The Top Easy Access Savings Discussion Area

Patr100

intalex said:

Atom up to 2.52% Gross / 2.55% AER

Trying to look but App is very ropey at the mo, won't load account.
Giving warnings that it may be "slow" etc.

soulsaver

ToTP updated with Tandem, Atom, RCI. Thanks to informers...

For convenience/reference I've introduced a new practice: Drop Offs will appear with links and rates in the trail.
Note these 'Drop Off' posts won't be maintained, which shouldn't cause a problem?   

badger09

Patr100 said:

intalex said:

Atom up to 2.52% Gross / 2.55% AER

Trying to look but App is very ropey at the mo, won't load account.
Giving warnings that it may be "slow" etc.

Presumably slow because so many people are trying to open accounts. No need to look at the app if you already have an account & just want to move money to it from elsewhere.

kaMelo

Virgin's Easy Access Cash ISA Exclusive Issue 2 is now offering 3%. I realise this isn't a simple easy access account as it has ISA status and all the restrictions that come with it but it's significant in that an easy access ISA is offering better rates than any pure easy access savings account currently available.  When was the last time that happened.

Section62

kaMelo said:

Virgin's Easy Access Cash ISA Exclusive Issue 2 is now offering 3%. I realise this isn't a simple easy access account as it has ISA status and all the restrictions that come with it but it's significant in that an easy access ISA is offering better rates than any pure easy access savings account currently available.  When was the last time that happened.

You do need to have a Virgin current account to get this (the 'exclusive' bit) so perhaps they've done it to make up for not increasing the 2% rate on the M Plus current and saver accounts - a 3% ISA will attract some new current account custom without having to give existing customers anything extra?

soulsaver

kaMelo said:

Virgin's Easy Access Cash ISA Exclusive Issue 2 is now offering 3%. I realise this isn't a simple easy access account as it has ISA status and all the restrictions that come with it but it's significant in that an easy access ISA is offering better rates than any pure easy access savings account currently available.  When was the last time that happened.

It's a Flexible ISA as well... so if EA runs away in front you can immediately shift money there and back before the Tax year ends.

For comparison, worth 3.75% for BR tax payers on interest. 

Note you have to keep the ca open for this to maintain its 'exclusive' rate.

scottishstu

soulsaver said:

ToTP updated with Tandem, Atom, RCI. Thanks to informers...

For convenience/reference I've introduced a new practice: Drop Offs will appear with links and rates in the trail.
Note these 'Drop Off' posts won't be maintained, which shouldn't cause a problem?   

I don't post much - but just wanted to say many thanks for maintaining the Top of The Pots thread (and the informers!), I'm finding it really useful at the moment as I ponder my next savings move!

Nick_C

kaMelo said:

Virgin's Easy Access Cash ISA Exclusive Issue 2 is now offering 3%. I realise this isn't a simple easy access account as it has ISA status and all the restrictions that come with it but it's significant in that an easy access ISA is offering better rates than any pure easy access savings account currently available.  When was the last time that happened.

Earlier this year.  Skipton offered a flexible tracker ISA (no longer available) that pays BOEBR + 0.35%, so 2.6% currently and 3.35% from 14 November.  Sadly, the tracker only lasts a year, but it is the best easy access account I have currently.

pecunianonolet

Santander new rates confirmed. Esaver not in the list so rate will stay at 2.75% and rate for new accounts dropped from 2% further to 1.5%
https://www.santander.co.uk/personal/support/savings-and-investments/changes-to-your-savings-accounts

YBS saying they will increase rates but final detail not yet confirmed. 

Perksy5

callum9999 said:

alternate said:

Announcing straight away that you will increase rates ... but not for almost a month is more than a little bit blatant.

Please don't bother moving your money as we are matching rates - but we want a month to profit off you first,  Thanks.

What do you think the base rate is? Do you think it instantly gives Coventry BS more money that they're now hoarding instead of passing it on?

In fact, why do you think that building societies and banks operate savings accounts at all? If they aren't lending enough money out to cover the increased amount of deposits they're holding, where do you think they would get the money from to pay that interest to you - the magical money tree?

While I can't say I feel bad for multimillion pound businesses, the amount of entitlement you get on this forum can be absurd at times!

People don't seem to understand that there isn't a button you press that magics up rate increases on all their accounts. 

Out side of that, why would they? Most high Street banks' balance sheets are full. They don't need more capital. Their regulatory commitments are met and they have too much to warrant giving savers the rates they want, because they don't *need* to.
Why rush out to push up rates and minimise their margins? Pricing teams will sit tight and wait for one bank to break ranks, announce their move and their competitors will act accordingly.

Want a higher rate? That's where the small, obscure names shine. They need your money, they'll pay for it.

Still feeling particularly vexed about it all? Want to punish a bank? Take away your insurance and lending products you hold with them. Especially mortgages, that's where the money is.