The Top Easy Access Savings Discussion Area

allegro120

TiVo_Lad said:

I couldn't see a way to do an "Internal Transfer and Close"? I have £1 in the old Six Access and just wanted to move it over. Is this possible?

I don't think so. I've tried the same yesterday - can only withdraw from 6-access to the nominated bank account.  So I closed the account, had only £4 there and I couldn't see any point keeping it (this closure won't break my membership).

I've opened 4-access with £1, but not sure if I want funding it any further at this stage.  4% might soon be not very competitive, I'll probably wait and see how Coventry will react on the next BoE raise.  I'm quite happy with combination of Gatehouse and Chip for EA at the moment. 

tr7phil

RobinhoodSavings said:

tr7phil said:

RobinhoodSavings said:

Coventry BS are launching tomorrow a Four Access Saver (ONLINE) at 4% annual or 3.93% monthly. It can only be opened and operated online. 

Just opened this but I paid into it from an account that wasn't my "Named Bank Account", does this mean that the payment might be delayed?  Should I have transferred via my "Named Bank Account"?  I only ask as the money is still not showing half an hour later and my transfer in from another Coventry account was instant...

Coventry’s systems are slow. If you pay in from another bank/building Society, it can take up to 2 hours to arrive. 

The money appeared after an hour and a quarter, so all good now.  I probably should have only sent a small amount first for my own peace of mind but there's no logical reason as I knew I had the details correct and the account check was also fine!

4justice2

tr7phil said:

RobinhoodSavings said:

Coventry BS are launching tomorrow a Four Access Saver (ONLINE) at 4% annual or 3.93% monthly. It can only be opened and operated online. 

Just opened this but I paid into it from an account that wasn't my "Named Bank Account", does this mean that the payment might be delayed?  Should I have transferred via my "Named Bank Account"?  I only ask as the money is still not showing half an hour later and my transfer in from another Coventry account was instant...

Even if you use a faster payment I normally allow an hour for it to show up, sometimes can take three hours to show up with Coventry.

jak22

It might make sense to keep an Instant access account alongside limited access accounts - even though the Coventry EA has one of the lowest rates. For funds in it means keeping just one tested payment destination, and for funds out its then possible to transfer a single amount from a limited to the EA (counting as one withdrawal) and then from EA onward as multiple withdrawals as needed.

RG2015

Sg28 said:

Expotter said:

From The telegraph this morning:

"The Bank of England will raise interest rates to 5.75pc by the end of the year, traders are betting, as wages surged at their fastest pace on record outside of the pandemic.

Markets have fully priced in interest rates to rise over the Monetary Policy Committee’s next three meetings by 0.25 percentage points from their current level of 4.5pc.

Now traders are also increasing bets on the Bank raising rates by the same amount at the following two meetings in November and December, delivering a blow to mortgage payers.

If the rises come to pass, that would take borrowing costs to their highest level since November 2007."

https://www.telegraph.co.uk/business/2023/06/13/ftse-100-markets-news-live-ons-employment-figures-inflation/

There's an interesting bar chart in this article with rate predictions for anyone trying to use a crystal ball, but it might be just as accurate though.

I wonder if we will see 5%+ instant access by the end of the year?

We already have the instant access Barclays Rainy Day Saver at 5% for up to £5,000.

mebu60

jak22 said:

It might make sense to keep an Instant access account alongside limited access accounts - even though the Coventry EA has one of the lowest rates. For funds in it means keeping just one tested payment destination, and for funds out its then possible to transfer a single amount from a limited to the EA (counting as one withdrawal) and then from EA onward as multiple withdrawals as needed.

Especially as Coventry has £50k daily limit online. Bit rude on Limited Access accounts. You can do more via phone.

Bobblehat

TiVo_Lad said:

I couldn't see a way to do an "Internal Transfer and Close"? I have £1 in the old Six Access and just wanted to move it over. Is this possible?

Coventry BS via PC access .... if you view the old 6-Access account and go to PAYMENTS, you should see an option to CLOSE. Under that option you can transfer the balance to your nominated account or other appropriate Coventry accounts. Bear in mind that I only have a £1 in my 6-Access, so it could be that the option is not available with higher amounts in(?).

I used this process on an old Easy Access with £1 in, this morning to close the account and fund the £1 into my new 4-Access, but I did check that the facility was also there on my 6-Access ... it was!

castle96

I transferred £000s from the ol to the new a/c. Left £1 in

soulsaver

Bobblehat said:

TiVo_Lad said:

I couldn't see a way to do an "Internal Transfer and Close"? I have £1 in the old Six Access and just wanted to move it over. Is this possible?

Coventry BS via PC access .... if you view the old 6-Access account and go to PAYMENTS, you should see an option to CLOSE. Under that option you can transfer the balance to your nominated account or other appropriate Coventry accounts. Bear in mind that I only have a £1 in my 6-Access, so it could be that the option is not available with higher amounts in(?).

I used this process on an old Easy Access with £1 in, this morning to close the account and fund the £1 into my new 4-Access, but I did check that the facility was also there on my 6-Access ... it was!

Y I closed one (of my 2) 6-access accounts yesterday to get the (annual) accrued interest into the 4.0%er

Bobblehat

castle96 said:

I transferred £000s from the ol to the new a/c. Left £1 in

If this comment was aimed towards TiVo_Lads query, I think the query was more about closing down an old account rather than just transferring funds. If your post was related to another (or none specifically), then I apologise in advance