The Top Easy Access Savings Discussion Area

phillw

isasmurf said:
The 2.75% was the esaver Limited Edition (Issue 1) and remains at that rate. 

The 1.50% currently available is esaver (Issue 21)

And there was an esaver issue available at the same time as the esaver limited edition issue 1 was available. Though I have no idea why you would have opted for it.

They are different accounts, the limited edition esaver has been withdrawn.

jak22

The only one that's good at keeping up each time is Coventry with the 4 / limited access that again will be only 0.25% below BoE.

There's no guarantee an EA account will follow every BoE rise, but the point of them is to be able to move easily - none of the other EA rates are that good right now.

Atom jumped from 1.9% to 2.55% at the start of November, Ford Money increased mid October and is 1% below BoE, Kent Reliance existing accounts increased last month to 2.75%, Santander seem to be sticking at 2.75%, Chase have increased twice in 8 months, Marcus last increased at the start of November but after dropping the bonus are 1.25% below BoE,  

Richard1212

It amazes me that so many people frantically race round every 5 minutes to switch their savings to the new kid on the block who is topping the interest charts ( for a few days usually). It is similar to those who switch current accounts every time there is a cash offer as an incentive. Re the former, I just haven't got the time or inclination, so I stick with 3 or 4 savings banks that are always consistently competitive ( though, to be fair, most of my assets are in properties and my shares portfolio);

Re the latter, I think finding the best bank you find suitable for you and staying with it ( unless it has completely lost its original shine altogether ) is the most sensible thing to do, as well as being part of the old fashioned loyalty that the older generation know the meaning of; having a Premier Select Account also has some bearing for me personally but does not interfere with the view I take which is aimed at everyone.

dgpur

Richard1212 said:

It amazes me that so many people frantically race round every 5 minutes to switch their savings to the new kid on the block who is topping the interest charts ( for a few days usually). It is similar to those who switch current accounts every time there is a cash offer as an incentive. Re the former, I just haven't got the time or inclination, so I stick with 3 or 4 savings banks that are always consistently competitive ( though, to be fair, most of my assets are in properties and my shares portfolio);

Re the latter, I think finding the best bank you find suitable for you and staying with it ( unless it has completely lost its original shine altogether ) is the most sensible thing to do, as well as being part of the old fashioned loyalty that the older generation know the meaning of; having a Premier Select Account also has some bearing for me personally but does not interfere with the view I take which is aimed at everyone.

That ‘old fashioned loyalty’ is what long established banks have used to treat their customers like dirt, leaving them languishing on zero or tiny interest rates. What you advocate is, frankly, daft. I’d rather be a ratings tart and get the best returns for my money (that which is kept in banks at least).

TheWoodler

Rates are part of a package for many savers, who might look at other things. Ethics may be important to some - green banking, social responsibility, women in finance initiatives etc.

We shouldn’t forget that shifting your money around is work. It may take ‘seconds’ when it’s easy, but if there’s any hassle or poor customer service, then time is money. 

For me accessibility is a huge consideration. One in 7 of the population has a disability (ONS stats). As a deaf customer, I look carefully at how good and responsive CS is, and what methods of contact there are that don’t involve the phone. It’s good to benefit from top rates, but not if I can only phone to sort things out - minor improvements in rate aren’t gains if they involve me in stressful phone interactions. I’ve had a fair few of those and you couldn’t remunerate me enough for the stress of trying to access my money when a significant sum is involved. So, for example, I wouldn’t touch Santander with a bargepole. Not if I have to ring up to unblock transactions, as is regularly reported on these boards.

For me, this forum gives me a very good idea of which institutions are phone-heavy in their dealings or have a good or bad customer service rep - the good ones tend to be more adaptable or have a better and more responsive range of contact methods - eg secure messages they actually monitor! That helps inform my decisions, as does real life experience. Rates alone aren’t enough. 

AmityNeon

Richard1212 said:

I think finding the best bank you find suitable for you and staying with it ( unless it has completely lost its original shine altogether ) is the most sensible thing to do, as well as being part of the old fashioned loyalty that the older generation know the meaning of.

The "older" generation may know the meaning of loyalty, but businesses certainly do not (care). Loyalty and inertia are exactly the same in terms of being actively exploited in the pursuit of profit.

jimexbox

Richard1212 said:

It amazes me that so many people frantically race round every 5 minutes to switch their savings to the new kid on the block who is topping the interest charts ( for a few days usually). It is similar to those who switch current accounts every time there is a cash offer as an incentive. Re the former, I just haven't got the time or inclination, so I stick with 3 or 4 savings banks that are always consistently competitive ( though, to be fair, most of my assets are in properties and my shares portfolio);

Re the latter, I think finding the best bank you find suitable for you and staying with it ( unless it has completely lost its original shine altogether ) is the most sensible thing to do, as well as being part of the old fashioned loyalty that the older generation know the meaning of; having a Premier Select Account also has some bearing for me personally but does not interfere with the view I take which is aimed at everyone.

Do folk really frantically race around changing accounts every week? The vast majority people don't. Most people won't have all their cash in an instant account, it would be daft.

Personally I have a lloyds account for DD, a few regular savers, a fixed bond account. My instant access cash does get moved around when my personal trigger point is reached. If someone  doesn't mind 20 minutes moving cash around online for the more interest, I say fair play. 

subjecttocontract

I'm finding it takes more than the odd 20 minutes at this point in time. It's the busiest time of the year, a long Christmas break is almost on us, the post office and trains are on strike, many organisation are overwhelmed by account applications......it's not a good place to be. I have lots of problems with account opening.....here's a few examples:
* Kent Reliance......ISA transfer out delayed.
* Monmouthshire regular saver......held up
* HSBC new current account/ regular saver......been waiting ages for details.

Stargunner

subjecttocontract said:

I'm finding it takes more than the odd 20 minutes at this point in time. It's the busiest time of the year, a long Christmas break is almost on us, the post office and trains are on strike, many organisation are overwhelmed by account applications......it's not a good place to be. I have lots of problems with account opening.....here's a few examples:
* Kent Reliance......ISA transfer out delayed.
* Monmouthshire regular saver......held up
* HSBC new current account/ regular saver......been waiting ages for details.

On Thursday evening I opened a first direct account and switched an old Halifax account to them that I don’t use, to take advantage of the £175 switch offer. I also opened a regular saver with them to take advantage of the 7% interest rate. All was done within around 20 mins and both accounts are operational within their app. I found the process very easy and although there may be a delay in me receiving my debit card, it doesn’t matter as I won’t be using it. 

[Deleted User]

Richard1212 said:

It amazes me that so many people frantically race round every 5 minutes to switch their savings to the new kid on the block who is topping the interest charts ( for a few days usually). It is similar to those who switch current accounts every time there is a cash offer as an incentive. Re the former, I just haven't got the time or inclination, so I stick with 3 or 4 savings banks that are always consistently competitive ( though, to be fair, most of my assets are in properties and my shares portfolio);

Re the latter, I think finding the best bank you find suitable for you and staying with it ( unless it has completely lost its original shine altogether ) is the most sensible thing to do, as well as being part of the old fashioned loyalty that the older generation know the meaning of; having a Premier Select Account also has some bearing for me personally but does not interfere with the view I take which is aimed at everyone.

Thank you. It's people like you that keep the higher rates and bonuses for me.

As for "Good" banks, let me give you an example. My wife has a current account with First Direct, always rated as one of the best banks in MSE surveys. I've tried to get her to switch countless times for the bonus but she's 74 and doesn't want the hassle. She recently asked me to transfer £100 for her to our eldest grandson. I hadn't had access to her account for ages and was gobsmacked to see she had accrued over £19,000. Yes, £19,000 sitting in a current account earning precisely NOTHING. I did my nut with her and although she still refuses to switch banks I have at least got her to put £10,000 in a ZOPA 95 day notice account. Banks rely on people like her (AND YOU). If everybody kept moving their money about then ALL banks would have to up their game and the necessity to keep moving money would be reduced. 

Incidentally, I've "earned" £1,965 through switching and as soon as I am eligible for another bonus I'll switch again. Takes next to no time and the easiest free money I've ever made.