The New Top Easy Access Savings Discussion Area

SnowMan

Just a reminder that the Cahoot Simple Saver (issue 13) that was paying 4.4%pa AER reduced to 4.15% AER on 11th May.

I think the other versions that have been paying 4.4%pa AER (which I think are issues 10 and issue 11) similarly reduced to 4.15%pa AER on 11th May although I don't hold those so can't confirm that.

The currently available Cahoot Simple Saver (issue 16) is paying 4.17% AER so someone with an issue 13 (or 10 or 11) might want to upgrade to that issue for a marginally higher rate and to restart the 12 months that the account runs for.

hoppy2

upgraded my issue 13 to a sunny day saver so it now pays 5% and took out simple saver issue 16 at the same time🙂

janusd

@soulsaver - Charter Savings Easy Access (Issue 75) @ 4.26% AER - £1 to open, monthly/annual interest.

mon3ysav3r

https://forums.moneysavingexpert.com/discussion/comment/81997137#Comment_81997137

Interesting in that it reverses past Charter rates downwards:

Issue 69 - 4.18%

Issue 74 - 4.16%

x44

So round we go again…open issue 75, transfer monies and close issue 74.

JamesRobinson48

@soulsaver

Today Yorkshire Building Society has launched a Triple Access Saver account (4.20% variable).

https://www.ybs.co.uk/savings/product?id=YB622100W

ToastLady

https://forums.moneysavingexpert.com/discussion/comment/81997355#Comment_81997355

Am getting fed up of Charter constantly opening new issues when they could so easily just raise the rate on existing issues. I know well why they do it, hoping than many are complacent.

Dizzycap

https://forums.moneysavingexpert.com/discussion/comment/81995439#Comment_81995439

Or alternatively, upgrade any Cahoot Simple Saver issue to a / another Cahoot Sunny Day Saver account paying 4.89% / 5% - That's what the Cahoot Upgrade button is for 😅.

Dizzycap

https://forums.moneysavingexpert.com/discussion/comment/81995402#Comment_81995402

@ DaveG247 - You should receive an email from LemFi within 24 hours offering you a sign-up for the 5% savings account. The 5% interest rate only lasts for 6 months, so diarise to move / switch, if needed.

CuparLad

https://forums.moneysavingexpert.com/discussion/comment/81997977#Comment_81997977

Why would any financial institution put up their costs unnecessaily by raising the interest rates on existing loans? A new issue is designed to bring in a certain amount of cash at a pre-defined rate. They factor in that a certain proportion of their existing loans will transfer to the higher rate, but they're looking to attract new money not just appear to be nice and put up their costs across the board.

If you're an active saver, like most people on this board, you have to take a couple of minutes to transfer to a new issue, but the benefit is a higher return. If you get a better return doing something else rather then spending the time transferring to a new issue, then the lower rate may make sense. I've personally had a few examples recently where there's a rate that is 0.01% higher than I currently have. Even at the FSCS £120K limit, that's £1 a month extra - not worth my time. I don't get fed up, I just see it as part of the process of maximising the return on my time and my money. 😊