The New Top Easy Access Savings Discussion Area

Ch1ll1Phlakes

refluxer said:

x44 said:

Noticed on the Moneyfactscompare website the Spring Savings App: current 4.3% but that may change with the BofE rate drop.

Further checking shows that is owned by Paragon Bank who are going down the same path as others have gone by setting up an App only differently named savings portal quite seperate from their main online presence under their own name.

In this case offering better terms than their main site which only has a 1.5% easy access account and some limited access instant accounts also of lower rates than the Spring app.

That's a curious branding/business decision. A decent easy access account has been a major omission in their line-up of savings accounts for a long time so why not launch it under the Paragon name (which is fairly well-established and fairly well-respected) and release a Paragon banking app, instead of coming up with a brand new name and a logo/identity that looks better suited to toilet rolls rather than financial products ?!

I'm under the assumption they wanted to run the app through a separate team who understood how it worked so that any customer service enquiries would go to those knowledgeable about the system rather than have to retrain their current support staff on a new system. Also it may allow them to assess the app and it's performance gradually without loads of current customers wanting to use it and crashing the system or overwhelming their staff (think Monmouthshire Building Society's new app, their recent regular saver and the length of time people have waited to open an account).

EthicsGradient

Maybe the deal with Moneyhub was that it's a brand-new name, so that Moneyhub can more clearly get credit for it if it succeeds.
Paragon Bank Launches Spring: A Pioneering Savings App Powered by Moneyhub — Moneyhub

janusdesign

EthicsGradient said:

Maybe the deal with Moneyhub was that it's a brand-new name, so that Moneyhub can more clearly get credit for it if it succeeds.
Paragon Bank Launches Spring: A Pioneering Savings App Powered by Moneyhub — Moneyhub

I didn't know about that - strange then that the Moneyhub/WPS app doesn't natively support adding a Spring connection.

I was quite impressed with Spring when I installed it a couple of months ago - deposits were instant (I assume withdrawals are too)... the 4.3% rate is a little low for me to fund heavily, but seeing that dog animation always makes me smile.

janusdesign

@soulsaver Chetwood Easy Access reducing from 4.26% to 4.04% AER on 28th August for existing accounts. New accounts will pay that from today.

Bridlington1

janusdesign said:

Principality BS have announced a 0.20% reduction on their existing variable rate accounts from 18th September...

Our variable rate savings accounts will be decreasing by 0.20% on 18 September 2025. To view our new interest rates, visit the savings products pages.

for me, the only EA account I have with them is dropping from 2.65% to 2.45%.

for withdrawn products, they haven't updated their rates pdf yet, so you might have to wait for their emails to find out what's happening to those NLA accounts.

@soulsaver

Of note:
Principality BS Online Bonus Triple Access (Iss8) shall drop from 4.45% to 4.25% (includes bonus).

roose0

Barclays Rainy Day Saver (£5k max) reducing from 4.36% to 4.21% AER on 30 October 2025.

Possibly in anticipation of a base rate cut in November.

mebu60

Bridlington1 said:

janusdesign said:

Principality BS have announced a 0.20% reduction on their existing variable rate accounts from 18th September...

Our variable rate savings accounts will be decreasing by 0.20% on 18 September 2025. To view our new interest rates, visit the savings products pages.

for me, the only EA account I have with them is dropping from 2.65% to 2.45%.

for withdrawn products, they haven't updated their rates pdf yet, so you might have to wait for their emails to find out what's happening to those NLA accounts.

@soulsaver

Of note:
Principality BS Online Bonus Triple Access (Iss8) shall drop from 4.45% to 4.25% (includes bonus).

Anyone seen Issue 7 reduction yet? Will it also be down 0.2% to 4.35% or drop to 4.25% to match Issue 8? 

Bridlington1

roose0 said:

Barclays Rainy Day Saver (£5k max) reducing from 4.36% to 4.21% AER on 30 October 2025.

Possibly in anticipation of a base rate cut in November.

The rate for balances over £5k is also reducing slightly. Though I can't help but notice Barclays have added a double space in the interest rate cut announcement.

DirtyConcrete

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

SnowMan

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 (1) (online) and no longer available 5 access saver (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.