The Top Easy Access Savings Discussion Area

BestSeagull

poppystar said:

BestSeagull said:

poppystar said:p

BestSeagull said:

pearl123 said:

I note that Family Building Society is at 3.40% interest. Is the building society any good, as I'm tempted.

I've just opened this account. I like it well enough so far. I'm up and running with my online account verified for withdrawals by email so no waiting for codes by post.
Customer service seems good. 

So do withdrawals need to be made by email rather than just requesting them from the account online? I did look at the site but it didn’t seem clear exactly how withdrawal operated. 

I haven't actually made a test withdrawal yet but I just looked and the functionality is what you would expect, in that you can withdraw to your nominated account or to one of your other FBS accounts via your online account.

There is this instruction though, when you go to withdraw.

"If you’d like to close your account or withdraw more than £25,000, and the terms of your account allow this, please send us a secure message. Amounts in excess of £25,000 must be split into a series of withdrawals over a number of days prior to closure of your account.. *"

Yes, I’d read that. I was just concerned when you said ‘verified for withdrawals by email’ that you had to send emails each time you wanted to make a withdrawal. I’m looking for an additional home for my savings but want one that is hassle free to operate - I closed a Shawbrook account because it was too much hassle to do anything! 

Ah, no, what I meant was, you need to enter a code on the website as a one time thing before you can perform certain tasks such as making a withdrawal. This is fairly common. Some banks send this to you in the post so you have to wait days for it to arrive before you have full functionality.
Family BS sends this code by email so you're up and running much more quickly.

For simple, although they are not as competitive in terms of interest, I really like Saga and Marcus and keep a bit of emergency money in both of them.

poppystar

BestSeagull said:

poppystar said:

BestSeagull said:

poppystar said:p

BestSeagull said:

pearl123 said:

I note that Family Building Society is at 3.40% interest. Is the building society any good, as I'm tempted.

I've just opened this account. I like it well enough so far. I'm up and running with my online account verified for withdrawals by email so no waiting for codes by post.
Customer service seems good. 

So do withdrawals need to be made by email rather than just requesting them from the account online? I did look at the site but it didn’t seem clear exactly how withdrawal operated. 

I haven't actually made a test withdrawal yet but I just looked and the functionality is what you would expect, in that you can withdraw to your nominated account or to one of your other FBS accounts via your online account.

There is this instruction though, when you go to withdraw.

"If you’d like to close your account or withdraw more than £25,000, and the terms of your account allow this, please send us a secure message. Amounts in excess of £25,000 must be split into a series of withdrawals over a number of days prior to closure of your account.. *"

Yes, I’d read that. I was just concerned when you said ‘verified for withdrawals by email’ that you had to send emails each time you wanted to make a withdrawal. I’m looking for an additional home for my savings but want one that is hassle free to operate - I closed a Shawbrook account because it was too much hassle to do anything! 

Ah, no, what I meant was, you need to enter a code on the website as a one time thing before you can perform certain tasks such as making a withdrawal. This is fairly common. Some banks send this to you in the post so you have to wait days for it to arrive before you have full functionality.
Family BS sends this code by email so you're up and running much more quickly.

For simple, although they are not as competitive in terms of interest, I really like Saga and Marcus and keep a bit of emergency money in both of them.

Right, got it now, thanks🙂. I have a Saga account for that but am looking for a home for money that was in NS&I as it doesn’t look like they are going to bring their interest up to anything competitive - I’ve waited, but no longer. 

Section62

Ford Money Flexible Saver (annual) to 3.32% gross effective today - confirmed by email just now.

RG2015

Section62 said:

Ford Money Flexible Saver (annual) to 3.32% gross effective today - confirmed by email just now.

Now that rates are rising, the difference between AER and gross monthly is also increasing. Below 1%, AER and gross monthly are virtually the same so there was no real issue.

In this example Ford Money is now 3.32% AER and 3.27% gross monthly.

And higher up the scale the NatWest digital saver is 6.17% v 6.00%

Band7

RG2015 said:

Section62 said:

Ford Money Flexible Saver (annual) to 3.32% gross effective today - confirmed by email just now.

Now that rates are rising, the difference between AER and gross monthly is also increasing. Below 1%, AER and gross monthly are virtually the same so there was no real issue.

In this example Ford Money is now 3.32% AER and 3.27% gross monthly.

And higher up the scale the NatWest digital saver is 6.17% v 6.00%

According to their email, Ford Money is 3.32% gross

Band7

Ford seem a bit confused about Gross and AER. They were meant to say their new rate is 3.27% gross and 3.32% AER

Their email:



Their website:

RG2015

Band7 said:

Ford seem a bit confused about Gross and AER. They were meant to say their new rate is 3.27% gross and 3.32% AER

Now I may be wrong but I thought the term gross was meant to distinguish from net, meaning gross payment or payment net of income tax.

The term gross appears to have acquired a different meaning now.

In my opinion, Ford Money’s 3.32% AER can be referred to as 3.32% gross annual. This is how Section62 referred to it in their post.

That said, Ford Money’s email may be correct if the recipient had opted for annual interest.

If not, then it is clearly incorrect by not specifying AER or monthly/annual rate.

RG2015

Re AER v gross.

I have looked up gross in the dictionary, and nowhere does it mention any usage in the context of interest other than before deduction of tax or fees.

It appears now to have a relatively new meaning in financial parlance.

RG2015

RG2015 said:

Band7 said:

Ford seem a bit confused about Gross and AER. They were meant to say their new rate is 3.27% gross and 3.32% AER

Now I may be wrong but I thought the term gross was meant to distinguish from net, meaning gross payment or payment net of income tax.

The term gross appears to have acquired a different meaning now.

In my opinion, Ford Money’s 3.32% AER can be referred to as 3.32% gross annual. This is how Section62 referred to it in their post.

That said, Ford Money’s email may be correct if the recipient had opted for annual interest.

If not, then it is clearly incorrect by not specifying AER or monthly/annual rate.

I haven’t received today’s email but my emails in the past have used the term gross and quoted the monthly rate, which is the option on my account.

I therefore would expect my email today to quote my new rate as 3.27% gross, not 3.32% gross.

Nevertheless, Ford Money could have avoided this confusion by stating the rates for AER annual and gross monthly in their email.

Section62

RG2015 said:

Band7 said:

Ford seem a bit confused about Gross and AER. They were meant to say their new rate is 3.27% gross and 3.32% AER

Now I may be wrong but I thought the term gross was meant to distinguish from net, meaning gross payment or payment net of income tax.

The term gross appears to have acquired a different meaning now.

In my opinion, Ford Money’s 3.32% AER can be referred to as 3.32% gross annual. This is how Section62 referred to it in their post.

That said, Ford Money’s email may be correct if the recipient had opted for annual interest.

If not, then it is clearly incorrect by not specifying AER or monthly/annual rate.

I decided to quote "3.32% gross" exactly as per the email from Ford. I included "(annual)" because my accounts are all set up for the annual interest option, although I'm aware other forum members have the monthly option.

I'd guess they say "gross" only as a hangover from the days when interest was paid net in some circumstances. (the HMRC R40 form notes still refer to 'gross interest' as well).

The key point though is 3.32% edges ahead of the 3.25% being paid on various accounts some of us will have been using as a place to store cash on unrestricted withdrawal basis (e.g. Santander's limited edition eSaver issue 1)