The Top Easy Access Savings Discussion Area

spider42

The problem with your calculation is that you said it was 1p per day, whereas it is actually £1.02 per day. It's not 1.02p, it is £1.02.

RG2015

Just loving the dodgy arithmetic.

Any takers for the new Chancellor of the Exchequer?

Rollinghome

Molehusband said:

Rollinghome said:

Molehusband said:

For, example, on a withdrawal of up to around £20,000, one day of interest lost is likely to affect you by the princely sum of about 1 penny or less. I'm not going to lose any sleep over that. It won't prevent me spending a penny if I need to!

Doesn't sound as if you're in the best of accounts.  £20k in Shawbrook would earn you £372 pa, so £1.02p per day by my dodgy arithmetic.

Yep your 1.02p is pretty much identical to the about 1 penny I mentioned in my post. That's all you may lose by missing on interest when withdrawing £20,000 on a single day. So what's the problem with my calculation?

Not 1p, £1.02p. If you are getting just £3.65p a year (365 x 1p) on £20k then you probably should be losing sleep. 

spider42

It is not 1p per day, it is £1.02 per day (or 102p if you find that easier to understand). It is a pound a day, not a penny a day. You may not care about a pound, but others may. I doubt anyone is too bothered about a penny, but that's not the figure!

ranciduk

A penny eroded by 10% inflation 😋

isasmurf

RG2015 said:

veryintrigued said:

RG2015 said:

MSE reports that the Newcastle BS has said they will increase their savings rates by 0.50% on 25th August. See the link below, 2/3 down the page.

This suggests that their Triple Access account would increase to 2.00%

https://www.moneysavingexpert.com/news/2022/08/base-rate-bank-of-england-mortgages-savings/


 

https://www.newcastle.co.uk/news/base-rate-change-updates

Doesn’t actually say. The Triple Access saver may be in the 1% of accounts not increasing by 0.50%

Newcastle's rate increases effective today.  The Triple Access saver(Issue 2) and the ISA equivalent are the only 2 accounts not receiving the 0.5% increase.  They stay at 1.5% although the rate for more than 3 withdrawals increases by 0.25 percentage points to 1%. 

soulsaver

Just a reminder that you can easily find the Top 10 Easy Access ranked accounts, all with links, by clicking the link in the 'signature' box below

CheekyMikey

Molehusband said:

Bemr said:

They will both pay interest from the day of deposit.  Neither will pay interest on the day of withdrawal.  The distinction is how each institution classes the day of withdrawal - is it the day you request it, or the day it gets sent?  For shawbrook it seems to be the day of request but for YBS it’s the following day when it’s sent.  So you lose a day’s interest with shawbrook

Does it really matter precisely whether interest is paid on the day of withdrawal or the day before? It seems for all practical purposes the difference is miniscule. What this thread is about is easy accounts paying the best rate of interest rather than whether interest may be paid up to the the particular time on the day a withdrawal is made. For, example, on a withdrawal of up to around £20,000, one day of interest lost is likely to affect you by the princely sum of about 1 penny or less. I'm not going to lose any sleep over that. It certainly won't prevent me spending a penny if I need to!

Hear hear…the navel gazing that goes on here sometimes amazes me.

Rollinghome

Bemr said:

Rollinghome said:

What is it that makes you think that Shawbrook regards the day of "withdrawal" as being the same as the day of the "withdrawal request"? If that were the case, then you could lose a lot more than just a day.

You would only loose more than a day if weekends are involved.

Or more when bank holidays or in lieu days extend the weekend., as with the coming weekend. So up to 4 days, which by my maths is 4 times a much as 1 day.

soulsaver

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