Accounts with consistent rate increases?

Dale_UK

I have used chip now for a while and want to spread the risk.

I see Paragon is now in the top spot, but have they consistently increased their rates on existing accounts?

Have any other top accounts done this? (chip have)

FindingBBob

Ford  are the others that have increased most frequently and remained pretty competitive. They always offer the same rate to new and existing customers as they dont do issues.. i think they have increased 5 times since the end of May.. 

Albermarle

FindingBBob said:

Ford  are the others that have increased most frequently and remained pretty competitive. They always offer the same rate to new and existing customers as they dont do issues.. i think they have increased 5 times since the end of May.. 

Also they see pretty efficient in my own experience, and the fact that you see very few complaints about them on this forum.

Rollinghome

But the rate policies of banks constantly change.  Zopa was the savers' darling for a while, constantly raising rates, but now seem stuck at 4.03% when last I looked, and where's Al Rayan these days, formerly a perennial top payer, now paying 4.00% expected profit. Before them, it was someone else. 
Loyalty can cost, unfortunately, as some savers with the big banks may have noticed..

Richard1212

I have three savings accounts with banks who are always competitive----even when one of them falls from the Top Spot, it will return in due course :  Shawbrook, RCI, Marcus. I currently have large sums in the best of these banks----Shawbrooks, currently at 4.52%. They have consistently been in the Top 10 for months and IMHO they will remain so.

cwep2

Ford Money.

The rest are competitive for a time, maybe near the top for several months, but then drift off and don’t seem to want to be up near the top again. It was Marcus, then it was Al Rayan, then Zopa (all now way off the top rates), now it’s Chip, maybe Oxbury and Shawbrook trying to get in there at the moment. 

Slight mention for Cynergy who are fairly competitive most of the time, but you need to keep opening new account/transferring/changing account number to send it to etc. which is frankly a lot of hassle. 

So another vote for Ford Money. Same account details, no hassle.

Dale_UK

each time Shawbrook has a new "issue", they are now on 36, has the new issue rate been applied to previously issued accounts?

refluxer

Dale_UK said:

each time Shawbrook has a new "issue", they are now on 36, has the new issue rate been applied to previously issued accounts?

You can see the rate history for previous issues here :

https://www.shawbrook.co.uk/media/5785/personal-savings-withdrawn-accounts-20230721-265.pdf

It looks like issue 35 was withdrawn on 6th July and hasn't had the last few rate rises applied to it. IIRC, this is the second rate rise that has been applied to Issue 36 (so it's had 3 different rates in total).

I wouldn't normally open a savings account that requires you to upgrade to different issues on a regular basis, however Shawbrook make this very easy and quick via secure message (upgrading from Issue 35 to 36 for this account took them less than 30 minutes)

jaypers

Investec are pretty good for regularly reviewing their rates, although at present not market leading compared to some. They do have very fast transfers though, which attracts me to them as a secondary savings account even now. Their Easy Access is reviewed on the 1st and 90 Day Notice generally around the 15th.

mebu60

Richard1212 said:

I have three savings accounts with banks who are always competitive----even when one of them falls from the Top Spot, it will return in due course :  Shawbrook, RCI, Marcus. I currently have large sums in the best of these banks----Shawbrooks, currently at 4.52%. They have consistently been in the Top 10 for months and IMHO they will remain so.

Marcus has been way off for quite some time, my £1 balance awaits their return to the fray. 

Agree that Ford is probably most straightforward with reasonable rates. I'm happy with Shawbrook and Cynergy too, though there is the faff factor with the latter. 

Bigwheels1111

I loved to switch between the best rates, But have now got all my fixed rate savings and isa sorted for 3, 5 and 7 years
My small instant access emergency fund is in Chip.
They should top the charts again in a few days or so.
I will hold out for a bit longer.