The Top Easy Access Savings Discussion Area

BlackthornU

Can anybody recommend a good current account to use as the nominated account for savings accounts?

I am a rate tart and try to move my money to the best rates quickly, but am having some issues with transferring money once the amounts get above about £30K.
Using First Direct, it allows transfers of up to £50K online (less in app), but I get calls from the Fraud team there with the daftest questions imaginable (and last time with a call quality and accent so strong I struggled to understand them (call centre was in the Philippines) Understandably their knowledge of the UK savings market was limited, I am not sure they understood what a Building Society was). They hadn't even looked up that the sort code I was sending to was only used by a Building Society for its savings accounts. 
When transferring larger amounts you have to phone First Direct  - call centres normally good but they did mention a 3pm cut-off for large amounts for same day transfers. I questioned this and it turned out to the Fraud team sets this time limit. 

Other banks seem to have even lower limits on amounts that can be transferred online. E.g. Just looked up Halifax and they state  -
Halifax Faster payments - Online: up to £25,000 per day. In branch: up to £250,000 per day with proof of identity. Telephone: up to £10,000 per day

I prefer to transact online - the less people that see my details - the better.

Yes I know fraud is a problem and I have sympathy for the banks when people who have been daft get money back from them. But transferring money above £30K or so between savings accounts is becoming a real pain.

Futuristic

BlackthornU said:

Can anybody recommend a good current account to use as the nominated account for savings accounts?

I am a rate tart and try to move my money to the best rates quickly, but am having some issues with transferring money once the amounts get above about £30K.
Using First Direct, it allows transfers of up to £50K online (less in app), but I get calls from the Fraud team there with the daftest questions imaginable (and last time with a call quality and accent so strong I struggled to understand them (call centre was in the Philippines) Understandably their knowledge of the UK savings market was limited, I am not sure they understood what a Building Society was). They hadn't even looked up that the sort code I was sending to was only used by a Building Society for its savings accounts. 
When transferring larger amounts you have to phone First Direct  - call centres normally good but they did mention a 3pm cut-off for large amounts for same day transfers. I questioned this and it turned out to the Fraud team sets this time limit. 

Other banks seem to have even lower limits on amounts that can be transferred online. E.g. Just looked up Halifax and they state  -
Halifax Faster payments - Online: up to £25,000 per day. In branch: up to £250,000 per day with proof of identity. Telephone: up to £10,000 per day

I prefer to transact online - the less people that see my details - the better.

Yes I know fraud is a problem and I have sympathy for the banks when people who have been daft get money back from them. But transferring money above £30K or so between savings accounts is becoming a real pain.

Maybe someone here has done this recently but it would probably be a red flag if you signed up to a new bank for sole purpose of moving money in and out without it also being your regular spending/income account as well. 

Perhaps one of the digital banks like Monzo or Starling will work, or Chase. I personally use Chase but it also receives my income, I have £50k limit (I believe new users get £25k and you need to try get them to increase) but they have true 24x7 fraud dept to release payments even at night and straight forward questions. 

TiVo_Lad

This is a useful ready-reckoner

https://www.wearepay.uk/what-we-do/payment-systems/faster-payment-system/transaction-limits/

kjs31

cwep2 said:

Re: Cahoot - similar experience here, opened quickly with details to deposit (via Bank Transfer/FPS) voa email straight away. Letters arrived about a week later with details to log in and therefore transfer out.

I always feel the need to have some savings which can be moved to my current account even at 8pm on a bank holiday or Sunday night, eg I want to spend a large amount (book holiday or something?) on debit card or have large DD coming out Monday morning. .

Lack of an app might be a downside to some, and it's a bit more clunky to log in on a mobile with webpage and 2FA, but I'm happy with it and the rate. 

I did get my second letter eventually and have logged on and seen the £10 that I put there as an initial deposit. I have now started transferring money into the account. I guess I don't like the 'old fashioned' way of opening the account. So many are done pretty much instantly these days waiting for a letter to scratch off a code seems so last decade. Also lack of an app is a bit of a turn off for me. I have Chip that's only slightly behind Cahoot and has an app and instant transfers. Just with a house purchase pending I'm spreading the risk by operating several accounts currently and am going for the accounts with the best online rate. In branch or telephone only is a definite no no for me. 

BooJewels

The funny thing is, I opened a Cahoot saver a few days ago, got the 2nd letter with the security stuff in today and they didn't ask for all of it when I set up the on-line account.  Maybe they do if you hit any sort of snag.  I don't mind waiting for paper information like that, it feels a smidge more secure than everything being done digitally.  I'm not sure that instant is always good when involving money - I just plan accordingly.

SaveTheEuro

2010 said:

n3ophyte said:

2010 said:

n3ophyte said:

Regarding Cahoot. It took 7 days from for the online banking details to arrive from Cahoot by post so that I could actually operate my new 4.9% Instant Access Saver. In that time Oxbury Bank made their 4.94% Personal Easy Access account available. Application/acceptance was instant and account operation via the Oxbury app immediate.

Oxbury got my money instead of Cahoot.

The moral? - 7 days is an age in these days of fast moving rate increases

Another moral, if you have to jump through hoops to open an account --------------- don`t.

You don’t always know in advance how protracted the process will be though

Once the words post and forms is mentioned you can forget about it.
Also opening an account you don`t need (usually a current) to get a savings account.
Also buying a new phone so you can use their app which doesn`t work on your current mobile.
Feel free to add more hoops.

The apply twice method for the Newcastle Building Society Base Rate Tracker a couple of months back -- being asked to send ID on the first attempt but instantly approved on the second attempt a few hours later.

It got even more bizarre when they asked for feedback on opening the account. I marked them low saying it was because they would only accept ID through the post rather than electronically. Unilaterally, they decided this feedback was a formal complaint. Their inquiry into the "complaint" concluded that it was not upheld because requesting ID by post was "our current procedure". Bonkers or what?

meadb4

hi I'm a newbie here but not sure why Tandem isnt getting a mention at 5% instant access rate?

mebu60

SaveTheEuro said:

2010 said:

n3ophyte said:

2010 said:

n3ophyte said:

Regarding Cahoot. It took 7 days from for the online banking details to arrive from Cahoot by post so that I could actually operate my new 4.9% Instant Access Saver. In that time Oxbury Bank made their 4.94% Personal Easy Access account available. Application/acceptance was instant and account operation via the Oxbury app immediate.

Oxbury got my money instead of Cahoot.

The moral? - 7 days is an age in these days of fast moving rate increases

Another moral, if you have to jump through hoops to open an account --------------- don`t.

You don’t always know in advance how protracted the process will be though

Once the words post and forms is mentioned you can forget about it.
Also opening an account you don`t need (usually a current) to get a savings account.
Also buying a new phone so you can use their app which doesn`t work on your current mobile.
Feel free to add more hoops.

The apply twice method for the Newcastle Building Society Base Rate Tracker a couple of months back -- being asked to send ID on the first attempt but instantly approved on the second attempt a few hours later.

It got even more bizarre when they asked for feedback on opening the account. I marked them low saying it was because they would only accept ID through the post rather than electronically. Unilaterally, they decided this feedback was a formal complaint. Their inquiry into the "complaint" concluded that it was not upheld because requesting ID by post was "our current procedure". Bonkers or what?

I got £50 compo out of them! My primary complaint was their failure to recognise their third party link for electronic validation had failed that day plus the subsequent insecure use of post for ID.

SeriousHoax

meadb4 said:

hi I'm a newbie here but not sure why Tandem isnt getting a mention at 5% instant access rate?

Scroll back a few weeks when it first went to 5% you will see it got loads of mention.

masonic

meadb4 said:

hi I'm a newbie here but not sure why Tandem isnt getting a mention at 5% instant access rate?

Because it's no longer available.