The Top Easy Access Savings Discussion Area

OceanSound

Bridlington1 said:

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

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 It is nice to see that funds withdrawn are practically instant now.

cheesemason

Ford Money just tweeted that their flexible saver and ISA rates are going up tomorrow.  No details of how much yet tho

mebu60

snowqueen555 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. 

easysaver

Al Rayan 3.56% EPR. 3.62% AER if my maths is correct.
@soulsaver

Millyonare

mebu60 said:

snowqueen555 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

Millyonare said:

mebu60 said:

snowqueen555 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

Millyonare said:

mebu60 said:

snowqueen555 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

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.

Millyonare

refluxer said:

Millyonare said:

mebu60 said:

snowqueen555 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.

Of course.

But it doesn't change the fact they are slow and a bit rubbish.

I want (my) cash in seconds, not hours or days.