The Top Easy Access Savings Discussion Area

AmityNeon

SaveTheEuro said:

It's quite a contrast isn't it? Existing customers get 3.25% while new customers are being offered 2.45% (albeit with unlimited withdrawals, not just 6 a year). Nice to see loyalty paying for once. 

Existing account holders specifically. Loyalty doesn't grant access to withdrawn accounts (in this case at least), and the Limited Access Saver was open to everyone.

Bridlington1

ColdIron said:

ColdIron said:

Johnjdc said:

Has anyone seen any indication of whether Coventry's increase will be mirrored in the Coventry account available through Hargreaves Lansdown Active Savings (which I happen to have one of already albeit with £0 in)...

I'm curious to see myself. I have 2 of them and in the past they have gone up in concert with those available direct, though at a slightly lower rate. I live in hope

Well that was nice. My existing HL Coventry Limited Access went to 3.20/3.15 AER/Gross

Looks like loyalty pays with Coventry

Loyalty only ever pays if you define loyalty to mean opening a savings account with a minimal balance (usually £1) so that you can get hold of higher rate loyalty products/other perks later down the line. 

Financial tartery, that's what really pays. 

ColdIron

Oh I don't know. I've been using the account since Oct 2020 and it's always been about 0.05% behind the direct rates

I'm a happy bunny

Financial tartery, that's what really pays. 

Can't disagree with you there though

happybagger

soulsaver said:

ASL1 said:

Do we reckon Al Rayan will up their rate soon to match Coventry's 3.25% Limited Access Saver (Online) 6 or even the upcoming Yorkshire BS Loyalty 3.5% on 17th Jan?

The Yorkshire Loyalty is NLA, so that won't bother them... And there's a rumour that the Cov ac is about to go NLA, too.

Although it may cause an outflow to those with the NLA accounts already opened, if they don't do something. After all, these are generally people already hunting the best rates (like us lot!)

Bridlington1

Back to Monmouthshire's Premium Instant account. I have just checked in the online banking and they have sent me a secure message saying that they have refused to let me make any withdrawal that will take the balance to below £25k, but will let me close the account to access the funds.

I have replied by saying that the Ts&Cs state that there is a £25k minimum balance to open the account but that the Ts&Cs also state:

• If a withdrawal reduces the account balance to less than £25,000, you will receive a variable interest rate of 0.05% AER/Gross, from the date of the withdrawal until the account is returned to the minimum balance.

So if I'm not mistaken my withdrawal of £25000 should be permitted but the interest rate on the remaining funds would reduce from 3% to 0.05%.

phillw

Bridlington1 said:
Loyalty only ever pays if you define loyalty to mean opening a savings account with a minimal balance (usually £1) so that you can get hold of higher rate loyalty products/other perks later down the line. 

 

You don't always even need to deposit £1, I have had a nil balance Coventry account for ages....

Bridlington1

phillw said:

Bridlington1 said:
Loyalty only ever pays if you define loyalty to mean opening a savings account with a minimal balance (usually £1) so that you can get hold of higher rate loyalty products/other perks later down the line. 

 

You don't always even need to deposit £1, I have had a nil balance Coventry account for ages....

I pushed the boat out and left 1p in one of mine.

happybagger

Bridlington1 said:

Back to Monmouthshire's Premium Instant account. I have just checked in the online banking and they have sent me a secure message saying that they have refused to let me make any withdrawal that will take the balance to below £25k, but will let me close the account to access the funds.

I have replied by saying that the Ts&Cs state that there is a £25k minimum balance to open the account but that the Ts&Cs also state:

• If a withdrawal reduces the account balance to less than £25,000, you will receive a variable interest rate of 0.05% AER/Gross, from the date of the withdrawal until the account is returned to the minimum balance.

So if I'm not mistaken my withdrawal of £25000 should be permitted but the interest rate on the remaining funds would reduce from 3% to 0.05%.

Maybe, but it also says until you return it to the "minimum balance". So if they allow the withdrawal, they could tell you to return it to the "minimum balance" as it is a "minimum balance", and if you don't then they could close it.

That's how I read it but happy to be corrected. Careful reading of the terms would be needed (anyone got a link?)

Bridlington1

happybagger said:

Bridlington1 said:

Back to Monmouthshire's Premium Instant account. I have just checked in the online banking and they have sent me a secure message saying that they have refused to let me make any withdrawal that will take the balance to below £25k, but will let me close the account to access the funds.

I have replied by saying that the Ts&Cs state that there is a £25k minimum balance to open the account but that the Ts&Cs also state:

• If a withdrawal reduces the account balance to less than £25,000, you will receive a variable interest rate of 0.05% AER/Gross, from the date of the withdrawal until the account is returned to the minimum balance.

So if I'm not mistaken my withdrawal of £25000 should be permitted but the interest rate on the remaining funds would reduce from 3% to 0.05%.

Maybe, but it also says until you return it to the "minimum balance". So if they allow the withdrawal, they could tell you to return it to the "minimum balance" as it is a "minimum balance", and if you don't then they could close it.

That's how I read it but happy to be corrected. Careful reading of the terms would be needed (anyone got a link?)

https://www.monbs.com/products/premium-instant-account/ 

SeriousHoax

Marcus has been quiet for a while.
It's about time he pushed the boat out and gave us a little boost.

My 1p is looking very lonely.😏

My other accounts are doing OK tho and nice to get the Coventry intrest boost today.