The Top Easy Access Savings Discussion Area

jpsman

Stargunner said:

You can’t have it paid away, so best to transfer it out as soon as it has been paid.

In that case I think I'll save myself the bother, put in £3738.50 and just let it compound.

ETA: thanks to @Nick_C for pointing that out in an earlier post!

masonic

Zopa_Trooper said:

But it does happen in other walks of life so why not banking?

It doesn't happen in all other walks of life. It tends to happen in less efficient markets where retailers have inbuilt margins to allow them to come down in price or at the opposite end of the spectrum, retailers that are in distress. In your example of the high street retailer, they are operating in an inefficient physical market with high overheads. They are constrained by footfall and under a lot of pressure due to the overheads of physical premises. They will have observed countless instances of customers inspecting an item in store and then going online to complete a purchase for a lower price. The number of such businesses that have gone into administration of late is an indicator that they do not have the upper hand when it comes to price negotiations. 

That is quite different to a savings bank, which may or may not have a physical presence on the high street, but can reach millions of potential customers online and through comparison websites, and just by setting its rate, can control the flow of money to and from its accounts via a huge efficient market. Engaging in individual negotiations with customers on that scale is hardly going to register. The sort of customer that is willing to haggle is probably the sort of customer that will be least profitable for them over the long term, so it makes most sense for them to target cash at the lowest market price they can get away with and make those that drive a hard bargain a problem for their competitors.

Nick_C

TwiceNightly said:

Thanks, yes I have a current account with them that I don’t use at the moment and am looking around various banks for a daily spending/spending abroad account and came across this.

Seems like it might be a good fit for that? I’d transfer some money into the account and use it for spending, taking advantage of boosts where I can and get access to the savings account.

@TwiceNightly

Off Topic, but I would suggest Chase.  1% cashback on most debit card spend (up to £15 a month) as well as a perfect exchange rate on foreign currency spend.  

patpalloon

Nick_C said:

TwiceNightly said:

Thanks, yes I have a current account with them that I don’t use at the moment and am looking around various banks for a daily spending/spending abroad account and came across this.

Seems like it might be a good fit for that? I’d transfer some money into the account and use it for spending, taking advantage of boosts where I can and get access to the savings account.

@TwiceNightly

Off Topic, but I would suggest Chase.  1% cashback on most debit card spend (up to £15 a month) as well as a perfect exchange rate on foreign currency spend.  

Chase is great. I use it as my current account and keep a bit in the savings account for easy top up - but not too much as 4.1% isn't the best.

soulsaver

Nick_C said:

Edge Saver. 

"You can only pay money into your account online from your Santander Edge current account."

I hadn't spotted that before. 

If they meant "may" or "must" they should have said so.

I funded my Edge Saver from my 123 Lite Current Account.

The Edge Saver had a standard sort code and account number so you can fund it from anywhere.  

To be on the safe side, I transferred £4k into my Edge current ac & back to my Edge savings accounts that hadn't originally gone via the c/a. Took nearly all of 20 seconds..

Malchester

jpsman said:

Just opened a Santander Edge Saver and as interest is paid monthly to the max balance of 4k, is it possible to have the interest paid out of the account? Has anyone tried? (I'm new to Santander)

Yes, this is exactly what I am doing. An instant transfer to my Edge Account

cwep2

mebu60 said:

mebu60 said:

Issue 42 is NLA, current issue is 43 @ 4.5%. I will follow up. 

Have raised a complaint via secure message. They claim to respond within 4 working days. 

I tried this about a dozen issues ago. Previously they created new issue with higher rate and didn’t up the old issues, opened new account with them and they went and matched the higher rate with older issues a couple weeks later. Next time I didn’t open the new one, expected them to match it a few days later, but they didn’t raise the rates on older issues at all. 

Complained, they said it’s within the T+Cs of the account, tough. Clearly no reward for loyalty. 

I had been a saver with them for >7yrs and held an ISA there as well. I closed down all but one account and transferred the ISA out, I left 1p in the account on the basis it may cost them more to administer a live account. I’ll never use them again out of principle now. 

This is Charter Savings in case this is lost in all the replies. 

mebu60

cwep2 said:

mebu60 said:

mebu60 said:

Issue 42 is NLA, current issue is 43 @ 4.5%. I will follow up. 

Have raised a complaint via secure message. They claim to respond within 4 working days. 

I tried this about a dozen issues ago. Previously they created new issue with higher rate and didn’t up the old issues, opened new account with them and they went and matched the higher rate with older issues a couple weeks later. Next time I didn’t open the new one, expected them to match it a few days later, but they didn’t raise the rates on older issues at all. 

Complained, they said it’s within the T+Cs of the account, tough. Clearly no reward for loyalty. 

I had been a saver with them for >7yrs and held an ISA there as well. I closed down all but one account and transferred the ISA out, I left 1p in the account on the basis it may cost them more to administer a live account. I’ll never use them again out of principle now. 

This is Charter Savings in case this is lost in all the replies. 

In the current instance the latest account is 0.05% lower than the previous issue (42) but the more relevant point is that Charter issued a "Good news" email some two weeks ago saying all NLA accounts would be increased by 0.25% on 18:08 and Issue 42 was not available when the email was received. Which is why I and others left funds in Issue 42 at an uncompetitive 4.55% expecting to see it hiked to 4.8% yesterday. 

jpsman

Tip for anyone with a Santander Edge Saver: you can set a free email and/or text alert for when your balance goes above a certain amount (eg 4k). I set mine online under Account Settings>Account Alerts. Really easy. Don't have the app, but doesn't look like these can be set up there, only in your online account: https://www.santander.co.uk/personal/support/understanding-our-services/account-alerts

oz0707

My partner has the old Santander 123 account, paying 4 quid per month. I don't see what benefits this brings nowadays. Does it make sense for her to bin this off, open the edge current, then open an edge saver funded to the 4k? £1 per month better off regardless of savings interest