The Top Easy Access Savings Discussion Area

allegro120

Bigwheels1111 said:

Leave between £1-£10 in old accounts.

Saves opening them again with new passwords etc.

Many EA accounts don't even require minimum balance to keep them open. I currently have £0 in some of them.

OceanSound

allegro120 said:

smiley2085 said:

Hi all - I was just wondering how often do you change easy access accounts? I have recently changed (March 2023) but now I have seen a better rate with a new provider. 

Countless times in the past 12 months.  Good practice is to avoid closing them and move funds from one to another when appropriate, that's what easy access accounts are for.

this works for most. But with some. E.g. shawbrook, if you leave a particular saver issue opened and return to open the latest issue saver, you cannot open that issue until you close the old issue. It can be done online and takes a couple of hours to update but a nuisance nevertheless.

With this kind of scenario I wonder if it's worth closing the account immediately. Unless, of course as a result of keeping say £1 or even 1p we make sure that the relationship continues and that our details are on file, so when we revisit to open new issue, no need to enter personal details again.

TheBanker

OceanSound said:

allegro120 said:

smiley2085 said:

Hi all - I was just wondering how often do you change easy access accounts? I have recently changed (March 2023) but now I have seen a better rate with a new provider. 

Countless times in the past 12 months.  Good practice is to avoid closing them and move funds from one to another when appropriate, that's what easy access accounts are for.

this works for most. But with some. E.g. shawbrook, if you leave a particular saver issue opened and return to open the latest issue saver, you cannot open that issue until you close the old issue. It can be done online and takes a couple of hours to update but a nuisance nevertheless.

With this kind of scenario I wonder if it's worth closing the account immediately. Unless, of course as a result of keeping say £1 or even 1p we make sure that the relationship continues and that our details are on file, so when we revisit to open new issue, no need to enter personal details again.

With Shawbrook you can send a secure message asking them to change the account to the latest issue. No need to close and re-open yourself. 

OceanSound

TheBanker said:

OceanSound said:

allegro120 said:

smiley2085 said:

Hi all - I was just wondering how often do you change easy access accounts? I have recently changed (March 2023) but now I have seen a better rate with a new provider. 

Countless times in the past 12 months.  Good practice is to avoid closing them and move funds from one to another when appropriate, that's what easy access accounts are for.

this works for most. But with some. E.g. shawbrook, if you leave a particular saver issue opened and return to open the latest issue saver, you cannot open that issue until you close the old issue. It can be done online and takes a couple of hours to update but a nuisance nevertheless.

With this kind of scenario I wonder if it's worth closing the account immediately. Unless, of course as a result of keeping say £1 or even 1p we make sure that the relationship continues and that our details are on file, so when we revisit to open new issue, no need to enter personal details again.

With Shawbrook you can send a secure message asking them to change the account to the latest issue. No need to close and re-open yourself. 

My experience up to now (during the past few days for the issue 35  - I don't remember contacting support when I opened/used the issue 15) has been that they reply pretty quickly.

Is this always the case though?

janusdesign

janusdesign said:

Mr_blibby said:

Paragon Triple Access going to 3.51% from 5th... just been notified via email...Zopa lagging now, so will be switching in a weeks time if no changes

which issue do you have? i'm not sure if this increase is only being applied to previous issues - their archive rates page says that Issues 7-11 should be increasing to 3.51% today, but Issue 12 is still showing as 3.25% on their site and also when I log into my account.

confirmed by Paragon that the current issue 12 is not increasing it's rate inline with the older issues... whiffs of a copy & paste reply, but here it is.

Paragon manage our savings offering using individual Issues of each product category we offer, with rates managed independently. This flexibility is an important part of our business model and is in line with our commitment to strong regulatory and customer outcomes. Though some individual Issues of closed products sometimes pay the same rate as other, similarly named, products, this is not always the case.

The interest applicable to your account is displayed prominently when you log in, on annual statements, and we also maintain a full list of historical rates online. Unfortunately, I am unable to advise of any future interest rate changes as we do not have access to this information prior to our customers. However, we will advise customers of any change in interest rates as soon as possible.

OceanSound

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.

How did you track the 'up to 8 hours to arrive' ?

Zopa_Trooper

KROO are upping their rate on the current account from 3.33% to 3.6% from June 1st. Feels like a no-brainer.

flobbalobbalob

Could someone remind me how long a faster payment takes to Cynergy Bank please. I sent a test faster payment yesterday and not shown up yet, thanks

pearl123

flobbalobbalob said:

Could someone remind me how long a faster payment takes to Cynergy Bank please. I sent a test faster payment yesterday and not shown up yet, thanks

There's often a delay. However, if you check within half an hour to an hour it usually shows up. 

OceanSound

OceanSound 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.

How did you track the 'up to 8 hours to arrive' ?

The reason I ask is because the SMS message from Shawbrook to confirm arrives a bit later after the money lands in the shawbrook savings account.

Last Friday (5th May 2023) at 06:25 am, I made a £1 test deposit using Halifax Mobile app, to confirm account number, sort code, reference etc before depositing larger sum, sms received at 1:12 pm.

Today, for some odd reason, I couldn't see/find the shawbrook account in my list my previous payees on Halifax bank Mobile APp or online banking. There is no £1 transaction dated 5 May either. I checked for the dates 4th, 6th, 7th, 8th, 9th too. just in case for some weird reason the transaction has been posted under those dates (actually Halifax bank do not post on weekends and Bank holidays, so it cannot have the dates 6,7 or 8th May). No cigar.

So, today I created another new payee to Shawbrook account using halifax mobile App. Made a £1 deposit at 6:30 am. I login to shawbrook internet banking at about 8:30 am and the deposit had arrived. Still hadn't received an SMS though. SMS was received at 9:03 am. So, going by this, there seems to be a lag between the money arriving and the SMS being sent/received (at least 30 minutes - it could be longer, but going by when I checked Shawbrook website by logging on and the SMS arriving it's at least 30 minutes).