The Top Easy Access Savings Discussion Area

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.

Kazza242

Section62 said:

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.

I received the same e-mail too confirming the increase to 1.55% today. 

The new Flexible Saver rate is also on the Ford Money website:  https://www.fordmoney.co.uk/savings-products/flexible-saver

SonOfPearl

Skipton have released a Double Access Saver at 1.56%. But it needs a minimum £10k balance.

https://www.skipton.co.uk/savings/easy-access/online-double-access-saver