WEBVTT
00:00:00.000 --> 00:00:02.640
Okay, welcome back to your savings rate update for October.
00:00:02.799 --> 00:00:05.679
So the Bank of England base rate is still 3.75%.
00:00:06.240 --> 00:00:13.119
It was held on the 17th of September, but it was a 6-3 vote, with three members wanting to increase to 4%.
00:00:13.599 --> 00:00:20.320
Now inflation's gone up to 3.1%, and the bank's own forecast has it closer to 4% by early next year.
00:00:20.480 --> 00:00:27.199
So that means a hike at the next meeting in November, depending on the inflation figures, is very much on the table.
00:00:27.280 --> 00:00:29.120
And the market isn't even waiting around.
00:00:29.280 --> 00:00:41.039
Fixed rates have jumped more in the last month than I've seen all year, with five-year fixes now as high as 5.35%, and pretty much every fixed ICE from two years up is above 5%.
00:00:41.520 --> 00:00:48.799
Easy access is a bit more flat, although there is a new market leading account from Starling Bank, but it's definitely one you need to be careful with.
00:00:48.960 --> 00:00:50.479
I'll explain why shortly.
00:00:50.640 --> 00:00:58.240
And there's a new regular saver from Chase UK, which isn't the highest rate on the table, but in terms of what you'd actually earn, it's one of the best.
00:00:58.399 --> 00:01:05.599
Okay, as always, everything we mentioned today is available on depositscout.com, up to date as of today, the 5th of October.
00:01:05.760 --> 00:01:07.840
Deposit Scout is a free site that I built.
00:01:08.000 --> 00:01:10.319
We have pretty much every savings account in the UK.
00:01:10.480 --> 00:01:24.799
You can filter by account type, set up rate alerts, check the rate history graph on any account so you can see whether a provider holds its rate or cuts quickly, and use the savings plan tool to get accounts matched to your goals.
00:01:24.879 --> 00:01:26.400
I'll put a link in the description box.
00:01:26.480 --> 00:01:28.239
That's depositscout.com.
00:01:28.319 --> 00:01:33.840
So let's quickly go through switch offers because two of them expire this week and there's a new one from Barclays.
00:01:34.079 --> 00:01:38.239
So Barclays are paying£300 if you switch to their fee-free current account.
00:01:38.480 --> 00:01:41.040
This one you'll have to earn over six months though.
00:01:41.120 --> 00:01:43.599
So you can get an initial payment of£150.
00:01:44.000 --> 00:01:45.040
This is pretty straightforward.
00:01:45.120 --> 00:01:52.159
You just have to switch to them with three active direct debits and deposit a£2,000 salary within 30 days.
00:01:52.319 --> 00:02:00.319
Now the remaining 150 will arrive in five 30-month instalments across five further months.
00:02:00.480 --> 00:02:07.439
Now each will require you to maintain that£2,000 salary going in and make 10 debit card transactions each month.
00:02:07.760 --> 00:02:10.960
It's pretty straightforward if you're employed.
00:02:11.199 --> 00:02:18.240
Terrible if you're self-employed like me because you're not going to qualify because that salary payment has to come from an employer.
00:02:18.479 --> 00:02:22.240
Lloyds are paying£200 if you switch their Club Lloyd's account.
00:02:22.400 --> 00:02:24.159
This is actually pretty straightforward.
00:02:24.319 --> 00:02:26.879
Like this is maybe one of the easiest, actually.
00:02:26.960 --> 00:02:32.319
You just need three active direct debits and I guess an appetite for the five pound club Lloyd's fee.
00:02:32.400 --> 00:02:37.439
But honestly, you could just subtract that from your reward of£200, pay it for one month and then leave.
00:02:37.599 --> 00:02:43.039
Or if you want to keep the account, pay£2,000 into it each month and they will waive the£5 fee.
00:02:43.280 --> 00:02:46.240
Santander have a switch offer that's ending in just a couple of days.
00:02:46.319 --> 00:02:47.680
It pays£240.
00:02:48.240 --> 00:02:54.400
You have to pay£1,500 in, have two active direct debits, and pay£200 into their regular saver.
00:02:54.639 --> 00:03:00.159
Starling, the£105 toothbrush switch offer, is ending on the 11th of October.
00:03:00.240 --> 00:03:06.560
So if you're in the market for a gold standard toothbrush that's over£100, then do take a look at this.
00:03:06.719 --> 00:03:07.680
Don't sleep on this one.
00:03:07.840 --> 00:03:15.280
And HSBC are offering£220 if you pay£2,000 in and spend£500 on the card.
00:03:15.439 --> 00:03:16.960
That one's super simple as well.
00:03:17.120 --> 00:03:19.360
There are, of course, lots of other switch offers available.
00:03:19.439 --> 00:03:21.280
They're on depositscout.com.
00:03:21.439 --> 00:03:22.080
Check them out.
00:03:22.240 --> 00:03:26.000
I'll put a link to the switch offer page directly in the description box for you.
00:03:26.080 --> 00:03:28.000
So let's talk about easy access accounts now.
00:03:28.159 --> 00:03:38.319
For a long time, this has been a little bit static with few changes, but we do have a new sort of leading tide leading account from Starling Bank, but there is a lot to talk about with this account.
00:03:38.400 --> 00:03:39.919
I'm not a huge fan of this account.
00:03:40.000 --> 00:03:41.520
So it's their new Easy Saver.
00:03:41.599 --> 00:03:44.800
It pays 5%, but it has a bonus element of 2.5%.
00:03:45.199 --> 00:03:50.639
So you're gonna get 5% up to£25,000 for six months.
00:03:50.800 --> 00:03:54.319
But when you hit that six months, it drops to 2.5%.
00:03:54.960 --> 00:03:59.759
You also need a Starling current account, I guess that's fine, but you also need to be a new customer.
00:03:59.919 --> 00:04:05.120
They're not rewarding loyal, existing customers with this one, which is so frustrating.
00:04:05.280 --> 00:04:11.840
If you're new to Starling, you have to open the account, and then within 30 days to get this bonus, you have to open the Easy Saver.
00:04:12.000 --> 00:04:15.360
They are quite clearly targeting new deposits, which is very frustrating.
00:04:15.520 --> 00:04:17.279
This is typical within the savings world.
00:04:17.360 --> 00:04:18.720
You never get rewarded loyalty.
00:04:18.800 --> 00:04:23.759
So that 5% only applies up to£25,000, and above that is 2.5%.
00:04:24.240 --> 00:04:28.959
So£50,000 is gonna earn roughly 3.75% blended.
00:04:29.120 --> 00:04:32.319
Anything above£100,000 earns about 3.1%.
00:04:32.959 --> 00:04:33.920
Now look at the table.
00:04:34.079 --> 00:04:38.959
Oxbury are paying 4.3% on everything up to£120,000.
00:04:39.519 --> 00:04:43.680
So from roughly 35 grand, Oxbury beats Starling.
00:04:43.839 --> 00:04:46.879
I mean it's a good account if you want to park 25k for six months.
00:04:47.040 --> 00:04:48.079
There's no denying that.
00:04:48.240 --> 00:04:50.720
But honestly, I'd be looking at something like Lemphi.
00:04:50.959 --> 00:04:55.040
Yes, this is a six month bonus element, and after that it drops to 3.07%.
00:04:56.240 --> 00:05:00.720
But you know, you're gonna get 5% up to 250k with this account.
00:05:00.800 --> 00:05:02.560
It's 10 times better than Starling.
00:05:02.879 --> 00:05:06.560
It's an international money transfer, but it's company, but it's powered by ClearBank.
00:05:06.639 --> 00:05:10.639
You're going to get FSCS protection on your deposits up to 120k.
00:05:10.720 --> 00:05:12.240
I can vouch for this personally.
00:05:12.399 --> 00:05:15.439
I have money deposited with the account, I'm earning interest on it.
00:05:15.519 --> 00:05:28.079
Below these two accounts, we have Monument Bank that's paying 4.56%, but it has a minimum balance of£25,000, but it does go all the way up to£2 million and it's easy access.
00:05:28.240 --> 00:05:29.920
I think this is a pretty compelling account.
00:05:30.160 --> 00:05:34.639
Zopa for new customers are offering 4.56% across 12 months.
00:05:34.720 --> 00:05:38.399
That's a boost, and you can withdraw up to three times per year.
00:05:38.560 --> 00:05:39.279
It's okay.
00:05:39.519 --> 00:05:44.240
Tembo continue to be on the table, paying 4.55% on their home saver.
00:05:44.319 --> 00:05:49.759
And if you take out a mortgage with within, I believe three years with Tembo, you get a bonus of 1%.
00:05:50.079 --> 00:05:53.120
So it actually turns out it turns out to be 5.55%.
00:05:53.519 --> 00:05:59.120
And I think if you're thinking of taking out a mortgage, if you're thinking about remortgaging, Tembo is quite a compelling proposition.
00:05:59.279 --> 00:06:04.800
They're a whole of market brokers, so they have access to over 100 lenders, over 20,000 mortgage products.
00:06:04.959 --> 00:06:14.959
And if you do find a mortgage product that's say equal to what Tembo are offering in terms of like the provider and stuff, but the rate is better elsewhere, Tembo will match the rate.
00:06:15.120 --> 00:06:23.199
I think it'd be quite difficult to find a better rate than what you could eventually get with Tembo anyway, which does make this home saver quite compelling.
00:06:23.360 --> 00:06:27.199
It does have a maximum balance of£20,000, which is arguably a weakness.
00:06:27.279 --> 00:06:32.720
But if you're sitting beneath that and thinking about taking out a mortgage or remortgaging, it's quite an interesting proposition.
00:06:32.800 --> 00:06:34.959
We do have also an affiliate link for Tembo.
00:06:35.040 --> 00:06:38.000
I'll pop that in the description box if you'd like to support the channel.
00:06:38.079 --> 00:06:39.199
Please do consider using it.
00:06:39.279 --> 00:06:42.720
And then there's the Oxbury Autumn account, which I also already mentioned.
00:06:42.879 --> 00:06:44.560
I like this account, it's 4.3%.
00:06:44.959 --> 00:06:46.160
There's no bonus cliff.
00:06:46.240 --> 00:06:50.480
There is a minimum balance of a thousand pounds and it only goes up to£120,000.
00:06:50.879 --> 00:06:57.279
But I do think it's quite interesting, and I do like the fact that it's just like no frills, no bonus, just set and forget.
00:06:57.360 --> 00:07:00.639
You know, of course, we have Chase UK in there as well with the Chase Saver.
00:07:00.720 --> 00:07:01.839
I haven't really mentioned it.
00:07:01.920 --> 00:07:03.360
I mention it every month, it's there.
00:07:03.519 --> 00:07:04.560
New customers only.
00:07:04.720 --> 00:07:08.079
So let's talk about the smaller pots for a moment.
00:07:08.240 --> 00:07:13.360
What I mean by that is the Santander Edge Saver, which pays 6% up to£4,000.
00:07:13.839 --> 00:07:19.279
All right, this is good if you've got a little bit of money sat in a current account and you need to deploy it somewhere where it's going to earn actual interest.
00:07:19.439 --> 00:07:22.959
4,000 pounds at 6% will pay you roughly£240.
00:07:23.360 --> 00:07:25.360
Kahoot also have the sunny day saver.
00:07:25.439 --> 00:07:29.839
I wonder if they'll change that now that the days are getting darker and it's going to get more wet.
00:07:30.000 --> 00:07:34.560
Um, that's paying 5% with a cap of£3,000.
00:07:35.040 --> 00:07:37.680
And from that you could earn£150 in interest.
00:07:37.839 --> 00:07:39.360
But that is technically a bonus.
00:07:39.439 --> 00:07:44.160
I think after 12 months it reverts to like a Kahoot savings account, which is like 1% or something.
00:07:44.319 --> 00:07:57.920
And look, if you're tired of promo rates and bonuses, just go on to depositscout.com and just press the promo rates button on the table, and you'll immediately be able to switch them all off and just have a look at who is like the clearest top leading account.
00:07:58.079 --> 00:08:01.920
And right now that would be Monument Bank with 4.56%.
00:08:02.319 --> 00:08:07.439
So let's have a quick conversation about cash ICEs, uh easy access, instant access cash ICEs.
00:08:07.519 --> 00:08:10.639
eToro continues to take the top spot of 4.87%.
00:08:11.199 --> 00:08:12.319
This one is slightly different.
00:08:12.399 --> 00:08:16.399
I've talked about it a lot, so I won't go into huge amounts of detail, but it's a money market fund.
00:08:16.480 --> 00:08:21.920
So deposit protection is limited to 85,000 pounds and it is somewhat boosted.
00:08:22.079 --> 00:08:24.000
You can withdraw up to three times a year.
00:08:24.160 --> 00:08:31.199
After that, it'll revert to 3.57%, and there is currently a 1% boost, which is for 12 months.
00:08:31.279 --> 00:08:34.240
It is a flexible ICER as well, and it is a solid account.
00:08:34.320 --> 00:08:35.200
We have an affiliate link.
00:08:35.279 --> 00:08:37.279
If you'd like to support the channel, please do consider using it.
00:08:37.360 --> 00:08:38.480
I'll pop in the description box.
00:08:38.720 --> 00:08:40.799
Plum are paying 4.6%.
00:08:41.360 --> 00:08:45.519
That is regular deposit insurance protection up to 120,000 pounds.
00:08:45.600 --> 00:08:47.759
That's a minimum paying of one pound.
00:08:48.240 --> 00:08:50.240
Trading 212 are back again.
00:08:50.559 --> 00:08:52.799
They recently jumped to 5.01%.
00:08:53.120 --> 00:09:01.200
Like if I show you the rate history graph right now for trading 212, I was really excited to tell you about this ISA, but they dropped it back, I think, today.
00:09:01.360 --> 00:09:03.279
So it's only paying 4.6%.
00:09:03.919 --> 00:09:06.080
Again, as well, new customers only.
00:09:06.240 --> 00:09:08.720
So a lot of us already have trading two-on-2 accounts.
00:09:08.799 --> 00:09:10.159
A lot of us have already taken out this ISA.
00:09:10.480 --> 00:09:11.759
But if you haven't, check it out.
00:09:11.840 --> 00:09:13.360
I'll pop a link in the description box.
00:09:13.519 --> 00:09:18.159
Moneybox are paying 4.58%, three withdrawals a year, though.
00:09:18.240 --> 00:09:21.840
So it's not quite easy access, but you can get hold of your money.
00:09:22.080 --> 00:09:38.399
Hargreaves Landsdown, though, if you want instant access, if you want just an easy cash ICER, they're paying 4.52%, not flexible, has a minimum investment of one pound, but it's yeah, you can get your money in and out and you don't have to worry about withdrawal penalties or anything like that.
00:09:38.559 --> 00:09:49.200
But if you're in the market for fixing your ICER, wow, things have changed drastically since our last uh since last month's recap, where the best fixed ICER was 4.77%.
00:09:49.679 --> 00:09:55.519
Now every term this month uh from two years or up is paying over 5%.
00:09:55.840 --> 00:09:57.039
So let's start at one year.
00:09:57.200 --> 00:10:01.120
Oak North are paying 4.91%, minimum of one pounds.
00:10:01.200 --> 00:10:02.879
It's not a flexible ICER.
00:10:03.200 --> 00:10:06.399
Tandem at two years are paying 5.03%.
00:10:06.960 --> 00:10:07.840
That is flexible.
00:10:08.000 --> 00:10:22.320
In case you're wondering what this means, flexible, non-flexible, it basically means if you were to deposit 10,000 pounds with this uh with with a with a flexible ICER and then you were to withdraw it, your annual allotment, your annual ICER allotment would be unaffected.
00:10:22.399 --> 00:10:24.879
So it would essentially reset when you withdraw it.
00:10:25.039 --> 00:10:29.919
If you put it into a non-flexible ICE and you took the money out, you'd lose it.
00:10:30.080 --> 00:10:42.240
If you're someone who's looking for an ICE where you can move money in now, or possibly you're not that sure about your finances at the moment, and you may need the money, but you want to put it into an ICE, you should be looking for flexible ICEs only.
00:10:42.320 --> 00:10:45.519
Like this Vida savings three-year at 5.05%.
00:10:45.919 --> 00:10:49.759
This has a minimum investment of a thousand pounds and it's flexible.
00:10:50.080 --> 00:11:06.320
Tandem are paying 5.11% on five years minimum investment of a thousand of one pound, sorry, and then Close Brothers at the top with 5.12%, except they have a minimum balance, minimum deposit balance of 10,000 pounds.
00:11:06.559 --> 00:11:12.799
And across these numbers, Close Brothers is actually topping every single term, right?
00:11:12.879 --> 00:11:21.919
But I've I've chosen not to give them a shout-out necessarily because of that 10,000 pound minimum, but it is worth mentioning, and they also aren't flexible.
00:11:22.080 --> 00:11:31.759
Whereas like tandem and Vita savings have minimum balances of one pound and one thousand pounds, and they are flexible, so they're arguably more compelling.
00:11:32.240 --> 00:11:38.080
But the key takeaway here is that between one year and five year, you're looking at just 0.2%.
00:11:38.799 --> 00:11:44.960
Now, this is more than last month, but I still don't believe that's enough to lock away or justify a five-year fix.
00:11:45.120 --> 00:11:50.480
Especially when three members of the Bank of England are talking about wanting to or are voting to hike the interest rate.
00:11:50.559 --> 00:11:55.039
And I think if you want a 5% ICE, this two-year tandem looks most interesting.
00:11:55.120 --> 00:11:57.279
I think that's the most sensible lock that you could make.
00:11:57.360 --> 00:11:58.879
Let's talk about fixed rate bonds.
00:11:59.200 --> 00:12:00.320
I'm losing my voice here.
00:12:00.480 --> 00:12:02.960
It's the same story, like fixed cash ICEs.
00:12:03.200 --> 00:12:06.960
Last month the top bond was 5% from AFIN Bank, you might remember.
00:12:07.120 --> 00:12:08.399
Now the whole thing has moved.
00:12:08.480 --> 00:12:14.159
And some of these are unfamiliar names, but everything on the table has FSCS protection up to£120,000.
00:12:14.639 --> 00:12:18.480
So the Union Bank of India in the UK is offering 5.12%.
00:12:18.799 --> 00:12:22.399
It's a bit of a ropey website, if you ask me, but I did test it.
00:12:22.559 --> 00:12:24.639
I did begin the account opening process.
00:12:24.720 --> 00:12:25.840
It's all legitimate.
00:12:25.919 --> 00:12:27.120
Um, just the website.
00:12:27.279 --> 00:12:28.080
Check it out yourself.
00:12:28.159 --> 00:12:28.960
Let me know in the comments.
00:12:29.039 --> 00:12:32.720
I mean, it's hard to believe that this is legitimate, but it is, it is, it is, it is.
00:12:32.879 --> 00:12:36.960
Money Saving Expert has this account, Money Facts Compare have this account.
00:12:37.120 --> 00:12:39.200
Um, interest is paid at maturity.
00:12:39.360 --> 00:12:47.039
Okay, and when interested interest is paid on these fixed accounts is important to note, and I'll I'll give you a bit more detail on why that is in a moment.
00:12:47.200 --> 00:12:50.080
Oak North across two years are paying 5.15%.
00:12:50.480 --> 00:12:52.320
That is a minimum paying of one pound.
00:12:52.480 --> 00:12:54.639
Interest is paid at maturity.
00:12:55.120 --> 00:13:00.960
Three years, this bank are paying 5.18%, this bank.
00:13:01.120 --> 00:13:07.919
Um, the only problem with this account is that you can only pay from one nominated account only, and it has to be open banking verified.
00:13:08.000 --> 00:13:17.759
So if you have a pool of funds, if you have sorry, if you have a number of different accounts with funds, you'd have to pool them all together into one account and then deposit them into this three-year fix with this bank.
00:13:17.919 --> 00:13:19.679
That's something worth worth noting.
00:13:19.840 --> 00:13:29.840
And then finally, at the top of the table, DF Capital are paying 5.35% with a minimum of a thousand pounds, which I'm sure anyone fixing for five years has got.
00:13:30.000 --> 00:13:34.720
Um, and importantly, they're offering interest either paid annually or at maturity.
00:13:34.879 --> 00:13:43.039
I would choose to have my interest paid annually and not at maturity because interest paid at maturity will land in one year.
00:13:43.120 --> 00:13:46.720
So you'll get a bulk load of interest come through into your account in one year.
00:13:46.879 --> 00:13:52.399
On a big five-year bond like this DF Capital one, that could blow straight through your personal savings allowance.
00:13:52.559 --> 00:13:56.399
It could be a thousand pounds, it could be five hundred pounds, depending on how much you earn.
00:13:56.559 --> 00:13:58.480
I imagine you'll probably blow straight past that.
00:13:58.559 --> 00:14:03.919
Whereas if it was being paid annually, you might remain underneath that and not have to pay any tax.
00:14:04.080 --> 00:14:05.039
Notice accounts.
00:14:05.120 --> 00:14:09.039
We don't often spend much time on these, but there is a new top table market leader.
00:14:09.120 --> 00:14:10.159
It's from Birmingham Bank.
00:14:10.240 --> 00:14:14.480
They're paying 4.4% across 95 days notice.
00:14:14.639 --> 00:14:17.519
That is a minimum balance of 5,000 pounds.
00:14:17.679 --> 00:14:28.399
Uh, GB Bank are offering 4.38% with 150 days of notice, and Stream Bank are offering 4.35% with 90 days of notice.
00:14:28.559 --> 00:14:30.480
Not a huge amount to report on this one.
00:14:30.639 --> 00:14:32.879
Look, Starling Lem5 pay 5%.
00:14:33.200 --> 00:14:37.200
The top one on this table is paying 4.4% with and you've got to give notice.
00:14:37.360 --> 00:14:49.039
I don't see why you would, why you would take out a notice account unless you specifically want money that you can't raid on impulse, you know, have a few drinks and just go wild and withdraw your money and spend it on, I don't know, Toblerone.
00:14:49.360 --> 00:14:51.440
Like, this is why you'd get a notice account.
00:14:51.519 --> 00:14:58.399
Otherwise, if you, you know, if you're able to stop those impulses, I'd just be depositing money in like a higher interest paying, easy access account.
00:14:58.559 --> 00:15:03.360
Let's talk about regular savers because these accounts have been really interesting and volatile as well.
00:15:03.519 --> 00:15:05.919
So last month, four accounts were paying 8%.
00:15:06.240 --> 00:15:08.720
Lloyds, Halifax, Bank of Scotland, Santander.
00:15:09.200 --> 00:15:10.639
This month it's just Santander.
00:15:10.879 --> 00:15:18.240
So the Lloyd's standard monthly saver has dropped to 5%, Bank of Scotland has dropped to 5%, and Club Lloyd's to 6.25%.
00:15:18.639 --> 00:15:23.840
And Halifax, I think because the brand is discontinuing or ending this month, has just disappeared entirely.
00:15:24.000 --> 00:15:34.720
Monmouthshire has also been cut from 6% to 5%, but because it takes£500 a month in deposits, it's still top of the table.
00:15:34.879 --> 00:15:42.320
If you were to deposit£500 each month into that building society, you could earn at the end of the year around£163 in interest.
00:15:42.480 --> 00:15:53.039
First Direct have a 7% fixed regular saver, which I think is quite interesting and important to know, particularly in an environment where base rates, interest rates are quite volatile.
00:15:53.200 --> 00:15:58.559
It's possible the Bank of England may hike the rate, so fixing might not necessarily be the best thing.
00:15:58.720 --> 00:16:00.080
But I think that's worth noting.
00:16:00.240 --> 00:16:08.639
That rate is fixed at 7%, and you could earn 136 pounds in interest across the year if you were to deposit 300 pounds per month into that account.
00:16:08.799 --> 00:16:10.399
Then there's Chase UK.
00:16:10.559 --> 00:16:12.399
Finally, we have a new product, right?
00:16:12.559 --> 00:16:14.639
Everyone, I was pretty excited to see this.
00:16:14.799 --> 00:16:16.399
They gave us a credit card a while back.
00:16:16.480 --> 00:16:18.159
They've now given us a regular saver.
00:16:18.240 --> 00:16:18.879
How long has it taken?
00:16:19.039 --> 00:16:19.919
Three, four years.
00:16:20.000 --> 00:16:21.600
We have one, it's 6.5%.
00:16:22.240 --> 00:16:24.159
The monthly cap is 300 pounds.
00:16:24.240 --> 00:16:26.720
It's fixed, but this is nice.
00:16:26.879 --> 00:16:28.399
You can withdraw the money however you like.
00:16:28.480 --> 00:16:31.519
With First Direct, if you want to get the money out, you can, but you have to close the account.
00:16:31.759 --> 00:16:33.519
Chase UK are letting you withdraw freely.
00:16:33.600 --> 00:16:39.360
You're looking at around£127 of interest across the year if you deposit£300 per month into this account.
00:16:39.519 --> 00:16:42.960
Co-op are offering 7%, Santander 8%.
00:16:43.440 --> 00:16:51.279
Both of those are variable, and Club Lloyd's have 6.25% fixed, which I believe you can get without paying the fee.
00:16:51.440 --> 00:16:54.320
The five pound fee, please get in the comments if that's correct or wrong.
00:16:54.480 --> 00:16:54.960
Let me know.
00:16:55.120 --> 00:17:01.600
I know that fee is refunded if you pay£2,000 a month into that account, but you might be able to get the Club Lloyd's regular saver without paying the fee.
00:17:01.679 --> 00:17:03.440
I'll have to test that one myself after this.
00:17:03.519 --> 00:17:04.720
I'll see if I can open that.
00:17:04.880 --> 00:17:10.799
Clearly, obviously, like I said, mom the shearer at the top in terms of how much interest you could earn, but you're not capped to one of these accounts.
00:17:10.880 --> 00:17:11.839
You don't have to pick one.
00:17:11.920 --> 00:17:17.200
So I want to quickly show you live the savings stacker that we've built on Deposit Scout.
00:17:17.359 --> 00:17:25.519
So this I'll link in the description box, but this shows you how much interest you could earn and what you could potentially earn by stacking regular savers.
00:17:25.759 --> 00:17:32.079
And if you do this, you can get a blended rate that far exceeds any easy access account that's available right now on the market.
00:17:32.160 --> 00:17:39.599
So if you want, you could enter how much you're going to save each month into the box, let's say a thousand pounds, and then you can have it build the stack for you.
00:17:39.839 --> 00:17:48.160
Click build my stack, and it will give you a recommendation, not financial advice, but it will give you a recommendation of some of the accounts that could be good.
00:17:48.319 --> 00:17:53.359
So Santander, First Direct, Co-op, Chase UK, and it'll show you how much you could earn.
00:17:53.519 --> 00:18:04.160
So putting in a thousand pounds each month would be obviously 12,000 pounds deposited across the year, but that would be effectively a rate across those accounts of 7.07%.
00:18:04.960 --> 00:18:07.200
And that's how it's making these recommendations.
00:18:07.359 --> 00:18:14.079
It's trying to give you the highest effective rate for the amount of money that you're going to deposit.
00:18:14.480 --> 00:18:17.839
You can actually add up to five accounts, so we can add one more if we want.
00:18:17.920 --> 00:18:20.079
Let's add the nationwide flex saver.
00:18:20.240 --> 00:18:22.400
And that would allow, yeah, that's great.
00:18:22.480 --> 00:18:25.759
We can add that one and then we can increase the amount of money that we want to deposit.
00:18:25.920 --> 00:18:28.079
That gives us$12.50 per month.
00:18:28.319 --> 00:18:37.119
And with that, we're looking at£565.50 of interest over the year, which is an effective rate of 6.96%.
00:18:37.599 --> 00:18:37.920
Wow.
00:18:38.000 --> 00:18:46.000
And if we were to deposit that money into Monument Bank at 4.56%, we would have earned 195 pounds less interest.
00:18:46.400 --> 00:18:48.720
I think this is quite niche.
00:18:48.799 --> 00:18:50.400
I appreciate some people won't be doing this.
00:18:50.480 --> 00:18:52.160
I do this and I do it with my wife.
00:18:52.319 --> 00:18:57.759
So we pull our accounts together or our funds together, I should say, and then we deposit them into different regular savers.
00:18:57.920 --> 00:19:00.960
And that's one of the reasons why I added this share this stack button.
00:19:01.119 --> 00:19:08.079
So if you have like a partner that you do this with, you can then copy the stack and then send it to them so they can have a visual of what this looks like.
00:19:08.160 --> 00:19:11.279
All right, let us know what you think of features like this on depositscout.com.
00:19:11.359 --> 00:19:14.400
You know, come into the Discord, you can speak to me directly on there.
00:19:14.480 --> 00:19:15.440
Let us know your feedback.
00:19:15.519 --> 00:19:17.039
Are there other products that you'd like to see?
00:19:17.119 --> 00:19:18.720
Are there products that you think could be better?
00:19:18.799 --> 00:19:19.680
We'd love to hear from you.
00:19:19.759 --> 00:19:23.359
And if I've missed any savings accounts in this episode, please do get in the comments.
00:19:23.519 --> 00:19:24.720
It's super fluid at the moment.
00:19:24.799 --> 00:19:25.759
Things are changing all the time.
00:19:25.920 --> 00:19:28.400
Probably tomorrow when I publish this, there'll be new headline rates.
00:19:28.480 --> 00:19:29.119
There always is.
00:19:29.200 --> 00:19:30.559
So please do get in the comments.
00:19:30.640 --> 00:19:43.759
And I'll also put a pinned comment up with all the accounts that I've discussed today so you can go directly to their depositscout.com pages, see exactly how they rank, see their pros, see their cons, and then if you want, click directly through to the banks.
00:19:43.920 --> 00:19:44.720
Okay, everybody.
00:19:44.799 --> 00:19:48.799
Let me know if you have any comments, feedback, questions, and I'll see you again.
00:19:48.960 --> 00:19:49.279
Bye.
00:00:00.000 --> 00:00:02.640
Okay, welcome back to your savings rate update for October.
00:00:02.799 --> 00:00:05.679
So the Bank of England base rate is still 3.75%.
00:00:06.240 --> 00:00:13.119
It was held on the 17th of September, but it was a 6-3 vote, with three members wanting to increase to 4%.
00:00:13.599 --> 00:00:20.320
Now inflation's gone up to 3.1%, and the bank's own forecast has it closer to 4% by early next year.
00:00:20.480 --> 00:00:27.199
So that means a hike at the next meeting in November, depending on the inflation figures, is very much on the table.
00:00:27.280 --> 00:00:29.120
And the market isn't even waiting around.
00:00:29.280 --> 00:00:41.039
Fixed rates have jumped more in the last month than I've seen all year, with five-year fixes now as high as 5.35%, and pretty much every fixed ICE from two years up is above 5%.
00:00:41.520 --> 00:00:48.799
Easy access is a bit more flat, although there is a new market leading account from Starling Bank, but it's definitely one you need to be careful with.
00:00:48.960 --> 00:00:50.479
I'll explain why shortly.
00:00:50.640 --> 00:00:58.240
And there's a new regular saver from Chase UK, which isn't the highest rate on the table, but in terms of what you'd actually earn, it's one of the best.
00:00:58.399 --> 00:01:05.599
Okay, as always, everything we mentioned today is available on depositscout.com, up to date as of today, the 5th of October.
00:01:05.760 --> 00:01:07.840
Deposit Scout is a free site that I built.
00:01:08.000 --> 00:01:10.319
We have pretty much every savings account in the UK.
00:01:10.480 --> 00:01:24.799
You can filter by account type, set up rate alerts, check the rate history graph on any account so you can see whether a provider holds its rate or cuts quickly, and use the savings plan tool to get accounts matched to your goals.
00:01:24.879 --> 00:01:26.400
I'll put a link in the description box.
00:01:26.480 --> 00:01:28.239
That's depositscout.com.
00:01:28.319 --> 00:01:33.840
So let's quickly go through switch offers because two of them expire this week and there's a new one from Barclays.
00:01:34.079 --> 00:01:38.239
So Barclays are paying£300 if you switch to their fee-free current account.
00:01:38.480 --> 00:01:41.040
This one you'll have to earn over six months though.
00:01:41.120 --> 00:01:43.599
So you can get an initial payment of£150.
00:01:44.000 --> 00:01:45.040
This is pretty straightforward.
00:01:45.120 --> 00:01:52.159
You just have to switch to them with three active direct debits and deposit a£2,000 salary within 30 days.
00:01:52.319 --> 00:02:00.319
Now the remaining 150 will arrive in five 30-month instalments across five further months.
00:02:00.480 --> 00:02:07.439
Now each will require you to maintain that£2,000 salary going in and make 10 debit card transactions each month.
00:02:07.760 --> 00:02:10.960
It's pretty straightforward if you're employed.
00:02:11.199 --> 00:02:18.240
Terrible if you're self-employed like me because you're not going to qualify because that salary payment has to come from an employer.
00:02:18.479 --> 00:02:22.240
Lloyds are paying£200 if you switch their Club Lloyd's account.
00:02:22.400 --> 00:02:24.159
This is actually pretty straightforward.
00:02:24.319 --> 00:02:26.879
Like this is maybe one of the easiest, actually.
00:02:26.960 --> 00:02:32.319
You just need three active direct debits and I guess an appetite for the five pound club Lloyd's fee.
00:02:32.400 --> 00:02:37.439
But honestly, you could just subtract that from your reward of£200, pay it for one month and then leave.
00:02:37.599 --> 00:02:43.039
Or if you want to keep the account, pay£2,000 into it each month and they will waive the£5 fee.
00:02:43.280 --> 00:02:46.240
Santander have a switch offer that's ending in just a couple of days.
00:02:46.319 --> 00:02:47.680
It pays£240.
00:02:48.240 --> 00:02:54.400
You have to pay£1,500 in, have two active direct debits, and pay£200 into their regular saver.
00:02:54.639 --> 00:03:00.159
Starling, the£105 toothbrush switch offer, is ending on the 11th of October.
00:03:00.240 --> 00:03:06.560
So if you're in the market for a gold standard toothbrush that's over£100, then do take a look at this.
00:03:06.719 --> 00:03:07.680
Don't sleep on this one.
00:03:07.840 --> 00:03:15.280
And HSBC are offering£220 if you pay£2,000 in and spend£500 on the card.
00:03:15.439 --> 00:03:16.960
That one's super simple as well.
00:03:17.120 --> 00:03:19.360
There are, of course, lots of other switch offers available.
00:03:19.439 --> 00:03:21.280
They're on depositscout.com.
00:03:21.439 --> 00:03:22.080
Check them out.
00:03:22.240 --> 00:03:26.000
I'll put a link to the switch offer page directly in the description box for you.
00:03:26.080 --> 00:03:28.000
So let's talk about easy access accounts now.
00:03:28.159 --> 00:03:38.319
For a long time, this has been a little bit static with few changes, but we do have a new sort of leading tide leading account from Starling Bank, but there is a lot to talk about with this account.
00:03:38.400 --> 00:03:39.919
I'm not a huge fan of this account.
00:03:40.000 --> 00:03:41.520
So it's their new Easy Saver.
00:03:41.599 --> 00:03:44.800
It pays 5%, but it has a bonus element of 2.5%.
00:03:45.199 --> 00:03:50.639
So you're gonna get 5% up to£25,000 for six months.
00:03:50.800 --> 00:03:54.319
But when you hit that six months, it drops to 2.5%.
00:03:54.960 --> 00:03:59.759
You also need a Starling current account, I guess that's fine, but you also need to be a new customer.
00:03:59.919 --> 00:04:05.120
They're not rewarding loyal, existing customers with this one, which is so frustrating.
00:04:05.280 --> 00:04:11.840
If you're new to Starling, you have to open the account, and then within 30 days to get this bonus, you have to open the Easy Saver.
00:04:12.000 --> 00:04:15.360
They are quite clearly targeting new deposits, which is very frustrating.
00:04:15.520 --> 00:04:17.279
This is typical within the savings world.
00:04:17.360 --> 00:04:18.720
You never get rewarded loyalty.
00:04:18.800 --> 00:04:23.759
So that 5% only applies up to£25,000, and above that is 2.5%.
00:04:24.240 --> 00:04:28.959
So£50,000 is gonna earn roughly 3.75% blended.
00:04:29.120 --> 00:04:32.319
Anything above£100,000 earns about 3.1%.
00:04:32.959 --> 00:04:33.920
Now look at the table.
00:04:34.079 --> 00:04:38.959
Oxbury are paying 4.3% on everything up to£120,000.
00:04:39.519 --> 00:04:43.680
So from roughly 35 grand, Oxbury beats Starling.
00:04:43.839 --> 00:04:46.879
I mean it's a good account if you want to park 25k for six months.
00:04:47.040 --> 00:04:48.079
There's no denying that.
00:04:48.240 --> 00:04:50.720
But honestly, I'd be looking at something like Lemphi.
00:04:50.959 --> 00:04:55.040
Yes, this is a six month bonus element, and after that it drops to 3.07%.
00:04:56.240 --> 00:05:00.720
But you know, you're gonna get 5% up to 250k with this account.
00:05:00.800 --> 00:05:02.560
It's 10 times better than Starling.
00:05:02.879 --> 00:05:06.560
It's an international money transfer, but it's company, but it's powered by ClearBank.
00:05:06.639 --> 00:05:10.639
You're going to get FSCS protection on your deposits up to 120k.
00:05:10.720 --> 00:05:12.240
I can vouch for this personally.
00:05:12.399 --> 00:05:15.439
I have money deposited with the account, I'm earning interest on it.
00:05:15.519 --> 00:05:28.079
Below these two accounts, we have Monument Bank that's paying 4.56%, but it has a minimum balance of£25,000, but it does go all the way up to£2 million and it's easy access.
00:05:28.240 --> 00:05:29.920
I think this is a pretty compelling account.
00:05:30.160 --> 00:05:34.639
Zopa for new customers are offering 4.56% across 12 months.
00:05:34.720 --> 00:05:38.399
That's a boost, and you can withdraw up to three times per year.
00:05:38.560 --> 00:05:39.279
It's okay.
00:05:39.519 --> 00:05:44.240
Tembo continue to be on the table, paying 4.55% on their home saver.
00:05:44.319 --> 00:05:49.759
And if you take out a mortgage with within, I believe three years with Tembo, you get a bonus of 1%.
00:05:50.079 --> 00:05:53.120
So it actually turns out it turns out to be 5.55%.
00:05:53.519 --> 00:05:59.120
And I think if you're thinking of taking out a mortgage, if you're thinking about remortgaging, Tembo is quite a compelling proposition.
00:05:59.279 --> 00:06:04.800
They're a whole of market brokers, so they have access to over 100 lenders, over 20,000 mortgage products.
00:06:04.959 --> 00:06:14.959
And if you do find a mortgage product that's say equal to what Tembo are offering in terms of like the provider and stuff, but the rate is better elsewhere, Tembo will match the rate.
00:06:15.120 --> 00:06:23.199
I think it'd be quite difficult to find a better rate than what you could eventually get with Tembo anyway, which does make this home saver quite compelling.
00:06:23.360 --> 00:06:27.199
It does have a maximum balance of£20,000, which is arguably a weakness.
00:06:27.279 --> 00:06:32.720
But if you're sitting beneath that and thinking about taking out a mortgage or remortgaging, it's quite an interesting proposition.
00:06:32.800 --> 00:06:34.959
We do have also an affiliate link for Tembo.
00:06:35.040 --> 00:06:38.000
I'll pop that in the description box if you'd like to support the channel.
00:06:38.079 --> 00:06:39.199
Please do consider using it.
00:06:39.279 --> 00:06:42.720
And then there's the Oxbury Autumn account, which I also already mentioned.
00:06:42.879 --> 00:06:44.560
I like this account, it's 4.3%.
00:06:44.959 --> 00:06:46.160
There's no bonus cliff.
00:06:46.240 --> 00:06:50.480
There is a minimum balance of a thousand pounds and it only goes up to£120,000.
00:06:50.879 --> 00:06:57.279
But I do think it's quite interesting, and I do like the fact that it's just like no frills, no bonus, just set and forget.
00:06:57.360 --> 00:07:00.639
You know, of course, we have Chase UK in there as well with the Chase Saver.
00:07:00.720 --> 00:07:01.839
I haven't really mentioned it.
00:07:01.920 --> 00:07:03.360
I mention it every month, it's there.
00:07:03.519 --> 00:07:04.560
New customers only.
00:07:04.720 --> 00:07:08.079
So let's talk about the smaller pots for a moment.
00:07:08.240 --> 00:07:13.360
What I mean by that is the Santander Edge Saver, which pays 6% up to£4,000.
00:07:13.839 --> 00:07:19.279
All right, this is good if you've got a little bit of money sat in a current account and you need to deploy it somewhere where it's going to earn actual interest.
00:07:19.439 --> 00:07:22.959
4,000 pounds at 6% will pay you roughly£240.
00:07:23.360 --> 00:07:25.360
Kahoot also have the sunny day saver.
00:07:25.439 --> 00:07:29.839
I wonder if they'll change that now that the days are getting darker and it's going to get more wet.
00:07:30.000 --> 00:07:34.560
Um, that's paying 5% with a cap of£3,000.
00:07:35.040 --> 00:07:37.680
And from that you could earn£150 in interest.
00:07:37.839 --> 00:07:39.360
But that is technically a bonus.
00:07:39.439 --> 00:07:44.160
I think after 12 months it reverts to like a Kahoot savings account, which is like 1% or something.
00:07:44.319 --> 00:07:57.920
And look, if you're tired of promo rates and bonuses, just go on to depositscout.com and just press the promo rates button on the table, and you'll immediately be able to switch them all off and just have a look at who is like the clearest top leading account.
00:07:58.079 --> 00:08:01.920
And right now that would be Monument Bank with 4.56%.
00:08:02.319 --> 00:08:07.439
So let's have a quick conversation about cash ICEs, uh easy access, instant access cash ICEs.
00:08:07.519 --> 00:08:10.639
eToro continues to take the top spot of 4.87%.
00:08:11.199 --> 00:08:12.319
This one is slightly different.
00:08:12.399 --> 00:08:16.399
I've talked about it a lot, so I won't go into huge amounts of detail, but it's a money market fund.
00:08:16.480 --> 00:08:21.920
So deposit protection is limited to 85,000 pounds and it is somewhat boosted.
00:08:22.079 --> 00:08:24.000
You can withdraw up to three times a year.
00:08:24.160 --> 00:08:31.199
After that, it'll revert to 3.57%, and there is currently a 1% boost, which is for 12 months.
00:08:31.279 --> 00:08:34.240
It is a flexible ICER as well, and it is a solid account.
00:08:34.320 --> 00:08:35.200
We have an affiliate link.
00:08:35.279 --> 00:08:37.279
If you'd like to support the channel, please do consider using it.
00:08:37.360 --> 00:08:38.480
I'll pop in the description box.
00:08:38.720 --> 00:08:40.799
Plum are paying 4.6%.
00:08:41.360 --> 00:08:45.519
That is regular deposit insurance protection up to 120,000 pounds.
00:08:45.600 --> 00:08:47.759
That's a minimum paying of one pound.
00:08:48.240 --> 00:08:50.240
Trading 212 are back again.
00:08:50.559 --> 00:08:52.799
They recently jumped to 5.01%.
00:08:53.120 --> 00:09:01.200
Like if I show you the rate history graph right now for trading 212, I was really excited to tell you about this ISA, but they dropped it back, I think, today.
00:09:01.360 --> 00:09:03.279
So it's only paying 4.6%.
00:09:03.919 --> 00:09:06.080
Again, as well, new customers only.
00:09:06.240 --> 00:09:08.720
So a lot of us already have trading two-on-2 accounts.
00:09:08.799 --> 00:09:10.159
A lot of us have already taken out this ISA.
00:09:10.480 --> 00:09:11.759
But if you haven't, check it out.
00:09:11.840 --> 00:09:13.360
I'll pop a link in the description box.
00:09:13.519 --> 00:09:18.159
Moneybox are paying 4.58%, three withdrawals a year, though.
00:09:18.240 --> 00:09:21.840
So it's not quite easy access, but you can get hold of your money.
00:09:22.080 --> 00:09:38.399
Hargreaves Landsdown, though, if you want instant access, if you want just an easy cash ICER, they're paying 4.52%, not flexible, has a minimum investment of one pound, but it's yeah, you can get your money in and out and you don't have to worry about withdrawal penalties or anything like that.
00:09:38.559 --> 00:09:49.200
But if you're in the market for fixing your ICER, wow, things have changed drastically since our last uh since last month's recap, where the best fixed ICER was 4.77%.
00:09:49.679 --> 00:09:55.519
Now every term this month uh from two years or up is paying over 5%.
00:09:55.840 --> 00:09:57.039
So let's start at one year.
00:09:57.200 --> 00:10:01.120
Oak North are paying 4.91%, minimum of one pounds.
00:10:01.200 --> 00:10:02.879
It's not a flexible ICER.
00:10:03.200 --> 00:10:06.399
Tandem at two years are paying 5.03%.
00:10:06.960 --> 00:10:07.840
That is flexible.
00:10:08.000 --> 00:10:22.320
In case you're wondering what this means, flexible, non-flexible, it basically means if you were to deposit 10,000 pounds with this uh with with a with a flexible ICER and then you were to withdraw it, your annual allotment, your annual ICER allotment would be unaffected.
00:10:22.399 --> 00:10:24.879
So it would essentially reset when you withdraw it.
00:10:25.039 --> 00:10:29.919
If you put it into a non-flexible ICE and you took the money out, you'd lose it.
00:10:30.080 --> 00:10:42.240
If you're someone who's looking for an ICE where you can move money in now, or possibly you're not that sure about your finances at the moment, and you may need the money, but you want to put it into an ICE, you should be looking for flexible ICEs only.
00:10:42.320 --> 00:10:45.519
Like this Vida savings three-year at 5.05%.
00:10:45.919 --> 00:10:49.759
This has a minimum investment of a thousand pounds and it's flexible.
00:10:50.080 --> 00:11:06.320
Tandem are paying 5.11% on five years minimum investment of a thousand of one pound, sorry, and then Close Brothers at the top with 5.12%, except they have a minimum balance, minimum deposit balance of 10,000 pounds.
00:11:06.559 --> 00:11:12.799
And across these numbers, Close Brothers is actually topping every single term, right?
00:11:12.879 --> 00:11:21.919
But I've I've chosen not to give them a shout-out necessarily because of that 10,000 pound minimum, but it is worth mentioning, and they also aren't flexible.
00:11:22.080 --> 00:11:31.759
Whereas like tandem and Vita savings have minimum balances of one pound and one thousand pounds, and they are flexible, so they're arguably more compelling.
00:11:32.240 --> 00:11:38.080
But the key takeaway here is that between one year and five year, you're looking at just 0.2%.
00:11:38.799 --> 00:11:44.960
Now, this is more than last month, but I still don't believe that's enough to lock away or justify a five-year fix.
00:11:45.120 --> 00:11:50.480
Especially when three members of the Bank of England are talking about wanting to or are voting to hike the interest rate.
00:11:50.559 --> 00:11:55.039
And I think if you want a 5% ICE, this two-year tandem looks most interesting.
00:11:55.120 --> 00:11:57.279
I think that's the most sensible lock that you could make.
00:11:57.360 --> 00:11:58.879
Let's talk about fixed rate bonds.
00:11:59.200 --> 00:12:00.320
I'm losing my voice here.
00:12:00.480 --> 00:12:02.960
It's the same story, like fixed cash ICEs.
00:12:03.200 --> 00:12:06.960
Last month the top bond was 5% from AFIN Bank, you might remember.
00:12:07.120 --> 00:12:08.399
Now the whole thing has moved.
00:12:08.480 --> 00:12:14.159
And some of these are unfamiliar names, but everything on the table has FSCS protection up to£120,000.
00:12:14.639 --> 00:12:18.480
So the Union Bank of India in the UK is offering 5.12%.
00:12:18.799 --> 00:12:22.399
It's a bit of a ropey website, if you ask me, but I did test it.
00:12:22.559 --> 00:12:24.639
I did begin the account opening process.
00:12:24.720 --> 00:12:25.840
It's all legitimate.
00:12:25.919 --> 00:12:27.120
Um, just the website.
00:12:27.279 --> 00:12:28.080
Check it out yourself.
00:12:28.159 --> 00:12:28.960
Let me know in the comments.
00:12:29.039 --> 00:12:32.720
I mean, it's hard to believe that this is legitimate, but it is, it is, it is, it is.
00:12:32.879 --> 00:12:36.960
Money Saving Expert has this account, Money Facts Compare have this account.
00:12:37.120 --> 00:12:39.200
Um, interest is paid at maturity.
00:12:39.360 --> 00:12:47.039
Okay, and when interested interest is paid on these fixed accounts is important to note, and I'll I'll give you a bit more detail on why that is in a moment.
00:12:47.200 --> 00:12:50.080
Oak North across two years are paying 5.15%.
00:12:50.480 --> 00:12:52.320
That is a minimum paying of one pound.
00:12:52.480 --> 00:12:54.639
Interest is paid at maturity.
00:12:55.120 --> 00:13:00.960
Three years, this bank are paying 5.18%, this bank.
00:13:01.120 --> 00:13:07.919
Um, the only problem with this account is that you can only pay from one nominated account only, and it has to be open banking verified.
00:13:08.000 --> 00:13:17.759
So if you have a pool of funds, if you have sorry, if you have a number of different accounts with funds, you'd have to pool them all together into one account and then deposit them into this three-year fix with this bank.
00:13:17.919 --> 00:13:19.679
That's something worth worth noting.
00:13:19.840 --> 00:13:29.840
And then finally, at the top of the table, DF Capital are paying 5.35% with a minimum of a thousand pounds, which I'm sure anyone fixing for five years has got.
00:13:30.000 --> 00:13:34.720
Um, and importantly, they're offering interest either paid annually or at maturity.
00:13:34.879 --> 00:13:43.039
I would choose to have my interest paid annually and not at maturity because interest paid at maturity will land in one year.
00:13:43.120 --> 00:13:46.720
So you'll get a bulk load of interest come through into your account in one year.
00:13:46.879 --> 00:13:52.399
On a big five-year bond like this DF Capital one, that could blow straight through your personal savings allowance.
00:13:52.559 --> 00:13:56.399
It could be a thousand pounds, it could be five hundred pounds, depending on how much you earn.
00:13:56.559 --> 00:13:58.480
I imagine you'll probably blow straight past that.
00:13:58.559 --> 00:14:03.919
Whereas if it was being paid annually, you might remain underneath that and not have to pay any tax.
00:14:04.080 --> 00:14:05.039
Notice accounts.
00:14:05.120 --> 00:14:09.039
We don't often spend much time on these, but there is a new top table market leader.
00:14:09.120 --> 00:14:10.159
It's from Birmingham Bank.
00:14:10.240 --> 00:14:14.480
They're paying 4.4% across 95 days notice.
00:14:14.639 --> 00:14:17.519
That is a minimum balance of 5,000 pounds.
00:14:17.679 --> 00:14:28.399
Uh, GB Bank are offering 4.38% with 150 days of notice, and Stream Bank are offering 4.35% with 90 days of notice.
00:14:28.559 --> 00:14:30.480
Not a huge amount to report on this one.
00:14:30.639 --> 00:14:32.879
Look, Starling Lem5 pay 5%.
00:14:33.200 --> 00:14:37.200
The top one on this table is paying 4.4% with and you've got to give notice.
00:14:37.360 --> 00:14:49.039
I don't see why you would, why you would take out a notice account unless you specifically want money that you can't raid on impulse, you know, have a few drinks and just go wild and withdraw your money and spend it on, I don't know, Toblerone.
00:14:49.360 --> 00:14:51.440
Like, this is why you'd get a notice account.
00:14:51.519 --> 00:14:58.399
Otherwise, if you, you know, if you're able to stop those impulses, I'd just be depositing money in like a higher interest paying, easy access account.
00:14:58.559 --> 00:15:03.360
Let's talk about regular savers because these accounts have been really interesting and volatile as well.
00:15:03.519 --> 00:15:05.919
So last month, four accounts were paying 8%.
00:15:06.240 --> 00:15:08.720
Lloyds, Halifax, Bank of Scotland, Santander.
00:15:09.200 --> 00:15:10.639
This month it's just Santander.
00:15:10.879 --> 00:15:18.240
So the Lloyd's standard monthly saver has dropped to 5%, Bank of Scotland has dropped to 5%, and Club Lloyd's to 6.25%.
00:15:18.639 --> 00:15:23.840
And Halifax, I think because the brand is discontinuing or ending this month, has just disappeared entirely.
00:15:24.000 --> 00:15:34.720
Monmouthshire has also been cut from 6% to 5%, but because it takes£500 a month in deposits, it's still top of the table.
00:15:34.879 --> 00:15:42.320
If you were to deposit£500 each month into that building society, you could earn at the end of the year around£163 in interest.
00:15:42.480 --> 00:15:53.039
First Direct have a 7% fixed regular saver, which I think is quite interesting and important to know, particularly in an environment where base rates, interest rates are quite volatile.
00:15:53.200 --> 00:15:58.559
It's possible the Bank of England may hike the rate, so fixing might not necessarily be the best thing.
00:15:58.720 --> 00:16:00.080
But I think that's worth noting.
00:16:00.240 --> 00:16:08.639
That rate is fixed at 7%, and you could earn 136 pounds in interest across the year if you were to deposit 300 pounds per month into that account.
00:16:08.799 --> 00:16:10.399
Then there's Chase UK.
00:16:10.559 --> 00:16:12.399
Finally, we have a new product, right?
00:16:12.559 --> 00:16:14.639
Everyone, I was pretty excited to see this.
00:16:14.799 --> 00:16:16.399
They gave us a credit card a while back.
00:16:16.480 --> 00:16:18.159
They've now given us a regular saver.
00:16:18.240 --> 00:16:18.879
How long has it taken?
00:16:19.039 --> 00:16:19.919
Three, four years.
00:16:20.000 --> 00:16:21.600
We have one, it's 6.5%.
00:16:22.240 --> 00:16:24.159
The monthly cap is 300 pounds.
00:16:24.240 --> 00:16:26.720
It's fixed, but this is nice.
00:16:26.879 --> 00:16:28.399
You can withdraw the money however you like.
00:16:28.480 --> 00:16:31.519
With First Direct, if you want to get the money out, you can, but you have to close the account.
00:16:31.759 --> 00:16:33.519
Chase UK are letting you withdraw freely.
00:16:33.600 --> 00:16:39.360
You're looking at around£127 of interest across the year if you deposit£300 per month into this account.
00:16:39.519 --> 00:16:42.960
Co-op are offering 7%, Santander 8%.
00:16:43.440 --> 00:16:51.279
Both of those are variable, and Club Lloyd's have 6.25% fixed, which I believe you can get without paying the fee.
00:16:51.440 --> 00:16:54.320
The five pound fee, please get in the comments if that's correct or wrong.
00:16:54.480 --> 00:16:54.960
Let me know.
00:16:55.120 --> 00:17:01.600
I know that fee is refunded if you pay£2,000 a month into that account, but you might be able to get the Club Lloyd's regular saver without paying the fee.
00:17:01.679 --> 00:17:03.440
I'll have to test that one myself after this.
00:17:03.519 --> 00:17:04.720
I'll see if I can open that.
00:17:04.880 --> 00:17:10.799
Clearly, obviously, like I said, mom the shearer at the top in terms of how much interest you could earn, but you're not capped to one of these accounts.
00:17:10.880 --> 00:17:11.839
You don't have to pick one.
00:17:11.920 --> 00:17:17.200
So I want to quickly show you live the savings stacker that we've built on Deposit Scout.
00:17:17.359 --> 00:17:25.519
So this I'll link in the description box, but this shows you how much interest you could earn and what you could potentially earn by stacking regular savers.
00:17:25.759 --> 00:17:32.079
And if you do this, you can get a blended rate that far exceeds any easy access account that's available right now on the market.
00:17:32.160 --> 00:17:39.599
So if you want, you could enter how much you're going to save each month into the box, let's say a thousand pounds, and then you can have it build the stack for you.
00:17:39.839 --> 00:17:48.160
Click build my stack, and it will give you a recommendation, not financial advice, but it will give you a recommendation of some of the accounts that could be good.
00:17:48.319 --> 00:17:53.359
So Santander, First Direct, Co-op, Chase UK, and it'll show you how much you could earn.
00:17:53.519 --> 00:18:04.160
So putting in a thousand pounds each month would be obviously 12,000 pounds deposited across the year, but that would be effectively a rate across those accounts of 7.07%.
00:18:04.960 --> 00:18:07.200
And that's how it's making these recommendations.
00:18:07.359 --> 00:18:14.079
It's trying to give you the highest effective rate for the amount of money that you're going to deposit.
00:18:14.480 --> 00:18:17.839
You can actually add up to five accounts, so we can add one more if we want.
00:18:17.920 --> 00:18:20.079
Let's add the nationwide flex saver.
00:18:20.240 --> 00:18:22.400
And that would allow, yeah, that's great.
00:18:22.480 --> 00:18:25.759
We can add that one and then we can increase the amount of money that we want to deposit.
00:18:25.920 --> 00:18:28.079
That gives us$12.50 per month.
00:18:28.319 --> 00:18:37.119
And with that, we're looking at£565.50 of interest over the year, which is an effective rate of 6.96%.
00:18:37.599 --> 00:18:37.920
Wow.
00:18:38.000 --> 00:18:46.000
And if we were to deposit that money into Monument Bank at 4.56%, we would have earned 195 pounds less interest.
00:18:46.400 --> 00:18:48.720
I think this is quite niche.
00:18:48.799 --> 00:18:50.400
I appreciate some people won't be doing this.
00:18:50.480 --> 00:18:52.160
I do this and I do it with my wife.
00:18:52.319 --> 00:18:57.759
So we pull our accounts together or our funds together, I should say, and then we deposit them into different regular savers.
00:18:57.920 --> 00:19:00.960
And that's one of the reasons why I added this share this stack button.
00:19:01.119 --> 00:19:08.079
So if you have like a partner that you do this with, you can then copy the stack and then send it to them so they can have a visual of what this looks like.
00:19:08.160 --> 00:19:11.279
All right, let us know what you think of features like this on depositscout.com.
00:19:11.359 --> 00:19:14.400
You know, come into the Discord, you can speak to me directly on there.
00:19:14.480 --> 00:19:15.440
Let us know your feedback.
00:19:15.519 --> 00:19:17.039
Are there other products that you'd like to see?
00:19:17.119 --> 00:19:18.720
Are there products that you think could be better?
00:19:18.799 --> 00:19:19.680
We'd love to hear from you.
00:19:19.759 --> 00:19:23.359
And if I've missed any savings accounts in this episode, please do get in the comments.
00:19:23.519 --> 00:19:24.720
It's super fluid at the moment.
00:19:24.799 --> 00:19:25.759
Things are changing all the time.
00:19:25.920 --> 00:19:28.400
Probably tomorrow when I publish this, there'll be new headline rates.
00:19:28.480 --> 00:19:29.119
There always is.
00:19:29.200 --> 00:19:30.559
So please do get in the comments.
00:19:30.640 --> 00:19:43.759
And I'll also put a pinned comment up with all the accounts that I've discussed today so you can go directly to their depositscout.com pages, see exactly how they rank, see their pros, see their cons, and then if you want, click directly through to the banks.
00:19:43.920 --> 00:19:44.720
Okay, everybody.
00:19:44.799 --> 00:19:48.799
Let me know if you have any comments, feedback, questions, and I'll see you again.
00:19:48.960 --> 00:19:49.279
Bye.
