The Top Easy Access Savings Discussion Area

adindas

I notice my Al-rayan Everyday saver is still showing 2.35% even my balance fall below £5,000 for several days. Is it the case with other people??

cricidmuslibale

Is it too much to hope for, do you all think, for more of the top easy access savings rates to increase slightly to at least equal the present Bank of England base rate of 2.25% before the B of E next meets in early November? It would only require at most c. a 0.25% increase for quite a few savings providers to reach this 2.25% level. (Obviously I'm fully aware that Yorkshire BS and Al Rayan, for example, have already exceeded this interest rate with certain savings accounts.)

It just doesn't quite feel right to me at least when top easy access savings rates are generally paying a lower rate of interest than the current Bank of England base rate. Perhaps I'm being a little unrealistic though, in which case I accept that.

PlatinumChaos

SeriousHoax said:

Opened Al-Rayan account on Tuesday 4th October and all I've had is email does anyone think I should phone them up.

I submitted my application last Saturday (1st October) and received their email saying that they'd be in touch to complete the process. By this morning, I still hadn't heard anything so I gave them a call. Sat in a queue for nearly an hour, but a very helpful bloke dealt with my query, and within 5 minutes, my account was active and I'd received my account details by email. I then downloaded the app from the AppStore, registered it, and I've just made my initial deposit. Apart from the long wait on the phone, it's been pretty hassle-free. So far so good...

SeriousHoax

PlatinumChaos said:

SeriousHoax said:

Opened Al-Rayan account on Tuesday 4th October and all I've had is email does anyone think I should phone them up.

I submitted my application last Saturday (1st October) and received their email saying that they'd be in touch to complete the process. By this morning, I still hadn't heard anything so I gave them a call. Sat in a queue for nearly an hour, but a very helpful bloke dealt with my query, and within 5 minutes, my account was active and I'd received my account details by email. I then downloaded the app from the AppStore, registered it, and I've just made my initial deposit. Apart from the long wait on the phone, it's been pretty hassle-free. So far so good...

When I was filling in the details I got to stage 4 then it said congratulations or something & I got email saying (we will be in touch shortly)

Anyway I phoned them up a couple of hours ago an they got me up and running and I made a small deposit which is in the account now.

Zaul22

Never seen Zopa fall this far behind before, even Nationwide has gone higher now!

Bridlington1

Tipton & Coseley BS have launched a limited access account at 2% for £100 to £25k and 2.25% for £25k+.

nottsphil

cricidmuslibale said:

Is it too much to hope for, do you all think, for more of the top easy access savings rates to increase slightly to at least equal the present Bank of England base rate of 2.25% before the B of E next meets in early November? It would only require at most c. a 0.25% increase for quite a few savings providers to reach this 2.25% level. (Obviously I'm fully aware that Yorkshire BS and Al Rayan, for example, have already exceeded this interest rate with certain savings accounts.)

It just doesn't quite feel right to me at least when top easy access savings rates are generally paying a lower rate of interest than the current Bank of England base rate. Perhaps I'm being a little unrealistic though, in which case I accept that.

It doesn't sit well with me either but we have to accept that lenders set rates in accordance with what they expect to loan out. With mortgages set to become less affordable, this  means less demand for our money - unless their other sources of funds become too expensive.
Marcus, for example, seem to be happy with the net funds they are receiving and they are 0.45% below base rate for instant access.

Daliah

nottsphil said:

It doesn't sit well with me either but we have to accept that lenders set rates in accordance with what they expect to loan out. 

What other sustainable business model would you expect a bank / building society to have?

cricidmuslibale

nottsphil said:

cricidmuslibale said:

Is it too much to hope for, do you all think, for more of the top easy access savings rates to increase slightly to at least equal the present Bank of England base rate of 2.25% before the B of E next meets in early November? It would only require at most c. a 0.25% increase for quite a few savings providers to reach this 2.25% level. (Obviously I'm fully aware that Yorkshire BS and Al Rayan, for example, have already exceeded this interest rate with certain savings accounts.)

It just doesn't quite feel right to me at least when top easy access savings rates are generally paying a lower rate of interest than the current Bank of England base rate. Perhaps I'm being a little unrealistic though, in which case I accept that.

It doesn't sit well with me either but we have to accept that lenders set rates in accordance with what they expect to loan out. With mortgages set to become less affordable, this  means less demand for our money - unless their other sources of funds become too expensive.

Yes, I can see exactly what you’re saying here. This also hints at why savers have had to put up with interest rates that have been considerably lower than they really should have been in recent years, thanks at least in part to quantitative easing and Government schemes such as Funding for Lending removing the need for banks etc to rely on savers’ deposits as a source of funds to then lend out to businesses, individuals etc.

Daliah

cricidmuslibale said:

Yes, I can see exactly what you’re saying here. This also hints at why savers have had to put up with interest rates that have been considerably lower than they really should have been in recent years, also thanks at least in part to quantitative easing and Government schemes such as Funding for Lending removing the need for banks etc to rely on savers’ deposits as a source of funds to then lend out to businesses, individuals etc.

Same Q to you: What other sustainable business model would you expect a bank / building society to have?

NB. Perhaps a subject for a separate thread, so this one can be reserved for the top easy access savings accounts