The Top Easy Access Savings Discussion Area

aaj123

saverkev said:

Virgin ISA

Good news - from 1 June 2023 we increased the amount of interest we pay on your Easy Access Cash ISA Exclusive Issue 2 account.

The interest rate on your account is now 3.75% Tax-free1/AER2 variable

If rates still creep up, expect the Virgin ISA to soon lag behind. They have tended to increase their rate after long gaps, in 75bps increments.

AmityNeon

RG2015 said:

mebu60 said:

PloughmansLunch said:

Expotter said:

HSBC announces its Online Bonus Saver is going up to 4% for balances up to £10k on Jun 8th (other rates also increasing)

Shame I cleared it out yesterday as I'll only get a whisker's worth of interest for the rest of the month

As did I! Will wait until very end of June to add back. Why oh why didn't they announce in the week prior to 1 June. Or were they waiting to see the level of outflow on 1 June before acting?

I generally keep £1 in my “abandoned” savings accounts just in case.

The act of withdrawal reduces the interest rate to the standard rate for the whole calendar month in which the withdrawal was made, so those who withdrew yesterday will not receive the bonus rate of 4% on 8th June, specifically because they withdrew and their accounts remain open (whether with £1 or nothing). In fact, closing the account and opening another would be the only possible workaround.

AmityNeon

Malchester said:

First experience of trying to close an easy accent account with RCI Bank (Freedom Account). Closure request accepted yesterday afternoon (Thursday 1 June). Rang them to query when the funds would arrive in my nominated account. Answer end of business Monday 5th June. That's taking 96 hours to transfer funds electronically! I could have walked there, collected my cash and walked to building society and deposited the funds quicker than that!

Timescales for withdrawals are clear:

If you make a transfer by 2pm on a business day the money should be available in your linked account by the end of the following business day. Where the 24th and/or the 31st of December fall on a business day, an earlier withdrawal cut off time of 11am will apply.

This is fairly common practice for working-day-only providers who don't offer individual instant access accounts, and process deposits/withdrawals in batches.

mebu60

AmityNeon said:

RG2015 said:

mebu60 said:

PloughmansLunch said:

Expotter said:

HSBC announces its Online Bonus Saver is going up to 4% for balances up to £10k on Jun 8th (other rates also increasing)

Shame I cleared it out yesterday as I'll only get a whisker's worth of interest for the rest of the month

As did I! Will wait until very end of June to add back. Why oh why didn't they announce in the week prior to 1 June. Or were they waiting to see the level of outflow on 1 June before acting?

I generally keep £1 in my “abandoned” savings accounts just in case.

The act of withdrawal reduces the interest rate to the standard rate for the whole calendar month in which the withdrawal was made, so those who withdrew yesterday will not receive the bonus rate of 4% on 8th June, specifically because they withdrew and their accounts remain open (whether with £1 or nothing). In fact, closing the account and opening another would be the only possible workaround.

Good thinking! Open a new one on 8 June. Doh! (assuming you can have >1).

I was planning on adding back £10k (minus a bit for interest accrual) on 30 June / 1 July to existing one. 

tg99

Re withdrawal times for HTB, spoke to them and withdrawals pre 1pm on a working day are received by end of same day, after 1pm received next working day. They are sent by faster payments but processed manually.

Nick_C

Malchester said:

First experience of trying to close an easy accent account with RCI Bank (Freedom Account). Closure request accepted yesterday afternoon (Thursday 1 June). Rang them to query when the funds would arrive in my nominated account. Answer end of business Monday 5th June. That's taking 96 hours to transfer funds electronically! I could have walked there, collected my cash and walked to building society and deposited the funds quicker than that!

Presumably you requested closure after 2pm.  If so, they are paying you within their normal timescales which you should have known about when you opened the account.

"If you make a transfer by 2pm on a business day the money should be available in your linked account by the end of the following business day."

https://www.rcibank.co.uk/savings/freedom-savings-account

ranciduk

Expotter said:

HSBC announces its Online Bonus Saver is going up to 4% for balances up to £10k on Jun 8th (other rates also increasing)

Blimey!!

Didn’t expect 1/2 % rise 

fantastic 😳

Gollygumdrops

I have read the last 4 or so pages on here but cannot see if anyone has commented on the Hampshire Trust Bank showing on the MSE site as 3.82% int.,easy access, but on going to their site it is 3.50%.  Have they already pulled the higher rate? If so please MSE towers remove said notification!

10_66

Gollygumdrops said:

I have read the last 4 or so pages on here but cannot see if anyone has commented on the Hampshire Trust Bank showing on the MSE site as 3.82% int.,easy access, but on going to their site it is 3.50%.  Have they already pulled the higher rate? If so please MSE towers remove said notification!

Looks like they must've.  It was there earlier this morning.

10_66

tg99 said:

Re withdrawal times for HTB, spoke to them and withdrawals pre 1pm on a working day are received by end of same day, after 1pm received next working day. They are sent by faster payments but processed manually.

I wish they'd be consistent.  I rang them today and was told;
Withdrawals by phone before 3.30pm would be in receiving bank same working day.
Withdrawals online before 12pm would be in receiving bank same working day.
Payments into the account are currently taking 24-48 hours to hit the account due to number of new applications.