The New Top Easy Access Savings Discussion Area

friolento

https://forums.moneysavingexpert.com/discussion/comment/82119523#Comment_82119523

I am not sure this is what the Spring T&Cs say. It’s a little confusing, as they keep stressing the max balance of £5,000 but then also say your balance can go over this max. They say they will continue to pay interest but it’s not clear on what they calculate the interest.

If you go into their chatbot, it says any interest paid into your account will accrue interest at the same rate as your savings. They have turned off screenshots and copying [on iPhone], and I don’t have a second phone to hand atm, so can’t post it here. Will do later if I remember, or someone else might post a photo in the meantime.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82119568#Comment_82119568

Agree, that wording doesn't quite say what it needs to say.

If I max out the account today (I've got £4900 in there currently) then this month's interest will obviously push the balance over £5k. Leave it alone for Sep then check next month's interest payment - will give the definitive answer.

Or someone could just ask them the specific question.

friolento

Agree, we’ll have to see what they will actually do.

Freedommm

Ford Money, Tandem and Santander not planning to increase interest rates for EA savings to be competitive again?

wmb194

https://forums.moneysavingexpert.com/discussion/comment/82119614#Comment_82119614

Santander has Cahoot and its rates are competitive, 5% for the Sunny Day Saver (up to £3k) and 4.52% (up to £500k) for the Simple Saver.

https://www.cahoot.com

moi

https://forums.moneysavingexpert.com/discussion/comment/82119568#Comment_82119568

Thanks for the Spring Accelerate info. Here's a photo.

BestSeagull

https://forums.moneysavingexpert.com/discussion/comment/82119580#Comment_82119580

Spring. I actually did call them when the account was first discussed here. The lady I spoke to was quite clear that yes, you can add £5k and the interest earned will earn interest so it's a nice little compounding situation.

I would have preferred to have it in writing but she sounded 100% confident so I'm taking her at her word.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82120177#Comment_82120177

Well that does seem definitive. Unless something unforeseen happens I'll be able to leave £5k + interest in the account for September to see what gets added on 01 Oct - see if my sums agree with Spring's.

HillStreetBlues

I'm currently getting 4.45% with ZOPA, had a quick look and couldn't see much better than that, just want to check I'm not missed anything.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82120190#Comment_82120190

For > £5k? Tesco EA at 4.53%?