The Top Easy Access Savings Discussion Area

TheWoodler

phillw said:

TheWoodler said:

That helps inform my decisions, as does real life experience. Rates alone aren’t enough. 

In my experience all the banks are as good/bad as each other. But I accept that there may be differences with your specific needs which affects how you rate them.

But that doesn't justify your rather insulting depiction of people who shift their money around

It was not me but other users upthread who were far more stringent about people shifting their money around - I merely contributed to the existing discussion with my point of view on factors influencing whether I go for a top-paying rate or not. I insulted no-one if you read my two posts on this topic today. 

subjecttocontract

I guess we all differ slightly when deciding what the criteria is for opening or moving accounts.
For me, I don't consider an account is open unless I am able to access the account and withdraw money.

I 'opened' an HSBC account online on the 6th December......i don't have an account number, sort code, debit card, pin or telephone banking id. Therefore I can't register for digital banking. HSBC may consider it open.......I don't as we are being held to ransom by the postal service.

Reg_Smeeton

I think the game has changed in the last twelve months or so. Back then interest rates had been very low and stable for some time, my weighted interest across all cash accounts was 1.38% and there was little incentive to put extra effort in to chase the best rates as there was little competition between providers.

Now I’m approaching 4x as much weighted interest, and new rate leading accounts seem to be appearing on a regular basis. I’d consider it worth going the extra mile to try and lock in/take advantage of higher rates whilst they are available.

RG2015

When Santander launched their 2.75% easy access I jumped in pretty damn quick. Good job too, as the rate disappeared in a few days.  I still have it. Why not?

I am sure I have done this before when a high rate account was closed for new applicants after a few days.

Better this way than regretting not moving quickly.

RedImp_2

razord said:

For those hoping Santander increase the limited edition eSaver... you need to remember that product only existed so Santander could get some press for their article in the national newspapers on how big banks are ripping off their customers "but not us!" as they launched the market leading product... for a week before they withdrew it and went back to ripping off their customers like every other big bank.

I think they have zero interest in being a market leader again, especially as after the last time they tried, their customer service basically stopped for 2 weeks due to all the issues with people signing up to it.

I think I read at the weekend since the BOE started raising rates Santander have raised their bog standard easy access account rate by 0.4% whilst their standard variable mortgage rate has gone up by 2.9%.

Hopefully no one has savings in that account but I bet there will be people (probably someone who is not changing accounts every 5 minutes).  

dgpur

TheWoodler said:

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. 

In fairness though, your reasoning (which I don’t disagree with at all) is very different to that of the earlier poster.

dgpur

I suspect a lot of us who are tarty enough to switch savings accounts when better rates are offered, a) have a base account with a big institution (in my case Nationwide) to pay bills, do regular spending etc.; and b) already have a number of open savings accounts we bounce between, rarely opening something new. Which means it isn’t much effort at all. I cleared out my Santander and Cynergy accounts, to fund my Zopa account, in about 5 minutes the other day. No fuss at all.

idb1979

razord said:

For those hoping Santander increase the limited edition eSaver... you need to remember that product only existed so Santander could get some press for their article in the national newspapers on how big banks are ripping off their customers "but not us!" as they launched the market leading product... for a week before they withdrew it and went back to ripping off their customers like every other big bank.

I think they have zero interest in being a market leader again, especially as after the last time they tried, their customer service basically stopped for 2 weeks due to all the issues with people signing up to it.

I opened it after it was championed by Martin Lewis. It turned out to be the most hassle ever opening a bank account. Even though I had a dormant account with Santander it took two visits to my local branch with ID & POA to prove who I was and even then they didn't believe me! I nearly didn't bother. I will give it a week to see if they do increase the rate then move back to Zopa if not.

BestSeagull

Stargunner said:

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. 

@Stargunner There don't need to be any direct debits coming out of the account you use for the switch? 

Stargunner

BestSeagull said:

Stargunner said:

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. 

@Stargunner There don't need to be any direct debits coming out of the account you use for the switch? 

There doesn’t need to be any with First Direct. Some banks do insist that you have direct debits.