The Top Easy Access Savings Discussion Area

jimexbox

Nova1307 said:

Has anyone taken the plunge and gone for a one year fixed rate bond or are most people waiting until the next BoE decision next month in the hope that the rate increases again? Do we know what the market has baked in and is expecting from the BoE?

I see that the top one year fixed rate is around 4.37%. Atom are offering 3.55% for six months which may be tempting as a sort of 'hedge' and would free up funds in April when better rates may be available. 

A lot of folk, including myself jumped a couple of weeks ago for fixed bonds. I was hoping for a 5% 1 year fix, it won't happen.

Any base rate rise in December is unlikely to affect longer term fixes. Even instant access accounts have stalled recently. I think we'll get a rise in December, a small one, then a pause for winter. 

BooJewels

Band7 said:

BooJewels said:

Band7 said:

BooJewels said:

.....no one to check my thinking

Just ask here. There are plenty of old hands about who are happy to share their knowledge.
[snip]
May be set up a separate thread, as this one is about easy access accounts only.

Thank you - I have toyed with doing so, but it's too public here for that conversation - if we were around a dinner table, I'd be happy to discuss it.  It just feels a bit too personal at the moment.

I understand it's not easy, or not always appropriate, to share your plans / questions/ circumstances. But please don't hold back asking questions if you are uncertain. You are anonymous on the Forum, and remember: there's no such thing as a stupid question - - only stupid answers!

Good morning - and thank you.  The discussion here has actually already helped me - in fact I subconsciously answered my own question when I said I wanted an account that rewarded you for leaving your money alone, but still let you get at it if you had to.  It dawned on me later that a notice account might fit the bill.   I found one at Monmouthshire BS that I think meets my criteria.

flaneurs_lobster

BooJewels said:

  I found one at Monmouthshire BS that I think meets my criteria.

....unless you live in Northern Ireland

You must be a UK resident (excluding Northern Ireland) aged 16 and over.

BooJewels

@flaneurs_lobster - I did say it met my criteria - even italicised the 'my' for emphasis - I'm not in NI, I have read the terms and believe I meet them.  I've also done several laps of 16.  You also need to leave £1k in there too which might be a deal breaker for some.  What I do like is that I can choose monthly interest paid to an external account - that meets a particular purpose I have for the proceeds - I'm happy to take a slight hit on interest for that.

flaneurs_lobster

BooJewels said:

@flaneurs_lobster - I did say it met my criteria - even italicised the 'my' for emphasis - I'm not in NI, I have read the terms and believe I meet them. 

Apologies, I didn't mean to comment on your due diligence, just highlighting an unusual (to me) geographical restriction for a savings product.

BooJewels

flaneurs_lobster said:

BooJewels said:

@flaneurs_lobster - I did say it met my criteria - even italicised the 'my' for emphasis - I'm not in NI, I have read the terms and believe I meet them. 

Apologies, I didn't mean to comment on your due diligence, just highlighting an unusual (to me) geographical restriction for a savings product.

I wondered myself if it was actually unusual as it jumped out at me last night and I can't say that I'd noticed it anywhere else.  I often don't get that deep into terms, as something has proven to be a deal breaker before I get that far - like the requirement to be a customer already or hold a particular account.

phillw

BooJewels said:
Yes, that's true of the Premium Instant Account, it's a bit all or nothing and probably better if you have a lot of cash to save and unlikely to go under £25k.  You don't have to keep £25k in it, but interest is slashed to 0.05% on lower balances. 

If you have to make withdrawals such that it falls below £25k then transfer all the remaining to al rayan.

So you get the benefit of 3% on balances above 25k or 2.81% for below.

Band7

Monmouthshire Premium Instant Access account

After applying online yesterday, I called them this morning to ask whether I can now make deposits. I am told they are very busy with applications and that it takes 5 working days for them to process the application. They will then snail mail account opening confirmation. Painfully inefficient.

cymruchris

Band7 said:

Painfully inefficient.

Well they aren't one of the big financial organisations. They are a smaller, traditional old-school setup. As much as we all want everything now these days - it doesn't always work that way. I wouldn't call it painfully inefficient. If you want it NOW - there are other options, but they pay lower interest. I think 5 working days to process is reasonable. But we all have different views on what's acceptably quick. Santander recently took several weeks to open some accounts because they were overwhelmed by applications for their 2.75%. 

BooJewels

phillw said:

BooJewels said:
Yes, that's true of the Premium Instant Account, it's a bit all or nothing and probably better if you have a lot of cash to save and unlikely to go under £25k.  You don't have to keep £25k in it, but interest is slashed to 0.05% on lower balances. 

If you have to make withdrawals such that it falls below £25k then transfer all the remaining to al rayan.

So you get the benefit of 3% on balances above 25k or 2.81% for below.

The rest of my post that you cropped went on to say that in those circumstances, their escalator account might be more suitable, as whilst going under £25k drops to a lower tier of interest, it's significantly better than 0.5%.  The Premium Instant Access account isn't for me personally anyway.  Some account features are slightly more important to my circumstances than just percentage points.

cymruchris said:

Band7 said:

Painfully inefficient.

Well they aren't one of the big financial organisations. They are a smaller, traditional old-school setup. As much as we all want everything now these days - it doesn't always work that way. I wouldn't call it painfully inefficient. If you want it NOW - there are other options, but they pay lower interest. I think 5 working days to process is reasonable. But we all have different views on what's acceptably quick. Santander recently took several weeks to open some accounts because they were overwhelmed by applications for their 2.75%. 

I've looked at a few of the regional BSs that I've already had dealings with and many still require paper applications and you have to live in their catchment postcodes or have a mortgage with them.  So there are still quite a few that are old school - I personally don't mind that.