With Chase hitting 1.5pc on up to 250k - do you think the Dozens 1pc offering (first referenced last September I believe; on up to 5.4k as a paid for feature) needs an upwards revision prior to its release?
Since the Bank of England’s base rate has gone up to 0.75%, I believe we will soon see many easy-access savings accounts with no strings attached move above 1%. The interest rate of these interest-paying current accounts and bundled savings accounts are only going to be higher.
The market never lacks competition. I think the Dozens 1% interest is definitely going to need an uplifting to compete in today’s market. However, it won’t be £1 per week any more if the interest goes up.
In addition to Chase (at 1.5%), Cynergy already offer 1.1% and Virgin Money 1% - on balances higher than that proposed by Dozens.
The Virgin Money savings account is bundled with their current account, which means a hard search on your credit file if you want to open one but aren’t already a Virgin Money customer.
However, the Cynergy account is a truly standard easy-access savings account without bundling with anything, and AFAIK it’s the first standard easy-access account to break the the 1% rate. My prediction remains the same, I believe we will soon see more accounts offering above 1%. The competition for higher rate is on again.