Monument

Gummomarx

Now that Chase's interest rate's going down to 3.5% on 16 January, I'm thinking of moving my money to Monument at 4.55%.  With this account demanding a minimum deposit of £25,000, I'd like to know if the balance has to remain no lower than that amount to keep get the 4.55% rate?

Hoenir

Fixed term deposit of 6 months to obtain that rate. 

Gummomarx

Hoenir said:

Fixed term deposit of 6 months to obtain that rate. 

Do you have a link?  Looking now, I can see an answer to my original question: appears to say that the minimum balance should be £25K at all times - no reference to 6 months.

Hoenir

Clue is in the title of the accounts

https://www.monument.co/savings/fixed-term-deposits

Gummomarx

Hoenir said:

Clue is in the title of the accounts

https://www.monument.co/savings/fixed-term-deposits

Until now, I'd only seen this account:
https://www.monument.co/savings/easy-access-savings

refluxer

Yep - Monument's easy access account just happens to be paying the same as their 6 month fixed rate bond at the moment, hence the confusion.

Thankfully, it's fairly rare for banks to set such a high minimum balance but Monument are one of them. Presumably their business model is to only deal with 'big savers'.

Gummomarx

I'm going with Monument via Raisin which pays 4.52% with only a £1,000 minimum. The Raisin £100 cashback more than makes up for the tiny loss on the 0.03% difference between the easy access accounts.

refluxer

Gummomarx said:

I'm going with Monument via Raisin which pays 4.52% with only a £1,000 minimum. The Raisin £100 cashback more than makes up for the tiny loss on the 0.03% difference between the easy access accounts.

Make sure you read up on Raisin first, both here on this forum and elsewhere. I wouldn't want a middleman sitting in-between me and the bank holding my easy access cash, personally.

There are quite a few other options paying 4.5%+ that don't involve having to deal with a middleman and many of them pay those rates at £1+.

j_netprofit

Was also going to go back to Monument tomorrow but from the link above I just spotted Gatehouse Easy Access at 4.75 AER. 

Gummomarx

j_netprofit said:

Was also going to go back to Monument tomorrow but from the link above I just spotted Gatehouse Easy Access at 4.75 AER. 

On £25,000, Monument via Raisin beats Gatehouse by £42.50 (after £100 cashback).

j_netprofit

I’m with @refluxer on this one, would rather not use a middle man.