The Top Easy Access Savings Discussion Area

linz

[Deleted User] said:

Anyone going for Oxbury?

If Chip don't do anything by Tues/Weds I am.

BooJewels

Freebird53 said:

FindingBBob said:

BooJewels said:

FindingBBob said:

BooJewels said:

Woohoo!  That's good with Ford.  I see they've added an 18 month fixed saver since yesterday too.

Yup they seem to be keeping themselves competitive at least, on less move I have to worry about, just need to chip to be a bit braver.. 

I'm not a habitual rate tart and don't bother moving money for rates (I admire those that have the nerve), but I am happy when the place I have it stays up there and holds its own.

I am like you. I dont have the time to constantly move money about, or faff around with different account opening requirements. Keep my money in constantly competitive providers where i dont have to jump from issue to issue.. 

My thoughts exactly, which is why i'd been wondering for a long time, why banks & BS's did not appear to offer base rate trackers.

Some do - about half my EA money is with the first version of the Skipton Base Rate Tracker, at 0.9% below BR.  They then did a new issue at 1.1% below and the new Newcastle one is I think 0.7% below - hence the flurry of activity here to sign up for that account.

Zopa_Trooper

subjecttocontract said:

If you are someone with a large balance then being a rate tart can be worthwhile but many people with a smaller amount must not be doing the maths. A £10,000 balance @ 0.1% is worth just £10 a year. 

Surely the point is, if there were no "rate tarts" then why would any bank increase their rates? It's the same principle with people who stick with the same insurance provider, it's their inaction that allows people like me to get the better quotes. I also always marvel when I see two garages on the opposite sides of a street where one is 5p a litre cheaper yet there are still people filling up at the more expensive one.

I may not be a total "rate tart" myself but I am grateful for all the hard work those that are put it from which we all can benefit. I salute them.

jaceyboy

[Deleted User] said:

Anyone going for Oxbury?

I just chucked £40k in with them, I also have a business savings account with them so im used to them, I like their app it works well, only thing I miss is seeing the interest due daily that Chip shows you.  I will give Chip until Wednesday and throw another £40k across to Oxbury if they dont up their rate.

Futuristic

lcooper said:

Mr._H_2 said:

A note for any Santander customers wary of moving large amounts of money via their Santander account (i.e. using Santander CA as a "conduit" when chasing rates):

Santander's anti-fraud systems used to be rather "trigger happy" making it a bit of a pain - I would often get frozen out of my Santander account after setting up a new payee and trying to transfer a large amount, even when that new payee was in my own name. This would necessitate a phone call, often waiting in a long queue, and then having to go through the standard anti-fraud checklist with the customer support person before they OKed the transaction and re-enabled my access.

Anyway, lately this situation appears to have improved significantly, for me at least. I just opened a Coventry four-access account and transferred £14k from Chip via Santander. When setting up the payee in Santander, I was taken through a series of those standard “anti-fraud” questions inside the app (that’s a first for me), and then the payment went through just fine. I imagine that the fact that Coventry support COP and the account was in my name helped here.

Like you, I had a period of several weeks when Santander let all my many payments sail through without questions. I usually make the payments on the app, and Santander had started sending me OTPs for each payment, in addition to the questions about 3rd party involvement etc. I could live with that.

This afternoon, I wanted to shift my balance, low 5 digits, from Chip to Tandem, as fed up with Chip not raising their rate. For some time now, I have to use Faster Payments when moving money from Santander to Tandem as OB has stopped working for me between Tandem and Santander. I used the payee I had used on several previous occasions, I got my OTP from Santander, and completed the payment. The payment didn't show in the transaction list, and neither my available nor my pending balance had changed. No message from Santander, no block on my account. Nothing had arrived in Tandem, either. So I made the payment again. Same process, same result.

I then rang Santander Security who told me that their fraud system had canceled both my payments. They couldn't explain why they had not sent me any notification of the cancellation. After the usual inquisition - did anyone ask you to send the money, how long have you had the Tandem account, why are you sending the money, are you lying to us blah blah - they then offered to make the payment for me and it all went through fine. Another hour of my life wasted.

Like many others I ditched Santander, their phone lines haven’t improved and their AML/Fraud team are based abroad who have to relay everything back to seniors back in UK when things go wrong (eg. acc blocked).

I’ve had several compensation payouts and was blocked for nearly 2 weeks at one point last year when moving savings in and out to others.

I recommend Chase to everyone now. No competition. Yes payments get blocked every now and then but they pick up the line in minutes / they call you within the hour if payment is blocked.

janusdesign

[Deleted User] said:

VNX said:

[Deleted User] said:

Anyone going for Oxbury?

Tempted as I find them to be excellent but I’m with Tandem currently and they just upped to 4.36 so will stick at the moment 

Intrigued to know what you find excellent and secondly how quick the transfer times are!

during the week, their agents are available for chat and are very helpful.. worth noting that the Android app is just an authenticator for login, whereas the Apple app shows balances.

with regards to withdrawals, I wouldn't think of them as instant access like Chip/Tandem etc - so if you need instant (mins) withdrawals, they may not be for you.

https://help.oxbury.com/hc/en-gb/articles/9111846523036-How-do-I-withdraw-from-my-Easy-Access-Account-

Withdrawal requests received

- before 1pm on a working day will be processed on that day, and provided it passes our payment validation requirements, you will receive your money into your Linked Account / other Oxbury Account by the end of the day

- after 1pm on a working day will be processed on the following working day and you will receive your money into your Linked Account / other Oxbury Account by the end of that day

- on a non-working day and providing it passed our payment validation requirements, you will receive your money into your Linked Account / other Oxbury Account by the end of the next working day

A working day does not include weekends or Bank Holidays.

i've received same day withdrawals from them (but it was many hours) - so you may have to decide whether it's easier to have the flexibility of the instant access accounts with a slightly lower rate, or the slightly higher interest of Oxbury, but delayed withdrawals (or split between both).

personally, I only have £1k in the Oxbury EA, but will probably put more in next week - no point doing it now, as it wouldn't get processed until Monday anyway.

PixelPound

subjecttocontract said:

If you are someone with a large balance then being a rate tart can be worthwhile but many people with a smaller amount must not be doing the maths. A £10,000 balance @ 0.1% is worth just £10 a year. 

Maths doesn't come into it really, it's all about emotion, the irrational brain and FOMO. If I'm getting 4.26% and another provider comes out with 4.3%, 4.35%, 4.36% part of me screams I'm missing out. Even though the difference is tiny in monetary terms, most probably just look at the rate. It's also the fact that some headline rates are limited issues, so the appeal of getting in before it closes.

Calculating yearly isn't much help when people are switching between rates. That 0.1% AER is 0.0083% gross per month. So moving your £10K to that higher rate gets you a whole 83p extra for the month. That's even if you leave it there for a whole month when a new best rate comes out every week or less   

Wheres_My_Cashback

Futuristic said:

lcooper said:

I recommend Chase to everyone now. No competition. Yes payments get blocked every now and then but they pick up the line in minutes / they call you within the hour if payment is blocked.

Spent 15 mins on the phone to them last week to increase my daily payment limit to £60K just for one day to make a solitary payment and gave them the receiving account details. All sorted, limit increased.
Made payment an hour later, it was blocked, no notification nor phone call to advise me.

Sorted 6 hours later with a goodwill payment after I called them so don't rely on them telling you a payment has been blocked.

[Deleted User]

janusdesign said:

[Deleted User] said:

VNX said:

[Deleted User] said:

Anyone going for Oxbury?

Tempted as I find them to be excellent but I’m with Tandem currently and they just upped to 4.36 so will stick at the moment 

Intrigued to know what you find excellent and secondly how quick the transfer times are!

during the week, their agents are available for chat and are very helpful.. worth noting that the Android app is just an authenticator for login, whereas the Apple app shows balances.

with regards to withdrawals, I wouldn't think of them as instant access like Chip/Tandem etc - so if you need instant (mins) withdrawals, they may not be for you.

https://help.oxbury.com/hc/en-gb/articles/9111846523036-How-do-I-withdraw-from-my-Easy-Access-Account-

Withdrawal requests received

- before 1pm on a working day will be processed on that day, and provided it passes our payment validation requirements, you will receive your money into your Linked Account / other Oxbury Account by the end of the day

- after 1pm on a working day will be processed on the following working day and you will receive your money into your Linked Account / other Oxbury Account by the end of that day

- on a non-working day and providing it passed our payment validation requirements, you will receive your money into your Linked Account / other Oxbury Account by the end of the next working day

A working day does not include weekends or Bank Holidays.

i've received same day withdrawals from them (but it was many hours) - so you may have to decide whether it's easier to have the flexibility of the instant access accounts with a slightly lower rate, or the slightly higher interest of Oxbury, but delayed withdrawals (or split between both).

personally, I only have £1k in the Oxbury EA, but will probably put more in next week - no point doing it now, as it wouldn't get processed until Monday anyway.

Thanks for your reply! I was also wondering how long as deposit takes? Is it instant or a couple of hours etc

Stargunner

nic_c said:

subjecttocontract said:

If you are someone with a large balance then being a rate tart can be worthwhile but many people with a smaller amount must not be doing the maths. A £10,000 balance @ 0.1% is worth just £10 a year. 

Maths doesn't come into it really, it's all about emotion, the irrational brain and FOMO. If I'm getting 4.26% and another provider comes out with 4.3%, 4.35%, 4.36% part of me screams I'm missing out. Even though the difference is tiny in monetary terms, most probably just look at the rate. It's also the fact that some headline rates are limited issues, so the appeal of getting in before it closes.

Calculating yearly isn't much help when people are switching between rates. That 0.1% AER is 0.0083% gross per month. So moving your £10K to that higher rate gets you a whole 83p extra for the month. That's even if you leave it there for a whole month when a new best rate comes out every week or less   

Maths does come in to it for me. I use maths to work out what it would be worth to me to  switch and if I would only only get another 83p per month I wouldn’t bother. I don’t mind not getting the BEST rate, as long as I am getting a fairly competitive rate and am happy with the service I don’t mind missing out on a little bit of interest.