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The Top Easy Access Savings Discussion Area

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  • SJMALBA
    SJMALBA Posts: 1,083 Forumite
    1,000 Posts Third Anniversary Photogenic Name Dropper
    Re. Shawbrook 'minimum balance' - the 1k is for opening and for maximum interest; you can reduce to e.g. £1 to keep the account open, but the rate below 1k is 0.05%.


  • janusdesign
    janusdesign Posts: 1,023 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    edited 4 July 2023 at 3:32PM
    TiVo_Lad said:
    TiVo_Lad said:
    jak22 said:
    That Gatehouse rise of only 0.25% is disappointing, no EA account should be under 4.25% now.
    Both Shawbrook (3.91%) and Oxbury (4.11%) also need to get their finger out. Their high minimum balance (£1,000) and the lack of movement on the recent 0.5% base rate rise makes me feel like it won't be long before these two are going to have to be closed. It's a particular shame about Oxbury who have a really slick authentication mechanism with their app and quick transfers.
    Though if I'm not mistaken Oxbury only has a £1k minimum deposit, not minimum balance so there's nothing stopping you reducing the balance down to nil if you want.
    I can't see in the T's and C's an explicit mention of the minimum balance. As you say it's only minimum "deposit". But there again the T's and C's do state with respect to inactive accounts that if the balance is zero they will just close the account, which suggests you could be right and a zero balance is possible. I might give them a few more days as I'm in the middle of another savings "hokey cokey" and being an "Issue" account the Oxbury one might benefit from an increase on the old issue but not a new one (if they release it).
    If only you could get a "Are you sure about that because we're about to update our rates" message when you make a withdrawal!
    Well the summary box says this:

    So I'm pretty sure the account can be reduced to nil.
    just chatted to Oxbury and they state that if the EA account has a balance less than £1,000, then it will not receive any interest but you can keep it open.
    in other words, you can keep it open with £1 (never thought to ask if the balance can be £0), but you won't get any interest on the account until the balance reaches £1k or more.
  • mebu60
    mebu60 Posts: 1,663 Forumite
    1,000 Posts Third Anniversary Photogenic Name Dropper
    Eirambler said:
    jak22 said:
    That Gatehouse rise of only 0.25% is disappointing, no EA account should be under 4.25% now. Ford EA continues to be good - with 19 rises over the last 12 months without needing to switch issues and web as well as app access. Thankfully Coventry 4 Access is going to 4.5% in a few days as so many others like Tandem seem unable to respond to the 0.5% BoE rise. 

    Virtually every easy access account is under 4.25%. The only ones over that are a small number of limited access accounts and one easy access offering that only pays interest on an annual basis.

    If, like me, you want monthly interest and no access restrictions the best available rate as of right now is 4.2%.
    I'm with you. Not interested in any restrictions and want monthly interest. Shame there isn't a thread on here dedicated to truly "easy access" accounts. 

    Now all we have to look forward to is hundreds of posts about Family BS now that NBS has lost its top spot.

    Until the next one comes along of course.
    The reason NBS (and YBS) have featured heavily recently was their process meltdowns and people sharing their experiences / concerns. Not really about top spot per se though that drove more activity which added to the hits. In hindsight maybe there should have been separate dedicated threads but there wasn't and it's hardly difficult to skim read past just like other items in the discussion area that a reader is not interested in. It's a discussion area. Unlike the No Chat thread. 
  • ForumUser7
    ForumUser7 Posts: 2,492 Forumite
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    Not sure why it took so long to arrive, but got an email from Newcastle BS:

    "Setting up a nominated account for withdrawals

    As part of your application you will have selected your nominated account for withdrawals. Before you can withdraw from your account you’ll need to authenticate the details.

    To do this you’ll receive a separate letter containing a Secure Customer Authentication (SCA) pin. This normally arrives a few days after your welcome pack. Once received, follow the instructions in the letter and you’ll be fully set up to use the account.

    You won’t be able to withdraw funds from your online account until you have completed this step. "

    This makes it clear that you need to wait for the code, although it would've been more handy for new customers (not myself) if it was included in the original email.
    If you want me to definitely see your reply, please tag me @forumuser7 Thank you.

    N.B. (Amended from Forum Rules): You must investigate, and check several times, before you make any decisions or take any action based on any information you glean from any of my content, as nothing I post is advice, rather it is personal opinion and is solely for discussion purposes. I research before my posts, and I never intend to share anything that is misleading, misinforming, or out of date, but don't rely on everything you read. Some of the information changes quickly, is my own opinion or may be incorrect. Verify anything you read before acting on it to protect yourself because you are responsible for any action you consequently make... DYOR, YMMV etc.
  • 2010
    2010 Posts: 5,499 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    edited 4 July 2023 at 4:09PM
    Not sure why it took so long to arrive, but got an email from Newcastle BS:

    "Setting up a nominated account for withdrawals

    As part of your application you will have selected your nominated account for withdrawals. Before you can withdraw from your account you’ll need to authenticate the details.

    To do this you’ll receive a separate letter containing a Secure Customer Authentication (SCA) pin. This normally arrives a few days after your welcome pack. Once received, follow the instructions in the letter and you’ll be fully set up to use the account.

    You won’t be able to withdraw funds from your online account until you have completed this step. "

    This makes it clear that you need to wait for the code, although it would've been more handy for new customers (not myself) if it was included in the original email.
    Some providers make it clear in their T&C that after opening a new account you can`t make any withdrawals within a certain period.
    It seems NBS are doing the same by the back door, by not sending out codes or in fact having an authentication code process. 
  • ForumUser7
    ForumUser7 Posts: 2,492 Forumite
    1,000 Posts Second Anniversary Photogenic Name Dropper
    2010 said:
    Not sure why it took so long to arrive, but got an email from Newcastle BS:

    "Setting up a nominated account for withdrawals

    As part of your application you will have selected your nominated account for withdrawals. Before you can withdraw from your account you’ll need to authenticate the details.

    To do this you’ll receive a separate letter containing a Secure Customer Authentication (SCA) pin. This normally arrives a few days after your welcome pack. Once received, follow the instructions in the letter and you’ll be fully set up to use the account.

    You won’t be able to withdraw funds from your online account until you have completed this step. "

    This makes it clear that you need to wait for the code, although it would've been more handy for new customers (not myself) if it was included in the original email.
    Some providers make it clear in their T&C that after opening a new account you can`t make any withdrawals within a certain period.
    It seems NBS are doing the same by the back door, by not sending out codes or in fact having an authentication code process. 
    Not sure what you mean by this - there have been reports of people receiving their codes on this thread (I think) today.
    If you want me to definitely see your reply, please tag me @forumuser7 Thank you.

    N.B. (Amended from Forum Rules): You must investigate, and check several times, before you make any decisions or take any action based on any information you glean from any of my content, as nothing I post is advice, rather it is personal opinion and is solely for discussion purposes. I research before my posts, and I never intend to share anything that is misleading, misinforming, or out of date, but don't rely on everything you read. Some of the information changes quickly, is my own opinion or may be incorrect. Verify anything you read before acting on it to protect yourself because you are responsible for any action you consequently make... DYOR, YMMV etc.
  • S_uk
    S_uk Posts: 348 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    edited 4 July 2023 at 4:32PM
    Has anyone else found the Newcastle BS website/log in to be buggy this afternoon? Couldn't log on several times.

    Edit: Seems to have been resolved now. 
  • 2010
    2010 Posts: 5,499 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    edited 4 July 2023 at 4:30PM
    2010 said:
    Not sure why it took so long to arrive, but got an email from Newcastle BS:

    "Setting up a nominated account for withdrawals

    As part of your application you will have selected your nominated account for withdrawals. Before you can withdraw from your account you’ll need to authenticate the details.

    To do this you’ll receive a separate letter containing a Secure Customer Authentication (SCA) pin. This normally arrives a few days after your welcome pack. Once received, follow the instructions in the letter and you’ll be fully set up to use the account.

    You won’t be able to withdraw funds from your online account until you have completed this step. "

    This makes it clear that you need to wait for the code, although it would've been more handy for new customers (not myself) if it was included in the original email.
    Some providers make it clear in their T&C that after opening a new account you can`t make any withdrawals within a certain period.
    It seems NBS are doing the same by the back door, by not sending out codes or in fact having an authentication code process. 
    Not sure what you mean by this - there have been reports of people receiving their codes on this thread (I think) today.
    Correct, but they opened their accounts last Wednesday.
    Most providers let you access your account for withdrawals immediately.
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