amphoria
Member of DD Central
Posts: 156
Likes: 124
|
Post by amphoria on Sept 4, 2019 9:00:30 GMT
Rate for new savers has dropped from 1.5% to 1.45%, see hereInterestingly its the bonus that has reduced and not the underlying rate.
|
|
r00lish67
Member of DD Central
Posts: 2,691
Likes: 4,048
|
Post by r00lish67 on Sept 4, 2019 9:04:25 GMT
Rate for new savers has dropped from 1.5% to 1.45%, see hereInterestingly its the bonus that has reduced and not the underlying rate. Ah that answers my question then. So, key thing is, now don't renew your bonus. Just checked, and it would indeed reduce your overall rate if you did so. Not surprised to see this though, I noticed the 'renew savings' trick had been published in the Daily Mail the other day so they probably had a flood of 'renewers'.
|
|
aju
Member of DD Central
Posts: 3,484
Likes: 917
|
Post by aju on Sept 4, 2019 15:32:43 GMT
Interestingly its the bonus that has reduced and not the underlying rate. Ah that answers my question then. So, key thing is, now don't renew your bonus. Just checked, and it would indeed reduce your overall rate if you did so. Not surprised to see this though, I noticed the 'renew savings' trick had been published in the Daily Mail the other day so they probably had a flood of 'renewers'. As you say let's hope they don't miss the fact that if they renew it they will reduce their rate - assuming they still have some time left at the previous rate. Thankfully I managed to catch it on 31/8 at the 1.49%/1.5% rate, my rate was due to finish on October!. One does need to keep on top of these rate change shenanigans.
|
|
amphoria
Member of DD Central
Posts: 156
Likes: 124
|
Post by amphoria on Sept 4, 2019 22:21:37 GMT
By co-incidence, I renewed my bonus on Monday which was just before the rate changed. It looks like they made this change just prior to the first anniversary of the account opening. Mine was due to expire on 26th Sep. I should offer my thanks to r00lish67 who first posted that you could renew your bonus for another year.
|
|
zlb
Member of DD Central
Posts: 1,412
Likes: 331
|
Post by zlb on Sept 5, 2019 10:06:13 GMT
Yes, thanks for the pre warning.
Shame they've done this, but it's clear that the whole market is sliding down from the ever so high mountain peak of 1.5%
|
|
Mike
Member of DD Central
Posts: 647
Likes: 443
|
Post by Mike on Sept 5, 2019 10:50:42 GMT
Yes, thanks for the pre warning. Shame they've done this, but it's clear that the whole market is sliding down from the ever so high mountain peak of 1.5%£10k minimum but if you don't mind 95days notice you can get 1.8% (variable) with Investec (plus extra 0.05% if you don't give notice to withdraw for for 90days) www.investec.com/en_gb/savings-accounts/notice-plus.htmlMuch better than Marcus IMV if you want to save less than/don't care about FSCS compo limits. It's been around for a while surprised the usual places haven't picked up on it. Assume it's the 10k min. but it's by far the best rate I can find. Much better than the old 1year Investec fix - and allows multiple deposits. I've had good experiences with Invetec too.
|
|
aju
Member of DD Central
Posts: 3,484
Likes: 917
|
Post by aju on Sept 5, 2019 14:59:52 GMT
Yes, thanks for the pre warning. Shame they've done this, but it's clear that the whole market is sliding down from the ever so high mountain peak of 1.5%£10k minimum but if you don't mind 95days notice you can get 1.8% (variable) with Investec (plus extra 0.05% if you don't give notice to withdraw for for 90days) www.investec.com/en_gb/savings-accounts/notice-plus.htmlMuch better than Marcus IMV if you want to save less than/don't care about FSCS compo limits. It's been around for a while surprised the usual places haven't picked up on it. Assume it's the 10k min. but it's by far the best rate I can find. Much better than the old 1year Investec fix - and allows multiple deposits. I've had good experiences with Invetec too. So I read most of the terms but to be fair I've never used a notice account and even then in this case did I read it right the interest is only applicable on £10000 and above so the 1st £9999 never gets interest applied. Or am I just being thick. Ok so stop laughing ;-) (I failed english at school and that was 50+ years ago!)
|
|
adrianc
Member of DD Central
Posts: 8,948
Likes: 4,787
|
Post by adrianc on Sept 5, 2019 15:10:27 GMT
From that page...
So I read that as...
Balance <£10k - interest 0% Balance £10k>£1m - interest 1.8% on entire balance Balance £1m+ - interest 1.8% on first £1m, 0.25% on remainder above £1m.
Their £25k balance worked examples seem to support that, too.
|
|
|
Post by df on Sept 5, 2019 15:19:20 GMT
Yes, thanks for the pre warning. Shame they've done this, but it's clear that the whole market is sliding down from the ever so high mountain peak of 1.5% Cynergy were offering 1.5%. I was going to open the account today, but they've taken it off the market. Shawbrook is offering 1.48% but with 1k minimum balance condition. I think I prefer 1.45% with no strings attached. Most of my instant access funds are in NottsBS (beehive) issue 9 @1.55%, but that will run out soon and funds will probably go to Marcus, unless something better appears on the market. One thing I've learned, you have to grab them as soon as they've launched because some of those have very little window of availability. This 1.55% "beehive" product was only available for a couple of weeks for example.
|
|
aju
Member of DD Central
Posts: 3,484
Likes: 917
|
Post by aju on Sept 5, 2019 15:26:34 GMT
From that page... So I read that as... Balance <£10k - interest 0% Balance £10k>£1m - interest 1.8% on entire balance Balance £1m+ - interest 1.8% on first £1m, 0.25% on remainder above £1m. Their £25k balance worked examples seem to support that, too. Thanks, I should have looked a bit further and spotted their examples, I agree the 25k balance seems to corroborate your answer but I guess if they had better english they could have framed it more simply as you did.
|
|
zlb
Member of DD Central
Posts: 1,412
Likes: 331
|
Post by zlb on Sept 5, 2019 20:46:48 GMT
Yes, thanks for the pre warning. Shame they've done this, but it's clear that the whole market is sliding down from the ever so high mountain peak of 1.5% Cynergy were offering 1.5%. I was going to open the account today, but they've taken it off the market. Shawbrook is offering 1.48% but with 1k minimum balance condition. I think I prefer 1.45% with no strings attached. Most of my instant access funds are in NottsBS (beehive) issue 9 @1.55%, but that will run out soon and funds will probably go to Marcus, unless something better appears on the market. One thing I've learned, you have to grab them as soon as they've launched because some of those have very little window of availability. This 1.55% "beehive" product was only available for a couple of weeks for example. Yes I agree, get the account when you see it. I recently opened 95 day notice at 1.8% which closed almost immediately after(such that I had to phone to get a reminder of the minimum investment as it had disappeared from site), ditto a 1.5% ISA. There have been a few offerings of 1.5% (but with limits on number of withdrawals) which have been standing for several months, but now they've gone, and Marcus are following.
|
|
zlb
Member of DD Central
Posts: 1,412
Likes: 331
|
Post by zlb on Sept 5, 2019 20:48:27 GMT
Yes, thanks for the pre warning. Shame they've done this, but it's clear that the whole market is sliding down from the ever so high mountain peak of 1.5%£10k minimum but if you don't mind 95days notice you can get 1.8% (variable) with Investec (plus extra 0.05% if you don't give notice to withdraw for for 90days) www.investec.com/en_gb/savings-accounts/notice-plus.htmlMuch better than Marcus IMV if you want to save less than/don't care about FSCS compo limits. It's been around for a while surprised the usual places haven't picked up on it. Assume it's the 10k min. but it's by far the best rate I can find. Much better than the old 1year Investec fix - and allows multiple deposits. I've had good experiences with Invetec too. yes that's good, thanks, and odd it doesn't appear in lists.
|
|
|
Post by propman on Sept 6, 2019 14:04:18 GMT
From that page... So I read that as... Balance <£10k - interest 0% Balance £10k>£1m - interest 1.8% on entire balance Balance £1m+ - interest 1.8% on first £1m, 0.25% on remainder above £1m. Their £25k balance worked examples seem to support that, too. Thanks, I should have looked a bit further and spotted their examples, I agree the 25k balance seems to corroborate your answer but I guess if they had better english they could have framed it more simply as you did. So only >1.5% overall if balance >£60k!
|
|
|
Post by Ace on Sept 6, 2019 20:02:42 GMT
Thanks, I should have looked a bit further and spotted their examples, I agree the 25k balance seems to corroborate your answer but I guess if they had better english they could have framed it more simply as you did. So only >1.5% overall if balance >£60k! I think you may have missed the "on entire balance" bit.
|
|
|
Post by df on Sept 13, 2019 17:48:02 GMT
Yes, thanks for the pre warning. Shame they've done this, but it's clear that the whole market is sliding down from the ever so high mountain peak of 1.5% Cynergy were offering 1.5%. I was going to open the account today, but they've taken it off the market. Shawbrook is offering 1.48% but with 1k minimum balance condition. I think I prefer 1.45% with no strings attached. Most of my instant access funds are in NottsBS (beehive) issue 9 @1.55%, but that will run out soon and funds will probably go to Marcus, unless something better appears on the market. One thing I've learned, you have to grab them as soon as they've launched because some of those have very little window of availability. This 1.55% "beehive" product was only available for a couple of weeks for example. Just a follow up. New offer that beats Marcus from Al Rayan Bank - 1.6%.Minimum deposit £500, max £1m. Unlimited withdrawals. Good timing. I've applied as soon as found out. Considering the size of Al Rayan's balance sheet and the offered rate I don't think this product will be on offer for very long.
|
|