The Top Easy Access Savings Discussion Area

BooJewels

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 [snip] 

For me, not doing it, it's fear really - of several things.  I've been moving a lot of money around in the last year or two as I've been an executor 3 times, plus my own finances.  I've had one payment stopped a couple of weeks ago - and that was an inheritance payment to a beneficiary.  Easily sorted on that occasion and I don't mind them checking.  But I worry that lots of movements will trip some AML trigger or money will go awry mid-transfer etc etc.

The fixes I opened recently, were from an inheritance paid into one bank, but I wanted the nominated account to be with another bank - it took something like 5 movements from house sale to fix and I'm astonished it didn't get stopped en route.  Plus, I just don't need that stress in my life for a few quid.  So once I've made my mind up, I largely stick with it.

janusdesign

[Deleted User] said:

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

it's not instant - the last time I made a withdrawal (£9k) from Oxbury, it was submitted at 10:47am on Thursday 6th July - at 3:01pm that same day, I received a withdrawal confirmation email from Oxbury and seconds later it was in my nominated account - I hope that helps.

[Deleted User]

janusdesign said:

[Deleted User] said:

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

it's not instant - the last time I made a withdrawal (£9k) from Oxbury, it was submitted at 10:47am on Thursday 6th July - at 3:01pm that same day, I received a withdrawal confirmation email from Oxbury and seconds later it was in my nominated account - I hope that helps.

Thank you. Is it the same the other way, when you add funds from a nominated account?

mayweather

Oxbury increased to 4.46, worth moving 85k from chip?

what are Oxbury like, instant access like chip? I really like the instantaneous access and transfer with chip 

poppystar

I looked at Oxbury but it seemed to suggest to do anything you need to have both laptop and smartphone with you in order to get past security - have I interpreted that wrong? Can you just use their online site or just use an App? 

jaceyboy

mayweather said:

Oxbury increased to 4.46, worth moving 85k from chip?

what are Oxbury like, instant access like chip? I really like the instantaneous access and transfer with chip 

No not like Chip, you have to request the money before 1pm to get the money that day, or the next working day if requested after 1pm, its a little annoying but worth the better rate inmo

jaceyboy

poppystar said:

I looked at Oxbury but it seemed to suggest to do anything you need to have both laptop and smartphone with you in order to get past security - have I interpreted that wrong? Can you just use their online site or just use an App? 

No you can just use the app if you wish, or just use online banking if you wish, when you log into online via laptop/pc etc if makes you verify using the app also so yes will need your phone with you...

PixelPound

Stargunner said:

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.

Though for those who endlessly switch maths doesn't come into, often for less than 0.1% e.g. going from 4.3% to 4.35 or to 4.36%. If you can resist the temptation, that's fine.

From the best buy tables there probably does need to be more information, such as level of service (the MSE energy board had this). Also as these are Easy Access, maybe this needs considering. How soon for deposits showing, and more crucially how soon are withdrawals done.

I was looking at Chip & Tandem for an app based account at the start of June and opted for Chip. I've since found their deposits and withdrawal fairly instantaneous - which is an important factor for me. I'm dividing funds into "need for the month" and "may need/emergency"

masonic

janusdesign said:

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.

I'm not sure why you would think that. While withdrawals are only processed on working days, deposits seem to be 24/7. I sent one earlier today and received notification that it was credited within minutes.

jaceyboy

masonic said:

janusdesign said:

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.

I'm not sure why you would think that. While withdrawals are only processed on working days, deposits seem to be 24/7. I sent one earlier today and received notification that it was credited within minutes.

Wonder if they start paying interest immediatley or has to be a working day?