Kroo dropping interest rates (change in calculation) from November

Nasqueron

Just had the email, they're now setting the tracker interest margin at base rate -1.1% instead of -0.9% so from 26th November it'll be 3.9% instead of 4.1% (until the BoE drop rates)

Pondering alternatives to store cash - I want a monthly payment of interest so any linked easy-access saver would have to do that. I am not looking to switch my main account.

Nationwide FlexDirect looks interesting as I could pay in the £1000 fine and wouldn't have much more than £1500 in there for long anyway. It would also potentially be useful for the possible fair share payment as I was looking to open one anyway.

PRAISETHESUN

Nationwide are also running a switch incentive if that helps tips things in their favour: https://forums.moneysavingexpert.com/discussion/6556372/175-nationwide-switch-incentive-starting-25-09-2024/p1

Plenty of other options if you search on moneyfacts, and you can filter by monthly interest too

Nasqueron

PRAISETHESUN said:

Nationwide are also running a switch incentive if that helps tips things in their favour: https://forums.moneysavingexpert.com/discussion/6556372/175-nationwide-switch-incentive-starting-25-09-2024/p1

Plenty of other options if you search on moneyfacts, and you can filter by monthly interest too

Unfortunately I switched to them in 2022 so can't get the switch this time but thank you. MoneyFacts has the Nationwide one at 5% as top - it also pays monthly and a good idea to open it regardless of the Fair Share possibility 

boingy

FlexDirect interest drops to 1% after a year so only a short term thing.

Kroo is my "funding" account. I keep a few K in there to bounce through various other accounts and to feed regular savers. I top it up a couple of times per year. The new rate is just about acceptable to me. The alternative is to manually shift money in and out of savings accounts each month and I'm too lazy to do that for the small gain it would give me. However, if the difference gets larger I may rethink things.

I really like Kroo though. It's just so fuss-free and the app is good to use. It just fits my needs really well atm.

Nasqueron

boingy said:

FlexDirect interest drops to 1% after a year so only a short term thing.

Kroo is my "funding" account. I keep a few K in there to bounce through various other accounts and to feed regular savers. I top it up a couple of times per year. The new rate is just about acceptable to me. The alternative is to manually shift money in and out of savings accounts each month and I'm too lazy to do that for the small gain it would give me. However, if the difference gets larger I may rethink things.

I really like Kroo though. It's just so fuss-free and the app is good to use. It just fits my needs really well atm.

Yes that is how I used it too, but given BoE are likely to drop rates again in a month or two and thus Kroo drop it further - probably 3.65% - then 5% fixed for a year is worth using and then see what comes up, any excess over £1500 can sit in Kroo for a bit. My normal process is to put all of my salary into Kroo then on the first, move £150 to NatWest digital saver, £250 to the Virgin regular saver and so the £1500 cap on NW isn't a major issue. Someone else will no doubt have something good in a year - Virgin's 10% interest switch bonus for example!