The New Top Easy Access Savings Discussion Area

friolento

deepsea_diver said:

Folks my folks my Chase boosted rate just expired - there was talk a while ago of people closing the saver, and being able to reopen with a new boosted rate - is this still viable or should I just switch to a Cahoot SDS?

I’ve quite liked Chase so far so I’d be happy to stay if it’s possible.

If you close all your Chase accounts, you can’t re-open them. I did/do have a 2nd boosted Chase saver, but got that one because Chase made it available to most/all their customers.

You might get lucky at Chip, though they only allow a once-in-life booster, even if you close your account s and sign up again.

Cahoot might well be your best option for now. Don’t be surprised if their rates drop before long

Middle_of_the_Road

SnowMan said:

DirtyConcrete said:

Coventry Building Society reducing rates from 1 and 2 September - different reductions depending on account but my NLA 4 Access Saver (2) reducing by 0.30% from 4.5% to 4.2%...

https://www.coventrybuildingsociety.co.uk/content/dam/cbs/member/pdfs/savings/rate-change-notice.pdf

And the no longer available 4 access saver (i.e. the issue 1 as well as the issue 2) also reducing from 4.5% to 4.2% AER on 1st September.

The currently available 5 access saver (1 year) appears to be staying at 4.15% AER so just below the no longer available 4 access saver rates.

Note the 5 access saver (1 year) shouldn't be confused with the no longer available 5 access saver (online) and no longer available 5 access saver (2) (online) which are reducing from 4.25% AER to 3.95% AER on 1st September. 

Hopefully I've got that right, very confusing with the similarly named accounts.

... especially when they change the existing access terms on these accounts.

I've got 8 Access that were 6 access, or was it 5 access.... 6 access that were either 5/4/or 3 access.. 5 access that were 4 or 3 access previously.😵‍💫

 I don't know why they have to make things so complicated, but I should close them as I can't see them being any use going forward.

Bridlington1

Middle_of_the_Road said:

SnowMan said:

DirtyConcrete said:

Coventry Building Society reducing rates from 1 and 2 September - different reductions depending on account but my NLA 4 Access Saver (2) reducing by 0.30% from 4.5% to 4.2%...

https://www.coventrybuildingsociety.co.uk/content/dam/cbs/member/pdfs/savings/rate-change-notice.pdf

And the no longer available 4 access saver (i.e. the issue 1 as well as the issue 2) also reducing from 4.5% to 4.2% AER on 1st September.

The currently available 5 access saver (1 year) appears to be staying at 4.15% AER so just below the no longer available 4 access saver rates.

Note the 5 access saver (1 year) shouldn't be confused with the no longer available 5 access saver (online) and no longer available 5 access saver (2) (online) which are reducing from 4.25% AER to 3.95% AER on 1st September. 

Hopefully I've got that right, very confusing with the similarly named accounts.

... especially when they change the existing access terms on these accounts.

I've got 8 Access that were 6 access, or was it 5 access.... 6 access that were either 5/4/or 3 access.. 5 access that were 4 or 3 access previously.😵‍💫

 I don't know why they have to make things so complicated, but I should close them as I can't see them being any use going forward.

And I seem to recall this is after they "simplified" their accounts range shortly after taking over Co-operative bank.

pecunianonolet

Leaving this here just in case but that's Oak North having entered my black list, regardless how good any future offers might be. 

https://archive.is/20250815155358/https://www.ft.com/content/41d561de-051a-45f7-90c0-3dbc33973e9e

janusd

friolento said:

deepsea_diver said:

Folks my folks my Chase boosted rate just expired - there was talk a while ago of people closing the saver, and being able to reopen with a new boosted rate - is this still viable or should I just switch to a Cahoot SDS?

I’ve quite liked Chase so far so I’d be happy to stay if it’s possible.

If you close all your Chase accounts, you can’t re-open them. I did/do have a 2nd boosted Chase saver, but got that one because Chase made it available to most/all their customers.

You might get lucky at Chip, though they only allow a once-in-life booster, even if you close your account s and sign up again.

Cahoot might well be your best option for now. Don’t be surprised if their rates drop before long

it's worth remembering that you get two months notice for interest rate drops with Cahoot - so the Sunny Day Saver will be at 5% and the Simple Saver at 4.55% until at least this time in October... though either could go NLA at any time.

KevinG

janusdesign said:

friolento said:

deepsea_diver said:

Folks my folks my Chase boosted rate just expired - there was talk a while ago of people closing the saver, and being able to reopen with a new boosted rate - is this still viable or should I just switch to a Cahoot SDS?

I’ve quite liked Chase so far so I’d be happy to stay if it’s possible.

If you close all your Chase accounts, you can’t re-open them. I did/do have a 2nd boosted Chase saver, but got that one because Chase made it available to most/all their customers.

You might get lucky at Chip, though they only allow a once-in-life booster, even if you close your account s and sign up again.

Cahoot might well be your best option for now. Don’t be surprised if their rates drop before long

it's worth remembering that you get two months notice for interest rate drops with Cahoot - so the Sunny Day Saver will be at 5% and the Simple Saver at 4.55% until at least this time in October... though either could go NLA at any time.

That's one of the reasons I am moving the majority of my savings to Cahoot at the moment, just need to time the Atom transfers right. I'm not too fussed about the £85K limit as I don't think Santander is about to go under. Also, all transfers in/out are Instant and I'm not a fan of accounts where this isn't the case.

13zero8

Someone help me understand this please because the math ain't mathing.... 

In preparation of Atom's rate drop on the 22nd, I'm about to start emptying my reward saver today as interest was paid this morning, therefore it's day 1 of my monthly period. 

Just before confirming the transfer a message pops up saying... "Rate will drop from 4.6% to 2.5% for this month, you will miss out on £263 of interest".

Based on £91k, how are they calculating missed interest of £263? By my calcs, a loss of 2% interest for a full month should be about £150.

It doesn't matter because the rates will be going down in a week and I'm moving the money anyway, but just wondering if I'm misunderstanding something about the loss of interest on this account. 

KevinG

13zero8 said:

Someone help me understand this please because the math ain't mathing.... 

In preparation of Atom's rate drop on the 22nd, I'm about to start emptying my reward saver today as interest was paid this morning, therefore it's day 1 of my monthly period. 

Just before confirming the transfer a message pops up saying... "Rate will drop from 4.6% to 2.5% for this month, you will miss out on £263 of interest".

Based on £91k, how are they calculating missed interest of £263? By my calcs, a loss of 2% interest for a full month should be about £150.

It doesn't matter because the rates will be going down in a week and I'm moving the money anyway, but just wondering if I'm misunderstanding something about the loss of interest on this account. 

I agree, I can't see any way that their figure is correct. 

13zero8

KevinG said:

13zero8 said:

Someone help me understand this please because the math ain't mathing.... 

In preparation of Atom's rate drop on the 22nd, I'm about to start emptying my reward saver today as interest was paid this morning, therefore it's day 1 of my monthly period. 

Just before confirming the transfer a message pops up saying... "Rate will drop from 4.6% to 2.5% for this month, you will miss out on £263 of interest".

Based on £91k, how are they calculating missed interest of £263? By my calcs, a loss of 2% interest for a full month should be about £150.

It doesn't matter because the rates will be going down in a week and I'm moving the money anyway, but just wondering if I'm misunderstanding something about the loss of interest on this account. 

I agree, I can't see any way that their figure is correct. 

I've worked it out, and in hindsight it's pretty obvious and makes sense...

The figure they quote for missed interest is one month's interest you'd earn at 4.6% on your balance with no withdrawal, minus one month's interest you'd earn at 2.5% on the lower balance due to withdrawing. 

clairec666

13zero8 said:

KevinG said:

13zero8 said:

Someone help me understand this please because the math ain't mathing.... 

In preparation of Atom's rate drop on the 22nd, I'm about to start emptying my reward saver today as interest was paid this morning, therefore it's day 1 of my monthly period. 

Just before confirming the transfer a message pops up saying... "Rate will drop from 4.6% to 2.5% for this month, you will miss out on £263 of interest".

Based on £91k, how are they calculating missed interest of £263? By my calcs, a loss of 2% interest for a full month should be about £150.

It doesn't matter because the rates will be going down in a week and I'm moving the money anyway, but just wondering if I'm misunderstanding something about the loss of interest on this account. 

I agree, I can't see any way that their figure is correct. 

I've worked it out, and in hindsight it's pretty obvious and makes sense...

The figure they quote for missed interest is one month's interest you'd earn at 4.6% on your balance with no withdrawal, minus one month's interest you'd earn at 2.5% on the lower balance due to withdrawing. 

Yes, it depends on how much you're withdrawing. Is it £50000 by any chance?
The difference between 4.6% of £91000 for one month and 2.5% of £41000 for one month is pretty close to £263.