The Top Easy Access Savings Discussion Area

OceanSound

SHawbrook says we can do a £1.00 deposit as a 'test' payment (because they don't support confirmation of payee), what that website doesn't state is that if the larger sum is followed soon after, there is a chance that it may be held back for checks.

Imagine if you do the £1.00 payment on a friday just before the working day finishes, then after it arrives at Shawbrook, you do the larger payment, say £50,000. That payment could be held back for checks and potentially be credited to your shawbrook account on Monday. That's 2-3 days of interest lost.

Here's the link to shawbrook website: 

https://help.shawbrook.co.uk/hc/en-gb/articles/5600537875346-How-do-I-make-a-deposit-into-my-Savings-account-

How do I make a deposit into my Savings account?

You can make a payment to us by electronic payments only. This includes Faster Payments, BACS and CHAPs.

As we don't take payment from you automatically, you'll need to make any payments from your nominated, or linked, account, using the following details:

Payee Name: Shawbrook Bank

Sort Code: 16-58-73

Account number: Your Shawbrook Savings Account number

Reference: Your name as the payment reference

If you're not sure what account number to use, you can get help on how to find your account number.

We're not part of the confirmation of payee scheme, so your bank may tell you this when you try and make a payment. It's nothing to worry about.

For peace of mind, you may wish to make a small 'test' payment of £1. Once the payment has processed, you'll see it in your account.

If you already have an ISA and want to transfer your previous allowances to us, you can find out more on how to transfer an ISA.

Krakkkers

Are Shawbrook raising their rates?

RG2015

RG2015 said:

RG2015 said:

cheesemason said:

Ford Money just tweeted that they are going up to 3.6% on Tuesday at 9am

The transfer time into Ford Money have improved significantly in the last few months. Earlier this year it was a few hours now it is much quicker.

I have just transferred some money from NatWest this morning and it was there within an hour.

I recognise that this is poor compared with many others but in my opinion it is now quite acceptable.

3.60% is also a decent rate for the smallish amounts I hold in easy access accounts. 

I also see that transfers out to the nominated account up to 1:00 pm will arrive on same day. Not sure when this changed but it used to be next day, although the transfer was also dated the next day in Ford Money.

Just as a test, I transfered a small sum from my Ford Money Flexible Saver at 10:00 am yesterday and it arrived in NatWest at 14:52.

As I said for the transfers in, this is poor compared to other providers but acceptable for me as I generally plan in advance.

fly-catchers

wmb194 said:

fly-catchers said:

I don’t have a smart phone but when applying for a Kroo account via Topcashback with my iPad I go to an install app page with a QR code. How do I go about scanning that code? Would getting it on the screen of my PC and them using my iPad camera to take me to the app keep the tracking with Topcashback?

There's no harm in trying either way but yes, that should work.

Alas I got caught out by needing a Photo ID! Don't have a passport or driving licence with photo. But do intend to get one as Photo ID is obviously here to stay and get more relevant!  

dgpur

fly-catchers said:

wmb194 said:

fly-catchers said:

I don’t have a smart phone but when applying for a Kroo account via Topcashback with my iPad I go to an install app page with a QR code. How do I go about scanning that code? Would getting it on the screen of my PC and them using my iPad camera to take me to the app keep the tracking with Topcashback?

There's no harm in trying either way but yes, that should work.

Alas I got caught out by needing a Photo ID! Don't have a passport or driving licence with photo. But do intend to get one as Photo ID is obviously here to stay and get more relevant!  

I know your pain. I have neither driving licence (due to my disability I’m not allowed to drive - so can’t get one) nor passport (again - too disabled to go abroad). So many times good options have come along requiring one of them. So those that don’t (and there’s really no need for it in our banking system) get my business. Stuff Kroo, Chase, Investec etc.!

OceanSound

Some forumites talking about 'generally' planning ahead. I would've thought the whole point of an Easy Access (EA) account is that you don't need to rely on the luxury/privilege of planning ahead. I.e.It's money we may need access to immediately!

It's not a fixed deposit account, where you DO need planning. Also, 'generally' is rather vague.

TheBanker

OceanSound said:

Some forumites talking about 'generally' planning ahead. I would've thought the whole point of an Easy Access (EA) account is that you don't need to rely on the luxury/privilege of planning ahead. I.e.It's money we may need access to immediately!

It's not a fixed deposit account, where you DO need planning. Also, 'generally' is rather vague.

Technically there is a difference between Instant Access and Easy Access. I am not aware of any of these providers describing their accounts as 'Instant Access'. Next working day meets the regulator's definition of 'Easy Access'. 

Personally I tend to know when I'm going to draw down my savings, because I plan ahead for things like holidays or car repairs. I don't need immediate access. For immediate access I keep a small amount with Chase - accept there are better rate but it's convenient. 

OceanSound

TheBanker said:

OceanSound said:

Some forumites talking about 'generally' planning ahead. I would've thought the whole point of an Easy Access (EA) account is that you don't need to rely on the luxury/privilege of planning ahead. I.e.It's money we may need access to immediately!

It's not a fixed deposit account, where you DO need planning. Also, 'generally' is rather vague.

Technically there is a difference between Instant Access and Easy Access. I am not aware of any of these providers describing their accounts as 'Instant Access'. Next working day meets the regulator's definition of 'Easy Access'. 

Personally I tend to know when I'm going to draw down my savings, because I plan ahead for things like holidays or car repairs. I don't need immediate access. For immediate access I keep a small amount with Chase - accept there are better rate but it's convenient. 

The likes of Chase isn't for everyone though! (As witnessed/experienced by @dgpur)

TheBanker

OceanSound said:

TheBanker said:

OceanSound said:

Some forumites talking about 'generally' planning ahead. I would've thought the whole point of an Easy Access (EA) account is that you don't need to rely on the luxury/privilege of planning ahead. I.e.It's money we may need access to immediately!

It's not a fixed deposit account, where you DO need planning. Also, 'generally' is rather vague.

Technically there is a difference between Instant Access and Easy Access. I am not aware of any of these providers describing their accounts as 'Instant Access'. Next working day meets the regulator's definition of 'Easy Access'. 

Personally I tend to know when I'm going to draw down my savings, because I plan ahead for things like holidays or car repairs. I don't need immediate access. For immediate access I keep a small amount with Chase - accept there are better rate but it's convenient. 

The likes of Chase isn't for everyone though! (As witnessed/experienced by @dgpur)

I know - we all have different needs from an account. Some require immediate access. Some are happy with next-day access. Some want apps, some prefer old fashioned passbooks. Some want to squeeze every penny of interest out of their funds, others are happy with a slightly lower rate for an account which is more aligned to their other needs. 

There will always be trade offs between accounts. Chase works for me, for my immediate access savings. It obviously won't work for someone who doesn't have the right type of phone or ID to open a Chase account, or someone who wants the best possible interest rate. For me the convenience of being able to transfer to my current account immediately in their ap, then spend on the debit card, is worth sacrificing a small amount of interest for.

I typically keep between £1k - £2k with Chase. The rest of my savings are elsewhere and accessible on a 'next day' basis. I cannot think of any circumstances where I would need immediate access to more than £1k (and if I did, I have available credit lines on credit cards, I could raid some regular savers which allow immediate access, I could use my overdraft... plenty of options). 

Bigwheels1111

TheBanker said:

OceanSound said:

Some forumites talking about 'generally' planning ahead. I would've thought the whole point of an Easy Access (EA) account is that you don't need to rely on the luxury/privilege of planning ahead. I.e.It's money we may need access to immediately!

It's not a fixed deposit account, where you DO need planning. Also, 'generally' is rather vague.

Technically there is a difference between Instant Access and Easy Access. I am not aware of any of these providers describing their accounts as 'Instant Access'. Next working day meets the regulator's definition of 'Easy Access'. 

Personally I tend to know when I'm going to draw down my savings, because I plan ahead for things like holidays or car repairs. I don't need immediate access. For immediate access I keep a small amount with Chase - accept there are better rate but it's convenient. 

If you want instant access, it’s Chip via open banking
Sent, received then withdrawn and repeated the cycle every day. Friday, Saturday, Sunday and Bank holiday Monday last week.
All instant, from signing in to money moved 20 seconds.