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Previously on "Business Savings Account"

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  • Spoiler
    replied
    Currently using Tide but interested in the Cap on Tap account when it’s available. Have used CoT credit card for a few years - works well. Would ben happy to consolidate C & savings to one provider and bin off Tide.

    Leave a comment:


  • jmo21
    replied
    Shawbrook still the highest at the moment at 4.36% (as far as I know)

    Leave a comment:


  • Andy2022
    replied
    Originally posted by jamesbrown View Post

    Bear in mind that ClearBank are behind a ton of other app-based banking platforms, like Tide, and the FSCS applies per banking license. No direct experience of Capital on Tap, but I have been spammed by them endlessly for business credit cards.
    Been using them for a while and from a credit card perspective Capital on Tap seem fine – sometimes get slightly higher card fees on transactions e.g. BA, as it's a commercial card

    Of course the real test is what happens when something goes wrong and I need them to sort it out

    I dumped Tide years ago after I found some documents I sent them were available to anyone who knew the appropriate URL, and trying to get their customer facing team to put me in touch with their security team was a nightmare. Eventually got an apologetic email from someone at C level responsible for security

    Leave a comment:


  • jamesbrown
    replied
    Originally posted by Andy2022 View Post
    Looks like Capital on Tap are launching a no-notice business savings account paying 4.26% AER

    Need to be an existing customer to express an interest https://www.capitalontap.com/en/apps/savings/
    Bear in mind that ClearBank are behind a ton of other app-based banking platforms, like Tide, and the FSCS applies per banking license. No direct experience of Capital on Tap, but I have been spammed by them endlessly for business credit cards.

    Leave a comment:


  • Andy2022
    replied
    Looks like Capital on Tap are launching a no-notice business savings account paying 4.26% AER

    Need to be an existing customer to express an interest https://www.capitalontap.com/en/apps/savings/

    Leave a comment:


  • 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:

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