The Top Easy Access Savings Discussion Area

Bridlington1

Bridlington1 said:

Bridlington1 said:

Bridlington1 said:

happybagger said:

Bridlington1 said:

Back to Monmouthshire's Premium Instant account. I have just checked in the online banking and they have sent me a secure message saying that they have refused to let me make any withdrawal that will take the balance to below £25k, but will let me close the account to access the funds.

I have replied by saying that the Ts&Cs state that there is a £25k minimum balance to open the account but that the Ts&Cs also state:

• If a withdrawal reduces the account balance to less than £25,000, you will receive a variable interest rate of 0.05% AER/Gross, from the date of the withdrawal until the account is returned to the minimum balance.

So if I'm not mistaken my withdrawal of £25000 should be permitted but the interest rate on the remaining funds would reduce from 3% to 0.05%.

Maybe, but it also says until you return it to the "minimum balance". So if they allow the withdrawal, they could tell you to return it to the "minimum balance" as it is a "minimum balance", and if you don't then they could close it.

That's how I read it but happy to be corrected. Careful reading of the terms would be needed (anyone got a link?)

https://www.monbs.com/products/premium-instant-account/ 

I think I might as well throw the towel in regarding Monmothshire Premium Instant account and close the wretched thing. By next month my collection of 24 regular savers will take my remaining easy access savings to well below £25k and I can now get over 3% elsewhere anyway. This is not worth the hassle for me and that takes some doing. 

The account has now been closed and the full balance plus £34.94 in interest is winging its way to me by BACS.

The money has landed in my current account, quite a bit quicker than I thought it would be to be fair. The only snag is that I have bumped into Lloyds's limit of £25k of faster payments per day so I've had to park £34.94 in a Club Lloyds advantage saver overnight. I doubt it will earn any interest but it could earn 1p if I'm lucky so it's worth a shot.

kaMelo

ashby6567 said:

I've just checked my Coventry BS account and my Limited Access Saver 6  has increased to 3.20%, I also have a Limited Access Saver in which I withdrew all savings but £1 in March 2022, that account's rate has also been increased to 3.20% so if I split my savings between both accounts I'm entitled to 6+ withdrawals if need be. Am I correct on that point? I'm not sure how many withdrawals I'm entitled to with the older account though. I can't remember the T&C's.

Likewise, I too have both the limited access saver (6) and the previous limited access saver which was converted from a previous account.  I'm struggling a bit here but if I remember correctly the account was initially a market leading (at that time) 1.2% double access saver, launched around the back end of 2020. At some point after that they reduced the interest rate but to compensate they renamed it a limited access saver and changed the terms allowing four withdrawals instead of two. This could be the four access saver that @intalex mentions earlier but I'm not sure if that is still named "four access saver" or changed to "limited access saver" now.

So two accounts paying 3.25% with ten withdrawals across both accounts.

Bear in mind this is all from memory as I can't find any documentation or emails to confirm what I'm saying.


Edited to add, it actually gets better. According to this the limited access online saver allows 6 withdrawals a year.
https://secure.coventrybuildingsociety.co.uk/savings-and-investments/productfeatures.aspx?prodCode=LASO5&CTALinks=False

intalex

Skipton still holding the message "We are currently reviewing the rest of our variable rates and we'll keep you up to date if there are any changes." on their BoE rate notification update under variable rate savings...

MrFrugalFever

I’ve found it quite convenient and useful using NS&I top up by debit card but their transaction times are awful!

I deposited on 24th Dec with it finally becoming available 3 days ago! Now I know there’s non-working days etc but that’s a joke. Tandem and Zopa are minutes!

ircE

Are there any banks/building societies, or indeed specific accounts within an institution, worth opening an account with now because of their loyalty rates?

I'm coming up to 12 months as a Yorkshire BS and Coventry BS member, and from recent discussions here I'm minded to open a Newbury BS Welcome account with a £1. Just wondering if there are any others?

Bridlington1

ircE said:

Are there any banks/building societies, or indeed specific accounts within an institution, worth opening now because of their loyalty rates?

I'm coming up to 12 months as a Yorkshire BS and Coventry BS member, and from recent discussions here I'm minded to open a Newbury BS Welcome account with a £1. Just wondering if there are any others?

• Market Harborough BS did a regular saver for members who had held an account for however many months. 
• Mansfield BS has a few products open to those with accounts for the last year. 
• Darlington has regular savers open to existing members/those who live in certain postcodes only. 
• Cambridge did a 5% regular saver during lockdown if I'm not mistaken for members with 5 years continuous membership, with lower paying ones for those with 1 and 3 year's membership (I think 1 & 3% respectively)
• Saffron has a members regular saver (1 year's membership)
• Cynergy sometimes limits their savings accounts to existing members only
• Aldermore ditto
• All barring one of Bath BS's savings accounts are open to those who live, work or study in Bath or have been a member for at least the last 12 months. The exception being the Homestart  regular saver.

Opening a Monmouthshire easy saver will save you a lot of time if they launch anything competative later on.

There will be others but these are the only ones I can think of off the top of my head.

happybagger

Skipton have done members accounts in recent times, and Hinckley & Rugby have done a 'members bond', but only once that I can remember of

masonic

MrFrugalFever said:

I’ve found it quite convenient and useful using NS&I top up by debit card but their transaction times are awful!

I deposited on 24th Dec with it finally becoming available 3 days ago! Now I know there’s non-working days etc but that’s a joke. Tandem and Zopa are minutes!

How do you make a debit card deposit into Zopa please? My only remaining use of NS&I is their ability to generate debit card transactions, but as you say, it is a pain to have to wait that long to withdraw.

Band7

masonic said:

MrFrugalFever said:

I’ve found it quite convenient and useful using NS&I top up by debit card but their transaction times are awful!

I deposited on 24th Dec with it finally becoming available 3 days ago! Now I know there’s non-working days etc but that’s a joke. Tandem and Zopa are minutes!

How do you make a debit card deposit into Zopa please?  

You can't.

Just NS&I, Skipton, YBS, CHIP (1 card only), and I think Cambridge BS. Most still take 3 working days to clear your deposit, except for NS&I who take 7.

infoadict

Just had an email - Charter Savings increasing to 3% on 23rd January