The Top Easy Access Savings Discussion Area

granta

callum9999 said:

granta said:

Steve_xx said:

granta said:

CHIP

I've moved most of my funds to Santander today but left the account open.
Today I received a bonus payment direct to my linked account. It's not the monthly interest so I can't work out what it is as I've not had that in previous months or paid direct to my linked account. 
Any ideas??

granta said:

CHIP

I've moved most of my funds to Santander today but left the account open.
Today I received a bonus payment direct to my linked account. It's not the monthly interest so I can't work out what it is as I've not had that in previous months or paid direct to my linked account. 
Any ideas??

Possibly. A while back Chip were offering joining bonus' if you deposited and kept varying amounts in your account for 6 months, I think.

Thanks for the suggestion. I don't think it can be that as I didn't opt in as knew it would be likely a better rate would come along.
Also odd that it was paid direct to my linked account when I didn't request it!

You likely did (unknowingly) request it.

It is a hangover from when Chip was paying a "bonus" instead of "interest". If you check your records you'll see the amount you initially received in the linked account when you withdrew was less than what you requested. This bonus will make up the difference.

Thanks, that must be what it is. I just didn't understand why I have been receiving 'interest' over the last few months rather than the monthly bonus payment of previous months. Not sure why it crept in this month!

friolento

SeriousHoax said:

Anyone putting more than 85k in santander😛.

Not me. Never.

The only outfit I would put more cash than the FSCS limit into is NS&I.

flobbalobbalob

Could I ask, as a newbie, for clarification of loss of interest when moving money from one account to another.

In the case of Santander they say "At the end of each day, 1/365th of your interest rate, which is called your daily periodic rate, is calculated based on your account balance."

Does this mean if you make a deposit during the evening then Santander are gifting you a full days interest and, presumably, when you make a same day withdrawal you loose a days interest. If the provider does not give same day withdrawals, will you loose interest for each days delay. Is that how it works for all providers! Thanks.

kjs31

SeriousHoax said:

Anyone putting more than 85k in santander😛.

Yes, me. I have a couple of accounts with 100k in them and will put 100k in Santander too. I’m quite relaxed about it but don’t want to risk more than 15k. 

10_66

DF Capital increased their interest rate today to 5% AER on Easy Access issue 2 (No Longer Available).

kjs31

When annual interest is paid on easy access savings is it always end of tax year with annual interest? I have house funds from sale of house on deposit at the mo so tax liability will be £££ this year with interest rates on savings being much better. It would be better if I could get the interest in the next tax year rather than this as I will have far less money on deposit next year once I’ve bought a new house. Or is a fixed term account the only option for that (can’t tie money up that way unfortunately as will be needed soon). 

And in other news I ended up with 2 Edge savings accounts and have shoved 4k in each. Signal went kapput when I was applying for the first account so I thought it hadn’t worked. Applied for another one and ended up with 2 🤔. 

ossie48

SeriousHoax said:

Anyone putting more than 85k in santander😛.

Yep we're putting in a £250,000 inheritance which will be protected for six months.

ColdIron

kjs31 said:

When annual interest is paid on easy access savings is it always end of tax year with annual interest? I have house funds from sale of house on deposit at the mo so tax liability will be £££ this year with interest rates on savings being much better. It would be better if I could get the interest in the next tax year rather than this as I will have far less money on deposit next year once I’ve bought a new house. Or is a fixed term account the only option for that (can’t tie money up that way unfortunately as will be needed soon).

It depends upon the saving provider. Some pay it on a fixed month (December, March etc) but anniversary of account opening is by far the most common
Check the T&Cs

chris_the_bee

BreakingGlass said:

I opened the Santander EA account yesterday and accidentally opted for monthly interest, when I wanted annual.  I messaged them to try to change but they said I had to close the 'monthly' and then re-open with 'annual'.  I used the chatbot to close the 'monthly' yesterday, but the account is still showing.  I have just opened an 'annual interest' version and currently have two accounts listed!

I haven't funded the account yet (other than a test £1), and I am slightly hesitant to do so after previous over-zealous anti-fraud measures when trying to withdraw from a Santander saver - wife and I wasted a whole day on the phone!

I did similar yesterday and account I wish to keep is showing that withdrawals cannot be made as account is pending. Phoned them this morning and result after 20 minutes of various holds was that it should be unlocked within 24 hours at same time as erroneous account is cancelled.
So if I were you, I wouldn't add funds that you might need to withdraw shortly until account is unlocked and you have tried a test deposit & withdrawal.

chris_the_bee

SeriousHoax said:

Anyone putting more than 85k in santander😛.

As a good rule you should not exceed the £85K. Even big banks can go & have gone bust.