The New Top Easy Access Savings Discussion Area

happybagger

Bridlington1 said:

@soulsaver
West Brom BS Four Access Saver (Issue 2) 4.65% £1 min

Opening this will enable you to open the 6% Reg Saver if you're out of postcode area, if you're so inclined

Dale_UK

Monument reducing rates

On 7th November 2024, the Bank of England reduced their base rate from 5.00% to 4.75%.   We always aim to provide our clients with some of the best rates in the market. Following the base rate reduction, we have maintained the interest rates on our variable savings accounts for as long as possible, allowing you to benefit from higher rates for longer.   However, as markets continue to adjust following the Bank of England’s rate reduction, we will be reducing the interest rate on your Easy Access Savings account.

What's changing?

Your Easy Access Savings account interest rate will change from 4.81% to 4.55% AER (variable). This change will take effect on 10-12-2024. You will continue to benefit from your existing rate until then.   What happens next?   You do not need to take any action. The change will happen automatically, and your account terms remain the same.   The table below summarises the change on your account ending :     Current rates Gross % AER % 4.71 4.81   Rates from 10-12-2024 Gross % AER % 4.46 4.55

BlackthornU

I am not impressed by Monument reducing rates from the 10th December and them sending out comms on this to their customers after 5pm on the 10th of December. Rates reduced on their instant access, 7, 35, 45 and 60 day notice accounts (can transfer out if rates drop without notice).

boomish

Just spent ages moved our savings from our joint Skipton Bonus saver to two Monument Bank accounts, only opened last week, got an email today the rate is going down from 4.81 to 4.55 , is it worth moving to Atom bank (current highest) or will that go down soon? 

cricidmuslibale

boomish said:

Just spent ages moved our savings from our joint Skipton Bonus saver to two Monument Bank accounts, only opened last week, got an email today the rate is going down from 4.81 to 4.55 , is it worth moving to Atom bank (current highest) or will that go down soon? 

@boomish I'm genuinely sorry to hear how long it has taken you to move your savings from Skipton to Monument only to find that within 3 weeks the interest rate on your two Monument accounts will be significantly reduced! The honest answer is that only Atom will know whether they are soon going to reduce their present monthly interest rate of 4.75% (4.85% AER). Btw it is important to be aware that this monthly interest rate reduces to 3.20% (3.25% AER) for any month in which one or more withdrawals are made!

ETA: It has now become clear that due to an email error I (and many others) have been misinformed that Monument will be reducing its savings interest rates on 10/12/2024 with no notice whatsoever. In fact the interest rate reduction(s) would have happened on 24/12/2024 thus giving 14 days notice of the forthcoming change. Therefore I have now edited the relevant part of my original post above to reflect this.

P.S. Monument have now sincerely apologised in a later communication and, as a seasonal goodwill gesture, delayed the interest rate reduction(s) until 27/12/2024. Good news for all their savers with the relevant accounts!

pecunianonolet

boomish said:

Just spent ages moved our savings from our joint Skipton Bonus saver to two Monument Bank accounts, only opened last week, got an email today the rate is going down from 4.81 to 4.55 , is it worth moving to Atom bank (current highest) or will that go down soon? 

Next BOE meeting is on the 19th December, expecting a hold of rates. Currently investors expecting three quarter-point cuts in 2025 so a level of 4% by this time next year. 

In that case, 4.81 is for now an outlier in the market and will follow to a 4.5% ish level. How long the rate holds, we will see but I would not be surprised if it is cut before the holidays as a precautionary measure to avoid too much influx of cash, while most of their staff is on holiday. 

Economic shocks e.g. wars, US tariffs, debt crisis of various countries or how the Euro zone and China hold up play an important part in a wider context, together with domestic developments e.g. labour market softening in the UK.

Some FT articles below.

https://archive.is/20241208063725/https://www.ft.com/content/08c155fa-fd5d-480a-8ad5-82d1588ad932
https://archive.is/l9I8t

In other words, if you have large balances and can move them quick and rather pain free, it's worth jumping on Atom, even if it may only be a few days or weeks. Keep in mind, Atom pays interest monthly so consider your tax situation, perhaps.

Mr._H_2

My Monument rate is still showing as 4.81% in the app. Is it possible that the date of rate change in the email was a typo? (somehow I doubt it given the date appears more than once). I’ll send them a message to ask.

edit - website says current rate is 4.55% for new applications so probably just app hasn’t updated

boomish

I should have mentioned a date for Monument's rate drop it says 10th of December but looking in the app it's still 4.81 today. Amazing insight pecunianonolet thank you.

allegro120

Gatehouse 
E-mail this morning.

"We are increasing the expected profit rate on your Gatehouse Bank Easy Access Account account effective 11th December 2024 as follows:

Current rate	New higher rate
4.51%	4.65%

" 
 4.65% EPR = 4.75% AER

Mr._H_2

cricidmuslibale said:

BlackthornU said:

I am not impressed by Monument reducing rates from the 10th December and them sending out comms on this to their customers after 5pm on the 10th of December. Rates reduced on their instant access, 7, 35, 45 and 60 day notice accounts (can transfer out if rates drop without notice).

For me, the behaviour by Monument described above is either highly inconsiderate and/or badly disorganised at best, or at worst a clear example of 'sharp practice'. I have yet to deposit any money into any of Monument's savings accounts and what @BlackthornU has just revealed certainly does not encourage me to do so! (Neither does the very high minimum opening amount and interest-paying balance of £25,000 btw.)

In fairness to Monument, they did have a banner on their website saying they were reviewing rates following the last BoE rate change. So I wasn’t surprised by the rate drop, but making the change with zero notice was a little eyebrow raising