The Top Easy Access Savings Discussion Area

2010

Olinda99 said:

2010 said:

pearl123 said:

It's a shame Marcus are no longer competative interest rate wise. Chase, I've nearly emptied my account. 

Fed up waiting for Marcus to raise so moved it all out.

Marcus now at 1.5% (both instant access and cash ISA)

This is Marcus just catching up on the last BoE rise.
Probably to look good before tomorrow`s BoE rise.
Too late for me I moved it all from Marcus last Saturday.

GustyGardenGalaxy

Out of all the top EA savings accounts, which of the companies are the most reliable, have the best customer service and are generally well regarded and reliable?

2010

GustyGardenGalaxy said:

Out of all the top EA savings accounts, which of the companies are the most reliable, have the best customer service and are generally well regarded and reliable?

How long`s a piece of string?
The way rates are moving people are jumping about like jack-rabbits.
It seems all about the highest.
Not long ago people were, unbelievably, buying new phones just to open a Chase account.
Now they`ve been overtaken but they are stuck with their phones.

Malchester

GustyGardenGalaxy said:

Out of all the top EA savings accounts, which of the companies are the most reliable, have the best customer service and are generally well regarded and reliable?

I have Zopa and Gatehouse Bank. Gatehouse not the best rate but I have found their customer service good. Zopa is good for flexibility and speed. Found Investec also reasonable but need £5000 min balance. Marcus OK but tend to lag behind in rate increases. Al Rayan, for me, are terrible but others find them OK.

Kazza242

According to Moneyfacts, Ford Money are increasing their Flexible Saver rate to 1.55% this week.  

subjecttocontract

Accounts raising interest rates now, just a couple of days before the MPC meet (Marcus, Ford etc) ......it's just a cynical attempt to avoid raising rates for at least another month. Why raise rates on August 2nd when the MPC are likely to raise base rates by another 0.5% on August 4th ? Don't let them con you into thinking they are doing you any sort of favour.......their actions are all about them avoiding raising rates to realistic levels for as long as possible !

jimexbox

subjecttocontract said:

Accounts raising interest rates now, just a couple of days before the MPC meet (Marcus, Ford etc) ......it's just a cynical attempt to avoid raising rates for at least another month. Why raise rates on August 2nd when the MPC are likely to raise base rates by another 0.5% on August 4th ? Don't let them con you into thinking they are doing you any sort of favour.......their actions are all about them avoiding raising rates to realistic levels for as long as possible !

Exactly what I was thinking. Zopa and Chase who I currently use have held off. If its 0.5 today, a fair proportion of that should be passed on. Naive? For sure.....

RG2015

subjecttocontract said:

Accounts raising interest rates now, just a couple of days before the MPC meet (Marcus, Ford etc) ......it's just a cynical attempt to avoid raising rates for at least another month. Why raise rates on August 2nd when the MPC are likely to raise base rates by another 0.5% on August 4th ? Don't let them con you into thinking they are doing you any sort of favour.......their actions are all about them avoiding raising rates to realistic levels for as long as possible !

It’s a free market.

They can set their rates wherever they wish and customers can move their money out.

They are not cynical and they are not trying to con anyone.

Also, banks don’t do favours, they are running a business to make money.

Section62

subjecttocontract said:

Accounts raising interest rates now, just a couple of days before the MPC meet (Marcus, Ford etc) ......it's just a cynical attempt to avoid raising rates for at least another month. Why raise rates on August 2nd when the MPC are likely to raise base rates by another 0.5% on August 4th ? Don't let them con you into thinking they are doing you any sort of favour.......their actions are all about them avoiding raising rates to realistic levels for as long as possible !

Nonsense, that doesn't reflect known facts.

Why would the providers wait a month before reviewing their rates again?  Both Marcus and FordMoney have a past history of reacting quickly to rate changes.

FordMoney last increased their instant access rate on 26th July. I've just started getting emails from them confirming the increase to 1.55% effective today - just 9 days later.  Their previous rate increase was on 13th July - so that's three increases in less than a month.

They will change rates to keep them in the competitive position they want to be in.  We've known for a long time that Marcus are not able to offer the market-leading rate because last time it happened they were deluged with deposits to the point where their business model was at risk.

I doubt they will do anything but reflect on the MPC decision and respond in the next week or so.

Section62

Kazza242 said:

According to Moneyfacts, Ford Money are increasing their Flexible Saver rate to 1.55% this week.  

Confirmed by email just now - 1.55% effective today.