Best savings account?

[englishpremier]

The BoE meed this week (tomorrow?), so we're looking at base rates rising to 4.5%

Kroo bank has jumped the gun and upped the interest on its current account from 3.33% AER to 3.60% - Still below Chip, but ahead of the best instant access rates from the digital banks i.e. Atom, Chase, Monzo.

 

[topgun06]

The BoE meed this week (tomorrow?), so we're looking at base rates rising to 4.5%

Kroo bank has jumped the gun and upped the interest on its current account from 3.33% AER to 3.60% - Still below Chip, but ahead of the best instant access rates from the digital banks i.e. Atom, Chase, Monzo.

You or anyone have any experience with Kroo Bank? I signed up around 4 weeks ago but have had radio silence from them despite multiple attempts to chase them for an update.

 

[englishpremier]

I signed up in Jan, they were a little over zealous in their KYC checks but my account was still open within 2 hours. It was [email protected] I emailed to send my docs too.

I stuck a bunch of money in the account that was waiting to be sued for something else, and all worked well. Transfers in, out, etc.. interest notifications.

There's not really much to say about it. It's a very basic account at the moment, almost as basic as Chase was when it first launched in the UK.

Problems for people signing up started towards the end of Jan (IIRC), when Martin Lewis mentioned them on one of the shows he's on. TCB were offering £50 cashback on signing up, and Kroo were just completely inundated.

 

[ShiWarrior]

i always look at this :

Regular savings accounts

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Top savings accounts

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Top cash ISAs 2024/25

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[413x]

Now we are in the new tax year I can pop a chunk of savings in one of these fixes. With the CGT outside an isa very small now I do have to be careful. It's only worth putting in 5k with some of the rolling stuff I have as well.

But S&S are. Just not worth it now.

 

[200sols]

You pay tax in the year you can access the interest.

 

[413x]

You pay tax in the year you can access the interest.

Yeah that's what I mean. I have pretty much 500 of interest landing this year. (regular savers and a 3 year bond that pays out annually).

But not sure if the regular savers will be accessible next tax year. If not, makes sense to jump on a 1 year now.

Also want cash available in 2-3 years for a planned move

 

[alexakasloth]

Interest rate rises expected tomorrow, hopefully an increase in savings returns to follow soon after.

 

[200sols]

Yeah that's what I mean. I have pretty much 500 of interest landing this year. (regular savers and a 3 year bond that pays out annually).

But not sure if the regular savers will be accessible next tax year. If not, makes sense to jump on a 1 year now.

Also want cash available in 2-3 years for a planned move

Surprised you think s+s not worth it though, when people are thinking such things is usually a good time to buy.

 

[413x]

Surprised you think s+s not worth it though, when people are thinking such things is usually a good time to buy.

I know what you mean.
So far I've been solely invested in S&S.

I guess it's just the perception. You're probably right.
The last 3 months have been a bit grim.

Not sure how stubborn this inflation is going to be. More so than I thought 3 months ago!

 

[Feek]

Nutmeg pot is at £2 up currently....not too bad considering a few banks have imploded in the US since I bought in.

Mine went as high as being up £6 at one point, now I'm back to being £2 down.

 

[Raymond Lin]

Mine went as high as being up £6 at one point, now I'm back to being £2 down.

Just checked, 55p up!

 

[Mesai]

Are any of you using Monzo for savings? The T&C's are slightly confusing; 3.2% up to £1,000 but then it says deposit up to £100,000

I think/hope it means, 1,000 in interest and not only on the first 1,000.

 

[Maccy]

Mine went as high as being up £6 at one point, now I'm back to being £2 down.

RIP

 

[DJMK4]

So do I reduce the amount I'm putting in premium bonds now as I get closer to the max and out money in to these various Turkish bank 6 or 9 month fix bonds ?

 

[Feek]

Interest rates up to 4.5% now, here we go again with all the banks increasing their savings rates.....

C'mon Chase, redeem yourselves, give us a decent rise.

 

[englishpremier]

Don't think Chase are ever going to be market leading again in terms of interest rate. It was a nice little gimme when rates were low and they caught other banks with their pants down, but now that they grown of over 1 million customers, they seem to have lost their appetite.

It could be that the lull is just while they are recruiting. A lot of jobs available if you look at the Chase website. But I'm not so sure. After-all Chase US isn't anything special.

 

[tom_e]

Don't think Chase are ever going to be market leading again in terms of interest rate. It was a nice little gimme when rates were low and they caught other banks with their pants down, but now that they grown of over 1 million customers, they seem to have lost their appetite.

It could be that the lull is just while they are recruiting. A lot of jobs available if you look at the Chase website. But I'm not so sure. After-all Chase US isn't anything special.

To be fair considering they offer 1% on your current account balance, 5% on roundup and 1% cashaback along with their half decent savings rate so I suppose it all balances out. If they got rid of the other bits then their savings rate would probably come up.

 

[200sols]

The UK launch of Chase has been losing a lot of money so probably trying to stem that whilst not haemorrhaging customers.

 

[Bear]

FSCS protected so doesn't matter. You're good upto 75k

£85K