish) Everyday Saver (Issue 2) | Islamic banking | Sharia compliant & ethical (alrayanbank.co.uk)

9 Investec Flexi 1.06% on £5k+; NB 0% below £5k. (01/05) Online Flexi Saver from Investec | Instant Access Savings Account Thanks @jaypers

10= Marcus (and Saga): 1.0%  (08/04) - note shared FSCS protection. Marcus UK | Marcus by Goldman Sachs®

10= Atom: 1.0% (14/04) App only Instant Saver 1.00% Interest Rate - Easy Access Savings | Atom bank

10= Ford Money Flexi 1.0% (01/05) Flexible Savings Account - Easy access savings | Ford Money 

Check terms for yourself - DYOR.
Note: These rates may not be applied to existing accounts...DYOR

Other than VM 2% £1k limit, others  of note?

Also see Regular Savings Accounts: The Best Currently Available List! — MoneySavingExpert Forum

And Cash ISAs: The Best Currently Available List — MoneySavingExpert Forum

Patr100

I know you have mentioned the boosted option and DYOR but Zopa gives you 1.35% for a 30 day notice which would place it second if it were a standalone account , and even a bit higher for 95 day wait.

Yellowman

Phret said:

Daliah said:
"As long as you download the app from the AppleStore or from Google Play, there is nothing to worry about."
That's perhaps logical but how do I know that the the app has not been set up by a fraudster, who takes the money and disappears. I presume Apple and Google will not act as guarantors.

I prefer to click the links on the savings pages of Money Saving Expert for peace of mind.