The Top Easy Access Savings Discussion Area

housebuyer143

TheBanker said:

housebuyer143 said:

So the Sainsbury's one says after 4 withdrawals the rate drops to 1%, however it doesn't mention if you are allowed to make further withdrawals past this point?

Are you able to move all your money out if you made too many withdrawals and it ended up at 1% or is it stuck in there?

T&Cs say

You’re only allowed a maximum number of withdrawals within a specific period of time without loss of interest. Subsequent withdrawals are permitted, however, a lower rate of interest will then be applied to your account. Please see your account welcome letter for details of the maximum number of withdrawals, the time period this applies to, and the interest rates that will apply to your account. Alternatively, you can find this information through our Online Banking service, or by calling us.

So I think you can make as many withdrawals as you want, but if that's more than three your rate drops. So logically withdrawal number 4 would be for the remaining balance to move it to a different account which pays more than 1%.

Is it just my perception or are these limited access accounts becoming more common these days? They seem to be taking the place of 30/60 day notice accounts. 

If that's the case I want to open it 👍 I'm not really a fan of these easy access with all these annoying caveats. As long as it's not stuck in there for a year though I'll take it

TheBanker

housebuyer143 said:

TheBanker said:

housebuyer143 said:

So the Sainsbury's one says after 4 withdrawals the rate drops to 1%, however it doesn't mention if you are allowed to make further withdrawals past this point?

Are you able to move all your money out if you made too many withdrawals and it ended up at 1% or is it stuck in there?

T&Cs say

You’re only allowed a maximum number of withdrawals within a specific period of time without loss of interest. Subsequent withdrawals are permitted, however, a lower rate of interest will then be applied to your account. Please see your account welcome letter for details of the maximum number of withdrawals, the time period this applies to, and the interest rates that will apply to your account. Alternatively, you can find this information through our Online Banking service, or by calling us.

So I think you can make as many withdrawals as you want, but if that's more than three your rate drops. So logically withdrawal number 4 would be for the remaining balance to move it to a different account which pays more than 1%.

Is it just my perception or are these limited access accounts becoming more common these days? They seem to be taking the place of 30/60 day notice accounts. 

If that's the case I want to open it 👍 just seems odd that it's basically an easy access with all these annoying caveats. As long as it's not stuck in there for a year though I'll take it

I guess it's because they're trying to attract longer-term money, rather than people paying in when they receive their salary and gradually withdrawing during the month as bills fall due. They need the money to stick around as it's probably funding their credit card book and Argos payment plans. 

Freebird53

TheBanker said:

I guess it's because they're trying to attract longer-term money, rather than people paying in when they receive their salary and gradually withdrawing during the month as bills fall due. They need the money to stick around as it's probably funding their credit card book and Argos payment plans. 

I personally would take a ONE access offer, IF it were at a better rate.

Of course, the onus would then be on that institution to keep the account rate competetive.

If it did not, then I would become increasingly agitated, looking for a new home for my 'egg'.

SickGroove

Yay, Chip now 4%

refluxer

housebuyer143 said:

If that's the case I want to open it 👍 I'm not really a fan of these easy access with all these annoying caveats. As long as it's not stuck in there for a year though I'll take it

I really wouldn't bother with the Sainsburys account - if Chip are going to 4%, then other similar accounts without withdrawal restrictions will almost certainly follow soon.

housebuyer143

refluxer said:

housebuyer143 said:

If that's the case I want to open it 👍 I'm not really a fan of these easy access with all these annoying caveats. As long as it's not stuck in there for a year though I'll take it

I really wouldn't bother with the Sainsburys account - if Chip are going to 4%, then other similar accounts without withdrawal restrictions will almost certainly follow soon.

Thanks, 4% at chip kind of makes me want to move all my money there 😂 they can definitely have a bit more that's for sure.
I'm waiting for the base rate announcement on Thursday. If it's a 0.5% increase then my Skipton will be paying 4.05% and I'll stay, if not then I'll move it all out.

Zerforax

Jeez I only opened the Investec account (at 3.75%) like 2 weeks ago and it's already dropped off the top 10 list.

throughtheblue

I was waiting for Chip to move to 4%, got tired and moved everything over to CovBS as I already had accounts with them.

Bigwheels1111

Hello Chip my old friend my money is off to you from Coventry once again.

subjecttocontract

refluxer said:

housebuyer143 said:

If that's the case I want to open it 👍 I'm not really a fan of these easy access with all these annoying caveats. As long as it's not stuck in there for a year though I'll take it

I really wouldn't bother with the Sainsburys account - if Chip are going to 4%, then other similar accounts without withdrawal restrictions will almost certainly follow soon.

The Sainsbury's withdrawal restrictions havnt been a problem for me because each account only last a couple of weeks before they release another uprated issue which starts the 3 withdrawal restriction again. Since March I think I'm on the 7th issue (iss44).