setting up easy access savings

artyboy

tiger135 said:

I guess I feel more comfortable with big names on the high street like nationwide sainsburys virgin etc than chip or atom. 

And that, to be blunt, is why some of the "high street" names are able to get away with being uncompetitive. I'll accept that Chip is a bit esoteric in terms of its mechanics, but there are plenty of other "newer" names with full FSCS protection and simple accounts.

And while I'm on my soapbox, MSE isn't helping matters - I just took a look at their list of top instant access accounts and under the main list they have included Sainsburys Bank as an option for an established name that people might prefer to the better rates above. 

So that's the Sainsbury's Bank that was set up in 2009 with the oh so reputable (at the time) RBS.

As opposed to Saffron Building Society, in the main list, a mutual set up in 1849. 

I can only guess that MSE think because Sainsbury sells carrots and steak, that makes them somehow a more comforting option for people looking for a savings account. Give me strength... 🙄

Barkin

artyboy said:

tiger135 said:

I guess I feel more comfortable with big names on the high street like nationwide sainsburys virgin etc than chip or atom. 

I can only guess that MSE think because Sainsbury sells carrots and steak, that makes them somehow a more comforting option for people looking for a savings account. 

I'd wager that's exactly how a large proportion of The General Public see it. 

boingy

artyboy said:

 because Sainsbury sells carrots and steak, 

Go for the steak. You can easily grow carrots...

tiger135

saffron sounds good then, what about shawbrook?

tiger135

it is a bit frustrating how nationwide is only offering 3% when sainsburys can do 4.53%, its rather a big difference

housebuyer143

artyboy said:

tiger135 said:

I guess I feel more comfortable with big names on the high street like nationwide sainsburys virgin etc than chip or atom. 

And that, to be blunt, is why some of the "high street" names are able to get away with being uncompetitive. I'll accept that Chip is a bit esoteric in terms of its mechanics, but there are plenty of other "newer" names with full FSCS protection and simple accounts.

And while I'm on my soapbox, MSE isn't helping matters - I just took a look at their list of top instant access accounts and under the main list they have included Sainsburys Bank as an option for an established name that people might prefer to the better rates above. 

So that's the Sainsbury's Bank that was set up in 2009 with the oh so reputable (at the time) RBS.

As opposed to Saffron Building Society, in the main list, a mutual set up in 1849. 

I can only guess that MSE think because Sainsbury sells carrots and steak, that makes them somehow a more comforting option for people looking for a savings account. Give me strength... 🙄

I mean the big banks are proven criminals, so not sure why people trust them more than the new less known names 🤷‍♂️

tiger135

people appear concerned over this 85k thing, is there any cases in the past where a bank has got in trouble and savers have lost money?

caeler

@tiger135 I’ve just opened an easy access at 4.6% with Saffron Building Society. Had one years ago. Although that had a cash book whereas once I get my paperwork I’m expecting to have online visibility! I will be moving some cash from nationwide which is currently at 3.5%. I wish nationwide would keep up! 

mebu60

tiger135 said:

people appear concerned over this 85k thing, is there any cases in the past where a bank has got in trouble and savers have lost money?

Why take a completely avoidable risk?

Even without FSCS protection it would be wise not to have all your eggs in one basket. The FSCS £85k (minus any allowance you may want to have for interest) is a useful limit in that regard.

VNX

tiger135 said:

it is a bit frustrating how nationwide is only offering 3% when sainsburys can do 4.53%, its rather a big difference

Not really, it’s a free market. 

If one supermarket was charging much less for, say, chicken breasts, one would go to that supermarket, savings are no different in that sense.