The Top Easy Access Savings Discussion Area

Band7

Johnjdc said:

RG2015 said:

Zaul22 said:

Well, here we are the day before the BOE day and still no Zopa. They really have given up. I know banks only put the rates up when they need more money, not to compete in the top 10, but they still have to stop people withdrawing all the money they already have (as most people here have said they have by now).

Why blame Zopa (or any other bank that doesn’t raise their rates)?

If their customers withdrew all their money, they would raise their rates pretty quickly.

You should be blaming the customers.

Where would they move it to, though? Unless we all go into shares, foreign assets, or gold bars, the impact of people moving their money away from poor rates more actively would just be to herd more rates towards the average - making the situation worse for those of us who shop around!

Plenty of better savings rates about

Zopa will still have sufficient (for their needs) tied up in 90 day notice accounts.

Savers need to realise that banks are businesses and offer savings accounts that suit their (the banks') requirements. They are not nice cuddly friends who care about us.

soulsaver

Yorkshire BS Loyalty Six Iss2 (12mth customers) 3% wef (09/12).  View our Easy Access Savings Accounts | Savings |YBS  
 NLA at 15/12

ForumUser7

Today, the Bank of England has increased its base rate by 50 basis points, to a new rate of 3.5%.


Hopefully we'll see some savings providers increase their rates before Christmas, but it'll likely be January for most.

Thoughts? ~ https://forums.moneysavingexpert.com/discussion/6411359/bank-of-england-15-december-2022#latest

RG2015

Johnjdc said:

RG2015 said:

Zaul22 said:

Well, here we are the day before the BOE day and still no Zopa. They really have given up. I know banks only put the rates up when they need more money, not to compete in the top 10, but they still have to stop people withdrawing all the money they already have (as most people here have said they have by now).

Why blame Zopa (or any other bank that doesn’t raise their rates)?

If their customers withdrew all their money, they would raise their rates pretty quickly.

You should be blaming the customers.

Where would they move it to, though? Unless we all go into shares, foreign assets, or gold bars, the impact of people moving their money away from poor rates more actively would just be to herd more rates towards the average - making the situation worse for those of us who shop around!

Good point.

All this inertia suits me down to the ground. 

I just cannot fathom people complaining that their bank hasn't raised its rates.

For the love of Mike, just move it to the best available rate.

That last bit was to salve my conscience for earning better rates at the expense of those who couldn't be bothered to switch. 

soulsaver

Sainsbury sneak out Iss 35 @2.61%, up from iss 34@ 2.50%

Sainsbury Defined access (tri) Iss35 £1k min 2.61% (15/12) Defined Access Saver with Sainsbury's Bank (sainsburysbank.co.uk) thnx Ed

[Deleted User]

CHIP up to 3%.

Band7

Deleted_User said:

CHIP up to 3%.

That’s the end of my efforts to get my Monmouthshire Premium Instant Access off the ground then, despite the really funny rules CHIP have (interest not FSCS protected, and quite difficult to withdraw). But Monmouthshire are just impossible to deal with, as they insist on a wet signature for each and every account, even though they had at least 8 from me by now, for all sorts of different savings accounts. My Premium account was actually opened on Nov 25, I received their request for the signature 2 weeks later, and they say they still have not received my signature form, which I had posted by return. They have now returned my initial,small, deposit for the third time. Hopeless.

mlc2009

I've been waiting for banks to beat the last BOE base rate increase, They will be cutting rates by the time some get close

Sad_Dad

I opening the CHIP savings account the other day, so far so good. I tested a 2k withdrawal and it was in my attached bank account within a few minutes.

I think I am right in saying they pay a monthly bonus rather than savings interest. Does anyone know if or how I am supposed to declare the bonus?

TiVo_Lad

Band7 said:

Deleted_User said:

CHIP up to 3%.

That’s the end of my efforts to get my Monmouthshire Premium Instant Access off the ground then, despite the really funny rules CHIP have (interest not FSCS protected, and quite difficult to withdraw). But Monmouthshire are just impossible to deal with, as they insist on a wet signature for each and every account, even though they had at least 8 from me by now, for all sorts of different savings accounts. My Premium account was actually opened on Nov 25, I received their request for the signature 2 weeks later, and they say they still have not received my signature form, which I had posted by return. They have now returned my initial,small, deposit for the third time. Hopeless.

My experience has also not been great. I opened the account on the day it was launched but still haven't received the signature form. I called yesterday and they said it was posted on 8th December, but of course it'll be sitting in a sorting office somewhere going nowhere. Rates will have moved on before the account actually gets opened, so it's likely they won't be getting my cash.