The Top Easy Access Savings Discussion Area

jimexbox

Zerforax said:

The Bank of England's monetary policy committee has announced interest rates are rising by 0.25% from 1% to 1.25%.

A 1.70% easy access account would be nice. Come on chase.... 

RG2015

jimexbox said:

Zerforax said:

The Bank of England's monetary policy committee has announced interest rates are rising by 0.25% from 1% to 1.25%.

A 1.70% easy access account would be nice. Come on chase.... 

Virgin Money 1.55 + 0.25 = 1.80%

The thing is that this increase is already built into the 1.55%, or the 1.49% with Chase.

Molehusband

Nationwide BS is offering a new online easy access account paying 2.50% for 24 months:

https://www.nationwide.co.uk/savings/start-to-save/

Each month there will be a prize draw offering £250 for those who pay in regularly.

A downside is that you can only pay in up to £50/month.

noh

Molehusband said:

Nationwide BS is offering a new online easy access account paying 2.50% for 24 months:

https://www.nationwide.co.uk/savings/start-to-save/

Each month there will be a prize draw offering £250 for those who pay in regularly.

A downside is that you can only pay in up to £50/month.

The prize draw takes place every six months. Eligible entrants are those whose balance has increased by at least £25 in each of the preceeding six months.

Olinda99

Let me get this right Nationwide - you are allowing us to pay in £50 a month so £600pa You can get 1.5% anyway but here you get 2.5% so that's an extra 1% ie £6 a year on £600 but because you pay in monthly the average is only about £300 so an extra £3 a year? 

You can repeat the second year with the £600 still there so second year you get £6 pus £3 again ie £9 (by which time interest rates everywhere will be 2.5% at least)

Where's the catch?

gwapenut

Olinda99 said:

Let me get this right Nationwide - you are allowing us to pay in £50 a month so £600pa. You can get 1.5% anyway but here you get 2.5% so that's an extra 1% ie £6 a year on £600 but because you pay in monthly the average is only about £300 so an extra £3 a year? 

Where's the catch?

And still seasoned MSErs are falling over themselves to open it!

soulsaver

Molehusband said:

Nationwide BS is offering a new online easy access account paying 2.50% for 24 months:

https://www.nationwide.co.uk/savings/start-to-save/

Each month there will be a prize draw offering £250 for those who pay in regularly.

A downside is that you can only pay in up to £50/month.

In MSE terms, this is a 'regular saver' and features in that dedicated thread.
Regular Savings Accounts: The Best Currently Available List! - Page 485 — MoneySavingExpert Forum

Molehusband

soulsaver said:

In MSE terms, this is a 'regular saver' and features in that dedicated thread.
Regular Savings Accounts: The Best Currently Available List! - Page 485 — MoneySavingExpert Forum

To me this is not a Regular Saver because:

1 You can pay in whatever you want each month from £0 to £50, whereas with a standard Regular Saver you normally have to pay in the same amount each month and cannot miss a month.

2 With the Nationwide account you can withdraw at any amount (up to your balance) at any time. With a standard Regular Saver you can't do that - withdrawals only available at the end of the period (normally 1 year).

3 Subject to some T&Cs you can participate in a prize draw for up to £250. I've never come across a standard Regular Saver which offers that.

I consider the Nationwide account an Easy Access account for the above reasons.

gwapenut

And here come 3 pages of debate about an account, regular saving or otherwise, worth about £3 extra before tax over the next 12 months,

RG2015

I really don't see the problem. Savings accounts come in several flavours, but once you decide upon how quickly access is required, all that remains is rate.

2.50% is higher than 1.50% so despite the limitations, it is a better option (with a prize draw thrown in as a bonus).