The New Top Easy Access Savings Discussion Area

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. 😊

BlackthornU

Cynergy Bank's Issue 97 @4.27% didn't last long. Now offering issue 98 @ 4.05%

Famo

Hi everyone I'm looking for a bit of guidance. I've worked out that I'm soon going to have around £1800 a month to save and I'm wondering where to save it. Any pointers please ?

jaypers

https://forums.moneysavingexpert.com/discussion/comment/81998182#Comment_81998182

Sounds as though you’ve got some excess on an ongoing monthly basis so it would be wise to open a number of Regular Saver accounts…..take a look at the ongoing thread for these. Any excess, keep in the best Easy Access account you can find and feed the Regular Savers from there etc too.

sherbie28

https://forums.moneysavingexpert.com/discussion/comment/81997951#Comment_81997951

My parents already have an easy access saver account with YBS that is only getting 3.65%. Are there any rules against them opening this new one that has a better rate and transfering the money to that (actually could they keep both open?). Thanks

Barney1954

https://forums.moneysavingexpert.com/discussion/comment/81998063#Comment_81998063

I should have looked here first!

Only just sent an email to Customer Support asking where to access the Easy Access Savings Account. Like others have said, I will cautiously fund the account, to see how it operates before adding large amounts.

x44

https://forums.moneysavingexpert.com/discussion/comment/81998177#Comment_81998177

Blimey - what's that: just over a week on sale maybe! They must have been collecting in umpteen £millions to have pulled the plug that quickly. Confirms what most of us knew from past experience and that is apply as soon as you can as you never know how long the account offer will last.

mebu60

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

Quite happy to take the crystallised interest and compound that for less than a minute's effort, thank you.

allegro120

https://forums.moneysavingexpert.com/discussion/comment/81998208#Comment_81998208

YBS

They can open this account, there are no rules against it. They can transfer money from the old one to new one and keep both open or close the old one if they prefer. If they want to keep the 3.65% account they will probably have leave £1 there to prevent the closure.

jak22

Charter offering one of the higher EA account rates isn't too much to be fed up about, the closed account remains for downloading statements which helps, although ideally transfers wouldn't be next working day - they've also had some good fixed cash ISA rates lately too. Perhaps Coventry might like to offer a new limited access rate soon? This year many banks etc seem to have made an effort to issue interest certificates in April, hopefully Atom will issue theirs soon too, even with good records it seems wise to have interest statements when doing SA.