The Top Easy Access Savings Discussion Area

janusd

BestSeagull said:

Are people just leaving their Edge Current Account completely empty? I'm tempted to put in just a bit to cover the £3 fee "just in case" even though I don't intend to put in £500 a month or set up any direct debits, so shouldn't be charged in the first place.

the key document does say...

The fee for this account is £3 per month.
We’ll start charging this fee after you meet the conditions for earning cashback for the first time.
Then, we’ll take it from your account each month on the anniversary of the date you opened
it. We’ll do this every month until your account is closed. This includes any months where you
don’t earn cashback.
If you don’t have enough money available to cover the monthly fee, we’ll still take it and your
account may go into an unarranged overdraft. We won’t charge you any interest or fees on the
amount of the unarranged overdraft.

Zopa_Trooper

Wouldn't most people get more cashback than the £3 fee? I've not got the account but if I did would get £3.81.

Bridlington1

Zopa_Trooper said:

Wouldn't most people get more cashback than the £3 fee? I've not got the account but if I did would get £3.81.

A lot of people still have the NLA 123 lite account, which pays cashback on bills and quite often these people are better off continuing to earn cashback on the lite account rather than earning cashback on the edge account.

Mr._H_2

janusdesign said:

BestSeagull said:

Are people just leaving their Edge Current Account completely empty? I'm tempted to put in just a bit to cover the £3 fee "just in case" even though I don't intend to put in £500 a month or set up any direct debits, so shouldn't be charged in the first place.

the key document does say...

The fee for this account is £3 per month.
We’ll start charging this fee after you meet the conditions for earning cashback for the first time.
Then, we’ll take it from your account each month on the anniversary of the date you opened
it. We’ll do this every month until your account is closed. This includes any months where you
don’t earn cashback.
If you don’t have enough money available to cover the monthly fee, we’ll still take it and your
account may go into an unarranged overdraft. We won’t charge you any interest or fees on the
amount of the unarranged overdraft.

Although there are no fees with the unarranged overdraft, it's not clear what might happen to your credit file if you go into an unarranged overdraft. I've therefore left £3 in my new Edge current account just in case.

Any guesses how long this "no fee on Edge account with no DDs, but you can still have the market-smashing savings rate" loophole is going to last?

Rollinghome

BestSeagull said:

aaj123 said:

What do people feel about Oxbury vs Shawbrook for the 4.8%. The latter has only 'next day withdrawals'.

And I'm sure I've read that Shawbrook deducts the money when you ask for the withdrawal so that you loose that penultimate days interest, I've actually got a message in to them at the moment asking for confirmation of this.

Would be interested in the reply to your email. It used to be the case that some BSs paid interest from the day funds arrived but not on the day they left, while some others did it the other way around. Same number of days counted. Could there be some confusion over that possibly? I'm not sure how they could legitimately claim the specified AER otherwise. All should be revealed soon.

uptdale

SaveTheEuro said:

Beehive Bonus Saver now paying 4.8%. Includes a 2.15% bonus until 31 August 2024. Minimum £1,000.

https://www.beehivemoney.co.uk/savings/easy-access/

Shame you can't open or operate it online without a mobile phone signal (Beehive has just confirmed that to me by chat).  Another one off the list for me!

patpalloon

My Tandem top up is valid until Jan 24 - so I guess wait to see what happens then.

patpalloon

Oxbury was a doddle to set up - and transfers in were instantaneous. (that was the 90 day notice BTW - 5.45%AER and pays monthly interest.)

worriednoob

[Deleted User] said:

worriednoob said:

Am I missing something?  Tandem has dropped from 5% to 4.65%???

They are not offering the top up rate anymore from the looks. I was not aware as I have it locked in.

Thanks Rexxx.  That's really disappointing as I was waiting for Chip to catch-up and beat the Tandem 5%, but I guess that's never going to happen now.  

BestSeagull

Mr._H_2 said:

janusdesign said:

BestSeagull said:

Are people just leaving their Edge Current Account completely empty? I'm tempted to put in just a bit to cover the £3 fee "just in case" even though I don't intend to put in £500 a month or set up any direct debits, so shouldn't be charged in the first place.

the key document does say...

The fee for this account is £3 per month.
We’ll start charging this fee after you meet the conditions for earning cashback for the first time.
Then, we’ll take it from your account each month on the anniversary of the date you opened
it. We’ll do this every month until your account is closed. This includes any months where you
don’t earn cashback.
If you don’t have enough money available to cover the monthly fee, we’ll still take it and your
account may go into an unarranged overdraft. We won’t charge you any interest or fees on the
amount of the unarranged overdraft.

Although there are no fees with the unarranged overdraft, it's not clear what might happen to your credit file if you go into an unarranged overdraft. I've therefore left £3 in my new Edge current account just in case.

Any guesses how long this "no fee on Edge account with no DDs, but you can still have the market-smashing savings rate" loophole is going to last?

Excellent point. It's a minefield!