The New Top Easy Access Savings Discussion Area

allegro120

Sherbertfizz said:

Anyone else receive an email from Snoop advising that they've been paying the wrong interest?  It's a tiny difference (4.59% instead of 4.6%) but seems rather odd.  No explanation.  Accounts with annual interest are easy to verify but my maths isn't up to confirming whether monthly/daily interest rates are being applied accurately.  I'm sure the more expert savers here will have wisdom to impart!

Our regular checks have spotted that since 28 May we’ve slightly underpaid you the interest you’re due. The interest rate on your Snoop savings account is 4.60% AER (variable), but we’ve paid 4.59% AER (variable).

Given this, we’re topping up your interest earned and will make this payment alongside your next regular interest payment. And we’ll make sure you earn the correct amount going forwards.

Yes, I've received the same message yesterday.

darren72

With regards to Snoop, I see the maximum balance is £85,000.  Is it OK to go over once interest has been added, or must the interest be withdrawn to keep the balance at £85,000 ?

KevinG

darren72 said:

With regards to Snoop, I see the maximum balance is £85,000.  Is it OK to go over once interest has been added, or must the interest be withdrawn to keep the balance at £85,000 ?

Normally interest is allowed on top as long as you don't make any further deposits. This is how Atom works anyway.

allegro120

darren72 said:

With regards to Snoop, I see the maximum balance is £85,000.  Is it OK to go over once interest has been added, or must the interest be withdrawn to keep the balance at £85,000 ?

I don't know for sure, but normally it means including the interest you have earned unless specified otherwise.

Kim_13

KevinG said:

darren72 said:

With regards to Snoop, I see the maximum balance is £85,000.  Is it OK to go over once interest has been added, or must the interest be withdrawn to keep the balance at £85,000 ?

Normally interest is allowed on top as long as you don't make any further deposits. This is how Atom works anyway.

As £85,000 is the FSCS compensation limit, Snoop may be doing customers a favour with that limit and I would withdraw the interest regardless of whether they would allow it or not.

dosh37

I recall reading that the FSCS limit of £85K was introduced in 2017 and the threshold was related to the UK being part of Europe.

Taking into account Brexit, savings tax and inflation, why is the limit still £85K in 2025?

masonic

dosh37 said:

I recall reading that the FSCS limit of £85K was introduced in 2017 and the threshold was related to the UK being part of Europe.

Taking into account Brexit, savings tax and inflation, why is the limit still £85K in 2025?

Because the previous limit was much lower and going back to the early days, it is still lower than £85k in today's money.

dosh37

masonic said:

dosh37 said:

I recall reading that the FSCS limit of £85K was introduced in 2017 and the threshold was related to the UK being part of Europe.

Taking into account Brexit, savings tax and inflation, why is the limit still £85K in 2025?

Because the previous limit was much lower and going back to the early days, it is still lower than £85k in today's money.

Ok - so it's still a con?

dosh37

As a saver I spend many pointless hours moving cash between accounts to avoid the £85K limit.

My understanding is that there are proposals to increase the limit to £110K.

dekkard

The £85k threshold is under review and may be increased in December.

https://www.bankofengland.co.uk/news/2025/march/the-pra-proposes-raising-fscs-deposit-protection-limit