The Top Easy Access Savings Discussion Area

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.

RG2015

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.

You reference some forumites “generally planning ahead”. Let’s be clear, I used these words four posts before yours.  You are referring to one such person, me.

I am talking about the Ford Money Flexible Saver. Payments in take 1 hour. Payments out before 1:00 pm are same day and after 1:00 pm are next day. Clearly not instant but also quite acceptable as easy access with some caveats.

Is planning ahead really a luxury or privilege? I would regard it as sign of common sense and prudent organisation.

I do agree though if someone has no idea when they suddenly may need to instantly access their money, than the Ford Money Flexible saver is not for them.

And I apologise, “generally” is indeed a vague term. I should have said I always plan ahead.

TheBanker

Bigwheels1111 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. 

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.

Like I said different things work for different people. I'll stick with Chase because I can immediately transfer to my Chase current account and then spend on my debit card. No reliance on Open Banking or Faster Payments.

Based on my average balance in the Chase account, I am missing out on about £4 of interest per year compared to Chip. Or about £2.50 after tax. 

I keep my larger balances elsewhere, and am not concerned about having immediate access to them. I'm happy to wait a few hours or until the next working day if that's how the provider works. 

I-LOV-MONEY

Does anybody else get annoyed that Marcus regularly 'closes down' over the weekends and you have to wait till Monday to make a withdrawal?   If it is a deposit it doesn't show on the account until Monday.

InvesterJones

I-LOV-MONEY said:

Does anybody else get annoyed that Marcus regularly 'closes down' over the weekends and you have to wait till Monday to make a withdrawal?   If it is a deposit it doesn't show on the account until Monday.

Most banks close at weekends too, so I haven't seen it as a negative, especially given the speed of transactions during the week.

Retired717

For info, I have just made a withdrawal from Saga (Marcus) 14/5  arrived at my nominated account instantly. 

Zaul22

I tried to make a Shawbrook account to just try it out but a pretty weird part of the application process is they force you to use specific questions as your security questions instead of letting you choose. As if everyone just has a 'favourite person from history'. Also they tell you you can open an account then won't start earning interest until you make the first deposit, but actually force you to deposit £1000 during application. 

OceanSound

Zaul22 said:

I tried to make a Shawbrook account to just try it out but a pretty weird part of the application process is they force you to use specific questions as your security questions instead of letting you choose. As if everyone just has a 'favourite person from history'. Also they tell you you can open an account then won't start earning interest until you make the first deposit, but actually force you to deposit £1000 during application. 

They make it sound like you MUST deposit £1000, but in fact, if you deposit less than that you will just earn a paltry interest - not the high interest.

Actually, in the FAQ section of their website they say we are welcome to make a test deposit of £1 before making any large deposit, as they do not support confirmation of payee.

I posted a link to the FAQ in an earlier post in this thread.

RG2015

I-LOV-MONEY said:

Does anybody else get annoyed that Marcus regularly 'closes down' over the weekends and you have to wait till Monday to make a withdrawal?   If it is a deposit it doesn't show on the account until Monday.

This isn't usually a problem but the following is on the Marcus website today in a very prominent position at the top of the home page.

Payments to and from your account

We'll be carrying out some work this weekend to improve our systems, so payments will be delayed. You can continue to add money to your account and withdraw as normal, although these transactions may not show in your Marcus account or be credited to your linked account until Monday 15 May at the latest. We're sorry for any inconvenience this may cause.

https://www.marcus.co.uk/uk/en