The Top Easy Access Savings Discussion Area

jimexbox

Looks like I'm jumping from santander back to zopa. Always liked their pots, competative again 🍾

BarGin

With the Coventry FHS account could I deposit say £1,000 a month for 10 months and then leave it?

Kazza242

ASL1 said:

Kazza242 said:

jimexbox said:

Kazza242 said:

fryedslyce said:
Coventry Limited Access Savers going up to 3.25% from 06/01

Coventry's Four Access Saver is also going up to 3.25%.

Their First Home Saver (which allows monthly deposits of up to £1,000 per month and unlimited withdrawals) will be going up from 2.95% to 5.00%

w.e.f. 6th January 2023.

I've read the t&c and there isn't really anything to stop anybody opening the first home saver account. 1k a month at 5% is very tempting. 

The Coventry are pretty flexible about the First Home Saver account.  At the soon to be 5.00% rate and unlimited withdrawals, it's a really good account.  I wouldn't wait long if you intend to open it.

It says it is a 36 month account, with interest paid annually. Can you close the account before the 36 months are up and still get the interest? Just in case someone else offers more than 5%  or you need all the money plus interest straight away before the 36 months are up?

Yes, you can close the account before the 36 months are up without penalty. 

The account also allows unlimited, penalty-free withdrawals. The minimum account balance is only £1.  

The T&Cs state:

6. Withdrawals/closure

6.1 You can make withdrawals or close this account without notice, charge or loss of interest.

6.2 Withdrawals or closure can be made by:

(a) internal transfer to an account with us; or

(b) one-off electronic payment to your Named Bank Account.

https://secure.coventrybuildingsociety.co.uk/savings-and-investments/application/SpecificTermsAndConds.aspx?prodCode=FH1

CheekyMikey

Sg28 said:

iishappy said:

Zopa updated rates in app

2.86 Access | 2.91 Boost 7 Day | 3.06 Boost 28 Day | 3.26 Boost 95 Day

Could have been better but nice for my rolling 90 day pots. Going to mean some more tax avoidance reshuffling

Tasty…I have a number of rolling 95 day pots with £1 in each…just moved £50k out of Santander @2.75% to a pot maturing in mid Jan and now getting 3.26%

Frogletina

To keep under the £85,000 limit with Coventry BS, I might have to save for 5 months in the FHS account and then withdraw most of it and start again, or just save £500 a month due to having my money in a fixed rate isa with them. Decisions, decisions. 

I do have the regular saver too but that finishes on 6 January, and was thinking of renewing  that if available but the FHS would be better.

idb1979

I-LOV-MONEY said:

I almost 'hate' it when the BoE change the base rate.  It means scrabbling around looking for the best savings account again.  Currently my dosh is with Santander (2.75%).  I will leave it for a few days and then see what is available once things have settled down.

Also currently with the same Santander account. Hoping they announce an increase in turn.

jimexbox

Will be interesting to see if Santander respond. I can see a lot of money moving out.

happybagger

The Coventry account is, in my view, where this forum and its members come into its own. I would have overlooked this had it not been for the forum.
The account is a no-brainer given the high monthly deposit limit, and instant access, with no questions asked and no tied product.
I too have just opened it from the 'open new account' tab when logged in. Tick the box, cluck submit, and instantly get a sort code and a/c number.

A far cry from the endless waiting (and forum posts) about Monmouthshire.

Frogletina

jimexbox said:

Looks like I'm jumping from santander back to zopa. Always liked their pots, competative again 🍾

I love Zopa but will withdraw most of my 95 day pot next week as I need to put the money where I will get annual interest.

I've worked out that even with doing that I will have earned over the PSA limit by about £85. I hadn't anticipated to go over this year until rates rocketed. 

My Zopa pot has next year's Isa money in it, and I was going to put it back in for another 3 months but it will now go into my YBS six access account. 

I will probably use Zopa again in the next financial year.

Band7

Chase going 2.7% from Jan 4. They are also lifting their limit to £500k