The Top Easy Access Savings Discussion Area

AndyTh_2

jak22 said:

The YBS Internet Saver Issue Plus 11 is also showing 2.0% - 2.3% there's no logical reason to keep money in the older issues at 1.8% as it only takes moments to open an Issue 12. 

Though still 14 days before transfers out allowed for money put in after opening.

southone

coventry has for a limited time

Limited Access Saver (Online) (6)

Rate

2.25%

AER/Gross p.a.

(Variable)

ForumUser7

chris_the_bee said:

soulsaver said:

Nick_C said:

dc_scotland said:

YBS have increased the rates on their Internet Saver Plus Issue 12. 

Now 2.00% paid at £1, 2.25% paid at £10K, and 2.30% paid at £50K.

https://www.ybs.co.uk/savings/product?id=YB681614W

Some older issues are not getting that rate.  I have Issue 2, which is still only paying 1.8%.  Poor show for a mutual.

YBS Loyalty saver pays 2.5% to customers with 12month continuous membership; pretty good show relatively speaking.
Product Details | Savings Product Finder | YBS

Correction needed:

YBS Loyalty Regular Saver Issue 2 / Loyalty Regular eSaver Exclusively for existing members only         5.00% Gross p.a./AER variable

I think Soul Saver is talking about their Loyalty Six Access eSaver. That said, their Loyalty Regular Saver account looks very good for those eligible!

SMASTOR

Tandem Bank seem to want too much information IMO. Started to open a 1year saver with them, they took all the ID stuff address, DoB etc, then said now we need bank account details. Then they wanted Ac No, Sort Code, Ac Name - all standard - but then they wanted access granted to get these details and BALANCE info for 90 DAYS!!!

If I knew that at the beginning I never would have applied, or given any details. It seems super shady and I'm a little disappointed that it's one MSE recommends and has the asterisk * beside 

Currently arguing with them about a GDPR removal of the information they got already. Haha.

Herbalus

SMASTOR said:

Tandem Bank seem to want too much information IMO. Started to open a 1year saver with them, they took all the ID stuff address, DoB etc, then said now we need bank account details. Then they wanted Ac No, Sort Code, Ac Name - all standard - but then they wanted access granted to get these details and BALANCE info for 90 DAYS!!!

If I knew that at the beginning I never would have applied, or given any details. It seems super shady and I'm a little disappointed that it's one MSE recommends and has the asterisk * beside 

Currently arguing with them about a GDPR removal of the information they got already. Haha.

Is this just to set up an open banking connection? I have tandem, and there are 2 ways to fund, either by sending a faster payment or by linking a bank account via open banking. They can also verify a bank account to link to it via open banking (you can only send a faster payment from a linked/verified account).

when setting up my open banking link, it requires basic information to be shared from that bank account, but for me the options to share balance and transaction history was entirely optional and toggled off by default. So perhaps worth another check?

Eirambler

Overall it looks like the top rates (other than Al-Rayan) have slipped back a bit again after that Santander fueled surge earlier in the month. Will be interesting to see if the BoE rise fuels any further increases, though that's probably already been priced in to the current savings rates.

Maybe an indication from the BoE of further significant rate rises to come in December might be enough to push some easy access rates beyond the 3% mark.

cricidmuslibale

Eirambler said:

Overall it looks like the top rates (other than Al-Rayan) have slipped back a bit again after that Santander fueled surge earlier in the month. Will be interesting to see if the BoE rise fuels any further increases, though that's probably already been priced in to the current savings rates.

Maybe an indication from the BoE of further significant rate rises to come in December might be enough to push some easy access rates beyond the 3% mark.

I strongly suspect that most ‘active’ savers have by now already moved their easy access savings to the highest paying ‘easy access’ accounts, all paying at least 2.5% AER, with one or more of the following savings providers:-

Al Rayan, Gatehouse, Santander, Cynergy, Sainsbury’s Bank, Ford Money, Yorkshire Building Society. Also Barclays ‘Rainy Day’ account and/or HSBC’s Online Bonus Saver will be suitable for some.

Although the appropriate accounts with some of the above are no longer available to new customers or new applications, as you can see there have already been plenty of options this month to earn more interest on money that needs to be quickly available if required - for essential spending, emergencies etc - than what is currently available, interest rate wise, with top (non Sharia) easy access accounts for new customers.

I.e. It definitely pays off being an ‘active’ rather than a ‘passive’ saver!

It wouldn’t surprise me at all if the highest paying available ‘easy access’ accounts are all paying at least 3% AER by c 17 November, i.e. approximately a fortnight after the expected B of E base rate rise of at least 0.5% and at about the time the Chancellor of the Exchequer is due to give his key Financial Statement.

andyhicks88

The Santander rate was an outlier at the time and I expected only the Sharia accounts to have a go at matching or exceeding it, which was correct, apart from a couple of limited access accounts and the short lived Cynergy account. I never thought most other providers would suddenly start competing with it, so for me this is about where I thought the savings market would be at this point. I think we could start seeing movement again over the next few weeks though but unless we get another Santander type surprise, my thought is that again only the Sharia banks will be pushing 3% or more by the end of the year still. I'm going to guess that the likes of Atom, Zopa, Ford ect won't go much above 2.6%.

cricidmuslibale

andyhicks88 said:

The Santander rate was an outlier at the time and I expected only the Sharia accounts to have a go at matching or exceeding it, which was correct, apart from a couple of limited access accounts and the short lived Cynergy account. I never thought most other providers would suddenly start competing with it, so for me this is about where I thought the savings market would be at this point. I think we could start seeing movement again over the next few weeks though but unless we get another Santander type surprise, my thought is that again only the Sharia banks will be pushing 3% or more by the end of the year still. I'm going to guess that the likes of Atom, Zopa, Ford ect won't go much above 2.6%.

I have to disagree here. I think you’re being too pessimistic tbh. I can easily envisage at least a few non Sharia, top ‘easy access’ savings accounts paying c. 3% AER interest, or even a little bit more than this, by roughly two weeks after the base rate rise on November 3rd. In fact I’d be more surprised if this didn’t happen rather than if it did!

t1redmonkey

cricidmuslibale said:

andyhicks88 said:

The Santander rate was an outlier at the time and I expected only the Sharia accounts to have a go at matching or exceeding it, which was correct, apart from a couple of limited access accounts and the short lived Cynergy account. I never thought most other providers would suddenly start competing with it, so for me this is about where I thought the savings market would be at this point. I think we could start seeing movement again over the next few weeks though but unless we get another Santander type surprise, my thought is that again only the Sharia banks will be pushing 3% or more by the end of the year still. I'm going to guess that the likes of Atom, Zopa, Ford ect won't go much above 2.6%.

I have to disagree here. I think you’re being too pessimistic tbh. I can easily envisage at least a few non Sharia, top ‘easy access’ savings accounts paying c. 3% AER by roughly two weeks after the base rate rise on November 3rd. In fact I’d be more surprised if this didn’t happen rather than if it did!

100% agree with @cricidmuslibale .  The base rate is expected to go to 3% on Thursday, so anyone saying they don't think that at least some easy access accounts are going to match the base rate by about mid November are almost certainly going to be incorrect.