Savings interest rates

[BobGe]

Anyone seen any sign of increased savings interest rates since the BOE Base rate raise in December?

[mc2fool]

Yes, even NS&I Direct Saver up to 0.5%pa from 0.15%, whoopee! Compare their rates on 16-Dec with now.

https://web.archive.org/web/20211216125700/https://www.nsandi.com/interest-rates
https://www.nsandi.com/interest-rates

[dave559]

It's probably best to keep an eye on MoneySavingExpert and dedicated threads in their forums for lists and discussions of these. A combination of their staff and the crowd-sourced information in specific forum threads generally keeps the details of the best payers up to date pretty timeously.

Among the current best instant access accounts are Atom Bank (app) at 0.75% (up twice from 0.5%) and the Virgin Money M Plus Current Account's linked saving account which will be paying 1% from 1 March (up from 0.35%), and the M Plus account itself pays 2% up to £1000 (no increase, but it's obviously a 'lure' rate). Many building societies have increased interest rates on some or all accounts, but obviously not all are necessarily at or near the best rates.

There are also a number of new or newish regular saver accounts (some attached to a current account, some with prize draws) paying from 1% to 2.5% or 3% (but only maximum £50 monthly deposits for the last of these). Some of these permit (a possibly limited number of) penalty-free withdrawals, so can be effectively be used as higher paying instant access accounts for appropriate sums.

[AWOL]

Premium Bonds seam quite competitive at the moment although I would love a rate rise.

[BobGe]

Just seen a note from HSBC that their personal savings a/cs interest rates lifted to 0.1% p.a., not seen anything re business a/cs yet.

[mutantpoodle]

Marcus increased to 0.6% and most get a bonus on top I think

instant access and real people on the phone!!!

[didds]

Marcus increased to 0.6% and most get a bonus on top I think

instant access and real people on the phone!!!

Just looked - yes. 0.6% easy access or ISA, but the firmer has an extra 0.1% bonus for the first year.

Overall seems a "good" offer (in the current environment anyway)

though Ive just checked MSE and there appears to be two accounts above 2% - Virgin money M plus and Nationwide FlexDirect - but both seem a tad limited

the former only on 1K (with 1% on an connected savings account though)
the latter is only for a year on 1.5K and it has to have income through it

Cynergy offer 0.8% for the first year. But then it drops to 0.3%

didds

[Laughton]

Just looked - yes. 0.6% easy access or ISA, but the firmer has an extra 0.1% bonus for the first year

Re Marcus - yes, I thought it was just for the first year too but I think it's actually something you opt in for 12 months at a time. You can then opt in again at any time to lock in the extra 0.1% for a further 12 months and so on and so on. I've been with them for ages and that seems to be what I am able to do. I just locked in another 12 months when they emailed me about the increase to 0.6% interest (so I now get 0.7%).

Really simple to operate.

[Gersemi]

Just looked - yes. 0.6% easy access or ISA, but the firmer has an extra 0.1% bonus for the first year

Re Marcus - yes, I thought it was just for the first year too but I think it's actually something you opt in for 12 months at a time. You can then opt in again at any time to lock in the extra 0.1% for a further 12 months and so on and so on. I've been with them for ages and that seems to be what I am able to do. I just locked in another 12 months when they emailed me about the increase to 0.6% interest (so I now get 0.7%).

Really simple to operate.

I've been with Marcus since 2018. While there has been a bonus for much of the time, there was a period recently when there wasn't - it was reintroduced in September 2021. Someone on here alerted me to the fact that it had been reintroduced - but I think I got an email from Marcus soon after.

[EthicsGradient]

A sudden jump in the available interest rate - Chase UK is now offering 1.5% on instant access accounts. You have to use their phone app, and open a current account with them too, but there's no fee for that, and it can all be done via the app, with a photo ID like passport or driving licence.

https://www.chase.co.uk/gb/en/product/c ... r-account/

Whether it will last, or turn out to be an opening gambit to get lots of people to sign up, who knows?

[Steveam]

Not that it's going to make much difference but I've moved some cash from Marcus to Chase ... it was easy and painless.

Best wishes,

Steve

[didds]

trying to open a chase account. failing at the provide ID stage. I take a phot, that iy automagically takes when the passport is in the frame... then it says ive confirmed email (!), then it says photo no good and returns me to the photo ID section. There is no option to stop and start again.

This goes round and round.

I contacted Chase. the CS guy didn't know what to do. Said he'd open a call with their technical team who would be back in contact with me - that was over 24 hours ago now. No contact yet.

didds

[stevem01]

trying to open a chase account. failing at the provide ID stage. I take a phot, that iy automagically takes when the passport is in the frame... then it says ive confirmed email (!), then it says photo no good and returns me to the photo ID section. There is no option to stop and start again.

This goes round and round.

I contacted Chase. the CS guy didn't know what to do. Said he'd open a call with their technical team who would be back in contact with me - that was over 24 hours ago now. No contact yet.

didds

I've been through the same application process earlier today.
The Chase app software requires Phoho ID confirmation and the app provides an electronic "border" to use to frame the ID document. The app automatically takes a photo when it thinks the ID Document is accurately focussed and framed within the "border", with no control by the user of when the photo is taken. The subsequent photo that is presented includes a lot of the area adjacent to the portion that was actually within the "border", so the ID document only occupies a portion of the area in the photo.
The Chase app software then asks for a "selfie" to be setup with the users face within another frame/border, but with the user "smiling". It seems the app, once again, automatically decides when to take the selfie which doesn't appear to happen at all unless the user actually smiles!!!
After a fairly long wait the Chase app then decides that the photo is no good and returns to the beginning of the photo ID sction.
I tried this on 5 ocassions before giving up.
I've emailed Chase to ask what was wrong with their app/system.
Frankly, if the photo ID portion of the Chase application process is as difficult as it appears to be, then I won't be bothering.

[effsweet]

I too have moved some money from Marcus to Chase - on Tuesday
It was simple & painless.
I had already opened a Chase A/c, I found it quite easy, despite not using or understanding most of the capabilities of my smartphone. I did have to repeat the smiling selfie section & yes I did have to smile & speak as directed, but overall no more difficult than opening other Bank A/c’s on line.

As an aside, I was most impressed when I had to call Marcus on the phone yesterday (Tuesday) to get them to authorise a payment that took me over their daily cash withdrawal limit, promptly answered, explained the problem, took me through the security checks quickly, & the payment made all in an 8 minute call

FWIW, I opened the Chase A/c as it permits fee free (your own) cash withdrawals abroad, these are limited to £700 monthly though I found out later. Within theUK the limit is£500 daily. You can also use the Chase debit card fee free abroad for purchases

Take care all: effsweet

[didds]

I've been through the same application process earlier today.
The Chase app software requires Phoho ID confirmation and th....
...
After a fairly long wait the Chase app then decides that the photo is no good and returns to the beginning of the photo ID sction.

Exactly this

Still no follow up from Chase.

didds

[stevem01]

Exactly this

Still no follow up from Chase.

didds

I emailed Chase a couple of days ago regarding the account opening Photo ID acceptance difficulties which I had experienced - see my earlier post.
I got an email reply yesterday to say they had been experiencing technical problems and to try to log into my online account and let them know if I was still experiencing difficulties.
I had deleted the Chase app from my phone after being unable to open the account, so re-installed the app again and began the account login process. The app recognised that I had already begun the account opening process and Hey Presto.....I was able to complete the account opening process without having to resubmit the photo ID that I had suffered so many problems getting accepted, when I had initially tried to open an account a couple of days ago.
It looks like the initial Photo ID submission had actually completed successfully, but the app had been indicating it had failed - presumably this was the "technical problem" that Chase's email was referring to.

[stevensfo]

A sudden jump in the available interest rate - Chase UK is now offering 1.5% on instant access accounts. You have to use their phone app, and open a current account with them too, but there's no fee for that, and it can all be done via the app, with a photo ID like passport or driving licence.

https://www.chase.co.uk/gb/en/product/c ... r-account/

Whether it will last, or turn out to be an opening gambit to get lots of people to sign up, who knows?

Are they in any way related to Chase in the USA? I only ask cos I seem to remember that the USA Chase credit cards appeared in a list of the most benefits you get from a card. The next in line being an American Express card that had an annual fee that more or less wiped out the benefits.


Steve

[EthicsGradient]

A sudden jump in the available interest rate - Chase UK is now offering 1.5% on instant access accounts. You have to use their phone app, and open a current account with them too, but there's no fee for that, and it can all be done via the app, with a photo ID like passport or driving licence.

https://www.chase.co.uk/gb/en/product/c ... r-account/

Whether it will last, or turn out to be an opening gambit to get lots of people to sign up, who knows?

Are they in any way related to Chase in the USA? I only ask cos I seem to remember that the USA Chase credit cards appeared in a list of the most benefits you get from a card. The next in line being an American Express card that had an annual fee that more or less wiped out the benefits.


Steve

They are - all part of JPMorgan Chase. To my surprise, they're also advertising on TV now (the ad being mainly about the current account) - looks like they're making a big push to get customer numbers up in the UK. The current account debit card has 1% cashback on 'normal' purchases (excluding things like cars, or funding other accounts via the card) for a year, which is better than the cashback I get on my credit card.

[stevensfo]

A sudden jump in the available interest rate - Chase UK is now offering 1.5% on instant access accounts. You have to use their phone app, and open a current account with them too, but there's no fee for that, and it can all be done via the app, with a photo ID like passport or driving licence.

https://www.chase.co.uk/gb/en/product/c ... r-account/

Whether it will last, or turn out to be an opening gambit to get lots of people to sign up, who knows?

Are they in any way related to Chase in the USA? I only ask cos I seem to remember that the USA Chase credit cards appeared in a list of the most benefits you get from a card. The next in line being an American Express card that had an annual fee that more or less wiped out the benefits.


Steve

They are - all part of JPMorgan Chase. To my surprise, they're also advertising on TV now (the ad being mainly about the current account) - looks like they're making a big push to get customer numbers up in the UK. The current account debit card has 1% cashback on 'normal' purchases (excluding things like cars, or funding other accounts via the card) for a year, which is better than the cashback I get on my credit card.

Okay, thanks. So the cashback thingy is only for a year. I see from the previous posts that they rely on installing an app on the smartphone and seem to be just like another fintech new bank/EMI. Goodness knows how many we have now or how they hope to survive. I wonder if there will be finally so many new banks that we'll be able to set up our own bank! After all, if your neighbour is well off and wants to earn interest, he can offer you credit on pretty good terms and maybe borrow from you on better terms than the other banks.

Steve

PS It was so much easier when we all had a P.O. bank.

[airbus330]

Been quite impressed with Chase so far. The application process got swamped, but it all sorted itself out without intervention after 48hrs. Transfers in are virtually instantaneous. The app is clear and simple to use. I spoke to customer service, who were switched on and helpful. All felt very First Direct. I've redirected my emergency funds into this account and for the first time in a long time have had to worry about breeching the £1000/year tax free interest limit.