The Top Easy Access Savings Discussion Area

david72

ForumUser7 said:

For those of us who have Coventry BS Four Access Saver 1 and 2, which one would be best to prioritise funding please?

1. 2, because rate increases are likely to put 1 above 2 based on previous Coventry behaviour. This would mean any withdrawals in the meantime would not detract from the long term account
2. 1, because if funds were in 2 and 1 went higher and funds were transferred out from 2 to 1, it'd waste a withdrawal on 2.

I'm leaning towards funding issue 1, but can't make my mind up

To be pedantic, you presumably mean the Coventry Four Access Saver (Online) accounts, as there is still an older Four Access Saver account (NLA) which many members have, and which pays a good rate of interest and was always regularly increased whenever Coventry increased rates (It now pays 4.3% compared to the newer Online accounts' 4.5%, so is no longer their best rate for this sort of account. However, it is/was useful to retain on the basis of having more than one of these sorts of accounts so that you could effectively increase the number of potential withdrawals available to you). Many bsocs and banks have all sorts of similarly named accounts, in a form of 'confusion marketing', so sometimes you do need to be quite specific when referring to an account name!  

From the recent history of the various issues of the similar Limited Access Saver (Online) accounts (which allow 6 wdr/yr rather than 4), it does seem, as you say, that sometimes Coventry increase the interest rates for older issues of an account more than for the newest issue (presumably to reward more longstanding loyal members a little more), and this was the case for several of the recent rate rises, but on the most recent rise the interest rate for all of the most recent issues of the LASO accounts was made the same.

I expect you might be right that similar will apply to the 4ASO accounts, with issue 1 possibly (still?) getting priority for rate rises, although as both are currently the same they may both have reached the stage in their lifespan where they decide to treat them the same. So my guess would be to possibly prioritise issue 1 for funds that you have lower intention of withdrawing, but it may no longer make any difference for these specific accounts now?

simonsmithsays

david72 said:

ForumUser7 said:

For those of us who have Coventry BS Four Access Saver 1 and 2, which one would be best to prioritise funding please?

1. 2, because rate increases are likely to put 1 above 2 based on previous Coventry behaviour. This would mean any withdrawals in the meantime would not detract from the long term account
2. 1, because if funds were in 2 and 1 went higher and funds were transferred out from 2 to 1, it'd waste a withdrawal on 2.

I'm leaning towards funding issue 1, but can't make my mind up

To be pedantic, you presumably mean the Coventry Four Access Saver (Online) accounts, as there is still an older Four Access Saver account (NLA) which many members have, and which pays a good rate of interest and was always regularly increased whenever Coventry increased rates (It now pays 4.3% compared to the newer Online accounts' 4.5%, so is no longer their best rate for this sort of account. However, it is/was useful to retain on the basis of having more than one of these sorts of accounts so that you could effectively increase the number of potential withdrawals available to you). Many bsocs and banks have all sorts of similarly named accounts, in a form of 'confusion marketing', so sometimes you do need to be quite specific when referring to an account name!  

From the recent history of the various issues of the similar Limited Access Saver (Online) accounts (which allow 6 wdr/yr rather than 4), it does seem, as you say, that sometimes Coventry increase the interest rates for older issues of an account more than for the newest issue (presumably to reward more longstanding loyal members a little more), and this was the case for several of the recent rate rises, but on the most recent rise the interest rate for all of the most recent issues of the LASO accounts was made the same.

I expect you might be right that similar will apply to the 4ASO accounts, with issue 1 possibly (still?) getting priority for rate rises, although as both are currently the same they may both have reached the stage in their lifespan where they decide to treat them the same. So my guess would be to possibly prioritise issue 1 for funds that you have lower intention of withdrawing, but it may no longer make any difference for these specific accounts now?

They both pay 4.5%

janusd

[Deleted User] said:

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?

apologies for the delay in replying - but this lack of email notifications is a real pain.

to answer your question, deposits from a nominated account to Oxbury are instant (literally seconds).

janusd

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.

apologies for being unclear in my reply but you are absolutely correct with regards to Oxbury - however, where i'd be withdrawing the money from wouldn't be processed until Monday and so I couldn't deposit into Oxbury until Monday.

SJMALBA

ForumUser7 said:

For those of us who have Coventry BS Four Access Saver 1 and 2, which one would be best to prioritise funding please?

1. 2, because rate increases are likely to put 1 above 2 based on previous Coventry behaviour. This would mean any withdrawals in the meantime would not detract from the long term account
2. 1, because if funds were in 2 and 1 went higher and funds were transferred out from 2 to 1, it'd waste a withdrawal on 2.

I'm leaning towards funding issue 1, but can't make my mind up

My 'Four Access Saver (Online)' has all funding at the moment, but that's just because 'FAS (O) 2' has only recently been opened - all further funding will go into the latter (for the foreseeable, at least), so that I have 8 access, across two accounts, paying the same rate (which allows me more leeway to move some unlimited EA funds to Four Access); should the rates diverge, I'll act accordingly at that point, but there's at least a chance that they might also put 'FAS (O) 2' up as well as 1, perhaps making 2 NLA at the same time? Only time will tell...

allegro120

ForumUser7 said:

For those of us who have Coventry BS Four Access Saver 1 and 2, which one would be best to prioritise funding please?

1. 2, because rate increases are likely to put 1 above 2 based on previous Coventry behaviour. This would mean any withdrawals in the meantime would not detract from the long term account
2. 1, because if funds were in 2 and 1 went higher and funds were transferred out from 2 to 1, it'd waste a withdrawal on 2.

I'm leaning towards funding issue 1, but can't make my mind up

Good question.  No such dilemma for me.  My 1 is already funded and the total of my Coventry finds is approaching £85k and I'm going over £85 per institution. With exception of 4.4% ISA I don't have any Cov account that pays below 4.5%.  I put £1 into 2 for future flexibility but not going to fund it any more until the change of circumstances.

I don't think it matters very much which account you fund.  If one of them goes below the other one you can transfer money accordingly.  4 withdrawals a year is quite flexible allowance and if one of the accounts falls behind the overall competition there won't be much incentive to keep it. 

MoneySaver16

Anyone have experience with Investec? Their instant access account is top of my list, but I’ve never used them previously.

Looks to be FSCS registered, a regular on MSE savings page and there are various threads in the forum on their fixed products so I’m fairly hopeful they could be a good fit…

bertsilver

Zopa 4.03% on the app.

jaceyboy

bertsilver said:

Zopa 4.03% on the app.

Way behind

Malchester

MoneySaver16 said:

Anyone have experience with Investec? Their instant access account is top of my list, but I’ve never used them previously.

Looks to be FSCS registered, a regular on MSE savings page and there are various threads in the forum on their fixed products so I’m fairly hopeful they could be a good fit…

Have used Investec for a while now and never had any problems. Moving funds in and out is virtually instant. Regularly update rates and nearly always near the top.