The New Top Easy Access Savings Discussion Area

EthicsGradient

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.

allegro120

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.  

shirley999

I happened upon the Skipton Bonus Saver and opened it this morning, not realising it was a new offering.  The interest rate showed as 2.8% so I queried it.  I was advised this was because I had deposited by debit card and the rate would increase once the funds cleared in 3 days.  Also that the 4.5% rate would end on 18/6/2026 regardless.  This doesn’t necessarily contradict what has been said but worth checking the terms or asking the question if opening without an initial deposit.  I’ve since done a small deposit by bank transfer and the rate now shows correctly as 4.5%.

soulsaver

Skipton Bonus Saver 4.50% £1 min; £50k max Inc fixed 1st yr bonus 1.70% (19/06)

Thanks @Kim_13

Descrabled

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.

intalex

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?

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.