The Top Easy Access Savings Discussion Area

S_uk

S_uk said:

A payment I made into my Newcastle BS account has just cleared and I noticed it has the date of 5/7 (tomorrow) but the payment description says "Faster Payment Posted: 04/07/2023". Will interest still apply from the 4th even though it's dated the 5th? And if it's cleared this evening into the account, why has it got tomorrow's date?

If it's helpful to anyone, I just rang them and the helpful person I spoke with after checking told me that the interest would apply from the earlier date that was listed as this was when it was received into the account.

Also, when I mentioned about the 4pm cut off time for withdrawals and clearing the next working day, they said that in fact if you withdraw by 4pm on a working day that it would normally clear by 6pm that same working day. I've no idea if that's true but it's what I was told. I got the impression that withdrawals being "received by the recipient by close of business on the next working day" in their conditions document is them being cautious and will be worst case scenario. I'm going to test my withdrawal today now I've had my verification code, but perhaps someone could confirm if they've had a withdrawal clear the same day?

wiseonesomeofthetime

Newcastle BS

Following on from last post, yesterday I made a withdrawal at 3pm and it was in my current account at 5.19pm, so that 4pm section in that post sounds feasible 👍

Malchester

wiseonesomeofthetime said:

Newcastle BS

Following on from last post, yesterday I made a withdrawal at 3pm and it was in my current account at 5.19pm, so that 4pm section in that post sounds feasible 👍

Thanks really helpful. Also the ability to deposit funds into the account from sources other than nominated account. Withdrawals only to nominated account although I have a fixed rate account where monthly interest is paid to an account that is not my nominated account 

Eirambler

Swipe said:

I'm not fixing just yet

Saw a report yesterday that the interest rate rises have had no real impact at all yet as they have actually benefitted savers more than mortgage holders so far, because so many mortgage holders are still on fixed rates under 2.5%.

Longer term I think rates will probably settle somewhere around where they are now, but there's definitely a chance of a sharp spike in the short term to deal with inflation as the increases so far do not seem to be having the desired impact.

Freedommm

Tandem being silent? Will they increase the interest rate or what?

Thumbs_Up

Freedommm said:

Tandem being silent? Will they increase the interest rate or what?

Ring them on 0203 370 0970 and tell them ( in a nice way) to sort themselves out and get on with it. If I was to call them they may stop my banking privileges.

RogerPensionGuy

Swipe said:

I'm not fixing just yet

Good post, I also took a picture whist I was in waitrose getting a free coffee this morning. 

As I read their headlines, 4 more little tweaks up to 6% is pretty much my guess, no point in doing anymore 0.5% but 4 X 0.25% over the next 5 or 8 months will be swallowed a bit easier.

I feel the Bank of England should just be more clear in the press that 6% is probably needed as inflation needs fixing before it becomes even more sticky and just say they will keep rate at about 6% for a longer period than some people were hoping for and fully communicate that the rate will slide down a bit only when ready and to forget 1,2,3 or even 4% for many years, that party has be ended. 

If people belive the Bank will realy control inflation our behaviours will change and it will be controlled without really nasty medicine.

Bobblehat

allegro120 said:

I got slightly excited when I got 2 similar emails from Coventry today, thinking there was another (2nd) increase! But then I realised that we were informed of these rises already, here on this forum & topic, back on 29th June (would you believe as far back as page 1445!). The poster put links to Coventry's webpages for anyone to read ..... so, no double increase, just Coventry making good opportunities for advertising via email!

First email is to say "don't withdraw yet, we are on the case and there will be increase", the second is to reveal the new rates 

That's not quite the whole case! As grumbler's post mentioned, the original email from 12/13 days ago shows a link to the actual rates that were to come into play on 7th .... so we've known about the increase (and the new rates) right away from the first email. The point I was trying to make (clumsily).... is that, for a short while, when I received the 2nd email, I wondered if there was a second increase ..... too much wishful thinking there!

TiVo_Lad

Freedommm said:

Tandem being silent? Will they increase the interest rate or what?

Yes they will. Tomorrow. I've just moved my funds from them to Ford.

Sg28

Eirambler said:

Swipe said:

I'm not fixing just yet

Saw a report yesterday that the interest rate rises have had no real impact at all yet as they have actually benefitted savers more than mortgage holders so far, because so many mortgage holders are still on fixed rates under 2.5%.

Longer term I think rates will probably settle somewhere around where they are now, but there's definitely a chance of a sharp spike in the short term to deal with inflation as the increases so far do not seem to be having the desired impact.

Mortgage holders aren't the target of interest rates rises. Its to make new borrowing more expensive to put people off buying new stuff.