The Top Easy Access Savings Discussion Area

Pssst

RE AA saver,i applied for and got an account when the rate was 6.46 AER but by the time it was activated,they had lopped it to 4.63% Gross. No doubt they will lop it again.

Luckily they didnt get my cash as the check bounced in a little bit of crossover confusion!


For me,and possibly for other savers,the issue now is not primarily one of getting the best rate though that is important. The REAL issue should be and is that the financial institutions are trying to make savers pay for their mistakes and the debts of others when it is WE who have been sensible with our finances.

They want OUR money bit they dont want to pay a good rate for it.

It is imperative that we all monitor and keep shifting money to the best deals so that we will not be taken for suckers.

Look at personal loan rates. They are still high !

They want to take YOUR money and give you nothing for it but loan it out and generate excess profits for themselves

Saver-Rob

Pssst wrote: »

RE AA saver,i applied for and got an account when the rate was 6.46 AER but by the time it was activated,they had lopped it to 4.63% Gross. No doubt they will lop it again.

Exactly what happened with me. They had it long enough to hook many people in and when they had x customers decided to chop the rate in order to avoid paying as much money out in interest. Only with me they lost out. I have £1 in there - the admin costs probably (hopefully) came to more than that for them! :rotfl:

flyer

Manchester Building Society are paying 5.51% on their Premier Guarantee Instant Access account. Looks pretty good, especially as I'm only getting 2% from Halifax at the moment!

Saver-Rob

flyer wrote: »

Manchester Building Society are paying 5.51% on their Premier Guarantee Instant Access account. Looks pretty good, especially as I'm only getting 2% from Halifax at the moment!

Just looking over that one now.

The bit that caught my eye was "Interest rate is guaranteed to be no less than 5% Gross/AER until 30/06/09"

:T

EDIT: After reading further into it the guarantee looks good on the face of it, but where Interest is paid in December I think that once the guarantee of 5% is over it will revert to a miserable couple of %. Where you are allowed 4 withdrawals I guess you could, for example:

(1) Deposit an amount (say £10,000).
(2) Sit it out until 30/6/09 when the guarantee expires (and will probably drop to a couple of %)
(3) Withdraw all but £1 (so in my case £9,999) on 1/7/09
(4) Along comes 31/12/09 when the interest is payable - sit back and enjoy 6 months of good interest rate.

Is that plan mad?

flyer

Saver-Rob wrote: »

Is that plan mad?

Sounds good to me!

Saver-Rob

Me too. I'm applying. Apply first think later these days. Things move too quick

Application Sent.

EDIT: I have started a thread on this account here: http://forums.moneysavingexpert.com/showthread.html?t=1342141

luv_my_brass

Just as I was thinking how lucky I was to have taken out a savings account with Tesco at 6.0% for the first year, have now received a letter telling me that it's dropped to 3.75% :-(

Gambit

luv_my_brass wrote: »

Just as I was thinking how lucky I was to have taken out a savings account with Tesco at 6.0% for the first year, have now received a letter telling me that it's dropped to 3.75% :-(

Doh... I have a Tesco Internet Saver too and was hoping it might stay at 6% a little longer... Was bound to happen though as with everyone else dropping it, I would have been (very pleasantly) surprised if they left it at 6%!

SiuLoong

Sainsburys dropped their rate from 3.5% to 2.25% despite a 'better than average' rate guarantee which shows it means nothing. Deeper reading shows better than average (from top 100 accounts) which means essentially there should be around 50 accounts with better rates of interest - essentially a rate guarantee for suckers! I transferred out all except £1 many months ago, but keep it open in the hope it may rise again!

Crabman

Gambit wrote: »

Doh... I have a Tesco Internet Saver too and was hoping it might stay at 6% a little longer... Was bound to happen though as with everyone else dropping it, I would have been (very pleasantly) surprised if they left it at 6%!

Huh? I received a letter this morning informing me that as of 27 Nov 2008, the rate is reducing by 0.5% to 6% AER (4.5% + 1.5% introductory bonus for 12 months).

This is for the Tesco Internet Saver Account.