The Top Easy Access Savings Discussion Area

jak22

Maybe some people do find one day too slow for their funds - others are able to spread savings among instant, days notice, and fixes up to 5 years.

The scenario was moving funds out of SB for say a 0.1% better rate only to want to move it straight back when SB increase their own rates after.

Even so there could be a chance there's a cleared balance used for daily interest calculation separate from the visible instantly debited balance - the amount is small so it's hard to spot one day's interest either way.

In other respects the SB account is fine - no issues with credits, there's 2FA, they quickly switch to a new issue on request, and they've generally kept with BoE rises.

ChewyyBacca

pecunianonolet said:

jak22 said:

Good increase from Shawbrook - further ahead of Tandem and others who arent keeping up and even Coventry limited access. 

As some prefer to ask here rather than check T&Cs Shawbrook debit the account immediately but transfer the next working day (so avoid Fridays) and funds arrive PM. Credits arrive same day with notification.

This might imply 1+ day's lost interest on withdrawals so if shuffling funds it would take around two weeks per lost day in an account paying 0.25% more before breaking even - although while Shawbrook stay on top it's not an issue.

That's why SB is not an option for me as I find it unacceptable how slow they are and that on top you miss out on 1 day interest. Coventry is also slow but at least they are fair and pay you so you're not missing out. 

Why 1 day interest missed?
Does Saffron debit amount from acc today, after receiving withdrawal instruction & credit the next day?

jaceyboy

Chip need to respond

sheslookinhot

jak22 said:

Maybe some people do find one day too slow for their funds - others are able to spread savings among instant, days notice, and fixes up to 5 years.

The scenario was moving funds out of SB for say a 0.1% better rate only to want to move it straight back when SB increase their own rates after.

Even so there could be a chance there's a cleared balance used for daily interest calculation separate from the visible instantly debited balance - the amount is small so it's hard to spot one day's interest either way.

In other respects the SB account is fine - no issues with credits, there's 2FA, they quickly switch to a new issue on request, and they've generally kept with BoE rises.

It’s unbelievable, it’s not as though they will be rushing out to the shops to spend.

ForumUser7

ChewyyBacca said:

pecunianonolet said:

jak22 said:

Good increase from Shawbrook - further ahead of Tandem and others who arent keeping up and even Coventry limited access. 

As some prefer to ask here rather than check T&Cs Shawbrook debit the account immediately but transfer the next working day (so avoid Fridays) and funds arrive PM. Credits arrive same day with notification.

This might imply 1+ day's lost interest on withdrawals so if shuffling funds it would take around two weeks per lost day in an account paying 0.25% more before breaking even - although while Shawbrook stay on top it's not an issue.

That's why SB is not an option for me as I find it unacceptable how slow they are and that on top you miss out on 1 day interest. Coventry is also slow but at least they are fair and pay you so you're not missing out. 

Why 1 day interest missed?
Does Saffron debit amount from acc today, after receiving withdrawal instruction & credit the next day?

SB = Shawbrook.

According to Saffron:

"£100,000 or less:

Payments of £100,000 or less will be sent via Faster Payment. If the payment is requested before 4pm it will be sent the same day. If the payment is requested after 4pm it will be sent on the next business day.

Over £100,000:

Payments that exceed £100,000 or where the receiving bank does not accept a faster payment will be sent via a BACS payment. If the payment is requested before 3.30pm it will be sent the same day. If the payment is requested after 3.30pm it will be sent on the next day. Funds that are sent by BACS should be received in the destination account three days after they are sent."

This is explained on their Online Account FAQs page.

phillw

ForumUser7 said:
Payments of £100,000 or less will be sent via Faster Payment. If the payment is requested before 4pm it will be sent the same day. If the payment is requested after 4pm it will be sent on the next business day.

I'm recently found I'm a bit lax with moving money around & a 4pm cut off might be a bit of an issue, but I can keep a float in chip. Though I suspect this will be a short lived arrangement....

pecunianonolet

phillw said:

pecunianonolet said:

Those of us investing a lot of time keeping track of accounts, rates, read many pages of T&C's, read articles and news and try to learn/ understand how the financial system works and move things around to "chase" the top rates are getting penalised for the invested time because the government is serving the lazy ones not making any effort. 

If people have savings and are too busy or do not care to make it worthwhile they should not be incentivised for their laziness inactivity.

I find it funny when right wing people complain about it being unfair they need to put effort in, while they will complain if someone receives benefits.

@phillw

Not sure what the political orientation or any benefit discussions have to do with this. Surely, this is not the right place for them.

My point was simply that making an effort and having intrinsic motivation should lead to a reward!

When you buy a house, you do some research and go to viewings and inform yourself, if you buy a car you visit hopefully not just one dealer but 2-3. When you book a flight you check a comparison website for a cheap price and when you buy groceries you may decide to go and check and compare prices. Not sure why it should be any different for financial products.

Imagine an M&S store and an Aldi are next to each other. You always go to M&S because you always did and it was always fine. Now, prices have increased a lot and you struggle to buy the same things. Would it not be logical that you make an effort and maybe should walk into that Aldi to check if your milk, bread, butter, etc. might be cheaper there? Or, if you can't afford a specific product anymore you substitute for an alternative?

Same as with banks, a high street bank offers a 1.5% savings account and another institution offers 4.5%. It's your job to get active and check for alternatives or challenge your bank if you are no longer happy with 1.5%. It is not a regulators job to do this for you. If the majority would move away from the 1.5% account the provider would automatically improve rates if the funds are needed to keep the business going. 

A regulator should step in if there are rules broken or competition is at risk through cartels, monopoly or even an oligopoly or we have market failure. The regulator should also step in if certain groups of society have unfair opportunities and barriers are high e.g. no branch access. Pensioners are less likely to use a smartphone to interact with app only banks, or people who would benefit to speak with somebody face to face in a branch maybe due to a disability. I can't see any of the market conditions being an issue. The rapid closure of branches and the very slow roll out of banking hubs I do see as an issue.

I said it before elsewhere, I do hold current and savings accounts in a EU country and can compare like for like. Finding a 100% free current account is difficult, you get charged if you not withdraw cash from a cash machine owned by the bank or their group you bank with, taking cash out at the counter costs you a fee, sometimes you get charged a fee if you make more than xx transactions a month etc. Those accounts not come with fancy packages of free cinema tickets, Disney+, cashback or other rewards and insurances. The bank simply charges you that you can take up a base level of their services and anything extra comes with a price.

So, if I compare, the UK savings market is very fast paced, many challenger and app only banks with attractive rates and many rate changes daily across the board. Some institutions change their rates many times a month. 

I hope this puts it a bit more in perspective why I wrote that the government serves the lazy and inactive by putting pressure on the regulator. What I would want to see would be a government encouraging people more to shop around and provide those less savvy more and better access to free or discounted information by supporting services such as Citizen Advice or the many charities out there. What about better education in schools on money, tax and such matters (would long term perhaps also help to fight fraudsters).

Back to topic, hoping for Chip to move this week. Would like to see them to tap into the 4.7x% territory.  

Zopa_Trooper

I've just applied for the Shawbrook account and I thought I'd already had an account with them at one point but could find no record of it. Then when they responded to my application with "We'll let you know our decision in the next 5 days" I remembered. By the time they responded last time their rate had already been beaten so I didn't go through with it. I wonder whether history will be repeated? Has to be a good chance with the BOE meeting on Thursday.

TiVo_Lad

I did open the latest issue Shawbrook Account as a "just in case". There is some talk that the BoE decision might be more nuanced than previously thought. "50/50" was the suggestion on the radio this morning. If the BoE holds their nerve, the usual suspects won't increase so the Shawbrook Account will be a decent rate. But if the BoE go for another 0.25% it feels like we'll be in 4.7% territory pretty quickly, leaving Shawbrook unfunded and out in the cold.

phillw

pecunianonolet said:
My point was simply that making an effort and having intrinsic motivation should lead to a reward!

  

That is a political view point.

Some people want to live simple lives where they go to work, get paid, come home and not have to get their heads round all this switching malarkey.

It depends on what behavior you want to encourage, which is basically what politics is.

I have seen a lot of tricks come and go (I really miss banks having 0845 customer support numbers), it's all part of the game. Complaining about it on a message board isn't going to achieve anything.