Blue Rewards Saver rate increase 2 March at 9:21PM edited 2 March at 9:23PM in Savings & investments 8 replies 905 views

Perksy5

Just a PSA, it's not a market leader but for those that may use it Blue Rewards Saver (not rainy day saver) has increased its rate to 3% gross for months with no withdrawals.(Up from 2%).

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Band7

Another one of those sneaky accounts that lures people in with a half decent interest rate which plummets when you withdraw even only a penny.

Wouldn't touch it when there are proper instant access account available that pay even better rates.

retiringtoosoon

Chase saver is 3% with no random conditions

2010

Band7 said:

Another one of those sneaky accounts that lures people in with a half decent interest rate which plummets when you withdraw even only a penny.

You forget to add per calendar month "if you withdraw even only a penny"

aaj123

Seriously, why do these big banks even bother putting out these sneaky products that are clearly inferior to others out there? Wait.. its because they bank on suckers not doing their research and just taking what's on offer. 

2010

aaj123 said:

Seriously, why do these big banks even bother putting out these sneaky products that are clearly inferior to others out there? Wait.. its because they bank on suckers not doing their research and just taking what's on offer. 

Have you ever stopped to think that some accounts are applied for not because they are the very top rate but because of convenience.

I`ll give you a current situation.
A work acquaintance, who has her current account with Barclay`s, recently sold her house and is unable to move into her new one for about 10 weeks.
With quite a large lump sum to find a short term home for and keeping to the "temporary high balances" conditions, this account is (no pun) right up her street.

So I would say she`s the one that has done her research and has taken advantage of Barclays and is getting near to the top rate into the bargain with instant access.

aaj123

2010 said:

aaj123 said:

Seriously, why do these big banks even bother putting out these sneaky products that are clearly inferior to others out there? Wait.. its because they bank on suckers not doing their research and just taking what's on offer. 

Have you ever stopped to think that some accounts are applied for not because they are the very top rate but because of convenience.

I`ll give you a current situation.
A work acquaintance, who has her current account with Barclay`s, recently sold her house and is unable to move into her new one for about 10 weeks.
With quite a large lump sum to find a short term home for and keeping to the "temporary high balances" conditions, this account is (no pun) right up her street.

So I would say she`s the one that has done her research and has taken advantage of Barclays and is getting near to the top rate into the bargain with instant access.

What temporary high balances? Even if it is what I think you mean, no reason why that condition can't be met via any account in her own name that is easy access. In this account she will lose nearly all interest in the month she needs the money back. 

Plus, the advantage you are highlighting is clutching at straws to come up with an example and not even in the way the bank itself markets this account. Really, stop making excuses for the big banks not giving proper accounts with decent interest rates simply because they can bank (no pun) on their customers being dumb.

2010

aaj123 said:

2010 said:

aaj123 said:

Seriously, why do these big banks even bother putting out these sneaky products that are clearly inferior to others out there? Wait.. its because they bank on suckers not doing their research and just taking what's on offer. 

Have you ever stopped to think that some accounts are applied for not because they are the very top rate but because of convenience.

I`ll give you a current situation.
A work acquaintance, who has her current account with Barclay`s, recently sold her house and is unable to move into her new one for about 10 weeks.
With quite a large lump sum to find a short term home for and keeping to the "temporary high balances" conditions, this account is (no pun) right up her street.

So I would say she`s the one that has done her research and has taken advantage of Barclays and is getting near to the top rate into the bargain with instant access.

What temporary high balances? Even if it is what I think you mean, no reason why that condition can't be met via any account in her own name that is easy access. In this account she will lose nearly all interest in the month she needs the money back. 

Plus, the advantage you are highlighting is clutching at straws to come up with an example and not even in the way the bank itself markets this account. 

Your obviously an expert at everything financial and you`ll go far on these boards, so we`ll leave it like that.

aaj123

2010 said:

 because of convenience.

Exactly the weasel line used to push through scores of stupid products that are clearly inferior in nearly every way other than some desperately concocted scenarios. How's 0.2% everyday saver with the great convenience of branch and phone banking, eh?