The Top Easy Access Savings Discussion Area

SonOfPearl

Band7 said:

soulsaver said:

Band7 said:

soulsaver said:

The PBS Double access iss 2 is available and paying 2.5% currently - maybe worth opening? 

Appreciate that some people have missed out on better accounts, but this really isn't any reason for settling for a 2.5% limited access account right now.

For easy access accounts, check https://moneyfacts.co.uk/savings-accounts/easy-access-savings-accounts/?quick-links-first=false

Opening a savings account that may attract an uplift in the offing doesn't mean 'settling for' to me. 

What is the uplift in the offing? Why wouldn’t you go straight for the better rates you cant get now? Please do share the messages your crystal ball is sending you 

From the Principality BS website:

On the 3 November 2022, the Bank of England increased the bank rate from 2.25% to 3.00%.  We’ve now worked through what this means for our savings Members.  We’ve reviewed our variable rate savings and taken the decision to increase the rates on the majority of our savings accounts, by 0.50%, from 17 November 2022.  Details of these savings accounts, including the rates, will be available after 17 November 2022.

No crystal ball needed.

ForumUser7

SonOfPearl said:

Band7 said:

soulsaver said:

Band7 said:

soulsaver said:

The PBS Double access iss 2 is available and paying 2.5% currently - maybe worth opening? 

Appreciate that some people have missed out on better accounts, but this really isn't any reason for settling for a 2.5% limited access account right now.

For easy access accounts, check https://moneyfacts.co.uk/savings-accounts/easy-access-savings-accounts/?quick-links-first=false

Opening a savings account that may attract an uplift in the offing doesn't mean 'settling for' to me. 

What is the uplift in the offing? Why wouldn’t you go straight for the better rates you cant get now? Please do share the messages your crystal ball is sending you 

From the Principality BS website:

On the 3 November 2022, the Bank of England increased the bank rate from 2.25% to 3.00%.  We’ve now worked through what this means for our savings Members.  We’ve reviewed our variable rate savings and taken the decision to increase the rates on the majority of our savings accounts, by 0.50%, from 17 November 2022.  Details of these savings accounts, including the rates, will be available after 17 November 2022.

No crystal ball needed.

I'm not 100% sure, but wasn't their online double access saver paying 2.25% or something the other day? I know it increased to 2.5% in the past few days. Hopefully they increase the rate on that again too, but they do say 'majority' and they have just increased it. We'll see, hopefully they do do it though - that'd be good. Perhaps the new rates will even show on MoneyFacts tomorrow - I think the Christmas RS popped up a day early.

Section62

Band7 said:

soulsaver said:

Band7 said:

soulsaver said:

The PBS Double access iss 2 is available and paying 2.5% currently - maybe worth opening? 

Appreciate that some people have missed out on better accounts, but this really isn't any reason for settling for a 2.5% limited access account right now.

For easy access accounts, check https://moneyfacts.co.uk/savings-accounts/easy-access-savings-accounts/?quick-links-first=false

Opening a savings account that may attract an uplift in the offing doesn't mean 'settling for' to me. 

What is the uplift in the offing? Why wouldn’t you go straight for the better rates you cant get now? Please do share the messages your crystal ball is sending you 

No "crystal ball" required - Soulsaver's suggestion was (I assume) based on this information a handful of posts earlier in the thread....

https://forums.moneysavingexpert.com/discussion/comment/79632215/#Comment_79632215

SonOfPearl

ForumUser7 said:

SonOfPearl said:

Band7 said:

soulsaver said:

Band7 said:

soulsaver said:

The PBS Double access iss 2 is available and paying 2.5% currently - maybe worth opening? 

Appreciate that some people have missed out on better accounts, but this really isn't any reason for settling for a 2.5% limited access account right now.

For easy access accounts, check https://moneyfacts.co.uk/savings-accounts/easy-access-savings-accounts/?quick-links-first=false

Opening a savings account that may attract an uplift in the offing doesn't mean 'settling for' to me. 

What is the uplift in the offing? Why wouldn’t you go straight for the better rates you cant get now? Please do share the messages your crystal ball is sending you 

From the Principality BS website:

On the 3 November 2022, the Bank of England increased the bank rate from 2.25% to 3.00%.  We’ve now worked through what this means for our savings Members.  We’ve reviewed our variable rate savings and taken the decision to increase the rates on the majority of our savings accounts, by 0.50%, from 17 November 2022.  Details of these savings accounts, including the rates, will be available after 17 November 2022.

No crystal ball needed.

I'm not 100% sure, but wasn't their online double access saver paying 2.25% or something the other day? I know it increased to 2.5% in the past few days. Hopefully they increase the rate on that again too, but they do say 'majority' and they have just increased it. We'll see, hopefully they do do it though - that'd be good. Perhaps the new rates will even show on MoneyFacts tomorrow - I think the Christmas RS popped up a day early.

Yes, it was 2.25% until very recently. As it's one of their more competitive rates currently, I'm not expecting it to be one of their accounts that increases its rates tomorrow (I have the account) but any increase would be welcome.

Malchester

Why take out a double access account paying 2.5% when you can get full instant access at a higher rate then this. Why restrict yourself?

rallycurve

dekkard said:

Principality Building Society:

On the 3 November 2022, the Bank of England increased the bank rate from 2.25% to 3.00%.

We’ve now worked through what this means for our savings Members.

We’ve reviewed our variable rate savings and taken the decision to increase the rates on the majority of our savings accounts, by 0.50%, from 17 November 2022.

Details of these savings accounts, including the rates, will be available after 17 November 2022

They've been quick this time! Last increase they were "working it out" for about 5/6 weeks.
BoE increase of 0.75% yet they only give savers 0.5% 

jaypers

rallycurve said:

dekkard said:

Principality Building Society:

On the 3 November 2022, the Bank of England increased the bank rate from 2.25% to 3.00%.

We’ve now worked through what this means for our savings Members.

We’ve reviewed our variable rate savings and taken the decision to increase the rates on the majority of our savings accounts, by 0.50%, from 17 November 2022.

Details of these savings accounts, including the rates, will be available after 17 November 2022

They've been quick this time! Last increase they were "working it out" for about 5/6 weeks.
BoE increase of 0.75% yet they only give savers 0.5% 

The 2 things don’t run in parallel unfortunately and with economics there are many more factors for businesses to consider. At the end of the day, they are there to profit I’m afraid. If you want more, take out a fixed (while you still can) and/or invest. 

Section62

Malchester said:

Why take out a double access account paying 2.5% when you can get full instant access at a higher rate then this. Why restrict yourself?

Simply because if PBS add 0.5% to the rate paid on this account, the new rate from tomorrow would be 3%.

What easy access accounts offer 3% or more at the present time?  The double access restriction is not a practical issue (for a lump sum) if another 3%+ account comes along in the reasonably near future.

The question is whether it is worth the effort of opening the account without knowing for sure it will get the 0.5% uplift.  But waiting to find out may mean the account has already been pulled for new applications.

SonOfPearl

Malchester said:

Why take out a double access account paying 2.5% when you can get full instant access at a higher rate then this. Why restrict yourself?

I can't speak for anyone else, but there are quite a few institutions I wouldn't use for various reasons (app only, Sharia, previous bad experience). Also, I do have unrestricted instant access saving accounts at higher rates than 2.5% but I need to spread my money around to stay under the £85k FSCS limit. 

What_time_is_it

SonOfPearl said:

Malchester said:

Why take out a double access account paying 2.5% when you can get full instant access at a higher rate then this. Why restrict yourself?

I can't speak for anyone else, but there are quite a few institutions I wouldn't use for various reasons (app only, Sharia, previous bad experience). Also, I do have unrestricted instant access saving accounts at higher rates than 2.5% but I need to spread my money around to stay under the £85k FSCS limit. 

Interesting. I've never heard anybody discount Sharia investments on principal before. Personally I find that they often align with my own ethics on which industries to avoid.