Best savings account?

Mercenary Keyboard Warrior said:
Yes you trigger the transfer process. Which is almost always from the new provider, give them the info of your old provider and they do it for you.
Expect it to take around a month however.
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It really depends on the new provider

- Who they are,
- What rate they are currently on
- Are they sticking with that rate
- Do they offer withdrawals without penalties (IE are they flexible)
- Do they pay interest monthly



these are some of the things I am currently looking for in my package, at the moment


If its a case of im only going to be say £8 down on interest every month, going from say 5.08% to 4.80%, im not really sure if its worth moving for someone who cannot provide the above for me

If someone can provide the above and say can provide a rate of 5.1% - 5.2% then it maybe worth moving.



EVen if a provider advertises a rate adjustment, dont they have to give an 8 week notice period before any changes take place?
 
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DJMK4 said:
It really depends on the new provider

- Who they are,
- What rate they are currently on
- Are they sticking with that rate
- Do they offer withdrawals without penalties (IE are they flexible)
- Do they pay interest monthly



these are some of the things I am currently looking for in my package, at the moment


If its a case of im only going to be say £8 down on interest every month, going from say 5.08% to 4.80%, im not really sure if its worth moving for someone who cannot provide the above for me

If someone can provide the above and say can provide a rate of 5.1% - 5.2% then it maybe worth moving.



EVen if a provider advertises a rate adjustment, dont they have to give an 8 week notice period before any changes take place?
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They must give reasonable notice. Generally they seem to have adopted 8 weeks / 2 months as that.

I wouldn't initiate any switch right now as it can take a couple of weeks for them all to adjust rates.
T212 for example meets all your criteria from above but they as of today havent changed the rate. Suspect it will come however once they see how their main competitors react.
 
DJMK4 said:
What email did you get ? What did it say ? iv not received any email from Zopa, My interest is still showing as 5.08%

When did you open an account with them ?
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this is what i got:
Access ISA pots: from 19 August 2024, the new rate will be 4.80% AER* variable (4.69% gross**). This includes a 0.5% AER*/gross** fixed bonus rate which has not changed. The current rate is 5.08% AER* variable (4.96% gross**)
 
aardvark said:
this is what i got:
Access ISA pots: from 19 August 2024, the new rate will be 4.80% AER* variable (4.69% gross**). This includes a 0.5% AER*/gross** fixed bonus rate which has not changed. The current rate is 5.08% AER* variable (4.96% gross**)
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So new rate is 4.80%

So based on a balance of 39,500 this is around £8 less interest earned per month
 
Is anyone thinking of leaving zopa then? It's a bit of a faff for approx £8 per month. Is there any providers that are going to stick to 5% plus rates ?

How likely is it they will increase again?

Maybe in half a year it would have been alright for me to fix but it's not worth it now. Plus fixing is not flexible and they don't pay interest monthly I believe
 
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ChrisD. said:
Still showing Nov 4th here.
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Strange. Although mine is showing 2 different pay in targets for the cashback.


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Also on that note got an email from monzo a couple of minutes ago saying -

To reflect recent changes, on 20 August 2024, we’ll lower the interest rate for Personal and Joint Instant Access Savings Pots and Instant Access Cash ISAs from 4.10% AER (variable) to 3.85% AER (variable).​
 
DJMK4 said:
Is anyone thinking of leaving zopa then? It's a bit of a faff for approx £8 per month. Is there any providers that are going to stick to 5% plus rates ?

How likely is it they will increase again?

Maybe in half a year it would have been alright for me to fix but it's not worth it now. Plus fixing is not flexible and they don't pay interest monthly I believe
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It's free money at the end of the day, only work on your part is to tell them you want to move it. Seems like an easy way to earn £100ish.
 
ShiWarrior said:
www.moneysavingexpert.com

Regular savings accounts

Get the best regular savings accounts by ignoring normal best buy tables - you could earn up to 8% by reading our guide at Money Saving Expert
www.moneysavingexpert.com www.moneysavingexpert.com

Virgin 10% fixed for 12 months
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Good for existing customers.

  • You need to have a current account with Virgin Money which was opened on or after 4 December 2019. Or, you originally opened your current account with Clydesdale Bank or Yorkshire Bank such as a Signature Current Account.
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DJMK4 said:
Is anyone thinking of leaving zopa then? It's a bit of a faff for approx £8 per month. Is there any providers that are going to stick to 5% plus rates ?

How likely is it they will increase again?

Maybe in half a year it would have been alright for me to fix but it's not worth it now. Plus fixing is not flexible and they don't pay interest monthly I believe
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How much do you earn?
 
dlockers said:
How much do you earn?
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IN what respect? earn from what? savings interest? or work ?

Savings interest through my ISA im getting about £153 per month in interest whilst on the 5.08% rate currently

Work, I dont usually disclose this, but i am a higher rate tax payer
 
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DJMK4 said:
IN what respect? earn from what? savings interest? or work ?

Savings interest through my ISA im getting about £153 per month in interest whilst on the 5.08% rate currently

Work, I dont usually disclose this, but i am a higher rate tax payer
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You can make £8 a month with a premium bank acc (over 100k/year).
 
I'm using Chase Savings which is 4.1% fixed... no fee and doesn't seem to have any of those limitations where you are penalised if you take out money etc
 
dlockers said:
You can make £8 a month with a premium bank acc (over 100k/year)
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Yeh i can sign up for a premium bank account. Although with my PSA (personal savings allowance) I am limited to £500 interest earnings per year before paying tax. It will fill the gap i guess.

I am not really worried about the drop to 4.80% on the ISA. It can be made back up again i guess.
 
DJMK4 said:
Yeh i can sign up for a premium bank account. Although with my PSA (personal savings allowance) I am limited to £500 interest earnings per year before paying tax. It will fill the gap i guess.

I am not really worried about the drop to 4.80% on the ISA. It can be made back up again i guess.
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It isn't interest AFAIK
 
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