The New Top Easy Access Savings Discussion Area

ColdIron

jim1999 said:

Just had a message from Santander to say that the Edge saver issue 2 will now revert to 4% after 12 months rather than 4.5%, so I guess they're aligning both of them to 4% underlying.

Won't affect me since I would close after 12 months anyway

Same, but something is amiss

I assume 9 June 2025 applies to everyone as I opened mine 20 August 2024

It says I will still get 6% for the first 12 months (so 20/08/2025) but for that to happen the bonus rate (variable) would need to increase from 1.50% to 2.00% like issue 3 but no mention of that

janusd

ColdIron said:

jim1999 said:

Just had a message from Santander to say that the Edge saver issue 2 will now revert to 4% after 12 months rather than 4.5%, so I guess they're aligning both of them to 4% underlying.

Won't affect me since I would close after 12 months anyway

I assume 9 June 2025 applies to everyone as I opened mine 20 August 2024

my letter had the same date, though mine matures on 26th June and will still pay the 7% rate for those first 12 months - after that, you just close it, wait a couple of days for that to occur and then open a new issue.

jim1999

ColdIron said:

jim1999 said:

Just had a message from Santander to say that the Edge saver issue 2 will now revert to 4% after 12 months rather than 4.5%, so I guess they're aligning both of them to 4% underlying.

Won't affect me since I would close after 12 months anyway

Same, but something is amiss

I assume 9 June 2025 applies to everyone as I opened mine 20 August 2024

It says I will still get 6% for the first 12 months (so 20/08/2025) but for that to happen the bonus rate (variable) would need to increase from 1.50% to 2.00% like issue 3 but no mention of that

I don't think anything is amiss - it is saying that the rate will drop from 4.5% after the first 12 months, and from 9th June.

So your change would not impact you until 20th August 2025, since that would be "after the first 12 months".

At that point you'll be receiving 4% and no bonus.

ColdIron

jim1999 said:

ColdIron said:

jim1999 said:

Just had a message from Santander to say that the Edge saver issue 2 will now revert to 4% after 12 months rather than 4.5%, so I guess they're aligning both of them to 4% underlying.

Won't affect me since I would close after 12 months anyway

Same, but something is amiss

I assume 9 June 2025 applies to everyone as I opened mine 20 August 2024

It says I will still get 6% for the first 12 months (so 20/08/2025) but for that to happen the bonus rate (variable) would need to increase from 1.50% to 2.00% like issue 3 but no mention of that

I don't think anything is amiss - it is saying that the rate will drop from 4.5% after the first 12 months, and from 9th June.

So your change would not impact you until 20th August 2025, since that would be "after the first 12 months".

At that point you'll be receiving 4% and no bonus.

Yes, a quick phone call confirms that. It was all too easy to read it as the rate will decrease on 09/06/2025

Your and makes it clear - 'after the first 12 months, and from 9th June.'

westv

dosh37 said:

Just 2 weeks ago I opened a Kent Reliance Easy access account Iss 77 (4.55%)

Today I discovered from the MSE Top Savings list that they have subsequently introduced Iss 78 paying 4.59%.

I only found out because Charter Savings (who are also owned by 'One Savings Bank') have done something similar.

A difference of 0.04% may not sound like much but if you have savings of £85K, that's £34 over a year.

I guess they assume most savers won't be bothered to open and transfer into a new account so they create a new issue rather than increase the interest rate to existing savers.

Luckily the transfer process is relatively straightforward and not too time consuming.

Closing the old account after making the transfer does involve sending a secure message.

That still doesn't sound like much.

pecunianonolet

westv said:

dosh37 said:

Just 2 weeks ago I opened a Kent Reliance Easy access account Iss 77 (4.55%)

Today I discovered from the MSE Top Savings list that they have subsequently introduced Iss 78 paying 4.59%.

I only found out because Charter Savings (who are also owned by 'One Savings Bank') have done something similar.

A difference of 0.04% may not sound like much but if you have savings of £85K, that's £34 over a year.

I guess they assume most savers won't be bothered to open and transfer into a new account so they create a new issue rather than increase the interest rate to existing savers.

Luckily the transfer process is relatively straightforward and not too time consuming.

Closing the old account after making the transfer does involve sending a secure message.

That still doesn't sound like much.

Matter of perspective perhaps?

If you won 85k in the lottery and you are privileged that you can put such an amount aside it may feel different as when it took you years to save up that much and perhaps made a lot of sacrifices along the way. I would totally do exactly the same for so little effort. 

Bridlington1

@soulsaver

Kent RBS Iss78 4.59% £1k min  NLA Replaced by Issue 79 at 4.64%

jim1999

dosh37 said:

Just 2 weeks ago I opened a Kent Reliance Easy access account Iss 77 (4.55%)

Today I discovered from the MSE Top Savings list that they have subsequently introduced Iss 78 paying 4.59%.

I only found out because Charter Savings (who are also owned by 'One Savings Bank') have done something similar.

A difference of 0.04% may not sound like much but if you have savings of £85K, that's £34 over a year.

I guess they assume most savers won't be bothered to open and transfer into a new account so they create a new issue rather than increase the interest rate to existing savers.

Luckily the transfer process is relatively straightforward and not too time consuming.

Closing the old account after making the transfer does involve sending a secure message.

Looks like you might be doing it again

mon3ysav3r

Talking of rates going up, I have just received an email to say the Buckinghamshire Building Society Online Single Access Saver Account is increasing on April 1 to 4.51% Gross pa / AER, it only recently went down to 4.35% from 4.6% last month. Their website is still showing Online Single Access Saver currently at 4.35%, perhaps this will be updated in April.

Just a note to say I have had many issues trying to open an account using their website, in particular it hangs part way through the application - it displays the text below, I click the "confirm" button and the website never responds.

"Signature Required - You will now be redirected to our secure Adobe platform to provide a digital signature for your application."

They then email me many days later to say my application is declined because the application is incomplete as I didn't sign (the digital signature). I have replied to explain the issue with the website, but no response yet.

happybagger

Re: Kent Reliance, had the following email today, key point being "real time" withdrawals, are on the cards:

Hi Happy Bagger,
We’re making some updates to our Online Services. As you already manage your savings online with us, this email explains what is changing and what you need to do.
 What’s changed?
As well as updating our website in line with customer feedback, we’ve recently launched a new Online Services system which will bring a range of benefits, including:

• Enhanced security and protection for your accounts.

• A faster account opening and funding experience

• Real-time payments, send and receive money instantly

• Ability to update your personal and contact information – saving you the need to contact us

• Seamless online maturity process with no paperwork

• Timely SMS notifications and monthly statements to keep you informed.

• Easy access to important account documents whenever you need them

When can you use our new Online Services
We’re currently working to make all our accounts and products accessible through our new Online Services. We’ll update you through the course of the year with further information, as each becomes available.
 As a first step, if you open a new Fixed rate bond online, you’ll need to register for our new Online Services.
 For now, if you want to open any other type of savings’ account, and for any existing accounts you have with us, you’ll need to continue to manage them separately on our pre-existing system, using your current login details.