The Top Easy Access Savings Discussion Area

polymaff

RG2015 said:

Daliah said:

RG2015 said:

If you leave it there for a year the interest will compound to give you 1.56% on £25k.

Are you sure it would compound at 1.56% if you had the full £25k in from day one? I would have thought that it can only compound at that rate for as long as your balance, including any interest, stays below £25k. The minute you go above £25k, compounding at 1.55% stops.

You are quite right.

I have just put it in a spreadsheet and full compounding in one year to 1.56% would only apply to amounts lower than about £24,615.

Edit. Even for £24,615, the actual rate in a year is 1.55773%, and only becomes 1.56% by rounding to 2 decimal places,

Do your (Daliah & RG2015) models match these Virgin calculations?

RG2015

polymaff said:

RG2015 said:

Daliah said:

RG2015 said:

If you leave it there for a year the interest will compound to give you 1.56% on £25k.

Are you sure it would compound at 1.56% if you had the full £25k in from day one? I would have thought that it can only compound at that rate for as long as your balance, including any interest, stays below £25k. The minute you go above £25k, compounding at 1.55% stops.

You are quite right.

I have just put it in a spreadsheet and full compounding in one year to 1.56% would only apply to amounts lower than about £24,615.

Edit. Even for £24,615, the actual rate in a year is 1.55773%, and only becomes 1.56% by rounding to 2 decimal places,

Do your (Daliah & RG2015) models match these Virgin calculations?

Close but not exactly.

£1,000.00     -        £1,015.62
£25,000.00   -      £25,388.96
£50,000.00   -      £50,576.46

Daliah

The amounts are close enough for an illustration. But if you wanted to keep your money in an account for a year, you would do better if you went for a fixed deal (e.g. 6 mths, 1 year), at least for some of your money. 

RG2015

Daliah said:

The amounts are close enough for an illustration. But if you wanted to keep your money in an account for a year, you would do better if you went for a fixed deal (e.g. 6 mths, 1 year), at least for some of your money. 

Quite.

I tend to get drawn into academic pursuits whilst forgetting the endgame.

jaypers

Virgin Money M+ applications for new accounts seems to be open again…….
Current a/c 2.02% AER on balances up to £1k
Savings a/c 1.56% AER on balances up to £25k and 0.75% AER on any excess over £25k

polymaff

Do your (Daliah & RG2015) models match these Virgin calculations?

RG2015 said:

Close but not exactly.

£1,000.00     -        £1,015.62
£25,000.00   -      £25,388.96
£50,000.00   -      £50,576.46

Oh, case proven. Well within the various tolerances..

I got closer on the £25k calculation by treating this as a non-compounding account plus an 11-month 0.75% regular saver receiving the interest paid out by the non-compounder.

Choose the right 365 days and you can hit Virgin's figure right on the nose...

polymaff

Daliah said:

The amounts are close enough for an illustration. But if you wanted to keep your money in an account for a year, you would do better if you went for a fixed deal (e.g. 6 mths, 1 year), at least for some of your money. 

As with RG2015 - it is a bit of fun for now.  All part of driving back brain decay...

soulsaver

ToTP

OK rate tappers... Easy Access(ish) top 10(ish) of the pots.. BoE base rate 1.0% (05/05)

As at 03/06/2022.. c.02.00 hrs - Starter for 10; not meant to be comprehensive, DYOR.
Latest changes in bold.
Links added for all accounts. Thanks for all contributions.
Bracketed dates = date rate added/amended here.

1 Virgin Money 1.56% (03/06)Linked to M plus c.a. £25k max EASY ACCESS SAVINGS | Virgin Money UK

2 Chase: Saver 1.50% App only Home | Chase UK

3 Yorkshire BS **Tiered** Internet Saver Plus iss 11 1.33% (1.1%<£10k 1.38%>£50k) (03/06) View our Easy Access Savings Accounts | Savings | YBS Thnx @Molehusband

4 Cynergy: 1.32% (27/05) digipass or app for on line access. l (25/05) Cynergy Bank Thnx @SpanishBlue

5Al Rayan:1.31% ( 10/05) Min £2.5k App only(ish) Everyday Saver (Issue 2) | Islamic banking | Sharia compliant & ethical (alrayanbank.co.uk) Note check if applied to existing acs? 

6 Gatehouse Bank 1.30% (04/05) - Sharia; £1k min initial deposit.  Easy access account | Gatehouse Bank | Gatehouse Bank plc 

7 Ford Money 1.30% (27/05) Flexible Savings Account - Easy access savings | Ford Money Thnx @Section62

8= Atom: 1.25% (06/05) App only Instant Saver 1.25% Interest Rate - Easy Access Savings | Atom bank

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

8= Tandem 1.25% app only (20/05) A greener way to save for the future (tandem.co.uk)
thanx @Thumbs_Up

8= Paragon Triple Access 1.25% (20/5) Triple Access Savings Account | Paragon Bank

8= Investec FlexiSaver 1.25% (03/06) £5K min Online Flexi Saver from Investec | Instant Access Savings Account

13 Principality BS 1.21% (26/05)  Online Double Access | Online Double Access (principality.co.uk) thnx @janusdesign

14= Coventry BS 1.20% (20/05) Easy Access (Online) (4) (coventrybuildingsociety.co.uk)

14= Zopa: Smart Saver (app only) 1.20% £85k max (19/04) (NB 7,31,95 day notice, rate boosted options). Smarter Savings built for real life - Zopa

See prior ToTPs for detail on recent 'drop offs...'  Marcus, Saga, 

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

Other than VM 2.0% £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

RG2015

polymaff said:

Daliah said:

The amounts are close enough for an illustration. But if you wanted to keep your money in an account for a year, you would do better if you went for a fixed deal (e.g. 6 mths, 1 year), at least for some of your money. 

As with RG2015 - it is a bit of fun for now.  All part of driving back brain decay...

Spot on, and way better than flipping sudoku.

Molehusband

soulsaver said:

ToTP


Latest changes in bold.
Links added for all accounts. Thanks for all contributions.
Bracketed dates = date rate added/amended here.

7 Yorkshire BS **Tiered** Internet Saver Plus iss 11 1.26% (1.1%<£10k 1.31%>£50k) (26/05) View our Easy Access Savings Accounts | Savings | YBS Thnx @southone

I opened a YBS Internet Saver Plus iss 11 towards the end May and the interest rates were shown just as you state. Today I logged into my YBS account and, to my amazement, the tiered rates have changed. Now the rates are:

£10,000+ 1.33%
£50,000+ 1.38%

They have issued a new Factsheet dated 1 June giving updated rates:
https://www.ybs.co.uk/productdata/Factsheet-YB681538W.pdf

They didn't inform me of these new rates, but I'm certainly happy!