The New Top Easy Access Savings Discussion Area

1spiral

intalex said:

1spiral said:

When/where did you hear this? I have this account and have had no correspondence (nor seen posted on here) that a reduction is occurring.

https://forums.moneysavingexpert.com/discussion/comment/80835821#Comment_80835821

I must clarify it was for Issue 3 previously paying 5.13% Gross / 5.25% AER, not sure about other issues.

Thanks, mines issue 6 which as far as I can tell is still paying 5.04 Gross/ 5.16 AER.

ForumUser7

Hanley EBS Branch Saver - what have people done with this account please? Now it is closed for deposits, and I can get better rates on the funds by transferring them to a regular saver, I'm considering closing it. However, if it ever reopens for deposits it could be quite a good rate seeing as it would follow the base rate. Anyone closed theirs so far, or intentionally left theirs open for any particular reason please? Trying to make my mind up. Thanks

refluxer

ForumUser7 said:

Hanley EBS Branch Saver - what have people done with this account please? Now it is closed for deposits, and I can get better rates on the funds by transferring them to a regular saver, I'm considering closing it. However, if it ever reopens for deposits it could be quite a good rate seeing as it would follow the base rate. Anyone closed theirs so far, or intentionally left theirs open for any particular reason please? Trying to make my mind up. Thanks

I've intentionally left mine open with a decent amount in because, at 5.25%, it's currently my highest-paying easy access account and the one withdrawal a month limitation isn't an issue for me for that money at the moment.

As it's branch based and you can only make that one withdrawal a month, then it's obviously not a convenient drip-feeding account for regular savers so if you close it and move your funds elsewhere in order to do that, do you have an alternative easy access account paying a similar rate ?

While regular savers have their place (I have quite a few myself), don't forget that the gains are modest at best (even with the highest-paying regular savers) and if you end up drip-feeding from an easy access account paying less than the 5.25% Branch Saver rate, then this will also eat into that difference. Be sure to use MSE's RS calculator to work out how much better off you'll be, if you haven't already.

The Hanley Eco BS aren't exactly re-known for their competitive savings account products (this one appears to be the exception) so I personally think the chances of it becoming available to new deposits again are slim, but you never know... you could always leave £1k (the minimum balance) in just in case. 

kjs31

I have Paragon Double Access Issue 3 and originally received an email saying that the rate was dropping to 4.89% on 27th June and then a new email correcting the rate to 5.0%. I’ve just logged on and the rate is showing as 4.89%. Is this a case of where the rate showing is not the AER and the AER is ok @ 5.0%? 

mebu60

kjs31 said:

I have Paragon Double Access Issue 3 and originally received an email saying that the rate was dropping to 4.89% on 27th June and then a new email correcting the rate to 5.0%. I’ve just logged on and the rate is showing as 4.89%. Is this a case of where the rate showing is not the AER and the AER is ok @ 5.0%? 

You are presumably taking monthly interest? 4.89% monthly = 5.0% AER. 

happybagger

ForumUser7 said:

Hanley EBS Branch Saver - what have people done with this account please? Now it is closed for deposits, and I can get better rates on the funds by transferring them to a regular saver, I'm considering closing it. However, if it ever reopens for deposits it could be quite a good rate seeing as it would follow the base rate. Anyone closed theirs so far, or intentionally left theirs open for any particular reason please? Trying to make my mind up. Thanks

I drew mine down to near the £1k min to take advantage of fixed rates elsewhere, but kept it open as you say in case they re-open it to deposits, and maintain membership.

This was handy for when they soon after launched the online regular saver, now a closed issue, which paid (and still does) 5.5% with no end date. Of course they may close this to further deposits too, but less likely given it's a regular saver.

Unless I need the last £1k in the Branch Saver, I'll keep it.

kjs31

mebu60 said:

You are presumably taking monthly interest? 4.89% monthly = 5.0% AER. 

Yes, thanks! I wish they would just show the AER. 

Zopa_Trooper

janusdesign said:

email from Zopa about Smart Saver changes from 26th August...

• New pot types
  We’re adding the ability to introduce exclusive pot types to your Smart Savings Hub, which will require you to meet certain criteria in order to access them.
  
  
• Adding funds during a notice period
  We’re making it clear that once you’ve given notice to access funds in a Boosted pot, you won’t be able to add any more money to this pot.

Not very good. I have a 90 day notice account with Oxbury at 5.5% which is coming to the end of its term but they have allowed me to increase the money I have in it several times since I gave them notice.

AndyTh_2

Zopa_Trooper said:

janusdesign said:

email from Zopa about Smart Saver changes from 26th August...

• New pot types
  We’re adding the ability to introduce exclusive pot types to your Smart Savings Hub, which will require you to meet certain criteria in order to access them.
  
  
• Adding funds during a notice period
  We’re making it clear that once you’ve given notice to access funds in a Boosted pot, you won’t be able to add any more money to this pot.

Not very good. I have a 90 day notice account with Oxbury at 5.5% which is coming to the end of its term but they have allowed me to increase the money I have in it several times since I gave them notice.

Zopa's prevented adding funds during notice period for quite a while now, as lots of us were making many 90 day boosted pots and waterfalling them to create an effectively higher rate lower notice set of accounts.

This is just apparently making it clear

simonsmithsays

Newcastle Building Society interest 

I've just had some interest paid into a third part current account.

Ive got three accounts with them but online none are showing this interest.

It's the anniversary of my Triple Access Base rate tracker tomorrow so assume it's been paid early and not yet showing on my online statement.

Anyone the same?