coogaruk
Hello everyone! Anyone remember me?
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Post by coogaruk on Mar 29, 2022 16:54:02 GMT
Just when I thought I'd never hand over another of my hard-earned pennies to Z (even when their Fixed-Rate accounts neared the top of the best buy tables, they never really appealed to me)...
Today they suddenly appeared in the right place at the right time.
I've been looking into the possibility of opening an app. only savings account for some time (been looking at Atom for a while) so 1% for Easy Access with monthly interest was just too good to turn my nose up at, especially as I already had their app. installed so everything was pretty much already set up and ready to go 
(Minimum deposit £1, maximum £15k)
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aju
Member of DD Central
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Post by aju on Mar 29, 2022 17:34:42 GMT
Just when I thought I'd never hand over another of my hard-earned pennies to Z (even when their Fixed-Rate accounts neared the top of the best buy tables, they never really appealed to me)...
Today they suddenly appeared in the right place at the right time.
I've been looking into the possibility of opening an app. only savings account for some time (been looking at Atom for a while) so 1% for Easy Access with monthly interest was just too good to turn my nose up at, especially as I already had their app. installed so everything was pretty much already set up and ready to go 
(Minimum deposit £1, maximum £15k)
Their 1y has gone from 1.66% to 1.7 in the last few days. I wonder how far they have got to go yet. Of course its a 1y lockin but as you say things are looking promising. I don't do apps although Mrs Aju has started coaxing me into whatsapp so I guess i could give it a go and move our slush to there (Its in Marcus at 0.7% at moment). I'm not sure i'm comfortable committing to apps for banking as yet - luddit that i am!
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Post by erniec on Mar 29, 2022 19:25:30 GMT
Yes, I was offered the Smart Saver account before it was formally announced.
Put the max £15K into the 95 day account which has automatically risen from 0.95 to 1.05 and now to 1.25.
A good account for short term money IMHO.
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coogaruk
Hello everyone! Anyone remember me?
Posts: 703
Likes: 463
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Post by coogaruk on Mar 30, 2022 10:49:49 GMT
I'm not sure i'm comfortable committing to apps for banking as yet - luddit that i am! I know how you feel. 30+ years ago I happily switched my current account to a bank with no branches, however I think I have become much more wary with age.
I do however conduct the majority of 'everyday' transactions with above mentioned bank these days via their app!
Although comfortable using banking apps. my preference for an app. only bank would be one offering a multitude of services, including current a/c (I have also looked at Starling in the past and they would probably be my favoured at the mo if I decided to switch again)
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spiral
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Post by spiral on Apr 21, 2022 9:10:59 GMT
I must say I'm quite surprised at how little security these apps use to login. (Unless I'm missing something). I opened an account with Tandem last year. All you need to log into that is my mobile phone no and my phone. Now if you've got my phone, getting the mobile no. isn't a problem. Needless to say I never used the account.
Yesterday I opened a Zopa smart saver. Whilst signing up and logging in initially I needed email, password and a 6 digit pin. Now for all subsequent logins, I only need the pin no.
Considering a couple of years back all banks started requiring 2 factor authentication, pin readers, images to scan etc. to login, I am totally at a loss as to how and why app based accounts require less information now than banks were 3 years ago when they thought it was not secure enough.
For the record my phone doesn't have the ability to use biometrics but does have finger print scanner although I could never get that working on Tandem.
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Post by portlandbill on Apr 21, 2022 17:16:06 GMT
I just opened a smart saver account but the day after I came across the new Chase accounts with higher rates so I opened one of them on their app and moved my money there. Chase wanted a photo of my passport page and a photo of me, as well as the usual other things. They must be using some AI to compare the two.
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zlb
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Post by zlb on May 18, 2022 12:00:41 GMT
When savings rates get to the giddy heights of the 80s, isn't that the time to consider fixed term? Even getting back to the prior 3% that Santander offered for their 123 accnt would be something to wait for surely? How will savings rates stay at just 1-2% with 9% inflation?
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coogaruk
Hello everyone! Anyone remember me?
Posts: 703
Likes: 463
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Post by coogaruk on May 19, 2022 12:02:45 GMT
When savings rates get to the giddy heights of the 80s, isn't that the time to consider fixed term? Even getting back to the prior 3% that Santander offered for their 123 accnt would be something to wait for surely? How will savings rates stay at just 1-2% with 9% inflation? It won't be the rate of inflation that drives savings rates, it will be the direction of the BoE Base Rate and for the moment at least the only way is up. Easy Access and short term fixes are the best way forward at the moment in my view, else it won't be long before you end up being trapped in rates that looked good at the time but have been quickly superceded.
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zlb
Member of DD Central
Posts: 1,412
Likes: 331
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Post by zlb on May 19, 2022 22:54:32 GMT
When savings rates get to the giddy heights of the 80s, isn't that the time to consider fixed term? Even getting back to the prior 3% that Santander offered for their 123 accnt would be something to wait for surely? How will savings rates stay at just 1-2% with 9% inflation? It won't be the rate of inflation that drives savings rates, it will be the direction of the BoE Base Rate and for the moment at least the only way is up. Easy Access and short term fixes are the best way forward at the moment in my view, else it won't be long before you end up being trapped in rates that looked good at the time but have been quickly superceded. point taken, but I wonder in what circs will the BoE base rate go down if inflation goes up?
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