Just wondering if there’s an update on this @edoardomoreni , especially in view of the recent interest rise to 5% which should trigger a rise in saving’s interest ![]()
Yep, we are waiting for Santander - they should decide something next week.
We are also hoping our provider can onboard this new bank with an higher offer - they are working.
Sounds good, looking forward to hearing more once details can be shared with us. ![]()
Thanks @edoardomoreni
4.21% with Chip will be hard to beat.
They have a fraction of the market, probably 0.001%.
Surprising (considering how good their rate is).
Majority of the deposits are sitting in high street banks that offer 0.70% AER. ![]()
Santander is going up to 3.51% AER on Monday.
We are still working with another bank to be able to go above 4%
Good to hear, @edoardomoreni.
Given the BoE’s base rate going up, banks need to catch up with increasing saving interest rates quickly, and a few institutions have already raised these.
It would be really great if Emma could be joining the ranks of higher interest rates too ![]()
Hopefully one day we can have the highest on the market ![]()
Genuine question, if that wasn’t just a feel good comment, how could you though? You are not a bank, so all you can do is either pass on someone else’s leading rate, or subsidise the rate as a loss leader (effectively losing money either way so not exactly sustainable long term without deep pockets like Chase).
Hey @lucianf, I am not sure I understand your question.
In terms of interest, we can easily compete with everyone. Our interest is paid by a bank via a third party that takes a cut. This fee is very small and every bank in the market uses its own strategy - this is also why some banks have not followed the bank of England rate.
Every bank in the market is taking the current BoE rate - some have decided to give back, others have kept it in their pockets.
The new interest is fully out. ![]()
Thought I’ll check into this discussion again as there are many easy access accounts which now pay 4+% .
Is there any positive development for Emma easy access savings pots to offer a higher % ? I recall @edoardomoreni mentioning discussions with banks to go up from what is currently available.
Thanks ![]()
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I have been told end of the month ![]()
Thank you @edoardomoreni. Looking forward to the announcement.
Only today did I get an SMS from SecureTrust bank: they have increased their rates again (to 4.45% AER, 4.36% gross) ![]()
4.51% with Chip
Inflation is at 7.9% - you are still losing money. ![]()
Jokes apart, we are waiting for GB Bank. Their rate is pretty much similar and is currently sitting on the MSE table.
We are rasing the rate to 3.66% AER with santander on the 11th of August.
Will current pots get the increase automatically applied or do we need to withdraw and open a new pot?