The New Top Easy Access Savings Discussion Area

masonic

Well that's annoying. I'm just a couple of months away from "renewing" this. I had considered doing so at the end of July, but decided to wait. At least I didn't rush to do so when the interest rate decision was announced or I'd have missed out on those last couple of months.

flaneurs_lobster

masonic said:

Well that's annoying. I'm just a couple of months away from "renewing" this. I had considered doing so at the end of July, but decided to wait. At least I didn't rush to do so when the interest rate decision was announced or I'd have missed out on those last couple of months.

Closed Monday and reopened yesterday. Still there, but I doubt it'll be at 7% for too much longer.

dcs34

Santander Edge saver (Issue 2)

Can holders of issue 1 also open Issue 2? The KFD says "You can have an account in your sole name." but it's not clear if "an account" is "any Edge saver account of any issue" or "an account of this Edge Saver Issue 2".

snnexus6

Rheumatoid said:

snnexus6 said:

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)

I've just been looking at alternative options if the Chase interest drops to 4.85% next week.
However, looking at the terms & conditions again it appears to state that the underlying rate won't change until the 16th January 2024.

Quoted from Chase T&C's linked to account:

"What's the interest rate on the account?
The interest rate for the Chase saver account is currently 4.1% AER (variable, 4.02% gross), calculated every day and paid every month.

Your interest rate with the boost is currently 5.1% AER (variable, 4.98% gross), calculated daily and paid monthly until 16 January 2025. After this date, the interest rate will change to the standard variable interest rate for the Chase saver account. We'll let you know when this is about to happen."

So the important point there stating the rate will only change on 16th Jan when the rate reverts to the standard variable interest rate and only then linked to the BoE rate.

So I believe in my circumstances the rate in the boosted account will not alter until 16/01/24 and it will then be linked to whatever the BoE rate will be.

We'll find out for certain next week...!

read the next para 'Can the interest rate change'

Yes I read that too, it was more wishing thinking that the rate wouldn't change, I was fully expecting the rate to follow the BoE but hoping it wouldn't.
Reading again it's referring to the 1% booster that won't change until January not the whole 5.1% rate which is how I was trying to interpret it - like I said wishful thinking! 

janusdesign

dcs34 said:

Santander Edge saver (Issue 2)

Can holders of issue 1 also open Issue 2? The KFD says "You can have an account in your sole name." but it's not clear if "an account" is "any Edge saver account of any issue" or "an account of this Edge Saver Issue 2".

on the Santander site, it says "Only 1 Santander Edge saver per Santander Edge current account you hold" - so I suspect that would mean no if you only have the one Edge current account.

pecunianonolet

Was still at 7% this early morning and was on my list to renew today, a bit behind on all things after 1.5 weeks business travel in China and behind the China firewall MSE is entirely blocked so was wading through hundreds of posts. 

flaneurs_lobster

pecunianonolet said:

.. and behind the China firewall MSE is entirely blocked... 

Should hope so too, obviously Western bourgeois capitalist decadence.

granta

flaneurs_lobster said:

masonic said:

Well that's annoying. I'm just a couple of months away from "renewing" this. I had considered doing so at the end of July, but decided to wait. At least I didn't rush to do so when the interest rate decision was announced or I'd have missed out on those last couple of months.

Closed Monday and reopened yesterday. Still there, but I doubt it'll be at 7% for too much longer.

Annoyingly, I put in my closure request yesterday (via ChatBot). It's still showing as open on my app so I have transferred my funds back for now as may as well benefit from 7% whilst I can!

Did you close yours by 'phone as it sounds like yours was done more efficiently?

masonic

granta said:

flaneurs_lobster said:

masonic said:

Well that's annoying. I'm just a couple of months away from "renewing" this. I had considered doing so at the end of July, but decided to wait. At least I didn't rush to do so when the interest rate decision was announced or I'd have missed out on those last couple of months.

Closed Monday and reopened yesterday. Still there, but I doubt it'll be at 7% for too much longer.

Annoyingly, I put in my closure request yesterday (via ChatBot). It's still showing as open on my app so I have transferred my funds back for now as may as well benefit from 7% whilst I can!

Did you close yours by 'phone as it sounds like yours was done more efficiently?

That might be enough to abort the closure. As it is a manual process, following up with a message that you've changed your mind might be beneficial if you want to hang on to the 7% version a while longer.

Monday - Thursday sounds like a normal timescale for chat-based closure. Normally it takes a couple of days for someone to pick up the chat request and action it.

flaneurs_lobster

granta said:

flaneurs_lobster said:

masonic said:

Well that's annoying. I'm just a couple of months away from "renewing" this. I had considered doing so at the end of July, but decided to wait. At least I didn't rush to do so when the interest rate decision was announced or I'd have missed out on those last couple of months.

Closed Monday and reopened yesterday. Still there, but I doubt it'll be at 7% for too much longer.

Did you close yours by 'phone as it sounds like yours was done more efficiently?

Nope, chat with Sandi on Mon 29 PM, account closed/balance + interest in current account on Wed 31. New Edge Saver opened/funded same day.