The New Top Easy Access Savings Discussion Area

gt94sss2

allegro120 said:

t1redmonkey said:

Might be worth including the 4.89% version of this account in the top accounts thread: https://www.sidekickmoney.com/savings

You can technically get up to 5.34% but quite a big "if" on that one, whereas the 4.89% version is basically available to everyone for 12 months.

For 5.34% one has to invest £1,000+ into a Sidekick investment portfolio.  That's a very good offer for those who doesn't mind a bit of risk.

Their website also states there is a £2.99/month membership fee... And the interest rate is variable 

t1redmonkey

Yeah to be honest the fee is a bit unclear if that's on the savings account too, or if it's just the investment side of it.  I've downloaded the app, and up to the point you begin to apply for a savings account, it makes zero mention of the fee within the app itself.  So if there is one on the savings side of it, that's very sneaky of them.  Haven't done the full application for an account myself as I don't have any need of it right now.

gwapenut

GalacticaActual said:

Just received an email from Nationwide Building Society. They are reducing interest rates on some savings accounts from 1st November 2024.

In the email, they listed the accounts they I currently hold, all of which will have a 0.15% reduction from 1st November 2024.

"From 1 November 2024, the variable interest rates on some of our savings accounts will go down. This follows the decision by the Bank of England to reduce the base rate from 5.25% to 5.00%."

I can't find a PDF on their website to see what else is changing.

Blimey, their instant access savings were bad enough before the cut. Never Knowingly Overcompetitive.

auser99

SnowMan said:

Vanquis Bank easy access account (issue 3) is paying 4.85% AER

https://www.vanquissavings.co.uk/Easy-Access-Account/

Minimum balance £1,000

Hadn't seen this, looks decent.
Can't see any reason why it's not in the MSE top rates section (e.g. Not "true" easy access etc) as they always seem to have Vanquis in their tables. Just not this one oddly.

Hammer_Time

With withdrawing money from Vanquis Bank easy access account, does anyone know if it happen the same day or the next business day?

CuparLad

Hammer_Time said:

With withdrawing money from Vanquis Bank easy access account, does anyone know if it happen the same day or the next business day?

From the Vanquis General T&Cs

Hammer_Time

Thanks Cuparlad, I know Marcus saver transfers money on the same day (Weekdays). However Vanquis don’t. Has anyone had any personal experiences with this?

wiseonesomeofthetime

This bodes well for savers......not!

https://www.bbc.co.uk/news/articles/cx2lp5l9dpro

[Deleted User]

wiseonesomeofthetime said:

This bodes well for savers......not!

https://www.bbc.co.uk/news/articles/cx2lp5l9dpro

And as usual the banks will be far quicker to pass on the cuts to savings rates than they do the increases.

FIREmenow

gt94sss2 said:

allegro120 said:

t1redmonkey said:

Might be worth including the 4.89% version of this account in the top accounts thread: https://www.sidekickmoney.com/savings

You can technically get up to 5.34% but quite a big "if" on that one, whereas the 4.89% version is basically available to everyone for 12 months.

For 5.34% one has to invest £1,000+ into a Sidekick investment portfolio.  That's a very good offer for those who doesn't mind a bit of risk.

Their website also states there is a £2.99/month membership fee... And the interest rate is variable 

Fees are shown on Sidekick website: https://www.sidekickmoney.com/fee-schedule. As mentioned the £2.99/ month could be for everyone, could be for the 'wider app' features such as investing.

You can only have a General Investing Account, there is only one investment strategy called Flagship, this is an active investment strategy controlled by an investment manager - you can't choose investments.

Fee for Flagship is 1% of assets under management, you would also potentially have stamp duty and any other government fees and taxes, and capital gains tax.

Execution, clearing, settlement and custody services for investments is all via third parties - DriveWealth and the Currency Cloud.

For me, doesn't seem worth the effort and risk for 0.55% extra on the savings.

For savings, the underlying bank is GB Bank, FSCS protection up to £85k.