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Co-operative bank Base Rate Tracker - too good to be true?
I'm looking for somewhere to put some money for say 6 months with good interest and I've found this account. Problem I have, is none of the bank review sites ever promote it?
So my question is why not?
Comments
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Is it really that good?
Co-op is max 3.50%, whereas best easy access is 4.50%
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It's not very good rate, depends how much you have to save?
For 6 months you could whack say up to 4k in a Santander Edge Saver (with a possible switch bonus or cashback or both) paying 6% (and you can have 2) and drip feed into the principality 6 month regular saver and earn far more interest
If you have less than £75k then Kroo pays 2.65% which beats co-op
I'm sure there are others if you look on the savings board
ETA - the Chase boosted saver of 4.5% beats that and you can get a £50 bonus for referral, Coventry do 4.25% as well
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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The Santander Edge is as you say only up to £4k. The Kroo won't beat Co-op. Chase boosted is by invitation only and app-based which I don't do.
When I started my investigation, Co-op was offering 4%. My point is, that their deals may not please all, but in the right circumstances they are better than a lot so why no referrals?
As said it could be a one-off of 6 months.
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There are so many better accounts plus Co-op's online banking is awful. For a straightforward account paying 4.05% I'd suggest having a look at Cahoot's Simple Saver (a Santander brand).
https://www.cahoot.comhttps://moneyfactscompare.co.uk/savings-accounts/easy-access-savings-accounts/?quick-links-first=false&product-favorites-first=false&sort-order=AER&sort-order-text=Rate
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As I said, under 75k Kroo beats Co-op because the Co-op one is banded so £1-£74,999 is 2.75 vs Kroo at 2.9
Depending how much work you want to do, you can earn more money splitting e.g. in the 2x edge savers
Chase boosted is not invitation only, it's free for anyone on joining and it's your choice to lose money by not wanting to use apps
Your point is missing the point of MSE which is about maximising income. For 6 months Chase at 4.5% is undeniably better than 3.5%, same as Charter Savings at 4.09%, Coventry at 4.25% (albeit it's designed for a year long use so no interest until maturity), Chip at 4.2%, Tesco at 4.06% etc. MSE won't recommend Co-op because it's not in the top 8 easy access savers
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
1
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