Savings interest rate thread

[anonymous-user]

Mr Squarekins said:

Mr Whippy said:

okgo said:

Surely it gets bettered in a fortnight after the next base base rate meeting, then what? Piss about moving it all again?

Yeah it’s only just starting isn’t it.
There will be months of this in my opinion.

£250k in Santander now though
FSCS unprotected funds at £170k, no thanks.

Genuine question related to this. When folks have large sums such as £500k plus, do they really split into £85k chunks across multiple banking groups or just spread it a little, such as £150k here and there?

Noone would have, say, 10 accounts to hold £850k?

I keep mine in carrier bags to throw at unsuspecting salesman. It’s the PH director’s way.

[Bowser87]

wormus said:

I keep mine in carrier bags to throw at unsuspecting salesman. It’s the PH director’s way.

People absolutely do deposit £85k and £170k amounts spread across many providers. There a numerous services effectively designed to do that for you as well.

[Mr Squarekins]

wormus said:

Mr Squarekins said:

Mr Whippy said:

okgo said:

Surely it gets bettered in a fortnight after the next base base rate meeting, then what? Piss about moving it all again?

Yeah it’s only just starting isn’t it.
There will be months of this in my opinion.

£250k in Santander now though
FSCS unprotected funds at £170k, no thanks.

Genuine question related to this. When folks have large sums such as £500k plus, do they really split into £85k chunks across multiple banking groups or just spread it a little, such as £150k here and there?

Noone would have, say, 10 accounts to hold £850k?

I keep mine in carrier bags to throw at unsuspecting salesman. It’s the PH director’s way.

heh, to 'pull the trigger' with your opc on a gt3rs?

[anonymous-user]

wormus said:

I keep mine in carrier bags to throw at unsuspecting salesman. It’s the PH director’s way.

I thought everybody leased their cars as their money was invested and earning 30%

All the while moaning about poor people leasing cars they could otherwise not afford?

[brickwall]

Application gone in.
I can see this continuing for the next few months - moving money from JPMChase to GS Marcus to Santander etc.

That being said it’s a relatively quick exercise, and if you’re moving a decent chunk then it can amount to quite a well paid 15 mins.

[juggsy]

snoopy25 said:

Not sure what you lot are doing applied at 3pm had acceptance email and account numbers 10 min later and I'm a new customer

Just waiting on the temp passwords to come through the post now

Quick acceptance here too, not being a previous Santander customer though it’s a ball ache that the temp passwords will prob be delayed due to the Royal Mail strike. Shame these antiquated banks can’t get with the times and use email at the very least.

[anonymous-user]

juggsy said:

Quick acceptance here too, not being a previous Santander customer though it’s a ball ache that the temp passwords will prob be delayed due to the Royal Mail strike. Shame these antiquated banks can’t get with the times and use email at the very least.

It’s to protect you from risk of fraud and anti-money laundering rules in case your identity has been stolen.

Edited by anonymous-user on Thursday 13th October 06:21

[anonymous-user]

Joey Deacon said:

wormus said:

I keep mine in carrier bags to throw at unsuspecting salesman. It’s the PH director’s way.

I thought everybody leased their cars as their money was invested and earning 30%

All the while moaning about poor people leasing cars they could otherwise not afford?

Indeed. Not sure why anyone with a spare 850k in cash would a) have it in cash instead of capital b) ask advice on a scummy motoring web site.

[LooneyTunes]

Mr Squarekins said:

Genuine question related to this. When folks have large sums such as £500k plus, do they really split into £85k chunks across multiple banking groups or just spread it a little, such as £150k here and there?

Noone would have, say, 10 accounts to hold £850k?

When you get to larger sums, any cash holdings often exist as part of a much larger asset base, so the loss of some/all of that isn’t going to be someone’s life savings and have the same impact as it would for a typical retail client. Spreading it around several banks would still make sense, but you’d be looking at the risk profiles of those banks in a different way to a smaller depositor.

Bowser87 said:

People absolutely do deposit £85k and £170k amounts spread across many providers. There a numerous services effectively designed to do that for you as well.

With these services it’s worth taking a look at the cost and counterparty risk, which may or may not always stack up. Those providers also focus on the rates achieved and include banks in their portfolio where you might think twice about exceeding any protection limits.

[fourstardan]

wormus said:

Indeed. Not sure why anyone with a spare 850k in cash would a) have it in cash instead of capital b) ask advice on a scummy motoring web site.

It's called PH Syndrome - Old cynicals that never trust anyone

[juggsy]

wormus said:

juggsy said:

Quick acceptance here too, not being a previous Santander customer though it’s a ball ache that the temp passwords will prob be delayed due to the Royal Mail strike. Shame these antiquated banks can’t get with the times and use email at the very least.

It’s to protect you from risk of fraud and anti-money laundering rules in case your identity has been stolen.

Edited by wormus on Thursday 13th October 06:21

I’ve signed up to various current and savings accounts over the past year. Plenty don’t need to use the post to get you up and running, there are far more modern methods to do KYC and AML and give you immediate access.

[anonymous-user]

juggsy said:

wormus said:

juggsy said:

Quick acceptance here too, not being a previous Santander customer though it’s a ball ache that the temp passwords will prob be delayed due to the Royal Mail strike. Shame these antiquated banks can’t get with the times and use email at the very least.

It’s to protect you from risk of fraud and anti-money laundering rules in case your identity has been stolen.

Edited by anonymous-user on Thursday 13th October 06:21

I’ve signed up to various current and savings accounts over the past year. Plenty don’t need to use the post to get you up and running, there are far more modern methods to do KYC and AML and give you immediate access.

Depends on risk appetite of the bank. What are these modern methods you speak of?

Besides, you can pay money in once you’ve been set up, you just cannot take it out until the pin arrives in the post.

Edited by anonymous-user on Thursday 13th October 08:37

[Reginald Molehusband]

I’ve had a Santander 123 account for years and just opened the ESaver account instantly!

I’ve been getting 1.93% from Ford Money recently but will now transfer chunks over to Santander.

Edited to add, to be fair Ford Money have been regularly increasing their interest rate to competitive levels and it could well soon be at 2.5% anyway.

Edited by Reginald Molehusband on Thursday 13th October 08:37

[Elderly]

Mine is still not showing on the app after more than 36 hours ( I’m an existing customer).

I rang them and they said that so long as my email had an OA number at the top,
all was going through.

[Mr Whippy]

Mr Squarekins said:

Mr Whippy said:

okgo said:

Surely it gets bettered in a fortnight after the next base base rate meeting, then what? Piss about moving it all again?

Yeah it’s only just starting isn’t it.
There will be months of this in my opinion.

£250k in Santander now though
FSCS unprotected funds at £170k, no thanks.

Genuine question related to this. When folks have large sums such as £500k plus, do they really split into £85k chunks across multiple banking groups or just spread it a little, such as £150k here and there?

Noone would have, say, 10 accounts to hold £850k?

NS&I let you keep a million iirc.

And on protection. I protect it all. The bail in/out rules were hardened after 2008.
It’s pretty clear what’ll happen to your money if there are financial issues abound (like now)

[juggsy]

wormus said:

juggsy said:

wormus said:

juggsy said:

Quick acceptance here too, not being a previous Santander customer though it’s a ball ache that the temp passwords will prob be delayed due to the Royal Mail strike. Shame these antiquated banks can’t get with the times and use email at the very least.

It’s to protect you from risk of fraud and anti-money laundering rules in case your identity has been stolen.

Edited by wormus on Thursday 13th October 06:21

I’ve signed up to various current and savings accounts over the past year. Plenty don’t need to use the post to get you up and running, there are far more modern methods to do KYC and AML and give you immediate access.

Depends on risk appetite of the bank. What are these modern methods you speak of?

Besides, you can pay money in once you’ve been set up, you just cannot take it out until the pin arrives in the post.

Edited by wormus on Thursday 13th October 08:37

Case in point, signed up with Monzo, full use of account and even a virtual card within minutes. All checked performed digitally.

Chase bank, within 3 hours I was verified, transferring cash and setting up individual savings accounts (admittedly applied Before the rush).

Only use of post for either was to send me the card. All very doable and not exactly new tech these days. And yes you can send money but no access to online banking until the pins come through with Santander.

[CLX]

Elderly said:

Mine is still not showing on the app after more than 36 hours ( I’m an existing customer).

I rang them and they said that so long as my email had an OA number at the top,
all was going through.

Same here. My number starts with OLA though

[SteveStrange]

What's the difference between the Santander e-saver, and the limited edition e-saver? You'd think the limited edition one would be better but I can't see why, or how?

[CubanPete]

wormus said:

Indeed. Not sure why anyone with a spare 850k in cash would a) have it in cash instead of capital b) ask advice on a scummy motoring web site.

People with long fixed rate mortgages who are saving to pay it off and think the equity, gold, crypto and bond markets are overcooked.

(My limited equity and pensions have all dropped around the 10% mark recently...) So 0.5% growth isn't the worst...

[juggsy]

SteveStrange said:

What's the difference between the Santander e-saver, and the limited edition e-saver? You'd think the limited edition one would be better but I can't see why, or how?

Regular e-saver you can only pay £200/month, limited edition you can pay lump sums up to £250k