The New Top Easy Access Savings Discussion Area

jaypers

sammy_zammy said:

Chase rewarding loyalty rather than solely new customers? What is this?!

Their coffers must be depleted with all the cash everyone took out because they messed up their 1% cashback. ‘Loyalty’…….haha, means nothing. 

Speculator

The 4.8% chase boosted saver makes all regular savers paying 4.8% or less obsolete for the next 6 months.

Not even sure it's worth paying into my Coventry Homesaver iss 1 just to gain an extra 0.05%.

flaneurs_lobster

Speculator said:

The 4.8% chase boosted saver makes all regular savers paying 4.8% or less obsolete for the next 6 months.

See what happens after the next MPC meeting on May 8th, might not be the obvious choice if/when it's underlying rate is reduced.

refluxer

Speculator said:

The 4.8% chase boosted saver makes all regular savers paying 4.8% or less obsolete for the next 6 months.

The only caveat to that is that the Chase account will drop with the base rate (so possibly as early as next week), whereas some of the Regular Savers you're talking about may be fixed, I guess ?

Bridlington1

Speculator said:

The 4.8% chase boosted saver makes all regular savers paying 4.8% or less obsolete for the next 6 months.

Not even sure it's worth paying into my Coventry Homesaver iss 1 just to gain an extra 0.05%.

Whilst the 1.8% bonus is fixed, the underlying interest rate of 3% is tied to the BOE base rate if I'm not mistaken. If the BOE base rate is cut by 0.25% next Thursday 4.8% falls to 4.55% rather quickly. 

Speculator

refluxer said:

Speculator said:

The 4.8% chase boosted saver makes all regular savers paying 4.8% or less obsolete for the next 6 months.

The only caveat to that is that the Chase account will drop with the base rate (so possibly as early as next week), whereas some of the Regular Savers you're talking about may be fixed, I guess ?

I am comparing it to variable rate instant access regular savers, especially the Coventry Homesaver iss 1. I know the Coventry have a habit of reducing the rate of regular savers by the full percentage cut

Bridlington1

Speculator said:

refluxer said:

Speculator said:

The 4.8% chase boosted saver makes all regular savers paying 4.8% or less obsolete for the next 6 months.

The only caveat to that is that the Chase account will drop with the base rate (so possibly as early as next week), whereas some of the Regular Savers you're talking about may be fixed, I guess ?

I am comparing it to variable instant access regular savers, especially the Coventry Homesaver iss 1. I know the Coventry have a habit of reducing the rate of regular savers by the full percentage cut

Whilst their FHS Issue 1 has so far followed this pattern this hasn't been the case in all cases though. Their FHS Issue 2 has been left unchanged following the last 2 cuts. Their Loyalty Mortgage RS, Sunny Day Saver and RS 6 were also left unchanged when the BOE base rate was cut in November.

Personally if I had the choice between funding Chase at 4.85% and funding Coventry FHS at 4.85% I'd be inclined to fund Coventry on the grounds that if the Coventry rate is cut to lower than Chase I can pull money from the account and put it in Chase. If it's the other way round I'm limited to how much I can put in Coventry. 

Moreover Coventry's interest rate cuts would come into effect later than Chase's given Chase's cuts come into effect 5 working days after a BOE base rate cut, whereas Coventry have to give a longer notice period.

exel1966

refluxer said:

Speculator said:

The 4.8% chase boosted saver makes all regular savers paying 4.8% or less obsolete for the next 6 months.

The only caveat to that is that the Chase account will drop with the base rate (so possibly as early as next week), whereas some of the Regular Savers you're talking about may be fixed, I guess ?

As I said earlier the 15th May is the earliest Chase can reduce the rate if there is a BoE cut next week.

AndyTh_2

I was thinking of moving my Atom Instant Saver Reward money out as got the interest today, but wondering about their withdrawal drop to 3%. Is it calendar monthly or day of month opened each month it resets?

allegro120

exel1966 said:

RedImp_2 said:

Opening my Chase app this morning I was offered a 1.8% boosted savings account meaning 4.8% for 6 months.
Does seem a bit daft have to add a new account as now I have three savings accounts with them.

I still have a Saver a/c though it's had a zero balance for a few months now.

I have been offered the boost, there is a 'get my boost' box on the Save and Invest page.

Realistically this is likely to become 4.55% on 15th May if the BoE base rate reduces.

According to predictions it most certainly will. Still 10 days of a better rate is a plus.  I pulled all funds from my  unlimited access EAs and put it in Chase for now.  After the 8th May BoE meeting I'll put it back to where it was before (£12k in 4.75% Cahoots and the rest spread across 4.6% GB, Family and DF). I'm sure they will reduce their rates too, but probably not immediately.  I don't know about Family and GB, but DF and especially Cahoot give generous notices.