The New Top Easy Access Savings Discussion Area

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. 

sammy_zammy

AndyTh_2 said:

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?

A month is relative to the day you opened the account.

AndyTh_2

sammy_zammy said:

AndyTh_2 said:

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?

A month is relative to the day you opened the account.

thanks, it was what I was thinking, just making sure it's not that I'd get a penalty interest deduction for this calendar month as got the interest already.

It's now earning 0.05% more interest (doesn't matter to me if base rate change quick for Chase rate drop and delayed for Atom anyway as not the end destination)

dcs34

The Chase Saver also counts as a true instant Easy Access account, so this has come at a great time with Gatehouse and Ulster dropping rates...

poppystar

Well, I’m truly miffed, Chase haven’t offered this to me🙁. Are there qualifying criteria that they’ve published anywhere? Is my loyalty not good enough??

EthicsGradient

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%.

Not if you want interest paid in the 26-27 tax year - for marginal savings that would take you over the basic rate-payer's PSA in 25-26, this is equivalent of 3.84%. And since a lot of regular savers are for 12 months, many will only pay the interest at the end, ie in 26-27 for anything opened now.