The Top Easy Access Savings Discussion Area

AlwaysLearnin

Not sure if it's been mentioned already, but noticed that details of the latest YBS rate increases (wef 17th Jan) are now available

https://www.ybs.co.uk/boe-rate-change

ForumUser7

AlwaysLearnin said:

Not sure if it's been mentioned already, but noticed that details of the latest YBS rate increases (wef 17th Jan) are now available

https://www.ybs.co.uk/boe-rate-change

Internet Saver Plus Issue 12 - 3% easy access saver - YBS is becoming competitive again!

Bridlington1

AlwaysLearnin said:

Not sure if it's been mentioned already, but noticed that details of the latest YBS rate increases (wef 17th Jan) are now available

https://www.ybs.co.uk/boe-rate-change

Rainy day issue 2 to rise to 3.35% from 17th January, overtaking Coventry by 0.1%.

Family saver (NLA) rising to 3% also.

SonOfPearl

AlwaysLearnin said:

Not sure if it's been mentioned already, but noticed that details of the latest YBS rate increases (wef 17th Jan) are now available

https://www.ybs.co.uk/boe-rate-change

Loyalty Six Access e-Saver (No longer available) up from 3% to 3.5%. Nice.

Band7

ForumUser7 said:

AlwaysLearnin said:

Not sure if it's been mentioned already, but noticed that details of the latest YBS rate increases (wef 17th Jan) are now available

https://www.ybs.co.uk/boe-rate-change

Internet Saver Plus Issue 12 - 3% easy access saver - YBS is becoming competitive again!

That’s on £50,000+ only

andyhicks88

Think Coventry is still the best option. I wish they had an app, but I think the .25% difference between that and the closet rival with an app is too much to turn down. Any less and I might not go for it.

mattywallace121

dgpur said:

Band7 said:

dgpur said:

I understand that CHIP are going to pay their bonuses as proper, compounding, FSCS covered interest soon.

I have heard rumours of that, too. Have you seen anything concrete though, and do you know how soon is soon?

Annoyingly the only thing I can remember about the source was that it was a trustworthy one. Possibly the MSE website itself?

Spokesperson from the company has confirmed this is a priority in a post onto their investor community page.

Minty33

andyhicks88 said:

Think Coventry is still the best option. I wish they had an app, but I think the .25% difference between that and the closet rival with an app is too much to turn down. Any less and I might not go for it.

Do we think the Coventry BS will be busy on Friday / over the weekend? (or does the 6 access put people off)
Website potentially busy with people late to the party opening accounts, and those already in moving money and trying to check their balance?

Might move some money over tomorrow instead incase the website can't cope with heavy traffic on Friday

ColdIron

I shall be moving my money tomorrow

Band7

Bridlington1 said:

Band7 said:

The MonBS Premium Instant Access account is anything but instant or premium. Leaving all the account opening difficulties to one side, neither the deposits nor the withdrawals are instant, and of course you only get the 3% if your balance is £25k+. They generally only process deposits and withdrawals on working days, but it seems withdrawals get only paid on the next working day. Even Al Rayan are faster than that.

In contrast, the CHIP 3% instant access account is genuinely instant (ignoring any hold ups inflicted by your current account provider) and has no silly minimum balance requirement. The only downside of CHIP is the bonus, which they pay instead of interest, which is not FSCS protected, which doesn't compound and which isn't straight forward to withdraw. I think you can get round these issues by withdrawing your complete balance once the monthly bonus has been credited. Your principal gets paid out instantly, the bonus on the next working day. Once you have the bonus money, you can re-deposit the lot. A bit of a faff, and hopefully a true, normal, 3% instant access account will appear soon.

That's if you can even make withdrawals. I still haven't had my nominated bank account verified yet despite sending an original bank statement a month ago and thus can't withdraw funds from the account unless I want to travel over 200 miles to my local branch or have a cheque sent to me, losing about a fortnight's worth of interest in the process. I sent them a secure message on 28th December regarding this with no response yet.

I hope you have actually deposited at least £25,000 with them, as they refuse to let you make withdrawals if you never deposited £25k in the first place. Here is a message I got from them this morning (message just sits in your secure msg inbox, no alert by email or text):

"Unfortunately, as this account has not been funded up to the minimum balance allowed for the product, we cannot process this transaction request. You may fund this account up to the minimum balance allowed for our Premium Instant product of £25,000 before making a withdrawal request, or you may also choose to authorise a full closure of your account to access the funds that are present in the account"

So you cannot test out withdrawals before you commit £25k to them. After all the dramas and delays with MonBS in recent weeks, there is no chance on God's earth that I will deposit £25k with them without knowing what is involved in getting it out again.

Their blurb does say The minimum amount required to open this account is £25,000 so technically, my account is not open even though it shows online and they are happy to take deposits of less than £25k from me.

Lesson learnt. This MonBS account is now closed as I had enough. Luckily, I have CHIP as an acceptable 3% truly instant alternative, anyway