Nottingham Building Society - 1.55% Instant Access Account

darren72

I've just been reading that the Nottingham Building Society has launched a new savings account which beats the Marcus account.

Does anyone know if payments to and from the Nottingham Building Society are in fact 'Instant Access' via faster payments, or whether there are delays between payments of hours or days?

Thanks in advance

KTF

10.1 To pay money into your eSavings account you will need to arrange for a Faster Payment to be made from your nominated account.

From: https://www.thenottingham.com/~/media/files/esavings/online-savings-account-terms-and-conditions.pdf

darren72

For the benefit of others too I will let you know how long it takes for me. I made a transfer at 3:35pm. I'll reply back once the funds show.

soulsaver

Withdrawals appear to need a code card - guess similar to Cov BS & Danske Bank... I haven't seen it yet - just ran through the options.

The webby's a tad basic.. but I can live with 'functional' for best ea interest.

darren72

soulsaver wrote: »

Withdrawals appear to need a code card - guess similar to Cov BS & Danske Bank... I haven't seen it yet - just ran through the options.

The webby's a tad basic.. but I can live with 'functional' for best ea interest.

They inform me that they are launching a completely new online banking system (https://www.beehivemoney.co.uk/) Hopefully this will be more user friendly, but as you say it doesn't really matter too much.

djpailo

The fact that the interest is only paid annually is a tad annoying. I therefore can't be bothered to open another account given I've just opened Marcus for the slightly lower rate of 1.5%.

EachPenny

soulsaver wrote: »

Withdrawals appear to need a code card - guess similar to Cov BS & Danske Bank... I haven't seen it yet - just ran through the options.

The webby's a tad basic.. but I can live with 'functional' for best ea interest.

My last experience with The Nottingham's 'e' system (18 months or so ago) was that withdrawals took until the next working day to appear in the destination account. It felt like they needed someone to be in the office cranking the handle round to make the payment system work.

But splitting funds between Marcus and The Nottingham would give the best of both worlds, so that is what I'm going to try shortly....

darren72

Funds are just showing now at 16:50 - So just over an hour.

djpailo

EachPenny wrote: »

My last experience with The Nottingham's 'e' system (18 months or so ago) was that withdrawals took until the next working day to appear in the destination account. It felt like they needed someone to be in the office cranking the handle round to make the payment system work.

But splitting funds between Marcus and The Nottingham would give the best of both worlds, so that is what I'm going to try shortly....

It would, but I also think if you are going to have two instant access accounts, why not just have one instant access and another with a fixed 1 year term which you know you won't need?

EachPenny

djpailo wrote: »

It would, but I also think if you are going to have two instant access accounts, why not just have one instant access and another with a fixed 1 year term which you know you won't need?

Depends on your requirements - I need small lumps of money during the month to top up accounts which have DD's going out of them, and a big lump of money at the start of the month to service all my regular savers.

For the former situation, genuine instant access is ideal as I can do the transfer from savings to the (linked/hub) current account, and from the (linked/hub) current account to wherever it needs to be, all in a single session.

The start of month 'lump' is regular and needs to be available on the 1st of the month. It is big enough to make it worth the effort of holding it in a higher interest account and thinking ahead and initiating the transfer a day or two in advance of when it will be needed.

It is also a relatively recent occurrence that instant access accounts are paying the same as/more than some of the interest paying current accounts. For many of us that will probably lead to a rethink about the way money is spread around.

paul235

Does it allow for a small test amount or require £1000 to open the account ?