The New Top Easy Access Savings Discussion Area

MisterMotivated

Stargunner said:

Got an email this evening from Skipton advising me that they are reducing the interest rate from 2nd September on their member bonus saver 1 A from 5.5% to 5.25% AER

Same here, along with reductions on their Bonus Saver issues 8 and 9.

Bridlington1

jameseonline said:

Had an email this evening from Skipton telling me my Easy Access 3 M is reducing from 3.74%/3.80% to 3.49%/3.55% on 2nd September 

I'm afraid @Kazza242 beat you to it on 1/8/24 regarding Skipton rate reductions.

Stargunner said:

Got an email this evening from Skipton advising me that they are reducing the interest rate from 2nd September on their member bonus saver 1 A from 5.5% to 5.25% AER

Member Bonus Saver reduction to 5.25% was mentioned explicitly the same day.

Bridlington1

@soulsaver
Virgin Money Defined Access E-Saver Issue 25 (Tri) 4.76% NLA
Replaced by Issue 26 at 4.25%

Additionally:
Monument Bank EA now 4.81% £25k min overall; app only

ikr2

Trading 212's cash ISA (5.2%) - just a quick review. Only been with them a short while but note that:

• Withdrawals don't appear to be instant/ use Faster Payments. Made a small withdrawal yesterday and it has not yet shown up in the destination account. Trading 212 say up to 3 working days. The money is debited from the ISA instantly so potential interest loss there
• Similarly for deposits over a weekend: the money left my account on a Saturday but was not credited to the ISA until Monday. Deposits on weekdays have been instant

You do get daily interest payments though, which I've never seen before.

MichaelAP

ikr2 said:

You do get daily interest payments though, which I've never seen before.

Same with Chip, daily on both their Savings & Cash ISA.

KevinG

MichaelAP said:

ikr2 said:

You do get daily interest payments though, which I've never seen before.

Same with Chip, daily on both their Savings & Cash ISA.

Chip gives your a pending figure daily but it's only credited to the account once a month. 

n15h

Hoist Savings easy access 4.85% on £1K up to max balance of £70K through Raisin: 
https://www.raisin.co.uk/deposits/opening/overview/?productId=HST161

Was available this morning when I logged in to Raisin.

Zaul22

We might see some of the more harshly cut rates going back up again now. If they have priced in the next cut, which now isn't going to happen.

What_time_is_it

Zaul22 said:

We might see some of the more harshly cut rates going back up again now. If they have priced in the next cut, which now isn't going to happen.

What makes you so sure? Seems to be about 50/50 for a cut in September. 0.25% cut before Christmas seems pretty nailed on. Decent chance of 2 cuts by then.

Inflation figures today were lower than expected I think, so if anything the chances of a cut in the next round have increased haven't they?

slinger2

What_time_is_it said:

Zaul22 said:

We might see some of the more harshly cut rates going back up again now. If they have priced in the next cut, which now isn't going to happen.

What makes you so sure? Seems to be about 50/50 for a cut in September. 0.25% cut before Christmas seems pretty nailed on. Decent chance of 2 cuts by then.

Inflation figures today were lower than expected I think, so if anything the chances of a cut in the next round have increased haven't they?

Yes, today's news stories are all about an increased chance of rate cuts this year.

Only a few days ago I read an article which included: "Analysts at Deutsche Bank have predicted the Monetary Policy Committee will cut rates nine times within two years, one of the longest lowering cycles in recent history." Obviously this is all crystal ball stuff but more cuts do seem the most likely scenario going forward.