The Top Easy Access Savings Discussion Area

ranciduk

TheBanker said:

Zaul22 said:

OceanSound said:

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.

Yes that's actually my point, despite their FAQ saying that's it's not true. You can't continue the application without putting £1000 in as an opening balance. 

You have to say you will deposit £1,000. The application process will open the account with a zero balance - it doesn't actually force you to deposit £1,000. But I think they ask because if you said you were going to deposit less than £1,000, they would tell you the account was not suitable as balances below that only attract something like 0.01% interest. 

Yep 

technically speaking you could open the account and then never ever put any money in it at all

OceanSound

ranciduk said:

TheBanker said:

Zaul22 said:

OceanSound said:

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.

Yes that's actually my point, despite their FAQ saying that's it's not true. You can't continue the application without putting £1000 in as an opening balance. 

You have to say you will deposit £1,000. The application process will open the account with a zero balance - it doesn't actually force you to deposit £1,000. But I think they ask because if you said you were going to deposit less than £1,000, they would tell you the account was not suitable as balances below that only attract something like 0.01% interest. 

Yep 

technically speaking you could open the account and then never ever put any money in it at all

The terms says this: 

3.18 The minimum deposit amount required to open the account (and minimum operating amount if applicable) is set out in the applicable Key Product Information document.

If I look at the Key Product Information document for the Easy Access Issue 35 it has:

HOW DO I OPEN AND MANAGE THE ACCOUNT?

.......
Minimum account opening balance of £1,000.
......

Strickly speaking if we were to deposit £1 as advised on their FAQ section of the website, then that would not be an opening balance of £1,000.

So, it seems, SHawbrook dosen't enforce this to the letter (after all how can they when they've advised the 'test' payment themselves and that payment becomes all the more necessary because they are not part of the the confirmation of payee system).

I wouldn't be surprised if you don't hold a minimum account 'opening balance' after 1 week, 2 weeks or 1 month, then they would write to you and warn you to add further funds or contact you and close the account outright. 

flobbalobbalob

OceanSound said:

ranciduk said:

TheBanker said:

Zaul22 said:

OceanSound said:

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.

Yes that's actually my point, despite their FAQ saying that's it's not true. You can't continue the application without putting £1000 in as an opening balance. 

You have to say you will deposit £1,000. The application process will open the account with a zero balance - it doesn't actually force you to deposit £1,000. But I think they ask because if you said you were going to deposit less than £1,000, they would tell you the account was not suitable as balances below that only attract something like 0.01% interest. 

Yep 

technically speaking you could open the account and then never ever put any money in it at all

The terms says this: 

3.18 The minimum deposit amount required to open the account (and minimum operating amount if applicable) is set out in the applicable Key Product Information document.

If I look at the Key Product Information document for the Easy Access Issue 35 it has:

HOW DO I OPEN AND MANAGE THE ACCOUNT?

.......
Minimum account opening balance of £1,000.
......

Strickly speaking if we were to deposit £1 as advised on their FAQ section of the website, then that would not be an opening balance of £1,000.

So, it seems, SHawbrook dosen't enforce this to the letter (after all how can they when they've advised the 'test' payment themselves and that payment becomes all the more necessary because they are not part of the the confirmation of payee system).

I wouldn't be surprised if you don't hold a minimum account 'opening balance' after 1 week, 2 weeks or 1 month, then they would write to you and warn you to add further funds or contact you and close the account outright. 

I got a warning soon after leaving a few pence in, but no further action was taken

FishInGlass

I have an easy access account issue 28 paying 0.05% with Shawbrook which has had a zero balance since November last year. I also have two ISAs with them so I'm not sure what would happen if the savings account was my only holding with them.

Looking at savings rates on previous issues this account is only paying 2.3%  so I have just closed it.

Dietofsoup

Any 

The Top Easy Access Savings

Folks?

refluxer

Dietofsoup said:

Any 

The Top Easy Access Savings

Folks?

This is the 'Top Easy Access Savings Discussion Area'. If you aren't interested in the discussion, then there is a 'no chat' thread dedicated to the top Easy Access accounts which will give you a list of the best accounts, without any discussion.

ranciduk

And it’s the weekend

not many new deals crop up on a Sunday!

OceanSound

flobbalobbalob said:

OceanSound said:

ranciduk said:

TheBanker said:

Zaul22 said:

OceanSound said:

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.

Yes that's actually my point, despite their FAQ saying that's it's not true. You can't continue the application without putting £1000 in as an opening balance. 

You have to say you will deposit £1,000. The application process will open the account with a zero balance - it doesn't actually force you to deposit £1,000. But I think they ask because if you said you were going to deposit less than £1,000, they would tell you the account was not suitable as balances below that only attract something like 0.01% interest. 

Yep 

technically speaking you could open the account and then never ever put any money in it at all

The terms says this: 

3.18 The minimum deposit amount required to open the account (and minimum operating amount if applicable) is set out in the applicable Key Product Information document.

If I look at the Key Product Information document for the Easy Access Issue 35 it has:

HOW DO I OPEN AND MANAGE THE ACCOUNT?

.......
Minimum account opening balance of £1,000.
......

Strickly speaking if we were to deposit £1 as advised on their FAQ section of the website, then that would not be an opening balance of £1,000.

So, it seems, SHawbrook dosen't enforce this to the letter (after all how can they when they've advised the 'test' payment themselves and that payment becomes all the more necessary because they are not part of the the confirmation of payee system).

I wouldn't be surprised if you don't hold a minimum account 'opening balance' after 1 week, 2 weeks or 1 month, then they would write to you and warn you to add further funds or contact you and close the account outright. 

I got a warning soon after leaving a few pence in, but no further action was taken

Soon after opening account or......

Reason I ask is I opened a shawbrook issue 15 in 2019. Just checked screenshots. the interest for 'opening balance' of £1000 and over was 1.48%. I think it was one of the highest at the time. I had £6000 deposited at one point.

I had moved the balance elsewhere all but 1p after some months. Recently when I tried to open the latest issue could see this old issue account. I could not open a new issue (issue 35) until the old issue 15 was closed or converted.

I didn't receive any warning about balance of 1p at any point. Mind you, on that occasion seems I had made a faster payment of £1000 soon after the account was opened. I.e.I hadn't left the account with a small balance at any point in the beginning.

Bridlington1

I believe this one only just scrapes into the top EA list but Principality online double access issue 2 now pays 3.45%. I appreciate it's not that competitive these days but I thought it worth a mention nonetheless.

Section62

Emails starting to arrive from Ford Money confirming the Flexible Saver (annual) rate is now 3.6% gross, effective today.

https://www.fordmoney.co.uk/savings-products/flexible-saver