The Top Easy Access Savings Discussion Area

phillw

BooJewels said:
@phillw - I'm sure you could come up with a multitude of scenarios that might work better - that wasn't the point of my post - just that the Escalator was slightly less brutal if you went below £25k in an emergency.

The drop might be less brutal, but you could just open one once your savings dropped below £25k.
There is no point in leaving the money earning less money now, because of unspecified future events.

soulsaver

phillw said:

BooJewels said:
@phillw - I'm sure you could come up with a multitude of scenarios that might work better - that wasn't the point of my post - just that the Escalator was slightly less brutal if you went below £25k in an emergency.

The drop might be less brutal, but you could just open one once your savings dropped below £25k.
There is no point in leaving the money earning less money now, because of unspecified future events.

May not be available - you could open one with £1 now as well as the Premium if you wanted it for a safety net at the same provider.
 
Move back and forth as/if funds ebb and flo... 

Zaul22

I really thought Zopa would go up this week but it has finally been taken off the list. Time to go back to Atom. 

flobbalobbalob

People need to spend more money with the rise of the cost of living. That will reduce the amount of savings available and presumably increase the interest rates offered. Is that a fair assumption?

Patr100

flobbalobbalob said:

People need to spend more money with the rise of the cost of living. That will reduce the amount of savings available and presumably increase the interest rates offered. Is that a fair assumption?

No it is not. We are now in a recession. Rates tend to be lower in a recession.
Higher rates tend to suppress any much needed growth in a recession.
Central banks/Govt want to encourage extra spending in the economy (not just basic bills) and so discourage saving in a recession .

But as said, this is off topic for this thread - perhaps go to this thread if you want o discuss interest rates generally:
https://forums.moneysavingexpert.com/discussion/6405143/are-savings-rates-on-their-way-dow

badger09

@BooJewels

If you’re comfortable with app only, take a look at Atom

https://www.atombank.co.uk/savings/

Not always chart topping rates, but decent. They also have a range from instant access (2.55%) through short term 6 & 9 month fixes & longer (eg 1 year 4.35%) so you could mix and match your various pots. 

BooJewels

Many thanks @badger09 - I've been looking at the Zopa accounts linked earlier and was erring towards a 1 year fix with them, but Atom's rate is a fraction higher (Zopa is 4.25%).  What I think that I might do, is take a 1 year fix (I was toying with a notice account, but think I've talked myself out of that now), as I already have a 2 year fixed ISA and a 3 year fix.  Then when my 1 year is up, I'll replace it with either a 1 or 2 year, so that I have ongoing rolling maturity dates. 

I'd got panicky at the idea of locking too much away, but being realistic, I can't imagine any emergency that would necessitate needing to get at it all.   I've enough in easy access accounts, to cover most eventualities.

Band7

BooJewels said:

Many thanks @badger09 - I've been looking at the Zopa accounts linked earlier and was erring towards a 1 year fix with them, but Atom's rate is a fraction higher (Zopa is 4.25%).  What I think that I might do, is take a 1 year fix (I was toying with a notice account, but think I've talked myself out of that now), as I already have a 2 year fixed ISA and a 3 year fix.  Then when my 1 year is up, I'll replace it with either a 1 or 2 year, so that I have ongoing rolling maturity dates. 

I'd got panicky at the idea of locking too much away, but being realistic, I can't imagine any emergency that would necessitate needing to get at it all.   I've enough in easy access accounts, to cover most eventualities.

Money you have in an ISA will be accessible in an emergency in any case. It would cost you loss of a certain number of days interest but you can liquidise most, if not all of your capital if required. This is quite different to money in a fixed term no-ISA account, which you cannot normally access before maturity.

BooJewels

Band7 said:

BooJewels said:

Many thanks @badger09 - I've been looking at the Zopa accounts linked earlier and was erring towards a 1 year fix with them, but Atom's rate is a fraction higher (Zopa is 4.25%).  What I think that I might do, is take a 1 year fix (I was toying with a notice account, but think I've talked myself out of that now), as I already have a 2 year fixed ISA and a 3 year fix.  Then when my 1 year is up, I'll replace it with either a 1 or 2 year, so that I have ongoing rolling maturity dates. 

I'd got panicky at the idea of locking too much away, but being realistic, I can't imagine any emergency that would necessitate needing to get at it all.   I've enough in easy access accounts, to cover most eventualities.

Money you have in an ISA will be accessible in an emergency in any case. It would cost you loss of a certain number of days interest but you can liquidise most, if not all of your capital if required. This is quite different to money in a fixed term no-ISA account, which you cannot normally access before maturity.

Indeed.  It was remembering that yesterday that made me realise that I didn't need a notice account (as I effectively have one) and could stand another fix - and a 1 year to supplement the 2 and 3 years I already have seemed a good plan.  The 3 year fix can be accessed in the case of critical illness, so that was a tick in the plus column.  I also talked it over with my son and he gave me the plausibility check I needed - even after I'd told him what a task I was leaving for him to unravel if I were to pop off in the foreseeable and that he couldn't spend it without probate.   

patpalloon

I am a big fan of Atom. I tried Zopa but didn't like the app at all so closed the account.