The Top Easy Access Savings Discussion Area

Wheres_My_Cashback

CheekyMikey said:

BigBlueSky said:

FindingBBob said:

Genuine question  - a lot of people on here seem to be very concerned about speed of access to their funds or how quickly they deposit. Most, at worst, seem to either have same day withdrawal or next working day. Most have at least same day deposit recognition. I keep a reasonable float of cash in my current account that would cover most "emergency expenses" any thing bigger is therefore planned for.. why is speed so important? Am I missing something? 

If large amounts are involved and the funds leave your account straight away but don't arrive at the destination until the next day for example you will have lost a days interest.  Say you have transferred the full £85,000 and lost a days interest @ 3% that is £6.99.  For some it might not matter, but for others it might.

Someone who can afford to have £85k sitting in cash is surely not going to worry about missing out on £6.99 interest? 

The reason they're sitting comfortably on £85K could well be because they're the ones who have worried about £6.99 here or there. 

Never a truer saying than 'Look after the pennies and the pounds will look after themselves' or put another way 'if you concentrate on saving small amounts of money, you'll soon amass a large amount'

jak22

There are a range of EA account that from time time have the top rate and so moving funds around is normal. Some banks action a transfer immediately and some show the arrived funds immediately - but others that have attractive rates might only transfer the next working day or take some hours to confirm an updated balance.

These aren't reasons to avoid those accounts - it's just something to take account of when planning to move funds from one account to another - like other issues like maximum daily transfer limits and avoiding triggering transfer queries. 

Surely people can distinguish between funds they might need unplanned access to within a few hours so keeping a balance somewhere that transfers instantly to your current account at a lower rate and larger significant funds elsewhere which are for earning interest. 

Is there actually evidence of a popular account which transfers by the next day "losing interest" - even if the balance appears to be debited as you request the transfer. The actual transfer when it happens will use the Faster Payments system even if the bank batches requests.

flobbalobbalob

CheekyMikey said:.

Someone who can afford to have £85k sitting in cash is surely not going to worry about missing out on £6.99 interest? 

£6.99 is a night out at Wetherspoons. That's how I got my £85k

soulsaver

NLA: Newcastle Tri Iss4 3.05% (22/02) Newcastle Triple Access Saver (Issue 4) 

Links checked, ToTP updated.

SueDebt

One question I’ve been meaning to ask for a while now is whether there is a time money has to be in an account to get the interest for that day?

For example if I transfer money into an account by 5pm, would I get the interest in that particular account for that day but if I didn’t transfer it until 8pm then I wouldn’t get it from that actual account?

Or does it vary from bank to bank?

In my case it’s only pennies but I’m someone who also follows the ‘look after the pennies and the pounds will look follow’ saying.

RG2015

soulsaver said:

NLA: Newcastle Tri Iss4 3.05% (22/02) Newcastle Triple Access Saver (Issue 4) 

Links checked, ToTP updated.

Just a thought, but newbies may struggle with NLA.

Google has net liquid assets, network level authorisation, or even national liberation army!

dgpur

FindingBBob said:

Genuine question  - a lot of people on here seem to be very concerned about speed of access to their funds or how quickly they deposit. Most, at worst, seem to either have same day withdrawal or next working day. Most have at least same day deposit recognition. I keep a reasonable float of cash in my current account that would cover most "emergency expenses" any thing bigger is therefore planned for.. why is speed so important? Am I missing something? 

I don’t object to 20 minute to 2 hours, say, but I do have a problem with only next day access, or not having 24/7 access. I need to know that I can transfer money, to meet specific needs, without having plan around limited access. Especially in emergencies, but mostly to cover direct debits etc.

GalacticaActual

HSBC are increasing some of their interest rates from 2nd March 2023.

Of note, the Online Bonus Saver will receive a 0.25 percent rate rise to 3.25 percent for amounts under £10,000, including bonuses.

https://www.msn.com/en-gb/money/other/hsbc-announces-increase-to-interest-rate-across-five-savings-accounts/ar-AA17MZ5z?ocid=msedgntp&cvid=a092f370ef7143ce9112561557ffaf21

ranciduk

GalacticaActual said:

HSBC are increasing some of their interest rates from 2nd March 2023.

Of note, the Online Bonus Saver will receive a 0.25 percent rate rise to 3.25 percent for amounts under £10,000, including bonuses.

https://www.msn.com/en-gb/money/other/hsbc-announces-increase-to-interest-rate-across-five-savings-accounts/ar-AA17MZ5z?ocid=msedgntp&cvid=a092f370ef7143ce9112561557ffaf21

Thanks for that

of course you only get that rate if you make zero withdrawals each month 

Wheres_My_Cashback

GalacticaActual said:

HSBC are increasing some of their interest rates from 2nd March 2023.

Of note, the Online Bonus Saver will receive a 0.25 percent rate rise to 3.25 percent for amounts under £10,000, including bonuses.

https://www.msn.com/en-gb/money/other/hsbc-announces-increase-to-interest-rate-across-five-savings-accounts/ar-AA17MZ5z?ocid=msedgntp&cvid=a092f370ef7143ce9112561557ffaf21

I cleared out the account on the 1st Feb and, still not enough for me to fund again right now, but it's put it back as an option so thanks for the update.