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Previously on "Business Savings Account"

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  • BigLadFromBeeston666
    replied
    Originally posted by jamesbrown View Post
    Wise are becoming cynical cretins, though. Attract customers with a good offer and then make it progressively worse. Boiling frog theory (i.e., increase heat gradually).
    This is part of my decision to switch as well. Need to be punished for cynical moves.

    Leave a comment:


  • jamesbrown
    replied
    Wise are becoming cynical cretins, though. Attract customers with a good offer and then make it progressively worse. Boiling frog theory (i.e., increase heat gradually).

    Leave a comment:


  • jamesbrown
    replied
    Originally posted by ensignia View Post
    The annual fee from Wise makes it much less attractive.

    On the balances I'm looking at keeping in there, their fee will be a few grand a year unless I'm getting it wrong (very likely).

    Tide is good but only available to new members and I already have a current account with them.


    VirginMoney still offering 4.55% on 120 day notice accounts which seems reasonable.
    Well, £3,000 ("a few") / 0.0056 = £536k, which you may be keeping with them, but you probably shouldn't. For the sensible limit of £85k, you're talking about £470 pa in fees, which definitely makes them less attractive, but still more attractive than the vast majority of instant access options out there, and once you're into splitting money across accounts for FSCS protection, then it becomes a least ugly baby contest and Wise wins quite quickly into that. YMMV.

    Leave a comment:


  • ensignia
    replied
    The annual fee from Wise makes it much less attractive.

    On the balances I'm looking at keeping in there, their fee will be a few grand a year unless I'm getting it wrong (very likely).

    Tide is good but only available to new members and I already have a current account with them.


    VirginMoney still offering 4.55% on 120 day notice accounts which seems reasonable.

    Leave a comment:


  • jamesbrown
    replied
    Originally posted by BigLadFromBeeston666 View Post

    My maths makes it:

    Wise 4.7% (rate) - 0.56% (asset fee) = 4.14% return
    Tide 4.33% (rate) = 4.33% return

    It says the Tide interest is paid monthly. Wise is paid daily.

    Am I missing something? On a separate note, I suspect the next BoE meeting will edge both these down.
    Not 100% certain, but I think it's 4.7% after fees, as implied here by "includes 0.56% annual fee":

    https://wise.com/gb/interest/

    It isn't explicit, though. The underlying Blackrock fund is returning around 5.15% right now, but the Wise rate is updated periodically (last updated in November).

    Leave a comment:


  • BigLadFromBeeston666
    replied
    Originally posted by jamesbrown View Post

    That was being discussed a few posts above. I have that too. IIRC, it isn’t any better, though - GBP assets w/ Wise is currently 4.7% after costs, I think, although it depends on Gilt yields. Even if I’m forgetting and that’s before costs, Tide is no better. To get better, you need to tie it up in a one year bond.
    My maths makes it:

    Wise 4.7% (rate) - 0.56% (asset fee) = 4.14% return
    Tide 4.33% (rate) = 4.33% return

    It says the Tide interest is paid monthly. Wise is paid daily.

    Am I missing something? On a separate note, I suspect the next BoE meeting will edge both these down.

    Leave a comment:


  • jamesbrown
    replied
    Originally posted by BigLadFromBeeston666 View Post
    Just had a look for something better.

    https://www.tide.co/business-savings...te&irpid=23518

    4.33% easy access. FSCS protected. I'm switching at the end of the month.
    That was being discussed a few posts above. I have that too. IIRC, it isn’t any better, though - GBP assets w/ Wise is currently 4.7% after costs, I think, although it depends on Gilt yields. Even if I’m forgetting and that’s before costs, Tide is no better. To get better, you need to tie it up in a one year bond.

    Leave a comment:


  • jamesbrown
    replied
    Originally posted by BigLadFromBeeston666 View Post
    Did you get any comms about it? I found out through a bloody forum. I agree, still competitive. Still 100% rate increase stings a little. Especially as they've just posted record profits.
    Yeah, I had an email TBF.

    Leave a comment:


  • BigLadFromBeeston666
    replied
    Just had a look for something better.

    https://www.tide.co/business-savings...te&irpid=23518

    4.33% easy access. FSCS protected. I'm switching at the end of the month.

    Leave a comment:


  • BigLadFromBeeston666
    replied
    Did you get any comms about it? I found out through a bloody forum. I agree, still competitive. Still 100% rate increase stings a little. Especially as they've just posted record profits.

    Leave a comment:


  • jamesbrown
    replied
    Originally posted by BigLadFromBeeston666 View Post
    PSA: for everyone with Wise Interest. The sneaky bastards have put their asset fee up quite considerably.
    Yup, went up about 0.3% or 0.4% on GBP assets. No change on USD. You'll probably see this over time.

    Wise is a relatively big business now and costs only go in one direction - their fx fees have ramped up a few times too, although they are still competitive in the market.

    Leave a comment:


  • BigLadFromBeeston666
    replied
    PSA: for everyone with Wise Interest. The sneaky bastards have put their asset fee up quite considerably.

    Leave a comment:


  • jamesbrown
    replied
    Originally posted by hgllgh View Post

    yes, but it didn't specify if that applies to the business savings account as opposed to their standard business current account.
    No integration with the savings account, only the current account.

    On the upside, it's 4.33% (not 4.03%). App is a bit crap, though, not intuitive.

    Leave a comment:


  • hgllgh
    replied
    Originally posted by northernladuk View Post

    Couple of seconds on google gets you this, amongst many other links.

    https://www.freeagent.com/blog/tide-bank-integration/
    yes, but it didn't specify if that applies to the business savings account as opposed to their standard business current account.

    Leave a comment:


  • northernladuk
    replied
    Originally posted by hgllgh View Post
    Tide are offering 4.03% Instant Access... Doesn't appear to be a catch... (monthly interest and FSCS etc).

    Anyone opened this account with them? Will it work with FA feed?

    https://www.tide.co/business-savings-account/
    Couple of seconds on google gets you this, amongst many other links.

    https://www.freeagent.com/blog/tide-bank-integration/

    Leave a comment:

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