The Top Easy Access Savings Discussion Area

AmityNeon

Malchester said:

AmityNeon said:

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.

Again you have missed the point. I am saying that with all the technology available today it should never take 96 hours for a withdrawal. The only reason it does so is the penny pinching that provides an inferior service. Others manage a much speedier performance but RCI and others have deliberately chosen to provide an inferior service

I'm not missing your point; I agree with it, fully. Their speeds are slow and inferior, but we neither run their business(es), nor are we forced to put up with them.

The point you are missing is you failed to read the terms of the account you signed up for, otherwise you wouldn't have waited until yesterday after requesting account closure to phone them asking for their withdrawal timescales, and then complain about them.

Zaul22

Ifts said:

Zaul22 said:

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

No, not a typo.

The 3.85% was the text that I received this morning from STB, change taking place 3rd June.

I went to their website and their easy access was displaying 3.80% rate, as this rate was not showing on the 'Top of The Pots' thread (3.65% when I looked), I thought I would let others know.

Maybe a mistake by STB comms then. Surely there can't be a rate increase on a Saturday... unless they want to sneak past Chip while they aren't looking lol. 

Doctor_Who

StayinAlive said:

Could someone just clarify what happens when your notice is up on a Zopa boosted pot. I get that the underlying capital is now fully accessible but what happens to the interest that has built up since the last interest was credited as this does not show up as available? I see there is a delete option for the pot - I assume, if pressed, that would then "close" the pot and transfer that interest into the primary pot but before pressing I thought I would check.

Yes, that's how it worked for me. You can move the capital to the primary pot, delete the old pot and the accrued interest is then credited to the primary pot. You could probably just close the pot without moving the capital and everything would appear in the primary pot. 

Gollygumdrops

happybagger said:

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%

Where are you looking?  It’s doesn’t show 3.82% on my computer.  The HTB site still shows easy access at 3.50%!

Edit:  Never mind.  HTB has now gone off the MSE list. 

Ifts

Zaul22 said:

Ifts said:

Zaul22 said:

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

No, not a typo.

The 3.85% was the text that I received this morning from STB, change taking place 3rd June.

I went to their website and their easy access was displaying 3.80% rate, as this rate was not showing on the 'Top of The Pots' thread (3.65% when I looked), I thought I would let others know.

Maybe a mistake by STB comms then. Surely there can't be a rate increase on a Saturday... unless they want to sneak past Chip while they aren't looking lol. 

The rate on my existing STB EA (Issue 7) account has gone up today (Saturday), it is showing as 3.78% gross pa / 3.85% AER, as the text I received from them yesterday stated.

I think the slightly higher rate (3.85%) is for existing customers only, and for new customers it is 3.80%.
Website shows 3.80% but when I log into my account, the 3.85% shows under their 'deposit accounts' (although it won't allow me to open another one as they only allow you to have one of these accounts).
Sorry for any confusion.

TheBanker

Malchester said:

Again you have missed the point. I am saying that with all the technology available today it should never take 96 hours for a withdrawal. The only reason it does so is the penny pinching that provides an inferior service. Others manage a much speedier performance but RCI and others have deliberately chosen to provide an inferior service 

Perhaps that should say the penny pinching that allows the provider to pay higher rates?

oz0707

Not sure if the below quote will show from no chat thread but glad I didn't bother shifting the HSBC OBS funds now, going up to 4%

Wheres_My_Cashback said:

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

janusdesign

Ifts said:

Zaul22 said:

Ifts said:

Zaul22 said:

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

No, not a typo.

The 3.85% was the text that I received this morning from STB, change taking place 3rd June.

I went to their website and their easy access was displaying 3.80% rate, as this rate was not showing on the 'Top of The Pots' thread (3.65% when I looked), I thought I would let others know.

Maybe a mistake by STB comms then. Surely there can't be a rate increase on a Saturday... unless they want to sneak past Chip while they aren't looking lol. 

The rate on my existing STB EA (Issue 7) account has gone up today (Saturday), it is showing as 3.78% gross pa / 3.85% AER, as the text I received from them yesterday stated.

I think the slightly higher rate (3.85%) is for existing customers only, and for new customers it is 3.80%.
Website shows 3.80% but when I log into my account, the 3.85% shows under their 'deposit accounts' (although it won't allow me to open another one as they only allow you to have one of these accounts).
Sorry for any confusion.

website (and Moneyfacts) is showing 3.85%, so I assume it's for everyone - with Hanley EBS now seemingly withdrawn, it's now joint top of the list for rate.

Swipe

oz0707 said:

Not sure if the below quote will show from no chat thread but glad I didn't bother shifting the HSBC OBS funds now, going up to 4%

Wheres_My_Cashback said:

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

Nice one, I have two of these from many years ago. Both now maxed out.

SAC2334

BigBlueSky said:

I'm looking for an account that is almost instant transfers in/out (like Marcus).  Which would be best for that ?

Hampshire Trust Bank - Online Easy Access Account (Issue 11)
or Investec Bank plc Online Flexi Saver

Thanks in advance

I m currently moving moving money from Zopa to Chip via my main bank and so far every deposit has been instant .