The Top Easy Access Savings Discussion Area

Bazzalona13295

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.

Totally empty except when I need to pay something, then I transfer in from a lower earner.

gt94sss2

Mr._H_2 said:

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?

The same rules applied to the Santander 123 accounts.

I don't actually think its a loophole and perhaps it's not wise to describe it like that.

I suspect its simply to avoid accusations of accounts being mis-sold with customers being charged a monthly fee but not benefiting/using the account.

Rollinghome

janusdesign said:

aaj123 said:

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

FWIW, my preference for the 4.8%+ accounts would be...

1. Cynergy
2. Oxbury
3. Shawbrook

Cynergy withdrawals are quick in my experience, Oxbury is same working day if before 1pm and Shawbrook is next working day before 9:30pm... if you have any of the NLA Coventry 4.8% accounts, then they would be next working day too.

i'm not planning on moving any more into my Shawbrook account because of this recent rate rise.

A bugbear for me with Cynergy was that they had a withdrawal limit of just £10k.  So, if that's still the case, and it might have improved, becomes a major operation if you've £85k to pull out or want a decent sum urgently.

That aside, as Cynergy is annual interest and Oxbury monthly, by a small margin, I'd prefer Cynergy for reasons discussed (at enormous length) earlier in this topic.

Bazzalona13295

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.

I generally get between £4-5 cashback so it pays for itself. The exception to this was when Nationwide had its 5% cashback offer, didn't use my Santander account half as much then.

UncleK

Rollinghome said:

A bugbear for me with Cynergy was that they had a withdrawal limit of just £10k.  So, if that's still the case, and it might have improved, becomes a major operation if you've £85k to pull out or want a decent sum urgently.

You could take out £50k in June ::smile:

Rollinghome

UncleK said:

Rollinghome said:

A bugbear for me with Cynergy was that they had a withdrawal limit of just £10k.  So, if that's still the case, and it might have improved, becomes a major operation if you've £85k to pull out or want a decent sum urgently.

You could take out £50k in June ::smile:

Thanks, that's more like it. 

poshrule_uk

Me and the wife have just got the Edge current account and savings account each.

We appreciate the advice about not meeting direct debit and pay in threshold so we don't end up paying fee. 

Bit of a no brainer to open this account.

janusd

UncleK said:

Rollinghome said:

A bugbear for me with Cynergy was that they had a withdrawal limit of just £10k.  So, if that's still the case, and it might have improved, becomes a major operation if you've £85k to pull out or want a decent sum urgently.

You could take out £50k in June ::smile:

as a personal user? I know the business daily limit is £50k, but thought the personal one was still set at £10k.

if that limit is still in place, it's not a problem for me as I have other EA accounts that I can take larger sums from should the need arise.

Catplan

uptdale said:

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!

Hmm I think that depends on definition of mobile phone signal. I use an iPad that doesn’t have cellular / sim to administer this account. I’ve just removed the sim from phone and connected phone via wifi and can access. It is of course app only, but if you mean a 3,4 or 5G signal is required that’s not my experience, as long as the device can run the app and has internet access it works for me.

BestSeagull

janusdesign said:

UncleK said:

Rollinghome said:

A bugbear for me with Cynergy was that they had a withdrawal limit of just £10k.  So, if that's still the case, and it might have improved, becomes a major operation if you've £85k to pull out or want a decent sum urgently.

You could take out £50k in June

as a personal user? I know the business daily limit is £50k, but thought the personal one was still set at £10k.

if that limit is still in place, it's not a problem for me as I have other EA accounts that I can take larger sums from should the need arise.

I've just had a look at the T&C for the Cynergy easy access account and they say-

1. You may make unlimited withdrawals of the account balance. You do not need to provide notice and we will not charge you.

   
   

   But the general savings T&C say - 

   
   

   Payments to the UK in pounds (£)

   Faster Payments

   When you ask us to send money in pounds (£) to another account in the UK, we'll usually send your payment using Faster Payments.

   Faster Payments can be made using Online Banking 24 hours a day, seven days a week, 365 days a year.

   There are some exceptions. For example, we won't use Faster Payments if:

   •   you're making an internal transfer, or

   •   your payment is over the Faster Payments limit. CHAPS payments

     CHAPS payments are usually used for large payments in pounds (£) in the UK. You can ask us to make a CHAPS payment either via your Online Banking or in writing.

     We make all payments over £50,000 using CHAPS. Even if your payment is under £50,000, you can still ask us to make your payment using CHAPS if you want to.

     You'll have to pay us a fee for making a CHAPS payment. All of our fees and charges are set out in our Fee Information Document. Please see the "Our fees and charges" section for details of how to find this.

     
     

     https://www.cynergybank.co.uk/personal/online-easy-access-account/online-easy-access-account/
     

     
     

     ETA Which confused me so I called to check and they said that the first quote is correct and for that account there is no limit to the amount which can be withdrawn online in one day.