The New Top Easy Access Savings Discussion Area

KevinG

RedImp_2 said:

KevinG said:

gt94sss2 said:

Cobbler_tone said:

janusdesign said:

Cobbler_tone said:

ircE said:

True EA accounts are easy access savings accounts which can be opened, and the headline rate earned, from a balance of just £1, and allow unlimited deposits and withdrawals. This table excludes accounts limited to smaller balances, paid-for/premium accounts and savings marketplaces. True Instant EA accounts are True EA accounts which advertise immediate deposit and withdrawal times 24/7. Red highlights are accounts whose interest rate has lowered, green highlights those which have been raised, and blue highlights are those which are new to the respective table.

Some surprise moves since last time, leading to mean top rates actually being higher than last month's.

Next MPC meeting next Thursday 19th.

Where is the 4.75% for Chase coming from? I'm a first issue member since the off. The best they have is a 4.5% boost, that ends mid-Jan 2025. I don't like to miss a trick!

https://www.chase.co.uk/gb/en/saver-boosted/

it's for new customers only.

Ah I see...no doubt their 3.5% will be sliced in Jan too.

The standard Chase saving rate is now linked to the base rate. So the Bank of England changes its interest rate, Chase will change their rate as well.

The problem being that Chase keep arbitrarily changing the percentage below the base rate that they pay, so the whole thing is pretty meaningless.

Interesting.  How many times have they changed it since they announced the linking?

At least twice that I can remember, the last time being a significant increase to the percentage.

wiseonesomeofthetime

RedImp_2 said:

KevinG said:

gt94sss2 said:

Cobbler_tone said:

janusdesign said:

Cobbler_tone said:

ircE said:

True EA accounts are easy access savings accounts which can be opened, and the headline rate earned, from a balance of just £1, and allow unlimited deposits and withdrawals. This table excludes accounts limited to smaller balances, paid-for/premium accounts and savings marketplaces. True Instant EA accounts are True EA accounts which advertise immediate deposit and withdrawal times 24/7. Red highlights are accounts whose interest rate has lowered, green highlights those which have been raised, and blue highlights are those which are new to the respective table.

Some surprise moves since last time, leading to mean top rates actually being higher than last month's.

Next MPC meeting next Thursday 19th.

Where is the 4.75% for Chase coming from? I'm a first issue member since the off. The best they have is a 4.5% boost, that ends mid-Jan 2025. I don't like to miss a trick!

https://www.chase.co.uk/gb/en/saver-boosted/

it's for new customers only.

Ah I see...no doubt their 3.5% will be sliced in Jan too.

The standard Chase saving rate is now linked to the base rate. So the Bank of England changes its interest rate, Chase will change their rate as well.

The problem being that Chase keep arbitrarily changing the percentage below the base rate that they pay, so the whole thing is pretty meaningless.

Interesting.  How many times have they changed it since they announced the linking?

Once!

13 May 2024 they brought in the linking. BoE Base Rate minus 1.15%

08 Oct 2024 they changed the disparity to BoE Base Rate minus 1.25%

Hardly "keep arbitrarily changing the percentage below the base rate", in my opinion.

KevinG

wiseonesomeofthetime said:

RedImp_2 said:

KevinG said:

gt94sss2 said:

Cobbler_tone said:

janusdesign said:

Cobbler_tone said:

ircE said:

True EA accounts are easy access savings accounts which can be opened, and the headline rate earned, from a balance of just £1, and allow unlimited deposits and withdrawals. This table excludes accounts limited to smaller balances, paid-for/premium accounts and savings marketplaces. True Instant EA accounts are True EA accounts which advertise immediate deposit and withdrawal times 24/7. Red highlights are accounts whose interest rate has lowered, green highlights those which have been raised, and blue highlights are those which are new to the respective table.

Some surprise moves since last time, leading to mean top rates actually being higher than last month's.

Next MPC meeting next Thursday 19th.

Where is the 4.75% for Chase coming from? I'm a first issue member since the off. The best they have is a 4.5% boost, that ends mid-Jan 2025. I don't like to miss a trick!

https://www.chase.co.uk/gb/en/saver-boosted/

it's for new customers only.

Ah I see...no doubt their 3.5% will be sliced in Jan too.

The standard Chase saving rate is now linked to the base rate. So the Bank of England changes its interest rate, Chase will change their rate as well.

The problem being that Chase keep arbitrarily changing the percentage below the base rate that they pay, so the whole thing is pretty meaningless.

Interesting.  How many times have they changed it since they announced the linking?

Once!

13 May 2024 they brought in the linking. BoE Base Rate minus 1.15%

08 Oct 2024 they changed the disparity to BoE Base Rate minus 1.25%

Hardly "keep arbitrarily changing the percentage below the base rate", in my opinion.

And from 19 February 2025 it changes to 1.5%, that was the big change I had in mind and I'd forgotten it hadn't happened yet.

refluxer

KevinG said:

And from 19 February 2025 it changes to 1.5%, that was the big change I had in mind and I'd forgotten it hadn't happened yet.

Well spotted. This change wasn't spelt out in the email sent out about the rate drop on 14th November but, instead, relied upon you clicking on a link. 

For more information on our interest rates and upcoming changes to them, please visit our interest rates page.

I hadn't clicked on that because I presumed the page would simply outline the effect the BoE rate drop would have on both the boosted and non-boosted Chase Saver accounts. 

With that drop from -1.25% to -1.5%, it'll make the non-boosted account very uncompetitive and I suspect they'd need to repeat the most recent 1.5% boost (rather than revert to the previous 1%) for even any future boosted accounts to be worthwhile.

SnowMan

After the Monetary Policy Committee meeting, it has just been announced that the Bank base rate will be maintained at 4.75%
https://www.bankofengland.co.uk/monetary-policy-summary-and-minutes/2024/december-2024
Six members (Andrew Bailey, Sarah Breeden, Megan Greene, Clare Lombardelli, Catherine L Mann and Huw Pill) voted in favour of the proposition. Three members (Swati Dhingra, Dave Ramsden and Alan Taylor) voted against the proposition, preferring to reduce Bank Rate by 0.25 percentage points, to 4.5%

Rheumatoid

Ford changing terms for the worse:

What’s changing?

Currently, we provide at least 30 days’ notice if we need to decrease the interest rate on these Flexible products. Starting soon, this notice period will change to 14 days, aligning with the industry standard.

janusd

Family BS Online Saver (Issue 5) (NLA) dropping from 4.80% to 4.40% on 6th January 2025

jaypers

Another cop out by Chase……

We’re making some changes to our Saver Account Terms and Conditions from 19 February 2025 that you should be aware of. We’ve outlined a summary of the changes below: 

• The AER of the Chase saver account is currently 1.25% below the Bank of England base rate. We're changing this percentage difference from 1.25% to 1.50%. This means if the Bank of England rate is 4.75%, the AER of our saver will be 3.25%. You can find the Bank of England base rate on their website at any time. 

You've also got a Chase saver with a boosted rate. This boosted rate offer is subject to any changes to the standard Chase saver variable rate.

These changes will apply from 19 February 2025. If you’re happy with them, you don’t need to do anything as they’ll happen automatically.

Cobbler_tone

Chase drop their rate from 19th Feb from 1.25% to 1.5% below the BOE interest rate....i.e. 3.25%

Cobbler_tone

jaypers said:

Another cop out by Chase……

We’re making some changes to our Saver Account Terms and Conditions from 19 February 2025 that you should be aware of. We’ve outlined a summary of the changes below: 

• The AER of the Chase saver account is currently 1.25% below the Bank of England base rate. We're changing this percentage difference from 1.25% to 1.50%. This means if the Bank of England rate is 4.75%, the AER of our saver will be 3.25%. You can find the Bank of England base rate on their website at any time. 

You've also got a Chase saver with a boosted rate. This boosted rate offer is subject to any changes to the standard Chase saver variable rate.

These changes will apply from 19 February 2025. If you’re happy with them, you don’t need to do anything as they’ll happen automatically.

I just received that. Probably need to do some shopping around in the new year when my 4.5% boost expires.