Replacement for NatWest e-savings

agrinnall

My bonus rate extension comes to an end in less than a month, so assuming it doesn't get extended again what is the nearest equivalent account? I want an account that allows unlimited withdrawals and uses FPS properly (i.e. on the day that you initiate the transaction, unlike my YBS e-saver that does it the following day). From Martin's recommendations it looks like the Virgin Easy Access E-Saver is the best bet, does anyone have any comments on it yet, or alternative suggestions? I already have a Northern Rock e-ISA, do you know if I can access the Virgin account from my existing NR login?

rb10

3.1% here.

opinions4u

3.2% here.

Assuming you have £50k.

RetiredInThailand

As mentioned, Santander seems the most obvious candidate to me as a replacement for the NatWest eSaver. It's virtually identical and offers about the same interest rate. I shall be moving my instant access savings there next month if NatWest dont do something.

agrinnall

Thanks for the replies. I should also have added to my criteria - not Santander - I had savings accounts with them a year or two ago and personally had no problems but there have been so many horror stories that I'm reluctant to take a chance again.
I didn't know about the Birmingham Midshires one, unfortunately I don't have £50K and not quite enough to get the £20K rate so my original choice of Virgin is still top of the list at the moment.

buffman

What about the Skipton's Online Bonus Saver paying 3.05% AER? You will need to check whether deposits/withdrawals can be made by Faster Payment.

home_alone

I also like the Virgin money e saver with no added bonus its the one I am getting ready to move to, not too keen on this change every year because bonus ends with a joint account with one no tax payer its not straight forward, so Virgin here I come.

agrinnall

The Skipton one fails the FPS test, like YBS it processes withdrawals the next day. I guess I need to decide whether the higher interest rate for a year outweighs the convenience of immediate transfers.

psychic_teabag

I have a vague recollection that Skipton require a transfer be scheduled before a cutoff time, else it will go next day. Might be 4pm.

I used to use tesco as a sort of extended natwest esavings - they were one of the early adopters of faster payments, and could schedule payments in advance to arbitrary accounts (not just linked account). But I think they've probably lost any advantage now, and the rates aren't quite up at the top any more.

agrinnall

psychic_teabag wrote: »

I have a vague recollection that Skipton require a transfer be scheduled before a cutoff time, else it will go next day. Might be 4pm.

I used to use tesco as a sort of extended natwest esavings - they were one of the early adopters of faster payments, and could schedule payments in advance to arbitrary accounts (not just linked account). But I think they've probably lost any advantage now, and the rates aren't quite up at the top any more.

Actually, you've made me look again at Skipton and I 'm now not sure how it works. What it says is:

11. Withdrawal requests received after 3:00pm on a working day or received on a non-working day will be treated as if they
were received by the Society on the next working day. Therefore your withdrawal will continue to earn interest until the
next working day. You should contact the specified bank or building society directly for details of when your money is
available for use.

A 3 p.m. cut off is very early if they are using FPS properly, so I wonder if they are treating payment instructions as if they are one-off standing orders and processing them in the overnight SO windown in FPS, which would mean if you request a payment at say 2 p.m. it will be in the receiving account the next morning. This also seems to be how YBS do it.

rb10

agrinnall wrote: »

Thanks for the replies. I should also have added to my criteria - not Santander - I had savings accounts with them a year or two ago and personally had no problems but there have been so many horror stories that I'm reluctant to take a chance again.
I didn't know about the Birmingham Midshires one, unfortunately I don't have £50K and not quite enough to get the £20K rate so my original choice of Virgin is still top of the list at the moment.

Yet you're happy to save with Natwest, despite the horror stories_from them? (Search these forums and you'll quickly find them).

In my experience (several accounts with them), Santander are great.