Savings rates getting competitive?

[richlist]

Al Rayan Bank are offering a 6 month fix at 4.9% via Raisin.

Coventry B/Society are offering Easy Access account (Four Access Saver) at 4%.

[bluedonkey]

Cynergy Bank are offering 3.71% (including a 0.5% bonus for 12 months) for easy access, online only (but not via an app). Unlimited withdrawals.

I gave up with Cynergy. They force you to use their app and you need to use two devices to access the account! The reviews are dire.

[NotSure]

I use Shawbrook for "easy access" and have no complaints. I do not have an app so it cannot be obligatory. They have just informed me that they have raised the interest to 3.91% AER.

[mc2fool]

Cynergy Bank are offering 3.71% (including a 0.5% bonus for 12 months) for easy access, online only (but not via an app). Unlimited withdrawals.

I gave up with Cynergy. They force you to use their app and you need to use two devices to access the account! The reviews are dire.

AFAIAA Cynergy don't have a banking app, just an authentication one, and two factor authentication is increasingly normal nowadays.

On a quick glance through my accounts OakNorth, Zopa, Shawbrook & Cynergy all require 2FA every time and many others (inc. NS&I) require it for each "trusted" device (actually meaning browser on a device).

In any case, I've been using Cynergy for a couple of years without problem.

[squareofthewicket]

and two factor authentication is increasingly normal nowadays.

Most financial institution continue to use the dreaded SMS with the code as the second factor authentication despite the risks associated.
https://cyberhoot.com/blog/top-five-ris ... ased%20MFA.

[stevensfo]

2-yr savings account offered via Investec now up to 5.15%
1-yr savings account offered via Paragon still at 4.75%

I just checked the latest AJBell fixed rates:

2-yr savings account offered via QIB now up to 5.45%
1-yr savings account offered via QIB now up to 5.35%
6 months savings account offered via QIB now up to 4.75%

https://www.ajbell.co.uk/cash-savings#list

Steve

New offer:
1-yr savings account offered via Ahli United Bank at 5.70%

Steve

[stevensfo]

I just checked the latest AJBell fixed rates:
New offer:
1-yr savings account offered via Ahli United Bank at 5.70%

Steve

For info:
AJBell 1, 2, 3- yr fixed rates all at 5.85% via Tandem Bank.

https://www.ajbell.co.uk/cash-savings#list


Monzo 1-yr fixed rate 5.8%, 9 months 4.88%, 6 months 4.85% via Charter.

https://monzo.com/features/savings/


Steve

[richlist]

Charter 1 year fixed now 6%.

[Fluke]

There are now quite a few offering around 4.2% for easy access on MSE, some with restrictions such as only 3 withdrawals/year, one I even recognise the name of, Leeds BS - 4.20%. That puts some clear water between them and my Santander account which has just increased it's rate to 3.75%. Think I'll jump.

https://www.leedsbuildingsociety.co.uk/ ... s-account/

[Adamski]

and two factor authentication is increasingly normal nowadays.

Most financial institution continue to use the dreaded SMS with the code as the second factor authentication despite the risks associated.
https://cyberhoot.com/blog/top-five-ris ... ased%20MFA.

Why dreaded? Surely a text to your phone as well as a password is more secure than just a password. A hacker might get hold of your password but not your sim card unless your phone is stolen and not sim passcode protected.

[pje16]

Why dreaded? Surely a text to your phone as well as a password is more secure than just a password. A hacker might get hold of your password but not your sim card unless your phone is stolen and not sim passcode protected.

Agreed, i read about protecting SIMs so mine is, but really that is just belt AND braces.

[mutantpoodle]

There are now quite a few offering around 4.2% for easy access on MSE, some with restrictions such as only 3 withdrawals/year, one I even recognise the name of, Leeds BS - 4.20%. That puts some clear water between them and my Santander account which has just increased it's rate to 3.75%. Think I'll jump.

https://www.leedsbuildingsociety.co.uk/ ... s-account/

but their best ISA rate is still only 3.8%
AND
when rates increase they open a new 'issue' and leave existing customers stuck on the old rates
unless you complete new applications for ne w issue and transfer/close the old existing accounts

[squareofthewicket]

Why dreaded? Surely a text to your phone as well as a password is more secure than just a password. A hacker might get hold of your password but not your sim card unless your phone is stolen and not sim passcode protected.

Agreed, i read about protecting SIMs so mine is, but really that is just belt AND braces.

Because SMS can be hacked as they are not encrypted unlike iMessage or WhatsApp. Even if they are considered better than having no 2FA does not mean they are secure.

There are free apps like Microsoft Authenticator available to use which are much more secure; Financial institutes should really use one of these apps or use hardware like the Pinsentry that is used by some.

[Gan020]

NSandI offering 6.2% on a 1 year bond??? Thoughts please

https://www.nsandi.com/guaranteed-returns

[didds]

NSandI offering 6.2% on a 1 year bond??? Thoughts please

https://www.nsandi.com/guaranteed-returns

seems pretty good. I recently picked up 6.06% on a one year bond and that was the best available at the time

[richlist]

Tempting. I suspect the major players will respond with similar. NS&I have a 30 day cooling off, so you could open an account and cancel within 30 days if something arrives that's more competitive.

[Laughton]

And now - Santander kicks off rate war with best easy-access savings deal in 14 years - paying 5.2%

https://www.telegraph.co.uk/money/banki ... est-rates/

Expect others to follow suit shortly.

[richfool]

I don't know about the current Santander account, but when I went into a branch and asked about their higher interest accounts a few months ago, they told me that one had to have a current account with them with at least a certain amount being paid in each month.

I have seen a few 6% (and thereabouts) fixed rates for 1 year through Raisin.

[stevensfo]

I don't know about the current Santander account, but when I went into a branch and asked about their higher interest accounts a few months ago, they told me that one had to have a current account with them with at least a certain amount being paid in each month.

I have seen a few 6% (and thereabouts) fixed rates for 1 year through Raisin.

I have absolutely no idea why, but my applications for savings with Raisin were never accepted.

So I stick with my AJBell account which has 6% for 1 year. Though I generally go for the 2-year rates.

https://www.ajbell.co.uk/cash-savings#list

Steve

[richfool]

I don't know about the current Santander account, but when I went into a branch and asked about their higher interest accounts a few months ago, they told me that one had to have a current account with them with at least a certain amount being paid in each month.

I have seen a few 6% (and thereabouts) fixed rates for 1 year through Raisin.

I have absolutely no idea why, but my applications for savings with Raisin were never accepted.

So I stick with my AJBell account which has 6% for 1 year. Though I generally go for the 2-year rates.

https://www.ajbell.co.uk/cash-savings#list

Steve

I read some reviews before I proceeded (with Raisin), and noticed that some applicants had had problems where they had used some of the newer online banks like Wise and Resolut(?) (as their feeder bank accounts). I was accepted OK (using my UK high street bank account), but then later I didn't proceed, because I didn't like that Raisin was rather like an intermediary and would be passing my details on to the other "banks" with whom the accounts would be opened. That also added a delay to transactions. There were also quite a number of moans about difficulties in contacting them by telephone and/or the responses that customers then got, and also about accessing funds upon the maturity of fixed term accounts.