The Top Easy Access Savings Discussion Area

aaj123

jaypers said:

Had a bit of a reshuffle this morning and put a little bit back to Santander. Already have Charter paying 3.2, plus Atom too which isn’t far behind so much of a muchness really. When 12 months is up on Santander it’s all being transferred out again! 

Charter isn't behind. It's 3.25% AER - so exactly same as the Santander esaver.

janusdesign

aaj123 said:

jaypers said:

Had a bit of a reshuffle this morning and put a little bit back to Santander. Already have Charter paying 3.2, plus Atom too which isn’t far behind so much of a muchness really. When 12 months is up on Santander it’s all being transferred out again! 

Charter isn't behind. It's 3.25% AER - so exactly same as the Santander esaver.

I think only Issues 29 and older are 3.25% - Issues 30 - 32 are still well below 3% and the recent issue is only 3.18%.

2010

kaMelo said:

Middle_of_the_Road said:

2010 said poo:

If big banks can fail and need help such as the recent ones why is there a frenzy (on here)  to pile money into the obscurely named mobile app only banks.

Reminds me a lot when "asleep at the wheel" Ofgem, OK`ed all the minnow energy firms which went bust and now we are all paying for.

Icelandic banks that everyone piled into.
One day your money was there, next day it had disappeared.
UK government decided to refund all retail savers, hoping to get it back from Iceland.

Could not agree more. Although challenger bank depositors have the same protection as the big names, I think they are more likely to need it.
Who wants to have to rely on the FSCS protection process, for an extra 0.1- 0.2% 

Remind me again which UK banks were essentially insolvent and required bailing out in 2009.

Remind me how many mobile app banks there were then.

aaj123

2010 said:

kaMelo said:

Middle_of_the_Road said:

2010 said poo:

If big banks can fail and need help such as the recent ones why is there a frenzy (on here)  to pile money into the obscurely named mobile app only banks.

Reminds me a lot when "asleep at the wheel" Ofgem, OK`ed all the minnow energy firms which went bust and now we are all paying for.

Icelandic banks that everyone piled into.
One day your money was there, next day it had disappeared.
UK government decided to refund all retail savers, hoping to get it back from Iceland.

Could not agree more. Although challenger bank depositors have the same protection as the big names, I think they are more likely to need it.
Who wants to have to rely on the FSCS protection process, for an extra 0.1- 0.2% 

Remind me again which UK banks were essentially insolvent and required bailing out in 2009.

Remind me how many mobile app banks there were then.

The entire concept of a mobile app was in its infancy at the time and didn't even exist at the time of the Northern Rock fiasco in 2007.

Online banking though was pretty standard then too.

aaj123

I find the 'Skipton Base rate tracker (guaranteed BOE - 1.25% for 24 months) Flexible ISA' to be a very good candidate as the account to use all through the year as your saver. It will move along with BOE for 2 years (not to be sniffed at) and allow withdrawals and replacement all through the year due to being Flexible and you get the current 3.0% rate tax free. And add to this the perk of being able to deposit using a debit card so acts as a solution for your Halifax reward saver criteria too.

simoncorkswill1

Anyone else have trouble transferring money out of Sainsbury’s savings account , trying to move money to my Santander savings from whatever the last issue of Sains savings account it is , no matter what combination of name I put in their security check insists it’s not my account , I have copied it verbatim from the Santander account and then any number of combinations , doesn't want to know , will ring them but last time took 45 minutes to answer .

jak22

I seem to remember account linking to be a problem with Sainsbury's even if you've managed it with a previous account - and it might even need a statement or such to be sent in for them to link manually.

Every bank seems to have different systems and rules for ID checks and account linking so its always worth remembering to check you'll be able to get money back out before funding a new account.

refluxer

simoncorkswill1 said:

Anyone else have trouble transferring money out of Sainsbury’s savings account , trying to move money to my Santander savings from whatever the last issue of Sains savings account it is , no matter what combination of name I put in their security check insists it’s not my account , I have copied it verbatim from the Santander account and then any number of combinations , doesn't want to know , will ring them but last time took 45 minutes to answer .

I had a Sainsurys eSaver account (which I closed a few years ago) and I was never able to successfully pay out to my Barclays current account. IIRC, there isn't a check-box to over-ride it either - their systems make the transfers they're not happy with impossible. In the end, I had to transfer it to an alternative current account which the Sainsburys check didn't have a problem with.

The only other time I've ever had problems with that same Barclays account was with Charter, as it failed their nominated bank account checks. In that case, I did wonder if the age of the account could potentially cause issues as I'd held the account since the mid 1990s so it could pre-date certain records ? A bit counter-intuitive perhaps, but a possibility.

phillw

12 month account that transfers to an Everyday Saver (currently paying a whopping 0.6% !).

I kinda wonder what they will do at that point, if they are prepared to raise the interest on an account you can't open anymore.

cwep2

Band7 said:

cwep2 said:

And for those who want a high street banking name without an app required to access it.

It's also worth pointing out that although almost every bank recommended here has the £85k FSCS compensation limit, Santander is also a GSIB (see https://www.fsb.org/wp-content/uploads/P211122.pdf) a Globally Systemically Important Bank it's seen as basically too big to fail and is much more likely to be backstopped by the (Spanish) government than a random challenger savings bank. Chase (=JPMorgan) amongst the leading pack of savings rates would also qualify, and HSBC and Barclays are there too, but not Natwest/RBS or Lloyds/Halifax/BoS.

Really bad idea to suggest there’s another safety net over and beyond FSCS 😡

I really wasn't suggesting this. This was more for people's peace of mind, that it's an institution that would be less likely to disappear.

A lot of people are suspicious of banks they've never heard of, or having to use a new App to do their banking, so the reassurance of both a high street name with physical branches and a bank that is seen as globally too important to fail would make it more attractive for up to £85k.