The Top Easy Access Savings Discussion Area

Rollinghome

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?

refluxer

Rollinghome said:
Will OakNorth raise the rate midterm for existing fixed term money as Zopa has previously done?

While their table of current interest rates for variable accounts doesn't necessarily prove that they don't increase rates for existing accounts, the frequency at which they release new issues and the rates that older accounts currently sit at suggests to me that they probably don't ?

Rudyson

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.

Rollinghome

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.

dc_scotland

RG2015 said:

The Atom app is now saying that they are dealing with an ongoing Google Cloud Services outage

Pressing the 'Continue' button below that message, it is still possible to log in and make withdrawals.

Patr100

dc_scotland said:

RG2015 said:

The Atom app is now saying that they are dealing with an ongoing Google Cloud Services outage

Pressing the 'Continue' button below that message, it is still possible to log in and make withdrawals.

I got the message earlier it was busy with too many people trying to log in .
Here's the latest on the Cloud server outage:

Cloud outages at Google and Oracle caused by the UK's heatwave have ended, but users have been warned some problems persist.
Google's incident report states that the "cooling related failure" was resolved at 20:43 Pacific Time on Tuesday (03:43 UTC).
But the ad giant's update also reports "A small number of HDD backed Persistent Disk volumes are still experiencing impact and will exhibit IO errors."
That sounds like some hard disks cooked during the "cooling related failure". Hard disks are seldom rated to run at more than 50 degrees Celsius, and as the mercury topped 40 degrees in London yesterday it’s not hard to imagine that temperatures became so hot that mechanical disks in a densely packed device faced an extreme environment and suffered more than solid state components.
Google understands the frailties of spinning rust so will presumably have replicated data on multiple devices and understand how to recover the devices. If data is lost, it will dent the G-Cloud's reputation.

https://www.theregister.com/2022/07/20/google_oracle_cloud_heat_update

dc_scotland

Patr100 said:

dc_scotland said:

RG2015 said:

The Atom app is now saying that they are dealing with an ongoing Google Cloud Services outage

Pressing the 'Continue' button below that message, it is still possible to log in and make withdrawals.

I got the message earlier it was busy with too many people trying to log in .
Here's the latest on the Cloud server outage:

Cloud outages at Google and Oracle caused by the UK's heatwave have ended, but users have been warned some problems persist.
Google's incident report states that the "cooling related failure" was resolved at 20:43 Pacific Time on Tuesday (03:43 UTC).
But the ad giant's update also reports "A small number of HDD backed Persistent Disk volumes are still experiencing impact and will exhibit IO errors."
That sounds like some hard disks cooked during the "cooling related failure". Hard disks are seldom rated to run at more than 50 degrees Celsius, and as the mercury topped 40 degrees in London yesterday it’s not hard to imagine that temperatures became so hot that mechanical disks in a densely packed device faced an extreme environment and suffered more than solid state components.
Google understands the frailties of spinning rust so will presumably have replicated data on multiple devices and understand how to recover the devices. If data is lost, it will dent the G-Cloud's reputation.

https://www.theregister.com/2022/07/20/google_oracle_cloud_heat_update

I wasn't aware of the issue before using the app. I logged in and made 2 withdrawals this morning.  During the first one, a screen appeared suggesting the withdrawal may have failed or be delayed, and to check back in 2 hours.  But while reading that, I got a notification from the the linked account confirming receipt.  At this point, the Atom balance still hadn't updated to reflect the withdrawal.  No issues at all with the second withdrawal.  Maybe I was just lucky.

Rudyson

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.

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.