The New Top Easy Access Savings Discussion Area

Hattie627

Chetwood Bank EA

I would be disappointed if existing EA accounts at 4.71% AER are to be reduced to 4.66%. It was only within the last month that the rate was increased to 4.71% inducing me to open the account and the bank rate has been steady since November. The terms require 14 days notice for a decrease to be applied to existing accounts.

Stargunner

Hattie627 said:

Chetwood Bank EA

I would be disappointed if existing EA accounts at 4.71% AER are to be reduced to 4.66%. It was only within the last month that the rate was increased to 4.71% inducing me to open the account and the bank rate has been steady since November. The terms require 14 days notice for a decrease to be applied to existing accounts.

0.05% reduction is only a loss of £5 of interest on £10k of savings.

MichaelAP

moi said:

SeriousHoax said:

Bridlington1 said:

@soulsaver

Chip Easy Access Saver nudges up from 4.72% to 4.85%

Chetwood Bank Easy Access Account  slips from 4.71% to 4.66%

I've got chip easy access from a few weeks ago and it's still showing 4.75% When will it show the new 4.85% [?]

 It's the bonus they've increased, from 0.93% to 1.03% not the underlying variable tracker rate of 3.82% AER/3.75% Gross. I guess that means it's only for new customers/accounts. Not those of us who opened with 1 year 0.93% bonuses. 

Yes, bonus rate increase only for new customers. Mine is still at the 0.77% when opened on day one. It is quite disheartening when Chip do this only for new customers, especially when you cannot close the account and start afresh.

bilko89

Sorry if I'm bringing the tone down a bit (you all seem very educated on this topic!) I'm starting my emergency fund and instead of it sitting in my current accounts accompanying savings account (Monzo @ 3.6% AER) I found myself back to old faithful MSE and found this very in depth but confusing for me thread. 

Of course I'd be looking for an easy access account as if I have that emergency, I need the funds fast but I'm just a little confused at where to start to be honest. Is it as easy as picking the first one on the list (the no comment EA Savings thread) ? 

refluxer

bilko89 said:

Of course I'd be looking for an easy access account as if I have that emergency, I need the funds fast but I'm just a little confused at where to start to be honest. Is it as easy as picking the first one on the list (the no comment EA Savings thread) ? 

Your first decision needs to be whether you need truly instant access to your easy access savings or whether you'd be prepared to wait for a period of a few hours to the next working day. You'll also need to decide whether you're happy with app-only banking, as some of the better rates are from app-only banks (Chase, Tandem etc).

The table on this thread might be useful...

https://forums.moneysavingexpert.com/discussion/comment/81203642/#Comment_81203642

WoodwardM

bilko89 said:

Sorry if I'm bringing the tone down a bit (you all seem very educated on this topic!) I'm starting my emergency fund and instead of it sitting in my current accounts accompanying savings account (Monzo @ 3.6% AER) I found myself back to old faithful MSE and found this very in depth but confusing for me thread. 

Of course I'd be looking for an easy access account as if I have that emergency, I need the funds fast but I'm just a little confused at where to start to be honest. Is it as easy as picking the first one on the list (the no comment EA Savings thread) ? 

As per Refluxer, the best one is Chase, but this 5% rate is for NEW chase customers only.  So if you're an olf Chase customer the next best one (not listed in table as you need £5k+ to get this rate) is Ulster Loyalty Saver which pays 4.75%, decreasing to 4.5% on 20/01.  This is truly "within-the-minute" access for payments in & out. NB downside is you need £5k in there to get this rate, otherwise only 1.5%.

WoodwardM

PS: Sorry I can't give you a link, but I'm not allowed to do that yet (as classed as Newbie).
I haven't mentioned the NuWealth GB Bank saving acct, paying 4.86%, as this takes 1 day to pay in/out.
If Chase/Ulster not an option for you , just follow the "True Instant EA" table in the above link from Refluxer.

Middle_of_the_Road

WoodwardM said:

bilko89 said:

Sorry if I'm bringing the tone down a bit (you all seem very educated on this topic!) I'm starting my emergency fund and instead of it sitting in my current accounts accompanying savings account (Monzo @ 3.6% AER) I found myself back to old faithful MSE and found this very in depth but confusing for me thread. 

Of course I'd be looking for an easy access account as if I have that emergency, I need the funds fast but I'm just a little confused at where to start to be honest. Is it as easy as picking the first one on the list (the no comment EA Savings thread) ? 

As per Refluxer, the best one is Chase, but this 5% rate is for NEW chase customers only.  So if you're an olf Chase customer the next best one (not listed in table as you need £5k+ to get this rate) is Ulster Loyalty Saver which pays 4.75%, decreasing to 4.5% on 20/01.  This is truly "within-the-minute" access for payments in & out. NB downside is you need £5k in there to get this rate, otherwise only 1.5%.

You also need an Ulster current account.

bilko89

refluxer said:

bilko89 said:

Of course I'd be looking for an easy access account as if I have that emergency, I need the funds fast but I'm just a little confused at where to start to be honest. Is it as easy as picking the first one on the list (the no comment EA Savings thread) ? 

Your first decision needs to be whether you need truly instant access to your easy access savings or whether you'd be prepared to wait for a period of a few hours to the next working day. You'll also need to decide whether you're happy with app-only banking, as some of the better rates are from app-only banks (Chase, Tandem etc).

The table on this thread might be useful...

https://forums.moneysavingexpert.com/discussion/comment/81203642/#Comment_81203642

Thanks for your reply, appreciate it! 

I didn't even know there was such a thing, when I say Easy Access I assumed next working day.

Using Monzo right now so very comfortable using app only banking, so happy to look into Chase as per @woodwardM as I would be a new customer. 

I don't have any savings at the moment at all so starting completely from scratch from January's salary at the end of the month. 

Bobblehat

bilko89 said:

refluxer said:

bilko89 said:

Of course I'd be looking for an easy access account as if I have that emergency, I need the funds fast but I'm just a little confused at where to start to be honest. Is it as easy as picking the first one on the list (the no comment EA Savings thread) ? 

Your first decision needs to be whether you need truly instant access to your easy access savings or whether you'd be prepared to wait for a period of a few hours to the next working day. You'll also need to decide whether you're happy with app-only banking, as some of the better rates are from app-only banks (Chase, Tandem etc).

The table on this thread might be useful...

https://forums.moneysavingexpert.com/discussion/comment/81203642/#Comment_81203642

Thanks for your reply, appreciate it! 

I didn't even know there was such a thing, when I say Easy Access I assumed next working day.

Using Monzo right now so very comfortable using app only banking, so happy to look into Chase as per @woodwardM as I would be a new customer. 

I don't have any savings at the moment at all so starting completely from scratch from January's salary at the end of the month. 

Good luck on your journey ... you're in the right place for help and ideas!