Savings interest rate thread

Savings interest rate thread

Author
Discussion

langtounlad

780 posts

170 months

Thursday 23rd March 2023
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28 days in February

981Boxess

11,199 posts

257 months

Thursday 23rd March 2023
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Stig said:
I have a Santander account at 2.72%. Whilst interest on the balance has been increasing month on month (as I would expect it to as it's cumulative), for some reason it dropped back (by some margin) for March?

Is the interest rate therefore variable? Still shows as 2.72% in the app?
Cynergy paying 3.25% wouldn't that be better?

Or 3.00% odd at Shawbrook/Chase if you want monthly interest.

OldSkoolRS

6,718 posts

178 months

Thursday 23rd March 2023
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Or Chip at 3.4% monthly interest.

Not sure whether Chip is likely to go up after the BOE rate rise today (don't think it tracks the rate though?).

981Boxess

11,199 posts

257 months

Thursday 23rd March 2023
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CBS - Limited Access Saver 6 Monthly - up from 3.20% Gross to 3.30% Gross from 4th April 2023

Chase - up from 3.00% AER to 3.10 AER from 3rd April 2023

GT4P

5,188 posts

184 months

Thursday 23rd March 2023
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YBS up from 3.0% to 3.25%
Making the Santander e saver looking a bit shoddy at 2.75%

981Boxess

11,199 posts

257 months

Thursday 23rd March 2023
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Santander monthly now starting to look like the ugly sister at 2.72%

SmoothCriminal

5,047 posts

198 months

Thursday 23rd March 2023
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Is chip legit?

Seems a bit too easy to set up

MajorMantra

1,265 posts

111 months

Thursday 23rd March 2023
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SmoothCriminal said:
Is chip legit?

Seems a bit too easy to set up
I asked this a few posts back. Set mine up two weeks ago but have somehow hesitated about chucking all my savings in. Probably just being paranoid...

SmoothCriminal

5,047 posts

198 months

Thursday 23rd March 2023
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MajorMantra said:
SmoothCriminal said:
Is chip legit?

Seems a bit too easy to set up
I asked this a few posts back. Set mine up two weeks ago but have somehow hesitated about chucking all my savings in. Probably just being paranoid...
Don't know why but I'm the same seems a bit too good to be true although is promoted on money-saving expert so must be some substance to it.

Hippea

1,780 posts

68 months

Thursday 23rd March 2023
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I’m still with Santander, I’m thinking of moving to Monzo at 3.2%. I use Monzo a lot so it would be convenient

How easy is transferring money out of Santander?

V1nce Fox

5,508 posts

67 months

Thursday 23rd March 2023
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SmoothCriminal said:
MajorMantra said:
SmoothCriminal said:
Is chip legit?

Seems a bit too easy to set up
I asked this a few posts back. Set mine up two weeks ago but have somehow hesitated about chucking all my savings in. Probably just being paranoid...
Don't know why but I'm the same seems a bit too good to be true although is promoted on money-saving expert so must be some substance to it.
Same here. Opened and bunged a quid in to test process but something feels a bit iffy about it.

200Plus Club

10,673 posts

277 months

Thursday 23rd March 2023
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NS&I bonds available at 4 % for a year and 4.2 for 3 but zero withdrawal option.

OldSkoolRS

6,718 posts

178 months

Thursday 23rd March 2023
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SmoothCriminal said:
Don't know why but I'm the same seems a bit too good to be true although is promoted on money-saving expert so must be some substance to it.
As you say promoted on MSE and also FSCS scheme protected. I've put some short term money in that will be used for a car purchase and some home improvements, so no point locking it away. Moved it from a Coventry savings account (3.2% but limited number of withdrawals per year), so I hope I'm not being a mug. paperbag

981Boxess

11,199 posts

257 months

Friday 24th March 2023
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V1nce Fox said:
SmoothCriminal said:
MajorMantra said:
SmoothCriminal said:
Is chip legit?

Seems a bit too easy to set up
I asked this a few posts back. Set mine up two weeks ago but have somehow hesitated about chucking all my savings in. Probably just being paranoid...
Don't know why but I'm the same seems a bit too good to be true although is promoted on money-saving expert so must be some substance to it.
Same here. Opened and bunged a quid in to test process but something feels a bit iffy about it.
I don't have the same confidence/trust in mobile apps as I do with normal online accounts. I have a Chase account which works brilliantly, but I would not leave big money in there.

People see an FSCS logo next to something and assume there is no way they can come unstuck, I suspect there are ways they still can.

As an ex Icesave saver I am probably more cautious/paranoid than some.

MajorMantra

1,265 posts

111 months

Friday 24th March 2023
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OldSkoolRS said:
As you say promoted on MSE and also FSCS scheme protected. I've put some short term money in that will be used for a car purchase and some home improvements, so no point locking it away. Moved it from a Coventry savings account (3.2% but limited number of withdrawals per year), so I hope I'm not being a mug. paperbag
Pretty sure Martin Lewis would say MSE doesn't "promote" things as such, merely draw attention to the options.

The account on Chip is actually with Clearbank btw. The reviews online make for interesting reading although it's always hard to know what to make of these things (particularly as the vast majority are not from actual customers of the bank).

OldSkoolRS

6,718 posts

178 months

Friday 24th March 2023
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Yes I’m aware that it’s actually Clearbank where the money is held and FSCS license is with. Quite a few threads in MSE about whether it is legit or not, most seem to think not. We’ll see if I am a mug I guess, so I’ll practice my compo face for the DM blaming Martin Lewis. wink

I’m sure he would distance himself from it should any thing bad happen. Can’t say I’m that keen on the guy to be honest, I tend to use other sites for rates info and such.

steveo3002

10,493 posts

173 months

Friday 24th March 2023
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dont be too trusting of martin lewis

years back he recommended some scam money exchange where your ordered currency through the post , id used it before all good , ordered a grands worth for a holiday and it went bad , lost it all as did many others

edit crown currency went pop 2010, endorsed by him and the website

Edited by steveo3002 on Friday 24th March 13:17

GT4P

5,188 posts

184 months

Friday 24th March 2023
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They must have checked out this post, Santander ESaver going to 3.25%

anonymous-user

53 months

Friday 24th March 2023
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GT4P said:
They must have checked out this post, Santander ESaver going to 3.25%
Where did you see that, I have not received an email yet?

GT4P

5,188 posts

184 months

Friday 24th March 2023
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When I logged into my account it popped up before taking me to my account