The Top Easy Access Savings Discussion Area

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. 

Kazza242

The Atom Bank Instant Saver interest rate has been increased to 1.35% (17/06/2022):

https://www.atombank.co.uk/instant-saver/

Nick_C

TheWoodler said:

... the growing disenchantment with Chase (articulated in various places in this forum)... 

Chase is a fantastic product.

What other high interest savings account allows you to set up Direct Debits and Standing Orders and allows you to schedule multiple future dated Faster Payments that pay out even on Sundays and Bank Holidays?

What other bank offers 1pc cash back on debit card spending, including on foreign transactions at perfect exchange rates?

What other bank issues a debit card with no numbers printed on it and the ability to fine tune the functionality of the security features to suit your personal needs? 

Chase have come up with a loss leading rate of interest to bring in new customers.  Most of them are interest rate tarts who will move on as soon as the rate is no longer chart topping, but many of us can see what a great product Chase has created, and will stay with them for the long term. 

I will be using Chase as my primary payment method when I'm in the US next month.  Goodbye Monzo, Revolut, and Curve.  There's a new kid on the block.  And he's streets ahead of the competition.