The Top Easy Access Savings Discussion Area

rb10

LGG - Most banks will say what date the current rate started from. You mention the AA account, on http://www.theaa.com/savings/savings_calculator.jsp they say:

AA wrote:

Rates are effective from 18 July 2008.

for 6.28% gross / 6.46% AER.

So this rate hasn't changed since July, therefore we can expect it to drop soon.

Gambit

This is getting silly now... I applied for an A&L Online Tracker and was today told that this should take 2 weeks to process. Just checked the website and its dropped from 6% to 4.75%! How can I make a decision on what account to choose if they keep dropping their rates??

When will it be a 'level playing field' when it will be safe to decide on a savings account??

LGG_2

rb10 wrote: »

LGG - Most banks will say what date the current rate started from. You mention the AA account, on http://www.theaa.com/savings/savings_calculator.jsp they say:



for 6.28% gross / 6.46% AER.

So this rate hasn't changed since July, therefore we can expect it to drop soon.

thanks. ive had a look at a few sites and most of them have rates effective from the start of november. i presume with things as they are the rates are probably gonna be changing pretty much every month? so those accounts are gonna drop over the next week?

rb10

LGG wrote: »

thanks. ive had a look at a few sites and most of them have rates effective from the start of november. i presume with things as they are the rates are probably gonna be changing pretty much every month? so those accounts are gonna drop over the next week?

As there was such a massive drop in the BOE rate in November (which is since most of the current rates dropped), yes, I think we can expect huge cuts in savings rates very soon. As many banks will change rates from the 1st of the month after a BOE annnouncement, I'd expect there to be big changes on Monday.

LGG_2

thanks u are very helpful. i was gonna wait till monday anyway to see what happens with abbey so. ill just sit tight. after all another few days isnt gonna make much difference and its nice to see my money back in my account after the last month or so lol

Baldur

rb10 wrote: »

As many banks will change rates from the 1st of the month after a BOE annnouncement, I'd expect there to be big changes on Monday.

At least some have already announced their rate changes, see https://www.emoneyfacts.co.uk/news/savings-news.aspx

Gambit

Hmm... maybe I'll wait a few weeks and then decide on an instant access savings account. Hopefully after Monday it should be more of a level playing field.

dungeness

I seem to remember reading some time ago (before the credit crunch) that it was not worth changing savings accounts for less than .5% because of the time it takes transferrring from one account into your bank & then back out again, never mind how long it takes to set up a new account. As it seems to be taking much longer nowadays to set up a new account (or is it just my experience), do others think it is a good idea to set up accounts with everyone offering (only the usual safe ones of course) maybe just putting in the minimum, & then at least that gives a head start on transferring.

Also, like others, I am a bit fed up (& slightly stressed) with constantly checking rates & moving my money around. I know for sure that in October I definitely received less interest than usual due to money being in the "dead" zone for so long.

Do others think the .5% difference in interest rate idea a good one or should it even be 1%?

Baldur

NickyDee wrote: »

Can anyone confirm the the AA Internet Saver (Issue 1) has actually dropped or not?

http://www.moneysavingexpert.com/savings/savings-accounts-best-interest#instant

Still showing at the headline rate on their website at the moment - http://www.theaa.com/savings/rates.html

AA Internet Saver (Issue 1) (Monthly Interest)
Balance £1+
Gross/AER%* 6.28/6.46

Pitchshifter

I applied for an eSaver issue2 a few days ago when the rate was 6.3%. I transferred £1 as a test. The rate has now dropped to 5%. I won't be transferring any more

Luckily I had the foresight to open a Halifax Guaranteed Saver Reward fixed at 6% for 1 year, which I was going to move my money into if the rate dropped on the eSaver.

:mad: