The New Top Easy Access Savings Discussion Area

allegro120

Kim_13 said:

Bridlington1 said:

@soulsaver
Saffron BS E-Saver Account (Issue 21) 4.5% £10 min

Showing online as Issue 22, I’ve just sent them a secure message asking to convert my Issue 20 to it.

There is no nominated account against my existing account, so I’ve also asked if they are able to resolve that. Last time I phoned the CS said the account couldn’t be withdrawn from to an external account, which is odd to say the least for an Easy Access.

I've done it differently. Opened iss22 and internally transferred all of my iss20 balance to iss22.  It will be interesting to see if Saffron will close my empty account or keep it running.

Kim_13

allegro120 said:

Kim_13 said:

Bridlington1 said:

@soulsaver
Saffron BS E-Saver Account (Issue 21) 4.5% £10 min

Showing online as Issue 22, I’ve just sent them a secure message asking to convert my Issue 20 to it.

There is no nominated account against my existing account, so I’ve also asked if they are able to resolve that. Last time I phoned the CS said the account couldn’t be withdrawn from to an external account, which is odd to say the least for an Easy Access.

I've done it differently. Opened iss22 and internally transferred all of my iss20 balance to iss22.  It will be interesting to see if Saffron will close my empty account or keep it running.

I emptied an an account once and received a secure message a few days later advising that they would close it in 30 days if not brought back up to the minimum balance, so expect it to disappear in a month or so with any interest accrued sent to your nominated account (but that will push it into 25/26, so if having the interest in this tax year instead would be to your advantage, you could message them asking to close it now.)

allegro120

Kim_13 said:

allegro120 said:

Kim_13 said:

Bridlington1 said:

@soulsaver
Saffron BS E-Saver Account (Issue 21) 4.5% £10 min

Showing online as Issue 22, I’ve just sent them a secure message asking to convert my Issue 20 to it.

There is no nominated account against my existing account, so I’ve also asked if they are able to resolve that. Last time I phoned the CS said the account couldn’t be withdrawn from to an external account, which is odd to say the least for an Easy Access.

I've done it differently. Opened iss22 and internally transferred all of my iss20 balance to iss22.  It will be interesting to see if Saffron will close my empty account or keep it running.

I emptied an an account once and received a secure message a few days later advising that they would close it in 30 days if not brought back up to the minimum balance, so expect it to disappear in a month or so with any interest accrued sent to your nominated account (but that will push it into 25/26, so if having the interest in this tax year instead would be to your advantage, you could message them asking to close it now.)

Thank you.  That's good to know.  My balance was only £10.74, so whatever accrues for this month won't make any difference for my tax affairs.  I'll just leave it to take its course and delete it from my spreadsheet.  I also have £1.07 in Saffron 'My Saver Issue 1 AI' paying the same 4.25% - will do the same with this account, I have more than enough accounts with Saffron to keep my membership uninterrupted

soulsaver

Bridlington1 said:

Apologies if it's been mentioned already (appears to have happened earlier this month but I can't see it referenced in the no chat thread):

Santander Edge Saver Issue 2 NLA. Replaced by Issue 3 at the same rate.

The only difference that I can see is that Issue 3 is 6% consists of a 4% (var) underlying rate and a 2% (var) bonus, whilst Issue 2 consisted of a 4.5% (var) underlying rate and a 1.5% (var) bonus.

Thanks @Bridlington1 Wef 03/03 according to 'Key Facts' Santander Edge saver (Issue 3)

'No chat' updated.

jim1999

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

dosh37

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.

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

janusdesign

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.'