The New Top Easy Access Savings Discussion Area

janusd

ForumUser7 said:

13zero8 said:

Flippin eck.... Atom Instant Saver Reward dropping by a whopping 0.6% from 4.60% to 4.00%.

Bye bye Atom, it's been good.

Does this mean that people can withdraw before the rate change without the rate dropping to the 'you made a withdrawal' rate?

best to leave it until your new month begins (e.g once interest has been paid) and then withdraw the entire balance... for the next month, you'd receive the withdrawal rate, but as the balance would then be zero, the rate for that month is irrelevant.

I don't believe there is anything in the terms along the lines of "we've reduced the rate, so you can withdraw without any penalty" - the penalty withdrawal rate stays in place upon a withdrawal for that current month.

BreakingGlass

ForumUser7 said:

13zero8 said:

Flippin eck.... Atom Instant Saver Reward dropping by a whopping 0.6% from 4.60% to 4.00%.

Bye bye Atom, it's been good.

Does this mean that people can withdraw before the rate change without the rate dropping to the 'you made a withdrawal' rate?

No.  I can't see anything in the T&Cs that would suggest that.

I only opened mine on 22 Jul, hence will close on 22 Aug as soon as the monthly interest is showing.

soulsaver

soulsaver said:

Due BoE rate reduction the following trackers will be affected:


Chip Instant Access Account to fall from 5.1% to 4.85% wef Now 

Chase Boosted Rate Svr to fall from 5.00% to 4.75% wef 14/08

Oxbury EA Bonus Base Rate Trckr 1 4.36% (inc.0.83% v.bonus to 18/10)£1k min (07/08)wef Now

Thanks @Bridlington1

Note : I'll fix ranking order when the dust settles.

Effective dates added - rankings updated. 

soulsaver

 Newcastle BS 6 MthSvr Iss2 4.40% £1 min 03/07 Link goes to 'Page 404' so appears ***NLA 08/08***

Malchester

janusdesign said:

ForumUser7 said:

13zero8 said:

Flippin eck.... Atom Instant Saver Reward dropping by a whopping 0.6% from 4.60% to 4.00%.

Bye bye Atom, it's been good.

Does this mean that people can withdraw before the rate change without the rate dropping to the 'you made a withdrawal' rate?

best to leave it until your new month begins (e.g once interest has been paid) and then withdraw the entire balance... for the next month, you'd receive the withdrawal rate, but as the balance would then be zero, the rate for that month is irrelevant.

I don't believe there is anything in the terms along the lines of "we've reduced the rate, so you can withdraw without any penalty" - the penalty withdrawal rate stays in place upon a withdrawal for that current month.

I have this Atom Account with a decent amount in. Interest was just paid on 5 August so have almost another month to go before next interest payment. I think it's a bit early yet to move the money elsewhere. I will leave it until next interest payment before deciding whether to move the funds. I will see how the land lies then to compare interest rates. It may be that, by then, 4% is one of the better rates so, as I like Atom, I may leave it there. I think such a big drop all at once is a shock on top of the reduction a couple of weeks back to 4.6%

janusd

Moneyfacts is showing a new account (I believe) Vanquis Bank Triple Access Saver (Issue 2) @ 4.35%, but I think it's wrong (or pre-rate drop) because the Vanquis site is showing it at 4.08%

frosch411

13zero8 said:

Flippin eck.... Atom Instant Saver Reward dropping by a whopping 0.6% from 4.60% to 4.00%.

Bye bye Atom, it's been good.

Yeah, just seen this in the app (cos I saw a post on the No chat thread about this and checked in the app as I hadn't received notice about this yet).
This is really a big drop..not sure I want to stay at this rate..shame really 😖

Pompeydave1967

Yeah a big drop even for Atom . I’ve jumped on their 1 yr fix @ 4.42% yesterday as this seems pretty competitive but that reward rate drop is disappointing .

allegro120

frosch411 said:

13zero8 said:

Flippin eck.... Atom Instant Saver Reward dropping by a whopping 0.6% from 4.60% to 4.00%.

Bye bye Atom, it's been good.

Yeah, just seen this in the app (cos I saw a post on the No chat thread about this and checked in the app as I hadn't received notice about this yet).
This is really a big drop..not sure I want to stay at this rate..shame really 😖

Even 4.6% is too low.  Snoop pays 4.6% without complicated conditions. Atom’s 4.75% was competitive, I’ve used it for a short time, but now it is useless. I’ll keep the account though just in case it becomes useful at some point in future.

Bridlington1

allegro120 said:

frosch411 said:

13zero8 said:

Flippin eck.... Atom Instant Saver Reward dropping by a whopping 0.6% from 4.60% to 4.00%.

Bye bye Atom, it's been good.

Yeah, just seen this in the app (cos I saw a post on the No chat thread about this and checked in the app as I hadn't received notice about this yet).
This is really a big drop..not sure I want to stay at this rate..shame really 😖

Even 4.6% is too low.  Snoop pays 4.6% without complicated conditions. Atom’s 4.75% was competitive, I’ve used it for a short time, but now it is useless. I’ll keep the account though just in case it becomes useful at some point in future.

I'm holding onto Atom, albeit with nothing in it, in case they decide to do a Zopa and suddenly offer me a beta current account with cashback and regular saver to tempt me back. We can only live in hope I suppose.