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The Top Easy Access Savings Discussion Area

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Comments

  • ForumUser7
    ForumUser7 Posts: 2,512 Forumite
    1,000 Posts Third Anniversary Photogenic Name Dropper
    fwdrew said:
    If everyone withdrawals a large chunk this weekend maybe they will :)
    Zopa is currently behind in the rates leagues at the moment, I imagine many forumites (especially those on this thread) will have moved onto greener pastures already, until Zopa improves their offering.
    If you want me to definitely see your reply, please tag me @forumuser7 Thank you.

    N.B. (Amended from Forum Rules): You must investigate, and check several times, before you make any decisions or take any action based on any information you glean from any of my content, as nothing I post is advice, rather it is personal opinion and is solely for discussion purposes. I research before my posts, and I never intend to share anything that is misleading, misinforming, or out of date, but don't rely on everything you read. Some of the information changes quickly, is my own opinion or may be incorrect. Verify anything you read before acting on it to protect yourself because you are responsible for any action you consequently make... DYOR, YMMV etc.
  • OceanSound
    OceanSound Posts: 1,482 Forumite
    Seventh Anniversary 1,000 Posts Name Dropper
    May I take the liberty of taking us back to easy access accounts.

    The moneybox simple saver is now at 3% (up from 2.32%). It's not got a market leading rate by any stretch of the imagination but it does let you deposit by DD so it's nice to know my £2 weekly DD is earning an extra 0.68% whilst sat in an EA account. By my calculations that leaves me around 3p better off each year.
    You may (now that we've answered the rhetorical questions on how to ignore a member).

    Although, if I may take the privilege to add that it makes sense to move the money accumulated in the moneybox simplesaver account ever so often to a higher interest paying account (and not leave it there for an extended period). My moneybox simplesaver allows one withdrawal per calendar month. 

    I did the last withdrawal in March (about £44 had accumulated before I realized). Today, I did another withdrawal to nominated account. Today's withdrawal amounted to around £12. i.e. money accumulated through DD's from March until now.

    After money arrives in nominated account, moving it even somewhere like Zopa (paying  3.29% Gross, 3.34% AER) would yield higher returns than 3.00% AER at moneybox.
  • ToastLady
    ToastLady Posts: 465 Forumite
    Tenth Anniversary 100 Posts Name Dropper
    fwdrew said:
    If everyone withdrawals a large chunk this weekend maybe they will :)
    I doubt that everyone will though, albeit I've just removed some for a fixed saver. I do like Zopa and the pots though. Got quite a few on 95 days to fund regular saver and other bits and bobs like annual car insurance, so hopefully they will up their game soon. It is nice to see that funds withdrawn are practically instant now.
  • mebu60
    mebu60 Posts: 1,692 Forumite
    1,000 Posts Third Anniversary Photogenic Name Dropper
    Still on 3.2% and 3.1%, really wondering if I should wait around or move to Shawbrook, is it user friendly? I am sorta tired of moving around but I don't know if I'm being lazy, it is my FTB deposit money, hoping to buy in the next year.
    I've never had any issues with Shawbrook, dealings all straightforward. 
  • easysaver
    easysaver Posts: 78 Forumite
    Fourth Anniversary 10 Posts Name Dropper
    edited 4 May 2023 at 2:53PM
    Al Rayan 3.56% EPR. 3.62% AER if my maths is correct.
    @soulsaver
  • Millyonare
    Millyonare Posts: 551 Forumite
    500 Posts First Anniversary
    mebu60 said:
    Still on 3.2% and 3.1%, really wondering if I should wait around or move to Shawbrook, is it user friendly? I am sorta tired of moving around but I don't know if I'm being lazy, it is my FTB deposit money, hoping to buy in the next year.
    I've never had any issues with Shawbrook, dealings all straightforward. 
    Shawbrook are incredibly slow to move cash in or out of their Easy Access saver. Have seen a deposit take up to 8 hours to arrive. Great rates. But nothing "easy" about the account.
  • refluxer
    refluxer Posts: 3,238 Forumite
    Fifth Anniversary 1,000 Posts Photogenic Name Dropper
    mebu60 said:
    Still on 3.2% and 3.1%, really wondering if I should wait around or move to Shawbrook, is it user friendly? I am sorta tired of moving around but I don't know if I'm being lazy, it is my FTB deposit money, hoping to buy in the next year.
    I've never had any issues with Shawbrook, dealings all straightforward. 
    Shawbrook are incredibly slow to move cash in or out of their Easy Access saver. Have seen a deposit take up to 8 hours to arrive. Great rates. But nothing "easy" about the account.
    Next-day access is not uncommon for some of these higher-paying easy access accounts. To be fair to Shawbrook, they highlight (in bold) right at the top of the account product page that the account gives "Next working day access to your funds if withdrawn online before 9:30pm" so if you really need genuinely instant access, then yes - this account is not for you. For many people though, the trade-off with having to wait a day for access is worth it for the higher rate and you just get used to planning your withdrawals accordingly.
  • patpalloon
    patpalloon Posts: 146 Forumite
    100 Posts Second Anniversary Name Dropper
    mebu60 said:
    Still on 3.2% and 3.1%, really wondering if I should wait around or move to Shawbrook, is it user friendly? I am sorta tired of moving around but I don't know if I'm being lazy, it is my FTB deposit money, hoping to buy in the next year.
    I've never had any issues with Shawbrook, dealings all straightforward. 
    Shawbrook are incredibly slow to move cash in or out of their Easy Access saver. Have seen a deposit take up to 8 hours to arrive. Great rates. But nothing "easy" about the account.
    Deposits - Funds are credited to your account the same working day, if you send them before 3.30pm.
    If I pay in a deposit first thing AM it always shows by lunchtime (and you get a text)
    Withdrawals - next day. 
    You'll need to request a withdrawal by 9.30pm on a working day in order for your funds to reach you the next working day.
  • AmityNeon
    AmityNeon Posts: 1,085 Forumite
    1,000 Posts Second Anniversary Photogenic Name Dropper
    edited 4 May 2023 at 4:41PM
    easysaver said:
    Al Rayan 3.56% EPR. 3.62% AER if my maths is correct.

    The estimated balance of £5,179.90 is only possible with an EPR of 3.54%. The estimated balance figure is likely erroneous, though even if it wasn't, I doubt they would dare reduce the EPR from the boldly published rate of 3.56%. They don't usually make mistakes like this.

    3.54% gross per annum compounded monthly hits £5,179.90 so precisely (down to 1/40 of a penny) I'm sure someone mistyped something somewhere.

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