The Top Easy Access Savings Discussion Area

TisMeBill

chris_the_bee said:

KevinG said:

kjs31 said:

When annual interest is paid on easy access savings is it always end of tax year with annual interest?

No, it's on the anniversary of opening the account.

Not for all BS. Kent Reliance pays on 5th April regardless of when opened. DYOR

and with Secure Trust Bank, Interest is paid annually on 31 December and at maturity.

KevinG

chris_the_bee said:

KevinG said:

kjs31 said:

When annual interest is paid on easy access savings is it always end of tax year with annual interest?

No, it's on the anniversary of opening the account.

Not for all BS. Kent Reliance pays on 5th April regardless of when opened. DYOR

Yes, sorry, I believe what I said is true for most accounts but I remember I had one myself that paid on 5th April, I can't remember what it was.

BreakingGlass

kjs31 said:

Should have thought this one through before opening it .....

There is no option for moving the 5.2% Santander easy access account from monthly interest to annual. I now would prefer annual interest (for tax reasons - interest is paid on account opening anniversary). The chat function says that I can close the account (takes 2 working days) and open an new one but they can't open a new one for me. Any risk with that? I know the risk is that the product it withdrawn but will it prevent me from opening another 5.2% account? It does say only 1 account per customer though so not sure if the closed one will count as 'the 1'. 

See my experience here: https://forums.moneysavingexpert.com/discussion/comment/80273290#Comment_80273290

I still have both monthly and annual accounts showing, and earlier today I successfully moved money in and back out of the newer 'annual interest' one.  I expect the 'closed' monthly interest account to disappear in the next day or so.

kjs31

mebu60 said:

If you close the monthly account today there's a good chance it'll be gone by the morning. 

Thanks. I asked for it to be closed this afternoon after checking that I could open a new one so will check tomorrow.

wiseonesomeofthetime

kjs31 said:

mebu60 said:

If you close the monthly account today there's a good chance it'll be gone by the morning. 

Thanks. I asked for it to be closed this afternoon after checking that I could open a new one so will check tomorrow.

I asked yesterday for Limited Edition 1 to be closed. It still visible in-app at the moment. No sign of closure. But then, Santander did say two working days.

chris_the_bee

kjs31 said:

mebu60 said:

If you close the monthly account today there's a good chance it'll be gone by the morning. 

Thanks. I asked for it to be closed this afternoon after checking that I could open a new one so will check tomorrow.

Best not to hold your breath: they told me it would take 48 hours,

TiVo_Lad

wiseonesomeofthetime said:

kjs31 said:

mebu60 said:

If you close the monthly account today there's a good chance it'll be gone by the morning. 

Thanks. I asked for it to be closed this afternoon after checking that I could open a new one so will check tomorrow.

I asked yesterday for Limited Edition 1 to be closed. It still visible in-app at the moment. No sign of closure. But then, Santander did say two working days.

I asked for a dormant account to be closed via the Chat App yesterday. They told me two days. Today I got an eMail saying it had been completed. The account is still showing in the App but presumably will close overnight.

Middle_of_the_Road

I have the issue 1, and also the recent issue 3. I don't see any benefit in closing the previous issue. I'm just leaving it at zero balance and unused. As i've never had any issues with outward transactions being blocked from the account, I will probably use it to make withdrawals to my nominated account, rather than from the new issue. Also it serves as a record of all previous activity through the account, which is easier than having to search individual c/a pdf statements.

mebu60

Middle_of_the_Road said:

I have the issue 1, and also the recent issue 3. I don't see any benefit in closing the previous issue. I'm just leaving it at zero balance and unused. As i've never had any issues with outward transactions being blocked from the account, I will probably use it to make withdrawals to my nominated account, rather than from the new issue. Also it serves as a record of all previous activity through the account, which is easier than having to search individual c/a pdf statements.

One benefit of closing the Issue 1 is that the accrued interest is now earning 5.2% in the Issue 3 :-) 

Stargunner

mebu60 said:

Middle_of_the_Road said:

I have the issue 1, and also the recent issue 3. I don't see any benefit in closing the previous issue. I'm just leaving it at zero balance and unused. As i've never had any issues with outward transactions being blocked from the account, I will probably use it to make withdrawals to my nominated account, rather than from the new issue. Also it serves as a record of all previous activity through the account, which is easier than having to search individual c/a pdf statements.

One benefit of closing the Issue 1 is that the accrued interest is now earning 5.2% in the Issue 3 :-) 

Savvy savers wouldn’t still have money in Issue 1, as they could of got  better rates elsewhere