The Top Easy Access Savings Discussion Area

Rollinghome

Rudyson said:

Rollinghome said:

Rudyson said:

Rollinghome said:

NameWithheld said:

Not Easy Access, but better than the Zopa boosted 95-day rate that is being highlighted on this thread. OakNorth Bank 90 day notice @ 2.02%

May not be as straightford as that. 

BoE Monetary Policy Committee's next meeting is on 4 Aug whien it's expected to raise the base rate by 0.25 or 0.50.  Will OakNorth raise the rate midterm for existing fixed term money as Zopa has previously done?

Rollinghome said:

NameWithheld said:

Not Easy Access, but better than the Zopa boosted 95-day rate that is being highlighted on this thread. OakNorth Bank 90 day notice @ 2.02%

May not be as straightford as that. 

BoE Monetary Policy Committee's next meeting is on 4 Aug whien it's expected to raise the base rate by 0.25 or 0.50.  Will OakNorth raise the rate midterm for existing fixed term money as Zopa has previously done?

No. Oaknorth are one of those irritating banks that create new issues.

They may well issue a new account at a higher rate, in which case you have to open the new account and then transfer the funds from an existing one. You can transfer funds into an account of equal or longer length. If you've given notice on the old account, it will be cancelled when you transfer, so you have to give the full notice again on the new account.

Still worth doing if you think the rates are ok, just a bit of unnecessary faffing around.

That's all pretty normal, and I assume you have to wait until the end of the notice period to open another account.  During that time the base rate could go up twice: 4 Aug and 15 Sept.

In the case of Zopa, they upped the rate on 95 day money during the notice period.

No, you don't have to wait until the end of the notice period, you can open a new account and transfer funds from the old one even if notice has been given, although this cancels the notice and you have to start again.  Zopa is far better as you say, because they increase the rate on existing pots, but although Oaknorth's new issue system is a pain, it's not a deal breaker.

That makes them very similar in that respect.  I think that we can assume rates will increase within the next 3 months. So it will depend on when, and by how much, both increase their rates, with Zopa having the advantage of getting any increase while retaining a full exit route 95 days after the original date of notice - which can have been immediately on the deposit date.  Zopa also seem to observe an existing notice date for funds added later to the same pot.

With some unknowns, one has a bit more flexibility, the other has a slightly higher rate.

skitskut

I just noticed my NS&I Direct Saver is now saying 1.20% when logged in. Still showing 0.50% on website.

Kazza242

According to Moneyfacts, the new Tesco Bank Internet Saver will pay 1.43%

(The rate includes a 1.18% bonus for 12 months).

ranciduk

skitskut said:

I just noticed my NS&I Direct Saver is now saying 1.20% when logged in. Still showing 0.50% on website.

Showing as 1.20% on the website now

where_are_we

Kazza242 said:

According to Moneyfacts, the new Tesco Bank Internet Saver will pay 1.43%

(The rate includes a 1.18% bonus for 12 months).

When? Having to open a new one every few weeks and transfer savings to a new one is not good. A load of new paperwork, a new account number, another annual interest figure, another IS dormant account with 0 balance, and a limit of 5 IS accounts at which stage you have to close the old ones. On top of all that, their latest interest rate is behind their competitors. 

soulsaver

Kazza242 said:

According to Moneyfacts, the new Tesco Bank Internet Saver will pay 1.43%

(The rate includes a 1.18% bonus for 12 months).

Not showing on Tesco site, as yet 1.38%. Moneyfacts jumped the gun?

soulsaver

One more above 1.4% will drop 7 accounts off from the ToTP list! 
The Top Easy Access Savings Discussion Area - Page 621 — MoneySavingExpert Forum

gwapenut

Not wanting to pile any more work on the fantastic stuff soulsaver is doing, but I wonder in this rising interest rate environment if it's worth noting which providers are higher maintenance because they require a new account to be opened very month or two? Because each time the rate rises they let an old account stagnate, and open a new issue with new rates.

It seems to me that OakNorth (thanks T.R.) Zopa, Shawbrook and Yorkshire are good choices for people who want low hassle. Usually Tesco and virtually always Nationwide are bad. Coventry are a lottery - mostly honourable, but sometimes they let all rates stagnate then get hungry for money again.

typistretired

OakNorth are good too. 

Malchester

Would highly recommend Zopa. Also just opened Gatehouse easy access account. Easy to open (already have an account with them) but not instant deposits and withdrawals (up to 2 hrs) which is fine for me