Advice to boost savings

NurseMoneySaver1122

@Slinky Oh I don't doubt that. The part I found frustrating was not specifying the reason for not meeting the inclusion criteria. I've just not known that before.

Historically, I've found they clearly advertise "for those with savings under 50K", or "for those with one account only".  Whereas they only criteria I have found, I meet.  And they refuse to state whether it's due to the balance of my account.

More of a frustration rant more than anything

Albermarle

NurseMoneySaver1122 said:

@Slinky Oh I don't doubt that. The part I found frustrating was not specifying the reason for not meeting the inclusion criteria. I've just not known that before.

Historically, I've found they clearly advertise "for those with savings under 50K", or "for those with one account only".  Whereas they only criteria I have found, I meet.  And they refuse to state whether it's due to the balance of my account.

More of a frustration rant more than anything

The solution is simple, just move the money to a better paying account.

Middle_of_the_Road

Albermarle said:

NurseMoneySaver1122 said:

@Slinky Oh I don't doubt that. The part I found frustrating was not specifying the reason for not meeting the inclusion criteria. I've just not known that before.

Historically, I've found they clearly advertise "for those with savings under 50K", or "for those with one account only".  Whereas they only criteria I have found, I meet.  And they refuse to state whether it's due to the balance of my account.

More of a frustration rant more than anything

The solution is simple, just move the money to a better paying account.

..and the effect might be that you are offered the higher rate🤔

NurseMoneySaver1122

Exactly my plan. I'm eyeing up Trading 212 at 5.07% but don't know it well. I know it's FSCS protected. But is there anything to be wary about with them?

Will need more than just 1 though as want to potentially also transfer my current ISA's for a better rate.

I noticed Martin Lewis also lists the highest paying accounts in addition the highest paying well-known accounts.  Is there a reason behind this, besides some people feeling better saving with a well known? Presumably, your money is either FSCS protected and safe, or it isn't?

eskbanker

NurseMoneySaver1122 said:

I noticed Martin Lewis also lists the highest paying accounts in addition the highest paying well-known accounts.  Is there a reason behind this, besides some people feeling better saving with a well known? Presumably, your money is either FSCS protected and safe, or it isn't?

Yes, FSCS protection applies or it doesn't, and the MSE articles are careful to point out that the accounts they list do have this, as well as observing that some people get a warm feeling from saving with well-known names, rather than anything particularly rational.

winkowinko

Doesn't look like i'm eligible, although that's probably because I'm still receiving 4.75% for another 4 weeks. I only opened the account 5 months ago.

Ponchos

Not sure if it might be of interest (no pun intended) but Starling Bank have a linked Easy Saver of 4% on up to £1m, if Chase can't offer you the boosted rate. That's an ongoing (variable) rate though, not a temporary boosted rate.

Ponchos

NurseMoneySaver1122 said:

Exactly my plan. I'm eyeing up Trading 212 at 5.07% but don't know it well. I know it's FSCS protected. But is there anything to be wary about with them?

Will need more than just 1 though as want to potentially also transfer my current ISA's for a better rate.

I noticed Martin Lewis also lists the highest paying accounts in addition the highest paying well-known accounts.  Is there a reason behind this, besides some people feeling better saving with a well known? Presumably, your money is either FSCS protected and safe, or it isn't?

I'm currently with Trading 212 and they've been good so far, app is user-friendly and clear, plusthe Cash ISA is flexible where most ISAs aren't. The interest rate is a bonus rate (The base rate drops to 4.35% tomorrow, second drop in 2 months). I'm thinking of moving to Moneybox as their bosted rate is 5.05% for a year.

NurseMoneySaver1122

Ponchos said:

NurseMoneySaver1122 said:

Exactly my plan. I'm eyeing up Trading 212 at 5.07% but don't know it well. I know it's FSCS protected. But is there anything to be wary about with them?

Will need more than just 1 though as want to potentially also transfer my current ISA's for a better rate.

I noticed Martin Lewis also lists the highest paying accounts in addition the highest paying well-known accounts.  Is there a reason behind this, besides some people feeling better saving with a well known? Presumably, your money is either FSCS protected and safe, or it isn't?

I'm currently with Trading 212 and they've been good so far, app is user-friendly and clear, plusthe Cash ISA is flexible where most ISAs aren't. The interest rate is a bonus rate (The base rate drops to 4.35% tomorrow, second drop in 2 months). I'm thinking of moving to Moneybox as their bosted rate is 5.05% for a year.

Interesting. I hadn't seen this one. I can see they pay interest annually, which is fine. But presumably, if I transfer out for a better rate before the year is up, I still get the interest accrued up to that point?

NurseMoneySaver1122

Ponchos said:

Not sure if it might be of interest (no pun intended) but Starling Bank have a linked Easy Saver of 4% on up to £1m, if Chase can't offer you the boosted rate. That's an ongoing (variable) rate though, not a temporary boosted rate.

I've just applied for a similar bonus saver account with First Direct, as I already have an account with them. For every month you don't withdraw money (which I don't plan to do), they apply bonus rate of 4%, on up to £50K (anything over £50K is at a lower rate, so I'll avoid that!)