The New Top Easy Access Savings Discussion Area

dgpur

I don’t see the point of jumping from one best paying to another right now. It’s clearly a race to the bottom, and anywhere we jump to is going to reduce its rate sooner or later. I’m staying still until there is some stability.

Bridlington1

dgpur said:

I don’t see the point of jumping from one best paying to another right now. It’s clearly a race to the bottom, and anywhere we jump to is going to reduce its rate sooner or later. I’m staying still until there is some stability.

Personally I'd be inclined to jump to wherever's offering the best rates, especially if the EA account(s) you currently use allow you to reduce the balance to £1 or less. Making a faster payment or two doesn't take that long so I might as well have the higher interest rates if I can grab them.

I moved my savings several times per week on some occasions when EA rates were on the way up, I'd think little of doing the same now that rates are declining.

In my case it makes little difference what happens with EA accounts though, the only non-ISA EA account I have more than the minimum balance in is the NLA 7% Santander Edge Saver, the rest has ended up in regular savers, many of which are fixed anyway so I've gained a degree of stability there.

I've still got a some EA accounts open speculatively though.

dgpur

Bridlington1 said:

dgpur said:

I don’t see the point of jumping from one best paying to another right now. It’s clearly a race to the bottom, and anywhere we jump to is going to reduce its rate sooner or later. I’m staying still until there is some stability.

Personally I'd be inclined to jump to wherever's offering the best rates, especially if the EA account(s) you currently use allow you to reduce the balance to £1 or less. Making a faster payment or two doesn't take that long so I might as well have the higher interest rates if I can grab them.

I moved my savings several times per week on some occasions when EA rates were on the way up, I'd think little of doing the same now that rates are declining.

In my case it makes little difference what happens with EA accounts though, the only non-ISA EA account I have more than the minimum balance in is the NLA 7% Santander Edge Saver, the rest has ended up in regular savers, many of which are fixed anyway so I've gained a degree of stability there.

I've still got a some EA accounts open speculatively though.

Like you I’ve mostly been seeking stability and good returns from regular savers. While keeping all my EA accounts open with a pound (or nowt) left to keep them open. 

One concern I’ve had with shifting EA money around, is my wife is finding it a challenge to understand what is where. So a good part of my decision making is based on sticking with somewhere for a while, rather than chase the odd 0.25% in another account. She’s already asked me not to not to open any new EAs, so I’m keeping open just the 15 already open.

ToastLady

A reminder that Chase has gone down to 3.5% today, or 4.5% for those with boost. 

flaneurs_lobster

ToastLady said:

A reminder that Chase has gone down to 3.5% today, or 4.5% for those with boost. 

Noted.
Is it possible to change the name of this account in the app? Mine says "4.85% Boosted Saver" followed by the actual interest rate.

jaypers

dgpur said:

Bridlington1 said:

dgpur said:

I don’t see the point of jumping from one best paying to another right now. It’s clearly a race to the bottom, and anywhere we jump to is going to reduce its rate sooner or later. I’m staying still until there is some stability.

Personally I'd be inclined to jump to wherever's offering the best rates, especially if the EA account(s) you currently use allow you to reduce the balance to £1 or less. Making a faster payment or two doesn't take that long so I might as well have the higher interest rates if I can grab them.

I moved my savings several times per week on some occasions when EA rates were on the way up, I'd think little of doing the same now that rates are declining.

In my case it makes little difference what happens with EA accounts though, the only non-ISA EA account I have more than the minimum balance in is the NLA 7% Santander Edge Saver, the rest has ended up in regular savers, many of which are fixed anyway so I've gained a degree of stability there.

I've still got a some EA accounts open speculatively though.

Like you I’ve mostly been seeking stability and good returns from regular savers. While keeping all my EA accounts open with a pound (or nowt) left to keep them open. 

One concern I’ve had with shifting EA money around, is my wife is finding it a challenge to understand what is where. So a good part of my decision making is based on sticking with somewhere for a while, rather than chase the odd 0.25% in another account. She’s already asked me not to not to open any new EAs, so I’m keeping open just the 15 already open.

This is a good reminder. I keep meaning to print off a detailed spreadsheet of what is where etc and ensure family members know where to find it. If anything happens to me there are so many accounts now, it might be a pain for them. 

Poquito

flaneurs_lobster said:

ToastLady said:

A reminder that Chase has gone down to 3.5% today, or 4.5% for those with boost. 

Noted.
Is it possible to change the name of this account in the app? Mine says "4.85% Boosted Saver" followed by the actual interest rate.

Yes.. click into the account in Chase and select the 3 dots in the top right corner, then select ‘edit’. You can change the account name here.

just changed mine to ‘rate not great’ as a prompt to look around…

mebu60

jaypers said:

dgpur said:

Bridlington1 said:

dgpur said:

I don’t see the point of jumping from one best paying to another right now. It’s clearly a race to the bottom, and anywhere we jump to is going to reduce its rate sooner or later. I’m staying still until there is some stability.

Personally I'd be inclined to jump to wherever's offering the best rates, especially if the EA account(s) you currently use allow you to reduce the balance to £1 or less. Making a faster payment or two doesn't take that long so I might as well have the higher interest rates if I can grab them.

I moved my savings several times per week on some occasions when EA rates were on the way up, I'd think little of doing the same now that rates are declining.

In my case it makes little difference what happens with EA accounts though, the only non-ISA EA account I have more than the minimum balance in is the NLA 7% Santander Edge Saver, the rest has ended up in regular savers, many of which are fixed anyway so I've gained a degree of stability there.

I've still got a some EA accounts open speculatively though.

Like you I’ve mostly been seeking stability and good returns from regular savers. While keeping all my EA accounts open with a pound (or nowt) left to keep them open. 

One concern I’ve had with shifting EA money around, is my wife is finding it a challenge to understand what is where. So a good part of my decision making is based on sticking with somewhere for a while, rather than chase the odd 0.25% in another account. She’s already asked me not to not to open any new EAs, so I’m keeping open just the 15 already open.

This is a good reminder. I keep meaning to print off a detailed spreadsheet of what is where etc and ensure family members know where to find it. If anything happens to me there are so many accounts now, it might be a pain for them. 

Every time I start a simplification exercise I spot something new and slightly complicated that I feel worth my effort. Am very conscious that if anything happened to me it would be a right pain for partner and daughter to sort, both are disinterested in financial matters. I keep their personal arrangements as straightforward as possible. 

KevinG

ToastLady said:

A reminder that Chase has gone down to 3.5% today, or 4.5% for those with boost. 

Emptied mine over the course of a few days and moved it to Cahoot (Issue 4,NLA), still paying 4.85% until next February.

janusd

Atom Bank dropping it's Instant Saver from 3.85% to 3.55% - now for new accounts and on 28th November for existing accounts... currently, there seems to be no changes to the Instant Saver Reward as it's still showing as 4.85% with no equivalent rate change notification in the app.