The New Top Easy Access Savings Discussion Area

SnowMan

allegro120 said:

EthicsGradient said:

intalex said:

Kim_13 said:

Skipton have launched a Bonus Saver Issue 12, paying 4.5% with bonus for 12 months (2.8% without bonus.) Min £1, Max £50,000.

No monthly interest option :-(

But no limits on withdrawals, so you can get your income from it when you want.

Not the income, only the capital.  
I personally prefer monthly option for EAs.  Don't need to close them when you want your interest to compound at a better rate offered elsewhere.

I won't be going to this offer, have plenty of EAs paying a better rate and a handful of 4.5% doing nothing at the moment.  

Good point. It is quite easy to lose a not completely trivial bit of money by not closing old accounts, where there is a decent amount of accrued but unpaid interest and the savings provider uses the normal traditional n/365 method of calculating interest. Best explained by an example.

Let's suppose you put 40K in an account paying 4.5% AER on 20/12/2024 and for simplicity (and to show it's nothing to do with the interest rate changing) we'll assume that rate never changes. And let's assume you opt for annual interest and the annual interest is paid on the anniversary of account opening on 20/12/2025. You then withdraw all the balance today on 20/6/2025 but don't close the account. You then get paid about £897 of interest on 20/12/2025 which you withdraw immediately on 20/12/2025.

However if instead you close the account today on 20/6/2025 you still get paid £897 of interest on closure, but it's now being paid 6 months earlier. If that closure interest goes into a different account also earning 4.5% AER then that earns you a further £20 interest to 20/12/2025. So you are £20 better off (6 months interest on £897) by closing the old account. 

If you absolutely want to maximise interest the general rule (and of course general rules have exceptions) should be opt for annual interest and then close the account when you move the money elsewhere in order to capitalise the accrued interest that you've already earned. 

the_seer

intalex said:

Descrabled said:

Kim_13 said:

Skipton have launched a Bonus Saver Issue 12, paying 4.5% with bonus for 12 months (2.8% without bonus.) Min £1, Max £50,000.

Skipton bonus saver that I opened on 13 June is maximum £5,000. Only one bonus saver allowed so I had to close my previous bonus saver first. So you can opt for a bonus saver at 5% max £5k or one at 4.5% max £50k.

But I had the 5% one and still managed to open the 4.5% which I then funded from my Base Rate Tracker?

The Skipton 5% max £5K account is a Member Bonus Saver, and you are only allowed one Member Bonus Saver at any one time.
The new 4.5% max £50K Bonus Saver is available to everyone, and there are no such restrictions in the T&Cs.

Kim_13

Descrabled said:

Kim_13 said:

Skipton have launched a Bonus Saver Issue 12, paying 4.5% with bonus for 12 months (2.8% without bonus.) Min £1, Max £50,000.

Skipton bonus saver that I opened on 13 June is maximum £5,000. Only one bonus saver allowed so I had to close my previous bonus saver first. So you can opt for a bonus saver at 5% max £5k or one at 4.5% max £50k.

The only account that cannot be held with the 5% 5k one (Member Bonus Saver Issue 2) is the earlier Member Bonus Saver Issue 1, which launched in January 2024 and which had its rate reduced to 4.5% on June 9. Those who opened this account late in its availability or who had 'refreshed' it could still have this account, and with the rates now being the same it would be easy to confuse it with the Bonus Saver Issue 12 at first glance (especially as they may be named similarly since Skipton prompt the customer to customise their account name.)

I can also vouch for it being possible to fund a Member Bonus Saver Issue 2 and Bonus Saver Issue 12 simultaneously.

subjecttocontract

I've managed to open the 5% & 4.5% bush kangaroo accounts. Nice to see Skippy offering some decent rates.

Bridlington1

@soulsaver

Teachers BS Double Access  NLA

If I'm not mistaken this pulls Newcastle BS 6 Month Variable Saver (Issue 1) at 4.4% into the top 10

Bridlington1

@soulsaver

Chip Instant Access trckr 4.56% slips to 4.33% for new customers.

If I'm not mistaken this pulls Vida Defined Access Issue 2 at 4.38% back into the top 10.

Speculator

Just received from Saffron BS

The variable rate on your E-Saver (Issue 22) account is reducing.

We’ve made the difficult decision to reduce the interest rate we pay on your E-Saver Issue 22 Account. As a result, on 9 July 2025 your rate will reduce by 0.25% to 3.74%/3.80% Gross p.a/AER.

We try to keep reductions to a minimum and always aim to offer you the best long-term value we can.

schiff

Speculator said:

Just received from Saffron BS

The variable rate on your E-Saver (Issue 22) account is reducing.

We’ve made the difficult decision to reduce the interest rate we pay on your E-Saver Issue 22 Account. As a result, on 9 July 2025 your rate will reduce by 0.25% to 3.74%/3.80% Gross p.a/AER.

We try to keep reductions to a minimum and always aim to offer you the best long-term value we can.

That's too many changes since I opened it on 2/6/3/25 at a decent 4.50%, so it's closure time. Saffron have become disappointing. I've stopped contributing to the 12 Month's Members RS now it's 4.20% so it's become a sort of deposit account till the next reduction. The Members' Loyalty at 8.00% fixed is fantastic of course and that keeps me a member for another 11 months. 

db3745

I agree. 0.47% drop for my easy access just took effect 2 weeks ago; now another hit. Been a long-standing customer, but customer service has been hit and miss for me, and I've only had any satisfaction when calling, as I've never yet had a sensible answer through secure messaging. I've always rated them highly, as never the top rate, but mostly a competitive rate if you are looking for a traditional building society , but they've lost that standing in my experience over last 18 months or more. 

allegro120

schiff said:

Speculator said:

Just received from Saffron BS

The variable rate on your E-Saver (Issue 22) account is reducing.

We’ve made the difficult decision to reduce the interest rate we pay on your E-Saver Issue 22 Account. As a result, on 9 July 2025 your rate will reduce by 0.25% to 3.74%/3.80% Gross p.a/AER.

We try to keep reductions to a minimum and always aim to offer you the best long-term value we can.

That's too many changes since I opened it on 2/6/3/25 at a decent 4.50%, so it's closure time. Saffron have become disappointing. I've stopped contributing to the 12 Month's Members RS now it's 4.20% so it's become a sort of deposit account till the next reduction. The Members' Loyalty at 8.00% fixed is fantastic of course and that keeps me a member for another 11 months. 

There's no online closure option, so I just emptied it. The account no longer meets the minimum balance requirement so I'll leave it to Saffron to close it without my instructions.

Yes, just MMRS and RaF. Everything else is rubbish at the moment.  I still keep my Small Saver running - probably shouldn't.  £1 p/m @4.4% doesn't hurt, but there is no real need for speculative account whilst I have 11 Months until I have to worry about continuous membership.