The New Top Easy Access Savings Discussion Area

spreadsheeterapple

happybagger said:

Clearly decided the task of getting inflation down 2% target is beyond them. Surprised UK Gov haven't "revised" the target tbh.

2% inflation is the "low and slow" growth target for most if not all of the major 'developed' economies; that includes UK, EU, US, Japan. There has been some debate since pandemic of raising to 3%, e.g. the Federal Reserve Bank of America stated that more than a year ago, saying 3% may be considered "stable growth".
- but the UK are certainly not going to be first in announcing change, or go it alone; that would be economic suicide.

Best leave it there though, this conversation, else it might get political.

GalacticaActual

Yorkshire Building Society have just announced interest changes to their variable rate savings accounts from 11th March 2025, in relation to today's Bank of England Base Rate change.

They also have a PDF to view here: https://www.ybs.co.uk/documents/productdata/YBM1607RC.pdf

We’ll be reducing our rates on most of our savings accounts up to 0.25% on 11 March 2025.

Bobblehat

And they're off! In the lead In 2nd place with a 0.25% reduction is Oaknorth EA Iss 16 down to 3.25% AER 20/02/2025

ToastLady

Tandem EA down to 3.9% from 20th Feb, 4.15% with 0.25% top up.

explorerm

looks like CHIP have reduced the rate already on my Chip Easy Access Account from 4.75% to 4.49%! They seem to respond very fast to interest rate cuts, the same day ! Also happened with a ISA I had with Chip too! Will be emptying my account today !

pecunianonolet

explorerm said:

looks like CHIP have reduced the rate already on my Chip Easy Access Account from 4.75% to 4.49%! They seem to respond very fast to interest rate cuts, the same day ! Also happened with a ISA I had with Chip too! Will be emptying my account today !

It's a tracker account so they just do what they told you in the T&C you agreed to when you opened the account(s). Note, when you transfer out the ISA, should you wish to do so, you won't be able to open another ISA with them. 

flobbalobbalob

Oxbury

Personal Easy Access Account (Issue 1):
We are writing to let you know that from 20/02/2025, your account's interest rate on balances above £1,000 will change from 4.09% Monthly Gross / 4.17% AER to 3.97% Monthly Gross / 4.04% AER.

Easy Access Account Special Edition 1:
We are writing to let you know that from 20/02/2025, your account's interest rate on balances above £25,000 will change from 4.27% Monthly Gross / 4.35% AER to 4.14% Monthly Gross / 4.22% AER.

wiseonesomeofthetime

Kroo has emailed, but given that the rate is a tracker, based on the BoE minus 1.10%, it is no surprise.

Now 3.40% AER/3.35% gross

SnowMan

Tesco are reducing their standard rate on their internet saver. This message appears on their website

Their 12 month introductory bonus applies on top. So if you opened an account during the following dates then that 12 month bonus should be

On or after 16/1/2025: 3.05%

26/11/2024 - 15/01/2025: 2.85%

22/10/2024 - 25/11/2024: 3.05%

09/10/2024 - 21/10/2024: 3.15%

27/08/2024 - 08/10/2024: 3.31%

08/08/2024 - 26/08/2024: 3.36%

07/06/2024 - 07/08/2024: 3.41%

03/04/2024 - 13/05/2024: 3.56%

03/10/2023 - 02/04/2024: 3.50%

So for example if you opened an internet saver between 3/4/2024 and 13/5/2024 then your rate is going down from 4.81% AER (3.56% + 1.25%) to 4.71% AER (3.56% + 1.15%) on 19th March. And the bonus itself will end some time between 3rd April and 13th May.

If you open an internet saver now then your rate is going down from 4.3% AER (3.05% + 1.25%) to 4.2% AER (3.05% + 1.15%) on 19th March.

So not a great account now but could be a good genuine same day transfer account for those who previously opened accounts at higher past bonus rates.

jaypers

Atom’s Instant Saver Reward still says 4.85% on the main webpage but if you drill into the product it is says 4.6% so looks like it’s dropping down.