Easy Access Savings

jak22

Shawbrook offer one of the highest EA rates putting many popular accounts to shame - no EA account should be under 3.5% with the current BoE rate. There's no need to 'ring up regularly "twice a month"' and neither is it logical to not have checked rates online at least once since last October - rates offers have been changing pretty much every few days over the last year. This is a strange thing to moan about on a forum that shares rates changes often within hours.

wmb194

It was ever thus but the alternative is to go with a provider that doesn't generally or hasn't so far done this e.g., Chase and Marcus*. You won't receive the very leading rate but it should track the market better.

*Although you do need to renew the bonus rate from time to time but it did recently send me an email regarding this.

Band7

Apart from base rate tracker accounts, which are as rare as hen's teeth🐔, I am not aware of any savings product which promises or guarantees interest rate rises of any form. Not even the much loved Marcus or Chase do that. Correct me if I am wrong.

*Only easy access tracker accounts I have known of for the last several years are with Skipton. They have two, both with quite unimpressive rates.

SevenOfNine

Not at all true for our joint Shawbrook Easy Access account issue 32. We've been automatically notified individually on our mobiles AND our email of increases EVERY TIME. From 2.3% to 2.92% to 3.26% to the current 3.65%. In fact, there's so much notification it's a bit tiresome.

I think it's when a new 'issue' is launched that you need to keep an eye on it & request a switch. Ours was initially issue 27 at 0.62%, then I moved it to issue 29 at 0.89%, after that I discovered it doesn't have to be DiY (open new one, shut & move old one on-line myself), a simple phone call & they open/move it for you, which is what they did when I rang & said "I want issue 32"!

It's the same as the current offered issue 35, seems to be keeping pace with that. Because I can, I just rang & said I want issue 35, simple, 5 minutes & job done (just in case issue 32 starts to get 'rate rise' lagging behind).

I

RG2015

https://forums.moneysavingexpert.com/discussion/comment/80026915#Comment_80026915

Ford Money

Our Best Rate Guarantee

Enjoy our best available rate, even after you’ve opened your account. On variable rate products you’ll always enjoy the same rates as our new customers on like-for-like products. Where this means your interest rate will decrease, we’ll let you know at least 30 days before the change.

Beddie

At least you now know you need to do that, so check moneyfacts once a month or so for any rate changes. No point worrying about it every day, it's only a few Quid.

Band7

https://forums.moneysavingexpert.com/discussion/comment/80027169#Comment_80027169

Marketing weasel words IMO, starting with the get-out "like-for-like products".

BTW, I have been holding a Ford Money account since May 19 2017. Never had a reason to increase my balance from the £1 I put in there as my opening deposit as there have always been better alternatives in terms of interest rates.

RG2015

https://forums.moneysavingexpert.com/discussion/comment/80027362#Comment_80027362

You said;

"I am not aware of any savings product which promises or guarantees interest rate rises of any form….. Correct me if I am wrong."

I was just correcting you as requested. I wasn't advocating Ford Money in any way.

pbcpdeveloper

After opening an account with Shawbrook, the first time they increased their rate and incremented the savings account name, I emailed them and asked to be moved to the new account. Since then they have notified me when the rate changes and moved me to the new account automatically.

I think they probably leave the people who don't notice where they are and automatically move the people who do, to cut down on the number of emails they have to handle.

Qyburn

Shawbrook seem a bit random. The first couple of rate rises I had to contact them and they converted the account to the new issue, then there were a couple that they just notified and applied with no action needed. This last one they applied without notification. The issue number doesn't always seem to be incremented either, the account is currently called "Easy Access - Issue 33 Annual - 3.65%"