The Top Easy Access Savings Discussion Area

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.

MoneySaver16

Thanks everyone.

Will keep looking - I prefer instant transfers. 

If a mainstream bank would up the rates that would be ideal for me (and as a bonus do away with the single nominated account)

I’ve got an Atom instant access account but was looking to diversify away from there as I’ve got a few fixed products also. Might just have to bite the bullet and use them 

cwep2

patpalloon said:

Question for all - 

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

Yes if it’s a GSIB - e.g. Chase, HSBC, Santander, Citibank. 

Probably if I can pull it within 24hrs for pretty big/clearing banks - e.g. NatWest, Barclays, Goldman (Marcus), Nationwide, VirginMoney. I would keep an eye on the share prices in that case, any drops of 25% in less than a month I pull it. 

Never - pretty much anyone else e.g. Chip, Tandem, Zopa

When I bought a house I had >85k deposit and was very aware that I wanted my current account to be with a GSIB in this case. This wasn’t a house sale so no extra protection. 

I work in banking so feel I have a good sense of what’s going down, more so than average person anyway. I probably also have a different risk tolerance to many. 

But I’d also say regardless of the 85k limit it’s worth having your money in a few places, I have a couple of current accounts and a few different instant access accounts, some have different payment speeds, if one website or card network is down I don’t want to get caught. There would need to be a good reason to keep more than 85k anywhere, but e.g. when Santander had best rate by over 0.25% when they launched their esaver, and when Chase launched a market leading product I wasn’t worried about the 85k in those two specific cases.