The New Top Easy Access Savings Discussion Area

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.

KevinG

clairec666 said:

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.

I had assumed the whole amount (or close to it) was being withdrawn, which is the sensible thing to do the way the account works.

monkey-fingers

Advice needed.
I have around £47k to invest that I possibly need to live off for the next year, so need easy access. I'm currently not working, but that might change, so it might sit in savings forever!

I'm a bit wary about opening another Current Account with Chase (I already have 3), but it seems to me that putting £20k into Trading212 and £28k into Chase is currently the best option.

Any better suggestions?

13zero8

clairec666 said:

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.

Yep, £50k. Silly oversight not taking into account the balance would be lower! 

13zero8

KevinG said:

clairec666 said:

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.

I had assumed the whole amount (or close to it) was being withdrawn, which is the sensible thing to do the way the account works.

I'll be withdrawing the remaining balance tomorrow. Didn't want to withdraw the full 91k in one day because my nominated account has a daily 50k transfer limit. 

refluxer

13zero8 said:

I'll be withdrawing the remaining balance tomorrow. Didn't want to withdraw the full 91k in one day because my nominated account has a daily 50k transfer limit. 

Daily transfer limits would normally apply to withdrawals from that account, not deposits ?