The Top Easy Access Savings Discussion Area

Nick_C

Rainy Day saver - so long as you deposit £800 pcm and pay out two DDs, you get the £5 "reward" which offsets the monthly fee.  You benefit from the generous interest rate on the Rainy Day Saver.

Explained upthread ...

https://forums.moneysavingexpert.com/discussion/comment/79520203/#Comment_79520203

kaMelo said:

anticlaus105 said:

littlemissbossy said:

Barclays 5.12% up to £5k for existing current account customers (Blue Rewards)

https://www.barclays.co.uk/savings/instant-access/rainy-day-saver/

It says in T&C you will no longer receive the £5 blue reward cash if you open the RD saver. Is this correct? So in effect this saver costs £5 per month.

What it actually says is

• You won’t receive a monthly cash reward to your Blue Rewards Wallet for having a Rainy Day Saver account. Your existing monthly Blue Rewards aren’t affected and we’ll keep paying them into your Blue Rewards wallet.

So yes you will still keep the £5 monthly payment, you just won't receive any extra for having a rainy day saver account.  

Whilst not getting anything from the account I have kept the Blue Rewards switched on so this is a nice surprise. Account is opened in under a minute.

mrmajika

TwiceNightly said:

Unfortunately if you have a Rainy Day Saver it looks like you don't get that £5 fee refund?

I can't post the link as I'm newly registered but the website says:

"You won’t receive a monthly cash reward to your Blue Rewards Wallet for having a Rainy Day Saver account"

I think you may have misunderstood the T&Cs. 

That clause means that having a Rainy Day Saver account is not sufficient to have the Blue Rewards cash reward. That is, you need to meet the other criteria have the monthly cash reward; 2 direct debits and a £800+ credit to the account.

For the avoidance of doubt, having the Rainy Day Saver will not preclude you from the monthly cash reward so long as you meet the criteria to recieve it.

soulsaver

soulsaver said:

Cambridge BS has made the 2.1% Your Saver 'temporarily' NLA.
Our Your Saver Account is Temporarily Unavailable (cambridgebs.co.uk)

"We appreciate your patience and sincerely hope you will visit us again on Monday afternoon when the account will be available for new applications."

Cambridge available again as they promised... probably best to be quick, it'll be popular with Reward trappers...
Ford Money offer hasn't reappeared & is about to lose its place in the ToTP.

the_goon

Tom_Hendo said:

S_uk said:

I'm hoping Gatehouse Bank and Zopa announce rate increases in the next few days.

This. Zopa app is one of the most user friendly savings apps I've ever used, would be a shame to have to jump. Especially with the new 95 day rolling pot trick someone recently mentioned!

I'm giving it until Friday, or going best buy I reckon. 

Could someone point me towards this "95 day rolling pot trick" for Zopa. Must have missed that one.

Tom_Hendo

the_goon said:

Tom_Hendo said:

S_uk said:

I'm hoping Gatehouse Bank and Zopa announce rate increases in the next few days.

This. Zopa app is one of the most user friendly savings apps I've ever used, would be a shame to have to jump. Especially with the new 95 day rolling pot trick someone recently mentioned!

I'm giving it until Friday, or going best buy I reckon. 

Could someone point me towards this "95 day rolling pot trick" for Zopa. Must have missed that one.

First this assumes you have time to set it up and assumes Zopa is best in market or a competitive account you would want to keep either way. 

Zopa allows you to add money to a pot even if you have given notice on it, and this is the step you can take advantage of. Especially as they always update the interest rate to whatever the latest top rate is.

Depending on effort you can turn a 95 day notice account into a 7 day notice, 10 day, 30 day etc with the following steps. For purposes of this I will assume you want 10 day notice. 

Set up 10 x 95 day notice accounts with £1 in. Give notice on the first, then give notice every 10 days on accounts 2-10. At the point you get to 85 days later, you have 1 account 'maturing' every 10 days, so you can effectively put money into the top rate now, with 10 days notice. When it 'matures' create a new 95 pot and give notice, and put your money into pot 2 which will now be on 10 days notice. Rinse and repeat through these rotating accounts, thus having 95 day interest rate with 10 days notice. 

the_goon

Tom_Hendo said:

the_goon said:

Tom_Hendo said:

S_uk said:

I'm hoping Gatehouse Bank and Zopa announce rate increases in the next few days.

This. Zopa app is one of the most user friendly savings apps I've ever used, would be a shame to have to jump. Especially with the new 95 day rolling pot trick someone recently mentioned!

I'm giving it until Friday, or going best buy I reckon. 

Could someone point me towards this "95 day rolling pot trick" for Zopa. Must have missed that one.

First this assumes you have time to set it up and assumes Zopa is best in market or a competitive account you would want to keep either way. 

Zopa allows you to add money to a pot even if you have given notice on it, and this is the step you can take advantage of. Especially as they always update the interest rate to whatever the latest top rate is.

Depending on effort you can turn a 95 day notice account into a 7 day notice, 10 day, 30 day etc with the following steps. For purposes of this I will assume you want 10 day notice. 

Set up 10 x 95 day notice accounts with £1 in. Give notice on the first, then give notice every 10 days on accounts 2-10. At the point you get to 85 days later, you have 1 account 'maturing' every 10 days, so you can effectively put money into the top rate now, with 10 days notice. When it 'matures' create a new 95 pot and give notice, and put your money into pot 2 which will now be on 10 days notice. Rinse and repeat through these rotating accounts, thus having 95 day interest rate with 10 days notice. 

#applause

Now that is great thinking. Do Zopa not mind people doing this?

Tom_Hendo

the_goon said:

Tom_Hendo said:

the_goon said:

Tom_Hendo said:

S_uk said:

I'm hoping Gatehouse Bank and Zopa announce rate increases in the next few days.

This. Zopa app is one of the most user friendly savings apps I've ever used, would be a shame to have to jump. Especially with the new 95 day rolling pot trick someone recently mentioned!

I'm giving it until Friday, or going best buy I reckon. 

Could someone point me towards this "95 day rolling pot trick" for Zopa. Must have missed that one.

First this assumes you have time to set it up and assumes Zopa is best in market or a competitive account you would want to keep either way. 

Zopa allows you to add money to a pot even if you have given notice on it, and this is the step you can take advantage of. Especially as they always update the interest rate to whatever the latest top rate is.

Depending on effort you can turn a 95 day notice account into a 7 day notice, 10 day, 30 day etc with the following steps. For purposes of this I will assume you want 10 day notice. 

Set up 10 x 95 day notice accounts with £1 in. Give notice on the first, then give notice every 10 days on accounts 2-10. At the point you get to 85 days later, you have 1 account 'maturing' every 10 days, so you can effectively put money into the top rate now, with 10 days notice. When it 'matures' create a new 95 pot and give notice, and put your money into pot 2 which will now be on 10 days notice. Rinse and repeat through these rotating accounts, thus having 95 day interest rate with 10 days notice. 

#applause

Now that is great thinking. Do Zopa not mind people doing this?

Speaking politically, I would suggest it is not the intended use of the boost pot option. But it is an optimised version of the options they have provided for us to use. 

jimexbox

Unless zopa increase their saving rates, just stick everything in Al Rayan or Charter. 

janusd

the_goon said:

Tom_Hendo said:

the_goon said:

Tom_Hendo said:

S_uk said:

I'm hoping Gatehouse Bank and Zopa announce rate increases in the next few days.

This. Zopa app is one of the most user friendly savings apps I've ever used, would be a shame to have to jump. Especially with the new 95 day rolling pot trick someone recently mentioned!

I'm giving it until Friday, or going best buy I reckon. 

Could someone point me towards this "95 day rolling pot trick" for Zopa. Must have missed that one.

First this assumes you have time to set it up and assumes Zopa is best in market or a competitive account you would want to keep either way. 

Zopa allows you to add money to a pot even if you have given notice on it, and this is the step you can take advantage of. Especially as they always update the interest rate to whatever the latest top rate is.

Depending on effort you can turn a 95 day notice account into a 7 day notice, 10 day, 30 day etc with the following steps. For purposes of this I will assume you want 10 day notice. 

Set up 10 x 95 day notice accounts with £1 in. Give notice on the first, then give notice every 10 days on accounts 2-10. At the point you get to 85 days later, you have 1 account 'maturing' every 10 days, so you can effectively put money into the top rate now, with 10 days notice. When it 'matures' create a new 95 pot and give notice, and put your money into pot 2 which will now be on 10 days notice. Rinse and repeat through these rotating accounts, thus having 95 day interest rate with 10 days notice. 

#applause

Now that is great thinking. Do Zopa not mind people doing this?

i'm so glad to see my original idea on manipulating these access pots is still being used... it was my one bright idea this year!

Bigwheels1111

Just spoke to Gatehouse about the easy access account.

No rate rise, in fact the easy access account has been withdrawn.

Off to Charter for me