The Top Easy Access Savings Discussion Area

schiff

Freebird53 said:

Daliah said:

All that excitement about 2.75% interest. Along with others, I rushed to get my Santander esaver yesterday, and stuffed as much as I could into it as I could.

Then went to Lidl’s for a top-up shop. Limes which used to be 17p each last week are now 20p. Pretzels 45p, up from 39p. That’s an above 10% increase, which probably applies to many if not all products they sell. Got home and there’s an apologetic note from the window cleaner, telling me it’s now £35 every 4 weeks rather than £30. 

These are just a few examples to remind us that even at 2.75% our cash is rapidly losing buying power 😭

£35! Do you live in a mansion? It's a fiver round here!

He lives in a 12th storey flat.

alternate

Daliah said:

All that excitement about 2.75% interest. Along with others, I rushed to get my Santander esaver yesterday, and stuffed as much as I could into it as I could.

Then went to Lidl’s for a top-up shop. Limes which used to be 17p each last week are now 20p. Pretzels 45p, up from 39p. That’s an above 10% increase, which probably applies to many if not all products they sell. Got home and there’s an apologetic note from the window cleaner, telling me it’s now £35 every 4 weeks rather than £30. 

These are just a few examples to remind us that even at 2.75% our cash is rapidly losing buying power 😭

You are not going to beat inflation but that doesn't mean you can't try to mitigate some of the effects.  You can't change Lidl prices, you can get a better savings rate *shrug*

Thumbs_Up said:

andyhicks88 said:

  I doubt we will see any Easy Access rates top 3% by the end of the year, 

The next BoE meeting is due, (could be a emergency meeting even sooner ) on the 3rd  November. I’m calling it now a 0.75% basis points rise.

 

0.75 percent or 75 basis points.  Sorry to be a pedant.  The media makes that mistake all the time it seems.

Freebird53

I wonder If / how long it will take AR to respond?

On another note, this Easy Access thing is a bit of a mystery to me.

I can see how a bank offering a fixed term gives them the security to lend/invest, but EA accounts?

Once their EA rate is uncompetitive people will surely take their money elsewhere....?

t1redmonkey

andyhicks88 said:

2010 said:

andyhicks88 said:

2010 said:

andyhicks88 said:

I signed up yesterday for the Santander account, as I haven't had an account with them before it looks like I've got to wait "5 - 7 days" for new online banking set up details to arrive in the post before I can access the account properly, which is fine, but hopefully the stuff gets here within the next few days.

Yea, but by then someone else will be top of the savings list and everyone will be jumping again.
Since Chase appeared on the scene there`s been a constant procession of top easy access saving accounts.
We`ve gone from 1.5%  to (currently, maybe) 2.75%.
It would be interesting to find out if anyone on here has actually moved every time a new top rate came out.
Who holds the record for the most moves?

Well I can't see anyone beating that significantly for a good few weeks, if not few months, though I'm quite happy to be wrong!

For me personally, I think a provider would have to probably offer 3% now to make me move funds away from this account. I'm not a serial mover, I only move when something new beats my current savings account/s by probably around.0.20%

https://www.express.co.uk/finance/personalfinance/1681451/Savings-accounts-interest-rates-best-buy-savings-rates-Bank-of-England-cash-easy-access

Well yes but that's talking mostly about fixed rate accounts. I doubt we will see any Easy Access rates top 3% by the end of the year, which is what it would take for me to now move away from this account.

I'd be amazed if there aren't multiple easy access accounts over 3% by the end of the year.  We are at 2.75% already in mid October, and there are likely 2 more BOE rate hikes by Xmas.

peter021072

Section62 said:

ps2659 said:

I opened an account last night and they emailed me a sort code and account number I made a payment in however I am looking to make another payment in today before I receive my emails I will not be able to view this account is this Ok to do or should I wait and fear the 2.75% will be pulled. 

This is an easy access account, so once you've opened it the risk of it being pulled shouldn't apply any more - you can add funds at any time in the future, you don't have to add them before the product is closed to new applications.

The only thing I would do is to add at least £1 within a reasonable amount of time (say a week) of opening to make sure the account doesn't get closed automatically for some reason.

If you are anxious to know the initial payment has worked before paying in larger sums then the best bet is to call Santander and ask, although without security details they may not be able to give you confirmation the initial payment has worked.

Note: Santander say, This issue is available until 1 November 2022 unless sold out sooner.

Millyonare

Just a note of caution, among the giddy excitement of soaring Santander interest rates.

Santander UK reported publicly this week that its "bad debts" are now rising.

For me, I'll be keeping my savings there under the £85k UK govt protection threshold.

t1redmonkey

Millyonare said:

Just a note of caution, among the giddy excitement of soaring Santander interest rates.

Santander UK reported publicly this week that its "bad debts" are now rising.

For me, I'll be keeping my savings there under the £85k UK govt protection threshold.

They're trying to create a bigger buffer for the potential of increased defaults in the coming months/years due to rising interest rates making it harder for customers to make scheduled payments.  I think that's a sensible thing for them to do, nothing to panic over really.  But yes, I would never go over £85k personally because you never know.

Millyonare

t1redmonkey said:

Millyonare said:

Just a note of caution, among the giddy excitement of soaring Santander interest rates.

Santander UK reported publicly this week that its "bad debts" are now rising.

For me, I'll be keeping my savings there under the £85k UK govt protection threshold.

They're trying to create a bigger buffer for the potential of increased defaults in the coming months/years due to rising interest rates making it harder for customers to make scheduled payments.  I think that's a sensible thing for them to do, nothing to panic over really.  But yes, I would never go over £85k personally because you never know.

Never mentioned panic.

Although, it is a recurring theme. Don't panic about Brexit... oh. Don't panic about Covid... oh. Don't panic about the pound... oh. Don't panic about pensions going bust... oh. Don't panic about banks... let's see.

Section62

Freebird53 said:

I wonder If / how long it will take AR to respond?

On another note, this Easy Access thing is a bit of a mystery to me.

I can see how a bank offering a fixed term gives them the security to lend/invest, but EA accounts?

Once their EA rate is uncompetitive people will surely take their money elsewhere....?

It wouldn't surprise me if Santander were banking on that happening, to limit the longer-term cost of being at the top of the table over the next 'x' days.

In the meantime - if this forum is in any way indicative - there are lots of new and lapsed customers of Santander busy opening accounts and some of those no doubt will be looking at current accounts and other products.  Current Account switching incentives aren't the only way of getting yourself talked about and processing a glut of new customers.

Thumbs_Up

Millyonare said:

t1redmonkey said:

Millyonare said:

Just a note of caution, among the giddy excitement of soaring Santander interest rates.

Santander UK reported publicly this week that its "bad debts" are now rising.

For me, I'll be keeping my savings there under the £85k UK govt protection threshold.

They're trying to create a bigger buffer for the potential of increased defaults in the coming months/years due to rising interest rates making it harder for customers to make scheduled payments.  I think that's a sensible thing for them to do, nothing to panic over really.  But yes, I would never go over £85k personally because you never know.

Never mentioned panic.

Although, it is a recurring theme. Don't panic about Brexit... oh. Don't panic about Covid... oh. Don't panic about the pound... oh. Don't panic about pensions going bust... oh. Don't panic about banks... let's see.

How can you forget to mention the toilet rolls...