Reply to: Business Savings Account

[BigLadFromBeeston666]

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.

[jamesbrown]

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).

[jamesbrown]

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.

[ensignia]

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.

[jamesbrown]

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).

[BigLadFromBeeston666]

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.

[jamesbrown]

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.

[jamesbrown]

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.

[BigLadFromBeeston666]

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.

[BigLadFromBeeston666]

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.

[jamesbrown]

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.

[BigLadFromBeeston666]

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

[jamesbrown]

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.

[hgllgh]

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.

[northernladuk]

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/