The Top Easy Access Savings Discussion Area

southone

chris_the_bee said:

AndyTh_2 said:

Minty33 said:

Looks like Marcus has removed it's bonus to new customers  down to 2.25%

That also means existing customers can't renew their bonus as well. It was once useful at a time to keep renewing it to delay the drop

Any idea from past experience when they are likely to re-introduce the bonus?

To my knowledge they've never taken the bonus away since they introduced it, I tried earlier too extend my bonus and it told me it wasn't available

phillw

callum9999 said:2. You didn't suggest it - my point was that you don't seem to understand it. Banks set their savings interest rates in order to generate sufficient deposits for their balance sheet. You demanding that they increase their savings rates when they don't need the money is effectively saying this.

Which is why they offer issues with more attractive rates, as it allows them to get more money in without increasing the cost of the money they already have.

A tracker savings account would have to be set at a much lower rate

phillw

t1redmonkey said:
Usually need one bank to offer something really impressive, that shakes up the market, then a bunch of others should follow.  E.g. Santander did the 2.75% account last month which was much higher than the rest, then we saw a lot of similar accounts soon after (Cynergy, Sainsbury's, Gatehouse, Al Rayan).

Santander then quickly retracted once they had enough money, so if you open an eSaver today it's only 1.50%

I'm starting to wonder if easy access interest rates might have run out of steam.

RG2015

southone said:

chris_the_bee said:

AndyTh_2 said:

Minty33 said:

Looks like Marcus has removed it's bonus to new customers  down to 2.25%

That also means existing customers can't renew their bonus as well. It was once useful at a time to keep renewing it to delay the drop

Any idea from past experience when they are likely to re-introduce the bonus?

To my knowledge they've never taken the bonus away since they introduced it, I tried earlier too extend my bonus and it told me it wasn't available

They have previously removed the bonus. See the link below for their historical rates. For example, there was no bonus from 18 Dec 2019 to 18 Feb 2020.

https://www.marcus.co.uk/uk/en/public-site/historical-interest-rates#osa

Freedommm

After 2 weeks waiting since I applied for Al Rayan eSaver, I called them and they said my application was "referred". I've given up on them and will open and account elsewhere. 

patpalloon

I've had several instant access savings accounts in recent years so I thought I would rate them. All FSCS backed. I've picked them on best interest rates that pay monthly, easy access preferably app, and rapid transfer of funds to/from your linked account. The best ones are Atom, Tandem, Marcus, Investec (no app). Chase is also pretty good but interest rates not as competitive now - but linked current account is good as 1% cashback on all purchases.

Ones I don't like because of slow transfers, long winded log in, sometimes only annual interest - Shawbrook, YBS, Sainsbury, Ford Money. Probably some others I have forgotten about but since closed.

What are other people's recommendations?

Malchester

It depends what you want out of the account and what your priorities are - level of interest, ease of access, app or not, speed of changing interest rate, speed of transfers etc., etc. An account that would be top of the list for some would not be for others. For instance, I am not keen on app only accounts but have a Zopa account which will be closed in December when a pot matures. 

akaWooders

Minty33 said:

Looks like Marcus has removed it's bonus to new customers  down to 2.25%

Ditto for Saga's easy access and its Cash ISA. Luckily I just got in in time for myself (earlier this week) and wife (last night!). 😁

CheekyMikey

The app only ones I’ve used have all been easy to open and very easy to use with quick transfers in and out..Zopa, Marcus and Chase. I only use Zopa now as I find their boosted pot system easy to use and by opening lots of pots and giving notice straight away I can get a pretty high rolling interest rate which is more or less instant access. I also have a Santander esaver in the recent 2.75 issue…as an existing customer it was easy to get in a few days and appeared straight away in my app. Did try YBS about 4 months ago but it was painful…slow processes, mistakes with account names requiring numerous phone calls to sort out…nope, wouldn’t touch them.

4justice2

I've still got my Marcus bonus till September next year, though only a small amount still in there as better rates elsewhere. With the suspension of the bonus and new accounts at only 2.25%, presume they have all the funds they need, and don't want to attract more.