The Top Easy Access Savings Discussion Area

littlemissbossy

Hi

Tesco Internet Saver has increased to 1.11%.

SJMALBA

Coventry Building Society 'Four Access Saver' (not available for new customers) increasing from 0.9% to... 1.4% 😲 , effective 1.6.22

That's a much bigger rise than I was expecting! 😎

refluxer

Looks like Tesco have just crept on to the MSE top table due to the fact they offer traditional online banking as opposed to being app-only, otherwise they're beaten by Zopa, Atom and Chase.

Tesco have applied rates increases to existing Internet Saver accounts in the past but as their best rate in recent times has been 0.84% I think it's unlikely that it would surpass 1.11%, meaning yet another sideways switch is necessary for existing customers wanting to stay with Tesco.

wiseonesomeofthetime

refluxer said:

Tesco have applied rates increases to existing Internet Saver accounts in the past but as their best rate in recent times has been 0.84% I think it's unlikely that it would surpass 1.11%, meaning yet another sideways switch is necessary for existing customers wanting to stay with Tesco.

Yes, because their underlying rate remains at 0.25%.

It is their generous bonus rate of 0.86% for 12 months, that pushes it to the 1.11%

So, nothing for them to address in older savers.

Daliah

SJMALBA said:

@soulsaver

Email from Al Rayan confirms increase applied to existing accounts:

‘The new expected profit rate was applied to your account on 9 May 2022...’

Mine still sits at 1.1% - presumably because I only have £1.69 sitting in there, and there's now a min £1,000 min balance for the better rate?

PS. Crikey, it's min £2,500, not just £1,000......

SJMALBA

Daliah said:

SJMALBA said:

@soulsaver

Email from Al Rayan confirms increase applied to existing accounts:

‘The new expected profit rate was applied to your account on 9 May 2022...’

Mine still sits at 1.1% - presumably because I only have £1.69 sitting in there, and there's now a min £1,000 min balance for the better rate?

PS. Crikey, it's min £2,500, not just £1,000......

Strange - I've not funded my account at all (couldn't get access online, couldn't get through on the phone, instructed them to close within 14 day period…), but they kept sending me emails as though the account was still open, including the increased profit rate notification?

Daliah

SJMALBA said:

Daliah said:

SJMALBA said:

@soulsaver

Email from Al Rayan confirms increase applied to existing accounts:

‘The new expected profit rate was applied to your account on 9 May 2022...’

Mine still sits at 1.1% - presumably because I only have £1.69 sitting in there, and there's now a min £1,000 min balance for the better rate?

PS. Crikey, it's min £2,500, not just £1,000......

Strange - I've not funded my account at all (couldn't get access online, couldn't get through on the phone, instructed them to close within 14 day period…), but they kept sending me emails as though the account was still open, including the increased profit rate notification?

Your account sounds new. Mine's 3 years old. May be they only uprated the current issue. doesn't matter for me, though, as I am not tempted by 1.31%, lack of  SO functionality, and withdrawals on working days only.

SJMALBA

Daliah said:

SJMALBA said:

Strange - I've not funded my account at all (couldn't get access online, couldn't get through on the phone, instructed them to close within 14 day period…), but they kept sending me emails as though the account was still open, including the increased profit rate notification?

Your account sounds new. Mine's 3 years old. May be they only uprated the current issue. doesn't matter for me, though, as I am not tempted by 1.31%, lack of  SO functionality, and withdrawals on working days only.

Yes, it's the 'Everyday Saver (issue 2)', as per my OP - mine was opened just over a month ago, and it's still the current issue.

soulsaver

SJMALBA said:

@soulsaver

Email from Al Rayan confirms increase applied to existing accounts:

‘The new expected profit rate was applied to your account on 9 May 2022...’

It wasn't applied to mine, which was Issue 2 and is fairly old. I had to open a 2nd and transfer the funds. Plus the new one I applied for was called 'Everyday Saver' manifests itself incongruously called 'Everyday Branch Saver' on the app and showing the 1.31%

SJMALBA

All (?) of Coventry Building Society rate increases from 1.6.22:

https://www.coventrybuildingsociety.co.uk/content/dam/cbs/member/pdfs/savings/rate-change-notice.pdf