The Top Easy Access Savings Discussion Area

TiVo_Lad

Kazza242 said:

According to Moneyfacts, Sainsbury's Bank are launching Defined Access Saver (issue 37), which will pay 2.87%.

It pays tiered interest rates on balances totalling:
2.87% on £1,000 - £500,000
1.05% on £1 - £999
0.90% on £500,001

The account is opened and managed online and the minimum opening amount is £1.  It allows 3 penalty-free withdrawals per year.  

Interest is paid yearly (on the anniversary of account opening).

https://www.sainsburysbank.co.uk/savings/sav_savings_zone

@soulsaver FYI.

Yet the Issue 36 rate stays at 2.75%... More admin for customers to move their account over....

Kazza242

soulsaver said:

Kazza242 said:

According to Moneyfacts, Sainsbury's Bank are launching Defined Access Saver (issue 37), which will pay 2.87%.

It pays tiered interest rates on balances totalling:
2.87% on £1,000 - £500,000
1.05% on £1 - £999
0.90% on £500,001

The account is opened and managed online and the minimum opening amount is £1.  It allows 3 penalty-free withdrawals per year.  

Interest is paid yearly (on the anniversary of account opening).

https://www.sainsburysbank.co.uk/savings/sav_savings_zone

@soulsaver FYI.

Thanks, Kazza. Posted i n the ToTP trail atm until we get a Sainsbury's link

Sainsbury's Bank have now added Defined Access Saver (issue 37) to their website here: 

https://www.sainsburysbank.co.uk/savings/sav_definedsaver_skip

@soulsaver FYI

soulsaver

Kazza242 said:

soulsaver said:

Kazza242 said:

According to Moneyfacts, Sainsbury's Bank are launching Defined Access Saver (issue 37), which will pay 2.87%.

It pays tiered interest rates on balances totalling:
2.87% on £1,000 - £500,000
1.05% on £1 - £999
0.90% on £500,001

The account is opened and managed online and the minimum opening amount is £1.  It allows 3 penalty-free withdrawals per year.  

Interest is paid yearly (on the anniversary of account opening).

https://www.sainsburysbank.co.uk/savings/sav_savings_zone

@soulsaver FYI.

Thanks, Kazza. Posted i n the ToTP trail atm until we get a Sainsbury's link

Sainsbury's Bank have now added Defined Access Saver (issue 37) to their website here: 

https://www.sainsburysbank.co.uk/savings/sav_definedsaver_skip

@soulsaver FYI

.................

EssexHebridean

Freedommm said:

EssexHebridean said:

yes, I'd echo the positive comments about Coventry. We've had accounts with them a while now, and been pleased overall. This has been the first tie we've had this issue since originally joining them as customers, and in any event, this isn't their fault, it's down to Royal Fail and their complete lack of any sort of postal service in our area! 

It is entirely their fault. Firstly, its 2023, so online application should be just that - online. Secondly, checking your ID and running credit checks on you - takes seconds or milliseconds. NOT WEEKS. Thirdly, using a "grid card" posted - is technology from hundreds of years ago. They never heard of mobile apps, nor authenticator apps, not biometrics. This company lives in 1752 or something.

No - it is not their fault. The reason why the form had to be posted out was because I was opening a JOINT account - and Coventry choose to complete checks that include ensuring that the other party to that account is happy with this. The form was sent out immediately the account was opened - on 5th January. it was sent by 1st class post. in most areas that would have resulted in it being delivered on or around 6th/7th January - as I don't believe this time period was affected by strike action. In our case, our local Royal Fail Office is in meltdown, and has been for over 2 years now, and so it took 12 days to arrive (as luck would have it, it was there when we arrived home last night, along with a raft of other post some of which was sent as far back as wk commencing 12th December). Coventry are not responsible for that.

If you are unhappy at Coventry not providing an app and similar, then clearly they are not the provider for you, and rather than complaining about them, simply move on and place your money elsewhere. That's not true of others though, and we'll continue to decide where to put our money based on information like interest rates and suitability of accounts for our own needs.  

As I don't use telephone banking, I've not needed to use my grid card for years. Logging into their website uses multiple authentication which I'm happy with the security of. Not everyone requires every single thing in their life to be dealt with via an ever-present smartphone. An online application for a sole name account just for me would have been just that - fully online. There was no checking of ID or running of checks in this case - or if there were, it was done seamlessly. 

EssexHebridean

flobbalobbalob said:

EssexHebridean said:

yes, I'd echo the positive comments about Coventry. This isn't their fault, it's down to Royal Fail and their complete lack of any sort of postal service in our area! 

31 days and still no mail from Coventry. Difficult to blame royal mail in my case.

See above - my letter was sent on the 5th and arrived yesterday. Probably worth dropping them a message if you are able to - they immediately offered to re-send my paperwork when I did this. (Mind you, that could easily take another month to reach me!) 

mebu60

TiVo_Lad said:

Kazza242 said:

According to Moneyfacts, Sainsbury's Bank are launching Defined Access Saver (issue 37), which will pay 2.87%.

It pays tiered interest rates on balances totalling:
2.87% on £1,000 - £500,000
1.05% on £1 - £999
0.90% on £500,001

The account is opened and managed online and the minimum opening amount is £1.  It allows 3 penalty-free withdrawals per year.  

Interest is paid yearly (on the anniversary of account opening).

https://www.sainsburysbank.co.uk/savings/sav_savings_zone

@soulsaver FYI.

Yet the Issue 36 rate stays at 2.75%... More admin for customers to move their account over....

On the plus side, Issue 37 now appears immediately rather than the new account taking 5 or so days. If at all, which also occurred twice!
Capital transferred (from Issue 33, 2.75% since October), secure message sent requesting closure of old account and interest to be transferred too.
If Sainsbury's (and Tesco) are going to continue with this MO they could take a leaf out of Cynergy's book and have an online 'close and transfer' option for the old account.

pearl123

Kazza242 said:

The account is opened and managed online and the minimum opening amount is £1.  It allows 3 penalty-free withdrawals per year.  

Interest is paid yearly (on the anniversary of account opening).

https://www.sainsburysbank.co.uk/savings/sav_definedsaver_skip

I hope that savings accounts with limited access become a trend. They're a pain. 

EssexHebridean

pearl123 said:

Kazza242 said:

The account is opened and managed online and the minimum opening amount is £1.  It allows 3 penalty-free withdrawals per year.  

Interest is paid yearly (on the anniversary of account opening).

https://www.sainsburysbank.co.uk/savings/sav_definedsaver_skip

I hope that savings accounts with limited access become a trend. They're a pain. 

Why do you think they're a pain? We've had limited access accounts in various forms for years - originally the Nationwide E-Savings Plus - and as long as you are mindful about not putting money away in there that you expect to need, or using them for planned spends which will mean known numbers of withdrawals, they seem to work fine for us.  Our new Coventry one will shortly be housing matured regular saver funds ahead of a planned house purchase later this year - it wouldn't work for us to lock the money away, so this is about the best interest rate we'll get for this and as we'll only need to make one withdrawal, it's probably about the best interest rate we can pin down for an unspecified time period, too! 

diystarter7

pearl123 said:

Kazza242 said:

The account is opened and managed online and the minimum opening amount is £1.  It allows 3 penalty-free withdrawals per year.  

Interest is paid yearly (on the anniversary of account opening).

https://www.sainsburysbank.co.uk/savings/sav_definedsaver_skip

I hope that savings accounts with limited access become a trend. They're a pain. 

Hi
They can and they can't.
We have the bulk of our tens of k's in two limited access acounts as we find a pin fixed accounts/rates
We then have max holdings in P/Bonds
We then have several tens of k's in current accounts - yes, especially now rates are going up we are throwing money down the drain
One of the limited saving accounts has one witdrawl  - we open that as we were well over the max with the coverntry, older savings account via phone/net etc that allows 6 withdrawals and rate atm is about 2.9% going to 3-15% in Feb i think

In all honest, we never had a problem and we could go fixed, but like you think limited access is a pin, we feel fixed is a pin as I do things overnight at times.

Even with limited access, like the coverntry 6 times allowed but an old account, put money in there you feel you would only need when upgrading your house or buying a top of the range suv and the rest in current accounts for very easy of access, p/bonds and ordianrry saving accounts. Your choice your money

Yes to all I am aware re having that much money in our joint current account, not sensible but we have always been like that

infoadict

Just registered with the CHIP app to enable me to transfer money into the Instant Access Savings @ 3%, when their bonus changes to interest on 11th February.

Not sure if this is common knowledge (not seen it mentioned on here - just the possible Topcashback) reward, but they are offering various bonuses ranging from £10 on a £5,000 deposit up to £50 on a £20,000 deposit, to new customers. You enter the appropriate code on your app before 30th January and I have up to the 31st July to make the deposit.

Only snag is you have to keep the deposit in there for 6 months.

https://www.getchip.uk/instant-access-account/money-to-the-masses#how-redeem