Instant Access Savings?

Rudyard

Ulster Bank has figured quite highly in the Top Easy Access Savings accounts list, the latest being the Pathway account. I wonder if anyone has had a similar experience to mine:

I had savings in the previously recommended eSavings account. When the introductory bonus period expired I tried to withdraw the money, I was initially told I would first have to apply to open a current account (with bank charges?), then when I said I didn't want a current account, I could open an "instant access" Pathway account, paying 3.35% including 6 month introductory bonus of 0.75%. On closer inspection, the Pathway account has an AER of 2.97%. Isn't the implication of the AER being lower than the gross is that you have to leave your money for a year, 2.97% being the average of the rate with and without bonus?

By this point I'd got fed up with trying to ask for further clarification, so I said, "Can I just get my money out?"

The reply was, of course, but first you'll need a bank card and a card reader, we'll send you both (I had to apply online - more delay), you should get them in seven to ten days, ie, maybe this year, maybe next.

So much for instant access. Meanwhile, Investec High Five is waiting for my money.

Maybe Martin should be aware of this loophole when recommending Ulster Bank as an "instant access" account.

Latest:

Well, I know we've had a bit of a public holiday in between, but I still haven't got my cash out, as you can't have it all at once, you can't have it on a weekend, and you have to wait three business days. The good news is I should have it by mid-January, which is nearly a month. It wasn't easy, and it certainly isn't instant. Just so you know.