The New Top Easy Access Savings Discussion Area

Bridlington1

Arthurian said:

I recently managed to open an Ulster Bank current account, with a view to sending money to their 5.2% savings, but the whole experience was so chaotic, I have decided to close the current account and have nothing more to do with them.

Probably not what you want to hear but I get the feeling that you may've given up at the final hurdle with Ulster.

In my experience opening the current account itself was a long winded affair but once the current account was open, applying for the savings account took less than a minute in the app, with the account fully operational the next day, probably among the easiest savings account applications I've done. For me everything's worked very smoothly with Ulster since then.

allegro120

Bridlington1 said:

Bridlington1 said:

@soulsaver
Oxbury Special Edition EA 5.04% £25k min
Oxbury Easy Access Account Limited (Edition 1) 5.02% £20k MinFR
Oxbury Personal Easy Access Account (Issue 1) at 4.94% £1k minFR
Secure Trust Access Account (Issue 15) 4.90%
Cynergy Bank Online Easy Access Account (Issue 78) 4.94%

All NLA

In addition
Co-operative Bank Base Rate Tracker Savings Account £100k MinFR!! to reduce to 4.75% from 8/8/24

Thus if I'm not mistaken the following enter the top 10:
Cynergy Bank Online Easy Access Account (Issue 79) 4.88%
Kent Reliance EA Issue 71 4.85% £1k min
Limited Issue Online Access Account (Issue 60) 4.85% £1k min

In addition to the above (I appreciate it wouldn't've got a ranking anyway):

Wealthify Instant Access Savings Account has reduced from 4.91% to 4.65%

I think we'll see a lot of reduction announcements within next couple of weeks.  I have a large portfolio of backups, but haven't used any of them yet. Most of my EA money is in Ulster so I can't see myself taking advantage of any backups under 5.2% for at least next 2 months. 

slinger2

As noted above, the Oxbury Personal Easy Access Account is NLA for new customers. I have an Issue 1 of this account and have received the following in an email:

"We are writing to let you know that from 16/08/2024, your account's interest rate on balances above £1,000.00 will change from 4.83% Monthly Gross / 4.94% AER to 4.59% Monthly Gross / 4.69% AER."

So 14 days notice of a 0.24% reduction in the gross interest rate, which equates to a 0.25% reduction in the AER.

janusdesign

@soulsaver - not sure previously mentioned, but Monument Easy Access has dropped from 5.03% to 4.70%

mebu60

Shawbrook EA reducing from 4.7% to 4.45% wef 20:08:24.

Need £1k minimum balance for that rate so won't affect my £1. 

refluxer

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...!

As mentioned above, the underlying Chase Saver rate is variable - it's only the 1% boost that's fixed. This means that the standard Chase Saver (which tracks the base rate -1.15%) will go down to 3.85% AER and the boosted Saver (effectively base rate -0.15%) will go down to 4.85% AER on 08/08/24.

This section from the boosted account T&Cs makes it a bit clearer...

Interest
We will pay a fixed interest rate of 1.0% AER above the applicable Chase saver interest rate during the offer period.
While the boosted interest rate will be fixed during the offer period, we may still make changes to the underlying Chase saver interest rate in line with the Chase saver account Terms and Conditions and the General Terms and Conditions. This means that the overall interest rate on the account may go up or down during the offer period. For example, if the interest rate on your Chase saver account was decreased to 4.0% AER during the offer period then, after that change, you would earn 4.0% AER plus your boosted interest rate of 1.0% AER giving you an overall interest rate of 5.0% AER for the offer period.

Wheres_My_Cashback

ULSTER BANK LOYALTY SAVER REDUCTION
https://www.ulsterbank.co.uk/savings/manage-your-savings/savings-interest-rates-changes.html


5.20% to 4.75%   £5K+
2.25% to 2.00%   £1-4999

From 14th Oct 24

soulsaver

ToTP rebuilt - thanks to all for the input, especially @Bridlington1 for the volume ... much appreciated.

Note: Going forward - this page is not maintained - info will go OOD.

1 Ulster Bank Loyalty Svr  5.20% £5k+ (29/09) until 14/10 then 4.75% - see ToTP trail 03/08

  Oxbury Special Edition EA 5.04% £25k min (23/07)  ***NLA 03/08***

  Oxbury Easy Access Account Limited (Edition 1) 5.02% £20k MinFR. (01/05 & 24/05) ***NLA 03/08***

2 Principality BS Online Bonus Triple Access Iss2.  5.00% inc.1.4% 1st yr bonus (04/07) £1 min. 

3 Co-Op BR tracker for a few days - see near bottom (of page..lol).

   Cynergy Bank Online Easy Access Account (Issue 78) 4.94% (26/06) ***NLA 02/08***

   Oxbury Personal Easy Access Account (Issue 1) at 4.94% £1k minFR (12/04)  ***NLA 03/08***

4 Paragon Bank Double Access Savings Account Issue 8 4.91% (21/05) £1k min 

5 Hampshire Trust Bank Easy access issue 24. 4.90% (18/07)

  Secure Trust Access Account (Issue 15) 4.90% (02/07)  ***NLA 03/08***

  Tandem Instant Access Saver  4.90% (inc 0.25% variable top up) (23/04) ***rate NLA 01/08***

6 Aldermore Dble 4.90% £1k min (18/04)

7 Close Brothers Savings Easy Access Account Issue 4 - 4.90% £10k min (03/06)

8 Cynergy Bank Online Easy Access Account (Issue 79) 4.88% (03/08)

9 Kent Reliance EA Issue 71 4.85% £1k min (03/08)

10 Leeds BS Limited Issue Online Access (Issue 60) 4.85% £1k min (03/08)

11 Scottish BS ESvr Plus (quad) 4.81% £100min (03/08)

For info: 

Co-operative BR Tracker  5.00% £100k MinFR!! (15/03) ***Rate tracks down to 4.75% from 08/08***

Monument Bank EA  5.03% (was 5.01%) £25k min overall; app only (09/07) ***rate NLA (now 4.70%) *** 

ETA: Strike through see lower in trail.

SaveTheEuro

Wheres_My_Cashback said:

ULSTER BANK LOYALTY SAVER REDUCTION
https://www.ulsterbank.co.uk/savings/manage-your-savings/savings-interest-rates-changes.html


5.20% to 4.75%   £5K+
2.25% to 2.00%   £1-4999

From 14th Oct 24

This looks to be the moment the Skipton Base Rate Tracker Account Issue 5, launched in November 2023, becomes of some use. It wasn't on the market for long but was worth opening with a pound.  The rate of interest (currently 5.06%) is guaranteed to track 0.19% below the Bank of England base rate for 24 months. From mid October it will be outperforming Ulster Bank with a rate of 4.81%, compared to 4.75%, and no requirement to have a minimum sum of £5,000. 

mebu60

SaveTheEuro said:

Wheres_My_Cashback said:

ULSTER BANK LOYALTY SAVER REDUCTION
https://www.ulsterbank.co.uk/savings/manage-your-savings/savings-interest-rates-changes.html


5.20% to 4.75%   £5K+
2.25% to 2.00%   £1-4999

From 14th Oct 24

This looks to be the moment the Skipton Base Rate Tracker Account Issue 5, launched in November 2023, becomes of some use. It wasn't on the market for long but was worth opening with a pound.  The rate of interest (currently 5.06%) is guaranteed to track 0.19% below the Bank of England base rate for 24 months. From mid October it will be outperforming Ulster Bank with a rate of 4.81%, compared to 4.75%, and no requirement to have a minimum sum of £5,000. 

That rather depends on what the BoE does on 19 September.

Before then holders of Skipton's Single Access account Iss 1 and the BRT Iss 5 can benefit (at least in the very short term) as the former reduces below the latter on 2 September.