The Top Easy Access Savings Discussion Area

Malchester

AmityNeon said:

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.

Thanks for that explanation which I was aware of. My comment was really about the desperately slow speed of transfers by RCI (and others) in this day of electronic transfers when they can be done very quickly, even by those banks/building societies who are not clearing banks. 

ForumUser7

For those of us who use Plum for DDs, their rates have increased. N.B. The higher tiers come with fees:

"The Easy Access Interest Pocket provides an interest rate of 3.82% AER variable for Plum Premium subscribers, 3.20% for Plum Pro and Ultra subscribers, and 2.99% AER for Plum Basic customers. The Interest is calculated daily on the cleared balance in the account using the interest rate applicable on that day and is paid into the Interest Pocket monthly." ~ https://withplum.com/savings/

jaypers

Not really sure why they bothered as still dire but Zopa rates have crept up very slightly.

Anytime - 3.52% AER
7 Day - 3.56% AER
31 Day - 3.66% AER
95 Day - 3.76% AER

Investec Easy Access still higher than Zopa 95 Day Notice. No thanks Zopa. 

Malchester

jaypers said:

Not really sure why they bothered as still dire but Zopa rates have crept up very slightly.

Anytime - 3.52% AER
7 Day - 3.56% AER
31 Day - 3.66% AER
95 Day - 3.76% AER

Investec Easy Access still higher than Zopa 95 Day Notice. No thanks Zopa. 

Just given up on Zopa and am moving funds to Investec whom I have used in the past and had excellent service and speedy deposits and withdrawals 

Ifts

Received this text from Secure Trust Bank today: 

Good news! The rate of your Access Account (Issue 7) will automatically increase to 3.78% gross pa / 3.85% AER on 3 June 2023.

Secure Trust Bank  EA : 3.80 AER* 

happybagger

10_66 said:

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.

It's there now at 3.82%

mebu60

Come on Aldermore, your DA at 3.55% is looking rather sad now. Unfortunately I've DA'd already this account year due to you falling behind so you've got until Monday then I'll be clearing it out.

Zaul22

Is that a typo or have Secure Trust gone up to 3.8 today and are going up again to 3.85 tomorrow?

AmityNeon

Malchester said:

AmityNeon said:

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.

Thanks for that explanation which I was aware of. My comment was really about the desperately slow speed of transfers by RCI (and others) in this day of electronic transfers when they can be done very quickly, even by those banks/building societies who are not clearing banks. 

Yes, they are slow, but their slow timescales are clearly published so you should have been aware of them before you opened the account, not by phoning RCI after requesting closure. Your withdrawal is only taking 96 hours because you timed your closure poorly.

If you don’t like working-day-only withdrawals with early afternoon cutoff times, simply don’t use accounts with such limitations, or work around them by planning ahead.

Wheres_My_Cashback

HSBC Bonus Saver up from 3.50% > 4.00% up to £10K and 2.30% above £10K effective 08 June

https://www.theguardian.com/money/2023/jun/02/hsbc-increases-interest-rates-savings-accounts