The New Top Easy Access Savings Discussion Area

crumpet_man

EthicsGradient said:

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.

Coventry First Home saver issue 1 is 36 months but interest paid annually, I think it was not available for long and withdrawn 19th December 2022 according to 

https://www.coventrybuildingsociety.co.uk/member/savings/closed-accounts.html

Anyone with this account is most likely getting their final annual interest payment between September and December 2025.

nottsphil

allegro120 said:

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. 

Is it really worth it for 4p (gross) per Cahoot account?
It's run by Santander, who locked my internet access for months following large transfers although they would never tell me the reason (apart from the pathetic "we are protecting your money").
I hadn't heard of DF before. Why are they currently offering no savings accounts at all?

CuparLad

nottsphil said:

I hadn't heard of DF before. Why are they currently offering no savings accounts at all?

They are, just not to new customers (unless you're a business)

Suggests they either have no great need for new monies at the moment, or they're holding off in advance of the next MPC Meeting.

janusdesign

allegro120 said:

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. 

Family & DF are now 14 days notice for rate decreases and good old Cahoot remains at 2 months notice - I don't have an account with GB Bank, so can't help with that one.

EthicsGradient

GB Bank is 14 days' notice too.

... and ... 25 minutes after posting that, I get an email from them saying their Easy Access Issue 2 is going down from 4.6% to 4.35% from 13th May.  

mon3ysav3r

Yup GB Bank email just received "From 13 May 2025, the rate on your Easy Access Issue 2 account will decrease from 4.60% AER to 4.35% AER and from 4.51% monthly to 4.27% monthly."

CuparLad

Seems like GB Bank are getting ahead of the MPC Meeting.

mebu60

mon3ysav3r said:

Yup GB Bank email just received "From 13 May 2025, the rate on your Easy Access Issue 2 account will decrease from 4.60% AER to 4.35% AER and from 4.51% monthly to 4.27% monthly."

Also Issue 1 dropping to the same lower rates from the same date but from 4.7%AER and 4.6% monthly.

EthicsGradient

With the likelihood of a 0.25% cut put at above 100% - ie the markets think a 0.5% cut would be more likely than a 0% one - it's not that surprising. 

jimexbox

Let's hope the BoE doesn't regret cutting rates in 6 months time. Food inflation is still ridiculous, coupled with energy and NI increases, seems a little premature.