Instant access savings accounts who will allow you to withdraw by faster payments

tg99

With various rate changes of late I'm revisiting who offers instant access savings accounts that allow you to receive withdrawals into your nominated account pretty much instantaneously by faster payments (either directly or indirectly by first doing an internal transfer to a current account and then withdrawing from that) rather than having to wait until the next working day for example.

As it currently stands, the only ones I'm aware of that pay above 0.5% are Virgin (1.06% but not sure if available to new customers), Tesco (1.01%) and TSB (0.55% but not sure if available to new customers). Bank of Cyprus UK's 1.05% easy access account also apparently falls into this category but not been able to confirm / check for sure as yet.

Are there any others that people are aware of that I am missing?

Thanks.

EachPenny

The advertised rates for the TSB eSavings are 0.3% and EasySaver 0.25%, both include an introductory bonus, the rate without bonus is just 0.05%.

I think customers with a maturing Regular Saver get transferred to an EasySaver, possibly having a higher rate. In my case I'm currently getting 0.85%... but not for very much longer.

There are other accounts like Nationwide's LoyaltySaver15 paying 0.75%, but you have to meet the eligibility criteria to get that, it isn't an open to all account.

tg99

EachPenny wrote: »

The advertised rates for the TSB eSavings are 0.3% and EasySaver 0.25%, both include an introductory bonus, the rate without bonus is just 0.05%.

I think customers with a maturing Regular Saver get transferred to an EasySaver, possibly having a higher rate. In my case I'm currently getting 0.85%... but not for very much longer.

There are other accounts like Nationwide's LoyaltySaver15 paying 0.75%, but you have to meet the eligibility criteria to get that, it isn't an open to all account.

Yep I haven't got enough years yet to qualify for the NW loyalty accounts so would only get the standard 0.5%. My TSB Reg saver matured earlier this year into the EasySaver at 0.25% from memory.

EachPenny

Not quite fitting your criteria but the Leeds have a 1.05% instant access which they say will transfer funds next day for requests made up to 8pm.

Is your enquiry a general one about the accounts available, or do you have a specific purpose in mind?

My main movement requirement is to fund my regular savers each month. My float funds are in a 1.05% 'e' account which usually does next day transfers. Towards the end of the month I trigger a mid-week withdrawal from that account to a current account with a balance alert, so as soon as the money lands it is swept into the TSB EasySaver until it is needed, if not needed the same day. I can live with the difference between 0.85% and 1.05% for a couple of days.;)

isasmurf

Sainsburys say withdrawals made before 5pm will arrive same day.

tg99

EachPenny wrote: »

Not quite fitting your criteria but the Leeds have a 1.05% instant access which they say will transfer funds next day for requests made up to 8pm.

Is your enquiry a general one about the accounts available, or do you have a specific purpose in mind?

My main movement requirement is to fund my regular savers each month. My float funds are in a 1.05% 'e' account which usually does next day transfers. Towards the end of the month I trigger a mid-week withdrawal from that account to a current account with a balance alert, so as soon as the money lands it is swept into the TSB EasySaver until it is needed, if not needed the same day. I can live with the difference between 0.85% and 1.05% for a couple of days.;)

More of a general enquiry to check there weren't any other instant access accounts paying a decent rate and able to withdraw money from and receive straight away that I wasn't aware of (as in certain circumstance may need to access my funds straight away).

badger09

tg99

Do you already have a lump sum that you want to find a home for but might need instant access to?

If not, and are just looking for somewhere to save with instant withdrawals, you can't do better than Nationwide FlexDirect & regular saver - but I'm sure you know that already:o

tg99

badger09 wrote: »

tg99

Do you already have a lump sum that you want to find a home for but might need instant access to?

If not, and are just looking for somewhere to save with instant withdrawals, you can't do better than Nationwide FlexDirect & regular saver - but I'm sure you know that already:o

Yep....and already on board with the FlexDirect Reg saver:)

[Deleted User]

tg99 wrote: »

With various rate changes of late I'm revisiting who offers instant access savings accounts that allow you to receive withdrawals into your nominated account pretty much instantaneously by faster payments (either directly or indirectly by first doing an internal transfer to a current account and then withdrawing from that) rather than having to wait until the next working day for example.

I have a savings account with Kent Reliance. Earlier this week I transferred out some cash from there in the morning and by the same afternoon it had arrived in the receiving current account.

tg99

Ah seems I missed the NatWest Savings Builder albeit only up to £10k before the rate drops to peanuts.

EachPenny

tg99 wrote: »

Ah seems I missed the NatWest Savings Builder albeit only up to £10k before the rate drops to peanuts.

But if you make a withdrawal which results in the monthly balance not growing by £100 then you don't get the bonus interest rates but the far lower standard rates. So it would be fine if you need to take some money out and put it back in again within the same interest month, but if it is a longer-term withdrawal the resulting interest rate is not competitive.