The New Top Easy Access Savings Discussion Area

refluxer

BigBlueSky said:

refluxer said:

Today's BoE cut means that the recent boosted Chase Saver will go from 5.1% to 4.85% next Thursday (8th August).

Will they definitely reduce it that quickly ?

Yes, the account T&Cs state that rate changes will occur 5 business days after any changes to the base rate are announced.

The normal Chase Saver tracks 1.15% below the base rate and the most recent boosted Saver tracks 0.15% below (until next January)

jak22

It's linked to the rate - changing 5 business days after a BoE rate change. That current rate is an AER, it pays monthly so the current interest rate is actually 4.98% gross.

What_time_is_it

Maybe some easy access accounts will hold off reducing rates for a while longer to avoid an exodus of customers?
And maybe some fixed rate deals might remain on offer too to encourage new customers?
Or am I being too optimistic?

InvesterJones

What_time_is_it said:

Maybe some easy access accounts will hold off reducing rates for a while longer to avoid an exodus of customers?
And maybe some fixed rate deals might remain on offer too to encourage new customers?
Or am I being too optimistic?

I expect they'll all move within not too long of each other - no-one wants an exodus, or conversely, too much inflow at a low or negative margin rate.

BigBlueSky

refluxer said:

BigBlueSky said:

refluxer said:

Today's BoE cut means that the recent boosted Chase Saver will go from 5.1% to 4.85% next Thursday (8th August).

Will they definitely reduce it that quickly ?

Yes, the account T&Cs state that rate changes will occur 5 business days after any changes to the base rate are announced.

The normal Chase Saver tracks 1.15% below the base rate and the most recent boosted Saver tracks 0.15% below (until next January)

Chase told me differently, but I assume it is just the agent doesn't know.

BigBlueSky

and then this - 

refluxer

It's concerning that a Chase customer support agent doesn't seem to know what 'variable' means - that's pretty basic stuff !

gravel_2

At this point I ignore everything chat agents/bots say and 50% of what telephone agents say.

Also expect Chip ISA, Skipton Tracker ISA and similar to drop automatically/without notice.

I am interested to see what happens to the Trading212 (headline is already non-committal on Invest and S&S ISA, and 1 day notice on Cash ISA) and Ulster Bank (60 days notice IIRC) interest rates

cavallino69

Hi people my first post on here😜😜
What's the best savings account with easy access and at least 4%-5% interest.
Can anyone recommend a reliable safe provider please,either a well known bank or BS or any of the online only savings account featured in MSE recommendations.
Has anyone had experience with these savers,either good or bad.... thanks 

Kazza242

Skipton BS are reducing the interest rates on their variable rate savings accounts, w.e.f. 2nd September 2024.

Their 'FA Bonus Saver', currently paying 5.20% (including bonus) will be reducing to 4.95%.

See the Skipton BS Bank of England Base Rate update, here.