Moving money around Easy Access Accounts

Richard1212

I have easy access savings of approx £100,000 ( always kept in a Joint Account with my wife ) and I wonder how many forumites would be switching such a sum around every time there's a new "rate leader" at the top of Martin's list of the best deals---there must be some such "flitters".
Personally I find that approach not only obsessive and tedious but also, particularly in the present volatile period, a full-time job !

  What we do is have a list of approved savings accounts authorised in our current account for money transfer-----and that list contains the tried and tested savings banks that have an excellent pedigree of being regularly competitive and always hanging around the top rate accounts. We avoid Building Societies as we have we have never found one that works as well as a Bank, which is always speedier in money transference and does not send postal paperwork ( as so many BS' do).

 And the Banks that we keep on our money transfer list continually are Shawbrook, Marcus, and RCI ( they all allow joint accounts , allow online accounts without apps, do not restrict the number of withdrawals  and are always popping up at or near the top of the list of leading interest rate payers ). So all or parts of our savings are always in one of those Banks, as well as a home for our varying sizeable monthly savings. It seems to work so well, though naturally we are flexible and are happy to add other Savings Banks if they come along and match the competitive dynamism of the 3 mentioned above---but we haven't really seen any yet since rates started increasing ( that meet our criteria of allowing Joint, work online, don't need apps and do not hassle around with postal paperwork).

Any comments or suggestions please ?  The obvious suggestion would be to use fixed term higher interest accounts ( which we have used sometimes in the past) but we are not attracted to them in the present ever-rising rates. Any other comments welcomed please, including any Banks which meet our criteria and are as good as the 3 listed above.
TIA.

Band7

Seems you aren't happy with the approach that you say works for you.

I am afraid, I couldn't suggest anything that you wouldn't class obsessive and tedious.

t1redmonkey

Al Rayan Bank have been at or very near to, the top of the easy access accounts for most of the last couple of years, and they apply rate changes automatically.  So they'd be a good one to use if you don't like 'shopping around' often.

MisterMotivated

My suggestion is, you do what works for you, and I'll do what works for me

jimexbox

Do you actually need 100k in easy access accounts? Personally I spread my saving across a fixed term bond, notice accounts and easy access.

Qyburn

I opened the Santander 2.75%.  Transferring £100K from Shawbrooks to Santander would gain you £450 in a year.  Nobody can say whether you would or would not think that worthwhile.

Albermarle

The obvious suggestion would be to use fixed term higher interest accounts ( which we have used sometimes in the past) but we are not attracted to them in the present ever-rising rates.

Although it is unlikely that the BofE base rate has peaked, there are some indications that fixed rates, especially the longer ones, will probably not increase that much more, if at all. This is because the general consensus is that interest rates will start to drop off again at some point. So could be a good time to move in that direction.
Also you do not mention ISA's . If you have a £100K in non ISA accounts , then with interest rates rising, your tax bill may be rising.

Millyonare

Not having £100,000 in the absolute highest savings accounts today could potentially lose between £500 and £15,000 in "free" money (interest) over the next 1 to 5 years. That might be enough to pay for at least 1 and up to 50 free holidays. I like free holidays and free cash 👍

Dyor, etc.

jaypers

I’m in a similar position with Easy Access cash and I’m already starting to drip feed more into fixed accounts……every 3 months opening a new 1 year fixed. Don’t know your circumstances but £100k sounds excessive to have as easy access if you have no obvious plans on spending it. Sitting waiting for fixed rates to increase means that you are missing out on already much higher rates than EA accounts, hence my drip feed strategy. Why not drip feed £10k into a new 1 year fixed every 2 months until you’re down to £50k in EA? 

Richard1212

MisterMotivated said:

My suggestion is, you do what works for you, and I'll do what works for me

Friendly, helpful and positive site as always. What works for you ?

[Deleted User]

Richard1212 said:

 Any other comments welcomed please,

Hi,

could you break that block of text into paragraphs, please?