The Top Easy Access Savings Discussion Area

soulsaver

wiseonesomeofthetime said:

soulsaver said:

fryedslyce said:

Coventry have pulled their 1.35% Easy access account.

Thanks for that.
Weird - only available for less than a week? It appears to be applied to existing accounts though - I have the monthly showing at 1.34%. 

Coventry Building Society Easy Access (Online) 4

Was available from 20 May 2022, though obviously at a lower rate back then.

Closed Monday 4 July 2022. Current rate 1.35% AER

Source: CBS

...less than a week  at the 'pulled' rate. I also suspect that it'll be replaced at a hopefully better rate.

ETA It's worth checking if you hold Easy Access(online), Easy Access(online)Iss2, Easy Access(online)Iss3 and the Easy Access(online) Iss4 that we're discussing.

All of these are no longer available, but are all still valid saving accounts which go back to 2014, and all currently pay1.35% (1.34% pa monthly).

wiseonesomeofthetime

I closed all my CBS accounts when I shifted my funds to Chase.

Perhaps, with hindsight (and I should have known better really), I should have kept my EA account live with a £1 in for any future attractive Member offers.

Still earning more elsewhere atm though.

soulsaver

soulsaver said:

Well you can... because I have. And I told them I was doing it and they didn't reply about what would happen at maturity.
Maybe they haven't thought about it?

I believe that the notice is at the 'pot' level because AIUI, the boosted pot reverts to an 'access' at maturity. 

So if at the funds therein level, presumably they'd have to create another pot for the unqualified balance? 

Anyway, I'll know for sure on the 7th... when notice on the pot in question is up.
As Arnie said... I'll be back.

Yep, the whole pot became available, messaged in the first minutes of 07/07.

Mr._H_2

soulsaver said:

soulsaver said:

Well you can... because I have. And I told them I was doing it and they didn't reply about what would happen at maturity.
Maybe they haven't thought about it?

I believe that the notice is at the 'pot' level because AIUI, the boosted pot reverts to an 'access' at maturity. 

So if at the funds therein level, presumably they'd have to create another pot for the unqualified balance? 

Anyway, I'll know for sure on the 7th... when notice on the pot in question is up.
As Arnie said... I'll be back.

Yep, the whole pot became available, messaged in the first minutes of 07/07.

Thanks for the update. Makes these boosted pots even more interesting, especially for those who don't have enough capital right now to max them out.

This feels like the kind of thing that's unlikely to last too long - if too many people use the product in unexpected ways it's likely they'll change it.

Is there a limit to how many pots you can have? I know there's a £50k limit overall. But can you have e.g. ten 95-day pots each with £5k in them?

soulsaver

Mr._H_2 said:

soulsaver said:

soulsaver said:

Well you can... because I have. And I told them I was doing it and they didn't reply about what would happen at maturity.
Maybe they haven't thought about it?

I believe that the notice is at the 'pot' level because AIUI, the boosted pot reverts to an 'access' at maturity. 

So if at the funds therein level, presumably they'd have to create another pot for the unqualified balance? 

Anyway, I'll know for sure on the 7th... when notice on the pot in question is up.
As Arnie said... I'll be back.

Yep, the whole pot became available, messaged in the first minutes of 07/07.

Thanks for the update. Makes these boosted pots even more interesting, especially for those who don't have enough capital right now to max them out.

This feels like the kind of thing that's unlikely to last too long - if too many people use the product in unexpected ways it's likely they'll change it.

Is there a limit to how many pots you can have? I know there's a £50k limit overall. But can you have e.g. ten 95-day pots each with £5k in them?

I believe you can have up to 20 pots... 

Wheres_My_Cashback

soulsaver said:

Mr._H_2 said:

soulsaver said:

soulsaver said:

Well you can... because I have. And I told them I was doing it and they didn't reply about what would happen at maturity.
Maybe they haven't thought about it?

I believe that the notice is at the 'pot' level because AIUI, the boosted pot reverts to an 'access' at maturity. 

So if at the funds therein level, presumably they'd have to create another pot for the unqualified balance? 

Anyway, I'll know for sure on the 7th... when notice on the pot in question is up.
As Arnie said... I'll be back.

Yep, the whole pot became available, messaged in the first minutes of 07/07.

Thanks for the update. Makes these boosted pots even more interesting, especially for those who don't have enough capital right now to max them out.

This feels like the kind of thing that's unlikely to last too long - if too many people use the product in unexpected ways it's likely they'll change it.

Is there a limit to how many pots you can have? I know there's a £50k limit overall. But can you have e.g. ten 95-day pots each with £5k in them?

I believe you can have up to 20 pots... 

With a max of £50K spread across all pots.

janusdesign

Wheres_My_Cashback said:

soulsaver said:

Mr._H_2 said:

soulsaver said:

soulsaver said:

Well you can... because I have. And I told them I was doing it and they didn't reply about what would happen at maturity.
Maybe they haven't thought about it?

I believe that the notice is at the 'pot' level because AIUI, the boosted pot reverts to an 'access' at maturity. 

So if at the funds therein level, presumably they'd have to create another pot for the unqualified balance? 

Anyway, I'll know for sure on the 7th... when notice on the pot in question is up.
As Arnie said... I'll be back.

Yep, the whole pot became available, messaged in the first minutes of 07/07.

Thanks for the update. Makes these boosted pots even more interesting, especially for those who don't have enough capital right now to max them out.

This feels like the kind of thing that's unlikely to last too long - if too many people use the product in unexpected ways it's likely they'll change it.

Is there a limit to how many pots you can have? I know there's a £50k limit overall. But can you have e.g. ten 95-day pots each with £5k in them?

I believe you can have up to 20 pots... 

With a max of £50K spread across all pots.

or £85k if you were one of the early openers.

whatleytom87

Cynergy just launched a new 1.46% rate taking them to the top of the table aside from the Current Account exclusive accounts. 

soulsaver

whatleytom87 said:

Cynergy just launched a new 1.46% rate taking them to the top of the table aside from the Current Account exclusive accounts. 

Thanks, ETA in ToTP on page 609.

RG2015

whatleytom87 said:

Cynergy just launched a new 1.46% rate taking them to the top of the table aside from the Current Account exclusive accounts. 

This is an interesting observation and I have just looked at the other leading easy access accounts on Moneyfacts for similar restrictions (or caveats).

These restrictions include the following:

• Require a current account (as above)
• Minimum opening amount or balance above £1
• Limited access
• Includes a bonus
• Sharia accounts - hence technically only an expected rate.
• App only

The first unrestricted account I can see is the Ford Money Flexible Saver at 1.30% AER.

I would note that this only allows transactions to a nominated account and the fastest withdrawals are only next day.

If this is considered to be a restriction, then the next level is at 1.25% for Investec, JN and Tandem.

In conclusion, there are numerous easy access accounts offering between 1.30% and 1.56% but all have some sort of restriction, caveat or limitation.

On a personal level, I have had many of these accounts, but currently use Virgin Money for the highest rate of 1.56% and have little interest in the others.