The Top Easy Access Savings Discussion Area

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  • MoneySaverLog
    MoneySaverLog Posts: 3,232 Forumite
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    Thank you magnificolm, If it seems too good to be true, it probably is...
  • Steve_xx
    Steve_xx Posts: 6,976 Forumite
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    magnificolm wrote: »
    I liked the look of the Saffron BS 'clean' 3.15% account that appeared this weekend, so I had a look.

    Take care, it looks like the industry might have found a new sales wheeze. The detailed conditions say they'll review the rate every three months to make sure it stays in the top 10 Moneyfacts "online" savings accounts. The hyperlink actually goes to the Moneyfacts internet accounts.

    That top 10 currently ranges from Newcastle's 3% to Melton Mowbray's 2.27%. And the first review is in November. So we could be looking at just 1 month at the headline 3.15% and then anything down to 2.27% (the median of the top 10 is 2.5%).

    I suggest MSE warns about this on the Top Savings page.

    It's not really that different from most accounts paying a similar amount of interest. Many of them are made up of a bonus that lasts for 12 months and a variable element, and of course the variable element can change.
  • magnificolm
    magnificolm Posts: 3 Newbie
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    Steve_xx wrote: »
    It's not really that different from most accounts paying a similar amount of interest. Many of them are made up of a bonus that lasts for 12 months and a variable element, and of course the variable element can change.

    The key differences in my view are:
    1. Bonus accounts have a specific time scale, typically a year. I can live with that and plan to roll over to new accounts. With Saffron's conditions you aren't given a specific day, only month names. And given one of these is November, it seems that the rate can change after you've only had the account for a few weeks.
    2. Bonus accounts specify the interest rate components. At the present base rate, you know the variable part is unlikely to go down, so you have reasonable certainty. Saffron only has a variable component, and it is at their discretion within a significant rate band.
    3. Fair enough if all this is in the open, but what I object to the most is that this stuff is hidden away in Saffron's small print. Hidden enough for MSE not to spot it when they wrote their summary saying this is a Top Account. I think people will get caught unawares.
    Don't you think that part of MSE's job is to point out hidden catches?
  • pem2
    pem2 Posts: 134 Forumite
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    The Saffron BS online application form takes ages to load and when it does, I fill in my data and then it falls over. I've tried applying on different OP systems and different computers, but for me it is just not having it.
  • DragonQ
    DragonQ Posts: 2,193 Forumite
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    So basically it's a variable rate. Which is true of nearly all instant access savings accounts, right? I've never had an account's interest rates change, even though they all could at any moment really. The only advantage of one with a "bonus" period is that you know there's a minimum amount you'll always get in the first year or whatever.
  • Lollytrolly
    Lollytrolly Posts: 4 Newbie
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    Hi All,
    I'm in the process of opening an account with Derbyshire NetSaver (Issue 1) Does anyone recommend this Building Society and the Netsaver (Issue 1) account

    Many thanks!
  • pem2
    pem2 Posts: 134 Forumite
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    Lollytrolly wrote: »
    Hi All,
    I'm in the process of opening an account with Derbyshire NetSaver (Issue 1) Does anyone recommend this Building Society and the Netsaver (Issue 1) account

    Many thanks!
    It's fine if you don't mind sending them a cheque for £1000 to open it with, personally I do.
  • pem2
    pem2 Posts: 134 Forumite
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    Lollytrolly wrote: »
    Hi All,
    I'm in the process of opening an account with Derbyshire NetSaver (Issue 1) Does anyone recommend this Building Society and the Netsaver (Issue 1) account

    Many thanks!
    Correction to my previous post as I've just seen that you are trying to open Netsaver 1 which you may or may not be able to do, that was closed a couple of weeks ago and now they only show Netsaver 2 which requires £1000 to open by cheque.
  • ManAtHome
    ManAtHome Posts: 8,512 Forumite
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    pem2 wrote: »
    and now they only show Netsaver 2 which requires £1000 to open by cheque.
    Not sure about that - on the summary page they say minimum £1 at the top, but the box half-way down states £1,000 (maybe they copied that bit from the fixed-term savings...).

    Anyway, it let me put in £100 as the opening investment and I've sent a cheque - will wait and see.
  • G_M
    G_M Posts: 51,977 Forumite
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    ManAtHome wrote: »
    Not sure about that - on the summary page they say minimum £1 at the top, but the box half-way down states £1,000 (maybe they copied that bit from the fixed-term savings...).

    Anyway, it let me put in £100 as the opening investment and I've sent a cheque - will wait and see.
    I opened Netsaver 1 with a £1 cheque.

    Subsequent bank transfers went through via Faster Payments and arrived same day (despite Derbyshire consistantly telling me they do not support Faster Payments in OR out).
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