The Top Easy Access Savings Discussion Area

Daliah

Malchester said:

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? 

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?

Total waste of time. It's a definite NO from me 

It’s a bit of entirely risk-free gambling. You have 3 chances to win £250, so if you are extremely lucky, you could win £750. If you win nothing, you have lost nothing. If a better account comes along, you can just stop putting money into the STS account, and withdraw your balance. A no brainer, really.

SJMALBA

Molehusband said:

Consumerist said:

Just received an email from Coventry BS advising they will be increasing the rates on "some" of their variables from 1st July in response to BoE rate rise today. No indication, however, of the amount of the increase(s).

I got a similar email except that mine had a small difference saying that the rate increases will be on most of their variables. When I had a similar message from them last month about increases from 1 June, the new rates topped most of the rates across the market. So I'm optimistic for 1 July.

One advantage they offer over many other providers is that when rates change I do not have to go through the hassle of closing old and opening a new account.

I was surprised by some of the rises last time, so assumed that they had factored in a rise in base rate this month, therefore little/no chance of another rise so soon, so I'm surprised once again! 😀

GalacticaActual

Skipton Building Society posted this information on their Facebook page this afternoon:

Following an announcement from the Bank of England, the base rate has been increased from 1% to 1.25%.
We will be increasing our variable savings rates by 0.25% from 27 June.
We'll have more details on how this may affect your mortgage or savings account soon.

GalacticaActual

Yorkshire Building Society are increasing the rate on 99% of their variable savings accounts by at least 0.25% on 7th July 2022, following today’s BoE base rate change.

Refer their website for further information and a PDF showing the new rates for each account, as applicable. https://www.ybs.co.uk/boe-rate-change/index.html

What does this mean for me?
Following the Bank of England increasing the base rate on 16th June 2022 we are increasing the rate on 99% of our variable savings accounts by at least 0.25 percentage points on 7th July 2022.

GalacticaActual

Nationwide Building Society sent me an email earlier to advise me about changes to interest rates from the 1st July 2022.

Their Loyalty Saver and Loyalty ISA, for example, are having their interest rates doubled from 0.50% to 1.00%. Although it could be argued that Nationwide have lagged behind the competition in upping their rates over the past few months.

This is a link to a 4-page PDF showing all the accounts receiving an interest rate change: https://www.nationwide.co.uk/-/assets/nationwidecouk/documents/savings/branch-notices/smd473-june-22.pdf?et_cid=26129388&et_rid=761852244&linkid=See+whats+changing

soulsaver

GalacticaActual said:

Yorkshire Building Society are increasing the rate on 99% of their variable savings accounts by at least 0.25% on 7th July 2022, following today’s BoE base rate change.

Refer their website for further information and a PDF showing the new rates for each account, as applicable. https://www.ybs.co.uk/boe-rate-change/index.html

What does this mean for me?
Following the Bank of England increasing the base rate on 16th June 2022 we are increasing the rate on 99% of our variable savings accounts by at least 0.25 percentage points on 7th July 2022.

They don't appear to be increasing the rate on their top easy access tiered Internet Saver Plus Iss 11, which appears in their list exactly as we already have it listed in the ToTP at 03/06/22... 1.1>£1, 1.33>£10k,1.38 >£50k.

Cammie50

soulsaver said:

GalacticaActual said:

Yorkshire Building Society are increasing the rate on 99% of their variable savings accounts by at least 0.25% on 7th July 2022, following today’s BoE base rate change.

Refer their website for further information and a PDF showing the new rates for each account, as applicable. https://www.ybs.co.uk/boe-rate-change/index.html

What does this mean for me?
Following the Bank of England increasing the base rate on 16th June 2022 we are increasing the rate on 99% of our variable savings accounts by at least 0.25 percentage points on 7th July 2022.

They don't appear to be increasing the rate on their top easy access tiered Internet Saver Plus Iss 11, which appears in their list exactly as we already have it listed in the ToTP at 03/06/22... 1.1>£1, 1.33>£10k,1.38 >£50k.

Yes, I also spotted that. So it seems that those who opened the new “Issue 11” account recently will fall into the 1% who will not benefit from any increased rate. Why?

soulsaver

GalacticaActual said:

Skipton Building Society posted this information on their Facebook page this afternoon:

Following an announcement from the Bank of England, the base rate has been increased from 1% to 1.25%.
We will be increasing our variable savings rates by 0.25% from 27 June.
We'll have more details on how this may affect your mortgage or savings account soon.

Now if Skipton deliver on that, they'd currently move into 3rd place in the ToTP, and knock 5 Banks' accounts at 11th equal out of the list. But others in the mean time may change that...

ETA Note Minimum opening deposit £5k.

The Top Easy Access Savings Discussion Area - Page 578 — MoneySavingExpert Forum

soulsaver

Cammie50 said:

soulsaver said:

GalacticaActual said:

Yorkshire Building Society are increasing the rate on 99% of their variable savings accounts by at least 0.25% on 7th July 2022, following today’s BoE base rate change.

Refer their website for further information and a PDF showing the new rates for each account, as applicable. https://www.ybs.co.uk/boe-rate-change/index.html

What does this mean for me?
Following the Bank of England increasing the base rate on 16th June 2022 we are increasing the rate on 99% of our variable savings accounts by at least 0.25 percentage points on 7th July 2022.

They don't appear to be increasing the rate on their top easy access tiered Internet Saver Plus Iss 11, which appears in their list exactly as we already have it listed in the ToTP at 03/06/22... 1.1>£1, 1.33>£10k,1.38 >£50k.

Yes, I also spotted that. So it seems that those who opened the new “Issue 11” account recently will fall into the 1% who will not benefit from any increased rate. Why?

I think they may have made a pre-emptive move on just this account? 

TheWoodler

Because at 1.3% @ £10k and and 1.38% @ £50k, it’s already one of the more competitive EA products in the current market (aka this week!)

At another .25% that would be 1.55% and 1.63% respectively. The former isn’t going to make much difference to its existing market position, and they clearly don’t want a stampede at the top spot, to  which the growing disenchantment with Chase (articulated in various places in this forum) and the current wait times for one of their accounts would no doubt contribute. 

Their rate changes across the board, other than this, are very welcome, but I can’t say I blame them for not breaking cover here.