How do you track your bank interest rates to make sure you're getting the best deal?

UKX69

allegro120 said:

Frequentlyhere said:

Like masonic I have 20-30 accounts open at any one time and don't find it particularly onerous. I personally live my financial life by spreadsheet and just note details and any emailed changes there.


I'll switch for fractions of a percent amongst all of the modern decent banks out there, but my patience threshold is exceeded dealing with those tiny/obscure banks with outdated websites still involving manual intervention from customer services etc. So I now do more closely vet any new banks being taken on, though mostly these days they're the financial challengers with whizzy apps anyway.

I have 173, this doesn't include dormant accounts I don't need but can't be bothered closing them.  I wouldn't be able to manage this without a spreadsheet.

Makes my 3 RS and 2 EA’s look a bit sick! 😂

allegro120

Kim_13 said:

I’m probably not into three figures (17 active RSs, 4 active Current Accounts, 4 active (being either current year or having a balance that merits keeping up to date) ISAs and a Skipton Member Bonus Saver that is my current Easy Access. Maybe the same again in membership preserving accounts and/or in case they become competitive accounts. I generally do close accounts that I will never use again, so long as the provider doesn’t make it onerous to do so. 

I could do with a spring clean at Coventry actually, but couldn’t find an option to close in app - anyone know if they’re easily closed using the website?

I was thinking about Coventry spring clean, specifically 6-access and 5-access.  I have 2 of each currently "earning" 4% and 4.25% respectively.  I've opened them in 2023 speculatively with £1 but never needed to use them because the rates were never competitive and I don't believe they ever will be.  Only one of these earned interest (1p), the other three didn't earn anything in two years.  Don't know why they didn't pay any interest, but one thing is clear - I don't need them. 

Kim_13

allegro120 said:

Kim_13 said:

I’m probably not into three figures (17 active RSs, 4 active Current Accounts, 4 active (being either current year or having a balance that merits keeping up to date) ISAs and a Skipton Member Bonus Saver that is my current Easy Access. Maybe the same again in membership preserving accounts and/or in case they become competitive accounts. I generally do close accounts that I will never use again, so long as the provider doesn’t make it onerous to do so. 

I could do with a spring clean at Coventry actually, but couldn’t find an option to close in app - anyone know if they’re easily closed using the website?

I was thinking about Coventry spring clean, specifically 6-access and 5-access.  I have 2 of each currently "earning" 4% and 4.25% respectively.  I've opened them in 2023 speculatively with £1 but never needed to use them because the rates were never competitive and I don't believe they ever will be.  Only one of these earned interest (1p), the other three didn't earn anything in two years.  Don't know why they didn't pay any interest, but one thing is clear - I don't need them. 

Mine is an 8 access paying 3.35%, so even less reason to use that one. It was opened as whatever the best buy was in September 2020, and Coventry have since changed it to other accounts and accesses progressively increased. 

Also an Easy Access with nothing in it (was a Loyalty Regular Saver) and as I have an older one, I keep that one for membership reasons.

The FHS1 will also be closed at the end of the year - though I am not using it currently I may as well keep it until it matures.

I’m thinking I will also close the YBS Rainy Day at 4.3% (I only have 2 accesses as I wasn’t eligible for the Loyalty offering at that time which had 6.) On reflection it’s a bit of a gamble to use it given that restriction even if it became competitive, as things seem to change often with Easy Access (ish) accounts and if I got rid of a similarly aged Internet Saver instead, needing to close to access funds would take my loyalty qualification with it. I’m wanting to reduce my accounts with them as far as possible in the hopes of avoiding a Mitek check when there is something worth opening, as other forumites have reported issues with either Mitek or YBS rejecting the submitted ID. 

Coventry have a 4 Access that is currently available paying 4.5%, not great but better than any of the above. 

poolboy

Fixes are best as they roll interest into next tax year too, as they come up for renewal just check rates are competitive. I try and open 2 regular savers every month so I ve always got 2 maturing each month.

I particularly like the loyalty product rollovers, the reg savers have cost the provider money so not to keep the customer seems a waste.

allegro120

Kim_13 said:

allegro120 said:

Kim_13 said:

I’m probably not into three figures (17 active RSs, 4 active Current Accounts, 4 active (being either current year or having a balance that merits keeping up to date) ISAs and a Skipton Member Bonus Saver that is my current Easy Access. Maybe the same again in membership preserving accounts and/or in case they become competitive accounts. I generally do close accounts that I will never use again, so long as the provider doesn’t make it onerous to do so. 

I could do with a spring clean at Coventry actually, but couldn’t find an option to close in app - anyone know if they’re easily closed using the website?

I was thinking about Coventry spring clean, specifically 6-access and 5-access.  I have 2 of each currently "earning" 4% and 4.25% respectively.  I've opened them in 2023 speculatively with £1 but never needed to use them because the rates were never competitive and I don't believe they ever will be.  Only one of these earned interest (1p), the other three didn't earn anything in two years.  Don't know why they didn't pay any interest, but one thing is clear - I don't need them. 

Mine is an 8 access paying 3.35%, so even less reason to use that one. It was opened as whatever the best buy was in September 2020, and Coventry have since changed it to other accounts and accesses progressively increased. 

Also an Easy Access with nothing in it (was a Loyalty Regular Saver) and as I have an older one, I keep that one for membership reasons.

The FHS1 will also be closed at the end of the year - though I am not using it currently I may as well keep it until it matures.

I’m thinking I will also close the YBS Rainy Day at 4.3% (I only have 2 accesses as I wasn’t eligible for the Loyalty offering at that time which had 6.) On reflection it’s a bit of a gamble to use it given that restriction even if it became competitive, as things seem to change often with Easy Access (ish) accounts and if I got rid of a similarly aged Internet Saver instead, needing to close to access funds would take my loyalty qualification with it. I’m wanting to reduce my accounts with them as far as possible in the hopes of avoiding a Mitek check when there is something worth opening, as other forumites have reported issues with either Mitek or YBS rejecting the submitted ID. 

Coventry have a 4 Access that is currently available paying 4.5%, not great but better than any of the above. 

I opened YBS rainy day (issue 2) in Dec 2022.  It was paying the top rate on £10k but soon fell behind.  I've emptied it leaving £1 and withdrew interest when it was paid.  I closed the account a week ago, don't know why it took me so long to realise that it will never pay the top rate again . I think I could be a bit more radical with closures.

I have 2 Coventry 4-access.  I've used one of them when 4.85% became the top rate but withdrew on the day it turned 4.5%.  So I still have 7 accesses but I have feeling that I will never use these accounts again.  There's a clear pattern of reductions in line with BoE so Coventry limited access accounts will never catch up with top rates. However, I will keep them running for a while just in case my crystal ball is wrong. 

allegro120

poolboy said:

Fixes are best as they roll interest into next tax year too, as they come up for renewal just check rates are competitive. I try and open 2 regular savers every month so I ve always got 2 maturing each month.

I particularly like the loyalty product rollovers, the reg savers have cost the provider money so not to keep the customer seems a waste.

I only use bonds if the interest is significantly higher than EAs and never lock for more than 18 months.  Any longer is too much of a gamble for me. I recall many were disappointed when they had their cash locked at 1.5% whilst EA's were paying 5%.  

Yes, regular savers are meant to be a marketing tool but could also be profitable.  I suspect many people don't act on maturity and keep their funds in the account at a very low interest for years. Rollovers like Halifax are great but not common.

Kim_13

allegro120 said:

poolboy said:

Fixes are best as they roll interest into next tax year too, as they come up for renewal just check rates are competitive. I try and open 2 regular savers every month so I ve always got 2 maturing each month.

I particularly like the loyalty product rollovers, the reg savers have cost the provider money so not to keep the customer seems a waste.

I only use bonds if the interest is significantly higher than EAs and never lock for more than 18 months.  Any longer is too much of a gamble for me. I recall many were disappointed when they had their cash locked at 1.5% whilst EA's were paying 5%.  

Yes, regular savers are meant to be a marketing tool but could also be profitable.  I suspect many people don't act on maturity and keep their funds in the account at a very low interest for years. Rollovers like Halifax are great but not common.

For this reason I tend to use fixed ISAs even when I wouldn't pay tax on the interest - with an ISA I at least have the option of transferring to a higher paying account during the term. 

The only exception was the NS&I 6% of 2023, as the risk of a missed opportunity seemed minimal. I did take the renewal at 5.15% as I had no spare RS capacity at the time but will pull it out come September.

allegro120

Kim_13 said:

allegro120 said:

poolboy said:

Fixes are best as they roll interest into next tax year too, as they come up for renewal just check rates are competitive. I try and open 2 regular savers every month so I ve always got 2 maturing each month.

I particularly like the loyalty product rollovers, the reg savers have cost the provider money so not to keep the customer seems a waste.

I only use bonds if the interest is significantly higher than EAs and never lock for more than 18 months.  Any longer is too much of a gamble for me. I recall many were disappointed when they had their cash locked at 1.5% whilst EA's were paying 5%.  

Yes, regular savers are meant to be a marketing tool but could also be profitable.  I suspect many people don't act on maturity and keep their funds in the account at a very low interest for years. Rollovers like Halifax are great but not common.

For this reason I tend to use fixed ISAs even when I wouldn't pay tax on the interest - with an ISA I at least have the option of transferring to a higher paying account during the term. 

The only exception was the NS&I 6% of 2023, as the risk of a missed opportunity seemed minimal. I did take the renewal at 5.15% as I had no spare RS capacity at the time but will pull it out come September.

Interesting thought re. ISA.  This never crossed my mind, probably because I have to pay tax on a part of my interest so for me ISA is a stand alone fund.  I never go for locked ISAs though, I prefer to have some sort of access option. Virgin Exclusives were perfect for me - paid the best rates, fixed and access option.

Do you mean NS&I 1 year bond issue 72 released in August 2023?  It was 6.2%, I went for it because I was sure that in 12 months time I will be very happy with this decision.  I didn't renew it, 5.15% was too low for fixes at the time.    

Kim_13

allegro120 said:

Kim_13 said:

allegro120 said:

poolboy said:

Fixes are best as they roll interest into next tax year too, as they come up for renewal just check rates are competitive. I try and open 2 regular savers every month so I ve always got 2 maturing each month.

I particularly like the loyalty product rollovers, the reg savers have cost the provider money so not to keep the customer seems a waste.

I only use bonds if the interest is significantly higher than EAs and never lock for more than 18 months.  Any longer is too much of a gamble for me. I recall many were disappointed when they had their cash locked at 1.5% whilst EA's were paying 5%.  

Yes, regular savers are meant to be a marketing tool but could also be profitable.  I suspect many people don't act on maturity and keep their funds in the account at a very low interest for years. Rollovers like Halifax are great but not common.

For this reason I tend to use fixed ISAs even when I wouldn't pay tax on the interest - with an ISA I at least have the option of transferring to a higher paying account during the term. 

The only exception was the NS&I 6% of 2023, as the risk of a missed opportunity seemed minimal. I did take the renewal at 5.15% as I had no spare RS capacity at the time but will pull it out come September.

Interesting thought re. ISA.  This never crossed my mind, probably because I have to pay tax on a part of my interest so for me ISA is a stand alone fund.  I never go for locked ISAs though, I prefer to have some sort of access option. Virgin Exclusives were perfect for me - paid the best rates, fixed and access option.

Do you mean NS&I 1 year bond issue 72 released in August 2023?  It was 6.2%, I went for it because I was sure that in 12 months time I will be very happy with this decision.  I didn't renew it, 5.15% was too low for fixes at the time.    

That’s the one. My only regret was that I wasn’t able to put more in.

Albermarle

I recall many were disappointed when they had their cash locked at 1.5% whilst EA's were paying 5%.  

It all depends on the time period you look at.
Shortly after the GFC in early 2009, I took out a fix with Northern Rock ( then owned by the government) at 7% ( they were needing funds) . When the fix ended I think rates were down below 3%