The Top Easy Access Savings Discussion Area

ASL1

Currently moving my money from Al Rayan (2.81%) to Coventry (3.25%).

How much money do you have to keep in the Al Rayan account to keep it open? Or can you just move the whole lot?

BigBlueSky

ASL1 said:

Currently moving my money from Al Rayan (2.81%) to Coventry (3.25%).

How much money do you have to keep in the Al Rayan account to keep it open? Or can you just move the whole lot?

Anything to be honest.  Al Rayan accounts are not easily closed.  You have to send them a letter in the post requesting the closure, they won't close them otherwise.

Band7

BigBlueSky said:

ASL1 said:

Currently moving my money from Al Rayan (2.81%) to Coventry (3.25%).

How much money do you have to keep in the Al Rayan account to keep it open? Or can you just move the whole lot?

Anything to be honest.  Al Rayan accounts are not easily closed.  You have to send them a letter in the post requesting the closure, they won't close them otherwise.

I used secure messaging to close an Al Rayan savings account

My current one has had £1 in it since before Xmas.

BigBlueSky

Band7 said:

I used secure messaging to close an Al Rayan savings account

That is good to know.  It was around 6 months ago when I had two accounts I wanted to close.  I messaged them only to be told they needed it in writing via the post.  Good to see things have now changed, as it didn't make much sense.

Vortigern

BigBlueSky said:

ASL1 said:

Currently moving my money from Al Rayan (2.81%) to Coventry (3.25%).

How much money do you have to keep in the Al Rayan account to keep it open? Or can you just move the whole lot?

Anything to be honest.  Al Rayan accounts are not easily closed.  You have to send them a letter in the post requesting the closure, they won't close them otherwise.

You can close an account by sending a secure message through the app.

Band7

BigBlueSky said:

Band7 said:

I used secure messaging to close an Al Rayan savings account

That is good to know.  It was around 6 months ago when I had two accounts I wanted to close.  I messaged them only to be told they needed it in writing via the post.  Good to see things have now changed, as it didn't make much sense.

Closed mine beginning of August 2022. There’s a specific subject for account closures in Secure Messages. It took about a week for the account to vanish, which was ok with me as I was in no hurry

ASL1

So if you run the Al Rayan balance down to £0 they won't close the account? Anyone tried it? Ideally want to take all the money out and keep the account open, just in case they increase the interest rate back to a rate leading rate.

Band7

I would leave £1 in it

I-LOV-MONEY

Hi.  Does anyone know if Santander are going to update their ESaver (now miserable) rate from 2.75% ?

refluxer

I-LOV-MONEY said:

Hi.  Does anyone know if Santander are going to update their ESaver (now miserable) rate from 2.75% ?

Doubtful, considering the current eSaver is only 1.50%.