Challenger Banks

typistretired

First we had great interest savings accounts remember Icesave
Then we had to open certain Current Accounts to get a decent interest rate
After that we had to chase Regular Savers
Now it is the ‘ challenger’ banks that are giving better interest rates

[Deleted User]

typistretired wrote: »

First we had great interest savings accounts remember Icesave
Then we had to open certain Current Accounts to get a decent interest rate
After that we had to chase Regular Savers
Now it is the ‘ challenger’ banks that are giving better interest rates

...OK...

Is there a question here or just a passing statement?

typistretired

Both!

Just letting other forum users know that 'Challenger Banks' are as safe as the well know banks. (Covered up to £85,000)

Also wondering what happens next in our search for decent rates.

Zanderman

British_Homebuyers wrote: »

agreed, best to keep amounts at or below the protected limits e.g. £75k.

Except, of course, as the post above yours already states, the protected limit is £85k.

Welcome to the forum.

Zanderman

typistretired wrote: »

Just letting other forum users know that 'Challenger Banks' are as safe as the well know banks. (Covered up to £85,000).

I think this is already fairly well-known.

For recent chat on the so-called challenger banks have a look at the current thread here: https://forums.moneysavingexpert.com/discussion/6024997

Yellow_mango

Which challenger banks are giving great interest rates? My Starling account gives me 0.5%. Better than nothing I guess. Monzo has some “marketplace” savings accounts with other providers. The rates are OK but not market leading. What am I missing?

typistretired

I know about the other thread but mine is about getting those with the best interest rates. I have all the high street banks in my portfolio but I am not happy at being reduced to only earning 1.50% now the regular savers are drying up.

Didn't realise until I logged in today that Oakwood adds your interest daily onto your online account. I know all banks do this but it is not visible on your account

typistretired

Yellow_mango wrote: »

Which challenger banks are giving great interest rates? My Starling account gives me 0.5%. Better than nothing I guess. Monzo has some “marketplace” savings accounts with other providers. The rates are OK but not market leading. What am I missing?

Oaknorth 1.76% 6 months, 1.93% 1yr, 2.04% 2 yrs

Masthaven 1.73% 6 months, 1.78% 1 yr, 2.03% 2 yrs

Marcus also pays 1.50% on an easy access account.

I currently have a Metro fixed saver paying 1.70% for 1 yr

So the rates above bank rate are there

jonnygee2

Yes I remember icesave.

Then I remember this huge financial crash happening.

Then I remember this long period up to and including now where there's no such thing as a good interest rate.

typistretired

I know the banks are making mugs of us. Paying us dismal rates (because of them receiving funding from the government) but charging high rates for mortgages and overdrafts

redux

typistretired wrote: »

After that we had to chase Regular Savers

Actually I thought regular saver accounts have been amongst the best savings rates for 20 years or more.