The New Top Easy Access Savings Discussion Area

ALD76

slinger2 said:

fletcher1985 said:

i was confused as well but if you go on chip its a new savings account that is 4.07% now i think and it will go to 4.84% on 6th september but if you withdraw more then 3 times a year it drops to 2.97% for the rest of the year. so its nor really a easy access account anymore i will be looking around now.

slinger2 said:

fletcher1985 said:

chip lowering rate on easy access to 4.01 on 12th september and new easy access account with 3 withdrawls at 4.84%

I'm confused. The old account is the instant access and is a tracker. 

But the old instant access is still paying 4.58%. Not sure why anyone would go for the easy access account paying 4.07%.

Because the old one is dropping to 4.01% in 14 days.

slinger2

I see now.. They're massively increasing the margin below BoE base rate on the old instant access account and introducing a new easy access account with a 12 month bonus. Makes them seem like a bunch of cowboys.

Only got £5 in my account which is perhaps why I've not been notified 

fletcher1985

what would you guys go for now i have the trading 212 Isa but want an account with quick transfer out?

slinger2

Chip changes

The old "instant access" account pays 0.51% (gross monthly) below base rate. with the current base rate of 5% that's 4.49% gross which is 4.58% AER. From 12 September the rate will be 1.06% below base rate. So 3.94% gross = 4.01% AER.

The new "easy access" account pays 1.00% below base rate, so currently 4.00% gross = 4.07% AER. You're limited to 3 withdrawals per year. Before I opened it there was mention of a 12 month bonus of about 0.8% from 6 September but now I've opened it all mention of that seems to have disappeared. I'm assuming I'll get it but who the bonus applies to is not clear.

Both accounts are trackers. The interest rate changes immediately when there is a base rate change, no notice is given.

InvesterJones

fletcher1985 said:

what would you guys go for now i have the trading 212 Isa but want an account with quick transfer out?

What's your definition of quick? Most places will at least do same day, some next day, some within minutes. Current rate order list is: https://moneyfactscompare.co.uk/savings-accounts/easy-access-savings-accounts/?quick-links-first=false&product-favorites-first=false but that's today's rates, doesn't account for future changes.

slinger2

fletcher1985 said:

what would you guys go for now i have the trading 212 Isa but want an account with quick transfer out?

Do you want a Cash ISA or a S&S ISA? Trading212 do both.

snowqueen555

fletcher1985 said:

chip lowering rate on easy access to 4.01 on 12th september and new easy access account with 3 withdrawls at 4.84%

Pain in the !!!!!! all this, I wil have to move my money into that one I think.

fletcher1985

i have a trading 212 isa and withdrawls take up to 3 days so im after something like chip that i can get the money straight away if needed for the rest of my money.

wiseonesomeofthetime

snowqueen555 said:

fletcher1985 said:

chip lowering rate on easy access to 4.01 on 12th september and new easy access account with 3 withdrawls at 4.84%

Pain in the !!!!!! all this, I wil have to move my money into that one I think.

Chip

Mine has been empty for months, as better rates held elsewhere.

Debating whether to still keep it or ditch it. It is serving no purpose for me atm, but then I have double figure of accounts elsewhere in same position, for ease of opening any new favourable accounts, so  🤔

allegro120

wiseonesomeofthetime said:

snowqueen555 said:

fletcher1985 said:

chip lowering rate on easy access to 4.01 on 12th september and new easy access account with 3 withdrawls at 4.84%

Pain in the !!!!!! all this, I wil have to move my money into that one I think.

Chip

Mine has been empty for months, as better rates held elsewhere.

Debating whether to still keep it or ditch it. It is serving no purpose for me atm, but then I have double figure of accounts elsewhere in same position, for ease of opening any new favourable accounts, so  🤔

Mine has been empty for a year for the same reason.  Also have a double figure of dormant accounts in same position.  I don't see any point in closing them, they don't ask for anything and cause no harm.