The Top Easy Access Savings Discussion Area

wiseonesomeofthetime

ranciduk said:

RedImp_2 said:

ranciduk said:

Yep

i had a 6 month with Shawbrook at 2%

So I got 1% interest at maturity after 6 months was up

And in your example then you’d get 1.95% then with Shawbrook for 6 months 

No I got 1%

It’s 6th months - so you get 2% / 2 = 1%

Believe me I messed up and did t realise until was too late

i was well annoyed when I realised I’d misunderstood!

Was expecting £500 interest, only ended up with £250

So, using your own method of calculation:

Shawbrook 3.91%

It’s 6th months - so you get 3.91% / 2 = 1.95%

It's simple really 🤷‍♂️

loko2468

patpalloon said:

Question for all - 

Would you leave more than 85k in any one institution?

No, unless it was NS&I, but their interest is pathetic atm

Hattie627

artyboy said:

SaveTheEuro said:

poppystar said:

GalacticaActual said:

Nationwide Building Society are increasing instant access interest rates on the 14th July 2023 by 0.8% and again, for a few accounts by 0.2%, on the 1st August 2023:

PDF link: https://www.nationwide.co.uk/-/assets/nationwidecouk/documents/savings/smd723-5-july-23.pdf?rev=6517061bf2694e52a025a2fba47f0e42

• From 14 July, all its instant access deals will rise by up to 0.8 percentage points
• On 1 August, its Triple Access and Loyalty deals will rise by 0.2 percentage points

https://www.thisismoney.co.uk/money/saving/article-12265995/

And once again Nationwide seem confused by the word ‘loyalty’ …. 0.2% as opposed to the non loyalty accounts 0.8% 

A shameful performance from the Nationwide. 

I think it's been established from the recent £100 payout that they are only interested in people with current accounts. Long term members that actually want to save with them can go and do one from their perspective...

I gave up on Nationwide a decade ago. I used to have most of my cash savings with them until I got into reading this forum.

patpalloon

soulsaver said:

patpalloon said:

Question for all - 

Would you leave more than 85k in any one institution?

Which of the Top Easy Access accounts are you talking about?

Well actually it's not EA but the atom 6 months fix @5.15 max you can have is 100k so only 15k over the protected

MoneySaver16

Any experiences with Ford Money? How quick are transfers in and out?

Reading their blurb it says it can be "same day" if before 1pm - I'm used to instant transfers from mainstream providers so am looking for that - but with the high rates some others offer

jaceyboy

MoneySaver16 said:

Any experiences with Ford Money? How quick are transfers in and out?

Reading their blurb it says it can be "same day" if before 1pm - I'm used to instant transfers from mainstream providers so am looking for that - but with the high rates some others offer

Slow I believe like Shawbrook.....

Futuristic

patpalloon said:

Question for all - 

Would you leave more than 85k in any one institution?

Yes with any main/global bank, no chance with any of these local BS and app shops.

If Chase had better rate I would not bother at all with all these smaller ones. Same with Marcus. Or the usuals HSBC etc.

housebuyer143

MoneySaver16 said:

Any experiences with Ford Money? How quick are transfers in and out?

Reading their blurb it says it can be "same day" if before 1pm - I'm used to instant transfers from mainstream providers so am looking for that - but with the high rates some others offer

As fast as shawbrook, Newcastle and any other building society I have used... It's definitely not instant and don't try and do anything on the weekend 

jak22

https://www.fordmoney.co.uk/help/managing-your-account

How long will it take my deposit to arrive in my Ford Money account?
Your deposit should be visible within your Ford Money account within 4 hours. This applies to weekends and Bank Holidays.  You will receive a text message to confirm the deposit has reached your account.

How long will it take my withdrawal to arrive in my Nominated Account?
If your withdrawal is requested before 1pm on a working day (Monday – Friday), your funds will reach your Nominated Account by close of business the same day. If the request is made after 1pm on any day, the funds will arrive in your Nominated Account by close of business the next working day (Monday – Friday, excluding public and seasonal holidays). 

For Shawbrook funds are debited that day but transfer out the next work day so that might imply losing a day's interest which will take time at a higher rate to break even. Transfers in seem to be same day. Log-ins arent "slow" or "convoluted", and few banks are keeping up with every BoE rise straight away.

All these accounts have a place while their interest rates are competitive. Some have instant transfers but some dont - if like Ford they use a clearing bank - but the timescales arent random - they're known for each bank so it's not that hard to manage transfers when moving funds.

Vintage67

MoneySaver16 said:

Any experiences with Ford Money? How quick are transfers in and out?

Reading their blurb it says it can be "same day" if before 1pm - I'm used to instant transfers from mainstream providers so am looking for that - but with the high rates some others offer

They seem to do transfers in on working days in batches every 4 hours at just after 12:00, 16:00 and 20:00 (not sure if there are other times,  possibly 08:00). I've only ever made one transfer out (as a test) which I requested just after 8:00 and it arrived the same day, but can't remember how long it took. I've not tried weekend transfers but suspect they'd be held till the next working day.