The Top Easy Access Savings Discussion Area

Bridlington1

Personally I've never had any issues with Santander and have actually found it one of the easier accounts to use as a nominated account. I have bounced low 5-figure sums through Santander a fair few times, even to new payees that don't use CoP and not had so much as a delayed payment.

Then again I also haven't had any faster payments blocked across the board for over a year, though have in the past, having had a HSBC account frozen for 23 days in February 2022, Virgin frozen for 5 days the following month and a Halifax payment blocked a few months after that.

I've just come to accept that I will likely end up with blocked payments with most if not all of my banks at some point over the coming years so I just try to ensure I never become too reliant on a single banking group, particularly after having to de-link LBG from my financial affairs earlier this year. Consequently I have the bulk of my nominated accounts fairly evenly spread between Santander, Nationwide, Ulster, Metro and HSBC. Where possible I have multiple nominated accounts for each set of savings accounts, e.g. I have my Coventry accounts linked to different current accounts, Skipton's the same, Tandem is linked to nearly every current account I have that uses open banking etc and where possible I try to ensure that my most important savings accounts aren't all linked to the same bank so if any one of my main accounts gets frozen I can still access the bulk of my money regardless.

grumbler

oz0707 said:

...I understand they will be getting pressured from governments...

Not only from the government. The government created breeding ground for ambulance chasers pressurising banks on no win no fee basis.

E.g. https://celsolicitors.co.uk/services/push-payment-scams/

Rollinghome

masonic said:

oz0707 said:

This bank paranoia about you getting defrauded is becoming a complete pita now. I understand they will be getting pressured from governments but it seems like every transaction now i have to confirm im not being scammed even if its a tenner to one of my own accounts with different bank or a payee ive paid many times before

It really varies by bank. I've not had any this year and have been shifting money between savings accounts more than ever before. I've given Santander a wide berth, as they seem to be the worst for holding payments.

I suspect other banks may do as many checks as Santander, but more efficiently and quickly so they're hardly noticed.

Alicon88

What would you recommend between Shawbrook - Monument and Chip for a reliable EA account?
I am currently having Monzo at 4% and thinking to switch but there are so many that I am not really sure what to go for.
thanks for your help!

alrk

I have been using chip for a while and it has been great. Instantaneous transfers both way.

i have just opened a shawbrook and paid in £1 on friday evening, but wont see it until monday, but. Useful p,ace to keep not quite instant money at a top rate.

i dont know anything about monument yet

Zopa_Trooper

If I have someone listed on my trusted payments, other people that I've sent money to before and especially other banks with accounts in my name, I see no reason whatsoever for any blockages. Fine the first time but not on subsequent occasions. Also, once you read the warnings and you press the "Happy to go ahead with this transaction", it should be then your responsibility, not the banks.

boingy

Zopa_Trooper said:

If I have someone listed on my trusted payments, other people that I've sent money to before and especially other banks with accounts in my name, I see no reason whatsoever for any blockages. Fine the first time but not on subsequent occasions. Also, once you read the warnings and you press the "Happy to go ahead with this transaction", it should be then your responsibility, not the banks.

That's definitely how it should be, but it's not how it is. I've had a £100 transfer held up for checks, to an account in my name that I have transferred to many time previously. The most ridiculous thing is the interrogation you have to suffer to unblock it. All the questions they ask are just as easy for a scammer to answer as they are for me.
"What's the amount?"
"Why are you making the transfer?"
"Is anyone making you do this?"
etc. etc.

It's like an airport asking you if you are a terrorist. 

Wanderer101

Alicon88 said:

Does anyone have experience with Monument?
I would like to give it a try but would be nice to have some opinions first 

I can vouch for Monument. Opened up an account back in July. Transfers in and out are pretty much instant, customer service chat function in the app is really useful and the app in general has a nice 'feel' to it. No complaints from me.

tg99

Wanderer101 said:

Alicon88 said:

Does anyone have experience with Monument?
I would like to give it a try but would be nice to have some opinions first 

I can vouch for Monument. Opened up an account back in July. Transfers in and out are pretty much instant, customer service chat function in the app is really useful and the app in general has a nice 'feel' to it. No complaints from me.

Is that 24/7 including weekends instant similar to Chip ie within seconds or more like Tandem where transfers in and out take around 15 mins?

masonic

boingy said:

The most ridiculous thing is the interrogation you have to suffer to unblock it. All the questions they ask are just as easy for a scammer to answer as they are for me.
"What's the amount?"
"Why are you making the transfer?"
"Is anyone making you do this?"
etc. etc.

It's like an airport asking you if you are a terrorist. 

There's probably a reasonable analogy between taking a flight and making a bank transfer in there somewhere. With both, the security is done in stages. 

There is some verification that the traveller or saver is who they say they are. This is done through the use of some combination of passwords, biometrics and possessions in both cases, whether it is a passport and boarding pass, or password/fingerprint/trusted device/registered phone number. In banking, it is done just before the transaction is authorised then again when they call you or you call them; at the airport, it is usually done when entering the security area and just before boarding.

At the airport, you can expect to be asked if you packed your bag yourself, if anyone has given you anything to take in your luggage, and if anyone could have put anything in there without your knowledge. These questions, like with banking, are designed to pick up suspicious circumstances that could be indicative of them being an unknowing party to criminal activity. If they are talking to a criminal, then the criminal will have answers to such questions, but is less likely to be able to get through the other security checks and board the flight. The vast majority of travellers will just answer the questions in the negative, and you do have to wonder about those who would accept something to take through airport security for someone else, but perhaps some do realise what they are doing is dodgy at the 11th hour. In banking, there have been reports of people coming to their senses during questioning. 

The issue is banks not taking into account mitigating circumstances, such as the destination being a savings bank that doesn't support transactions between third party accounts, or confirmation of payee indicating the transfer is between accounts owned by the same person. To date, my main bank does not have an option for the purpose of the transfer being "between my accounts", with the closest option being "paying friends and family".