The Top Easy Access Savings Discussion Area

ColdIron

dekkard said:

mebu60 said:

S_uk said:

Just logged in to my paragon account:

Easy Access Issue 3: 1.60% to 1.85%
Triple Access ISA Issue 8: 1.55% to 1.85%.

Very happy with the latter in particular. 

Ditto re the ISA :-) I know this is an (the?) EA thread but people may be interested to know that the Paragon Triple Access ISA Issue 8 was Top Of The Cash ISA Pots at 1.55% so it's quite some move on their part. For information only, not discussion obviously as this is EA. 

Paragon Easy Access Issue 7 is now 1.83% though Paragon's email about the change said it was to be 1.85%.

Do you mean the Limited Edition Easy Access account that hasn't been available to new customers for a number of years? If so the email quoted 1.85% AER but the account details show the gross rate of 1.83%

jaypers

I’ve been patient, including with companies like Atom and Marcus. Not any more……I’ve decided to ditch and switch without mercy. If everyone did the same, suspect many companies would react to rate increases a bit quicker. 

RG2015

jaypers said:

I’ve been patient, including with companies like Atom and Marcus. Not any more……I’ve decided to ditch and switch without mercy. If everyone did the same, suspect many companies would react to rate increases a bit quicker. 

I switched out as soon as Marcus became uncompetitive. It appears you are one of those that didn’t switch immediately.

Tis a lesson to us all.

jak22

For every month you keep money in an account that's always later than the others to raise their rates, or delay moving to a better rate, then you're losing out on £10 a month for every £40000 for every 0.3%. You need to know whether it's really instant or next working day and what the cut-off time etc is, but the point of accepting lower rates for easy access is no penalty for moving.

Daliah

jak22 said:

For every month you keep money in an account that's always later than the others to raise their rates, or delay moving to a better rate, then you're losing out on £10 a month for every £40000 for every 0.3%. You need to know whether it's really instant or next working day and what the cut-off time etc is, but the point of accepting lower rates for easy access is no penalty for moving.

can you explain - what is the penalty for moving?

fwdrew

jaypers said:

I’ve been patient, including with companies like Atom and Marcus. Not any more……I’ve decided to ditch and switch without mercy. If everyone did the same, suspect many companies would react to rate increases a bit quicker. 

Holding on gains nothing yes. I was like that for a bit with Atom. I waited a few weeks then took everything out.. Atoms slow response has made me more ruthless. Seems Atom do not like critical comments on their trust pilot reviews and have a mass invited comments added if they get any negative ones.    

Molehusband

jaypers said:

I’ve been patient, including with companies like Atom and Marcus. Not any more……I’ve decided to ditch and switch without mercy. If everyone did the same, suspect many companies would react to rate increases a bit quicker. 

I fully sympathise with those who's savings providers fail to keep us with top interest rates causing the wish to move cash to a provider offering a better interest rate. However, my personal preference is to keep a single account open with a minimal balance rather than ditching old accounts altogether. Life can be strange at times and rates offered by the underdogs may shoot up suddenly. So keeping a minimal balance with them can prove useful. In particular when, as sometimes happens, new top rates are limited to existing customers only.

For example, I've had a Coventry BS Limited Access account for a while and initially the interest rate was pretty poor. However I kept it open with a minimal balance. The suddenly a few days ago Coventry sent me an email saying the rate was increasing to 1.85% on 1 September. Then it is likely to be my best paying account. As I understand it's no longer available for new takers, I am pleased that I kept it open during the "difficult" period rather than totally ditching it as others here seem to be advocating for such accounts

SpanishBlue

jaypers said:

I’ve been patient, including with companies like Atom and Marcus. Not any more……I’ve decided to ditch and switch without mercy. If everyone did the same, suspect many companies would react to rate increases a bit quicker. 

The last time someone on here complained about Marcus being slow in raising their rates and ditched them, a day or two later Marcus raised their rates.

I hope Marcus customers thank you if it happens again this week!

Bigwheels1111

Moved cash from Ford money, Tandem, Atom, Chase and Marcus.
Al Ryan full.
Shawbrook full.
Zopa open and ready for net pot to mature.

Now the waiting begins for 5 year at 4% plus.

Oasis1

Bigwheels1111 said:

Moved cash from Ford money, Tandem, Atom, Chase and Marcus.
Al Ryan full.
Shawbrook full.
Zopa open and ready for net pot to mature.

Now the waiting begins for 5 year at 4% plus.

Can I have a tenner?