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  • 1spiral
    1spiral Posts: 340 Forumite
    100 Posts Second Anniversary Name Dropper
    Does Shawbrook do neither, and is it made clear in their terms?  If so, how can they give a correct AER projection if paying a day short?

    Companies usually provide an example stating the return for £1000 after 1 year assuming no further deposits or withdrawals are made. For Shawbrook this would be £1052. This will equate to the AER. I think they should also have to by law provide that said example assuming you withdraw the whole amount on the 1st of each month and return it to them as soon as you receive it. For many accounts that would be the same figure but in Shawbrook's case that would be the 2nd of Month resulting in a lower return of £1048.54 or an AER of 4.85% rather than the 5.02 they quote. I no longer use Shawbrook because in the current climate, my funds don't remain in an account for longer than 2-4 weeks thus meaning my return is even lower than 4.85 which is nowhere near competitive enough.

  • Moneybox are changing the provider for their Simple Saver.

    They are ending their partnership with Shawbrook and moving to Santander International. Means a rate increase from 3% to 4% 

    Never has been competitive, but useful for DD needed on current accounts 😁

    Source: email from Moneybox today
  • allegro120
    allegro120 Posts: 2,117 Forumite
    1,000 Posts Second Anniversary Name Dropper
    cloud_dog said:
    @soulsaver
    Shawbrook EA Issue 36 now 5.02% (£1k min).
    I really like Shawbrook, but sometimes I wish they'd stop feking about with piddle rises!



    Same here but more annoyed that you always miss out on one day of interest when you withdraw with this account, hence why I never opened one and only have an ISA with them.
    Does Shawbrook do neither, and is it made clear in their terms?  If so, how can they give a correct AER projection if paying a day short?

    Can't do this for accounts that have no end dates - if you don't withdraw in 12 months the AER projection won't be affected.
  • 2010
    2010 Posts: 5,510 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    edited 20 September 2023 at 9:29PM
    BoE 50/50% tomorrow.

    Depending on what happens, we might start to see some savings rate reductions.
  • gwapenut
    gwapenut Posts: 1,438 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 20 September 2023 at 7:43PM
    soulsaver said:
    gwapenut said:
    How soon after funding Kent Reliance with the minimum opening balance of £1000 can the amount in the account dropped to the minimum operating balance of £1 ?
    As soon as you're happy with 0.1%...
    I'm pretty sure I can cope with earning no interest on £1. I'm just keen not to break the terms of the account. I was thinking of leaving it in until the 7 day funding deadline has ended to be safe
  • soulsaver
    soulsaver Posts: 6,734 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    gwapenut said:
    soulsaver said:
    gwapenut said:
    How soon after funding Kent Reliance with the minimum opening balance of £1000 can the amount in the account dropped to the minimum operating balance of £1 ?
    As soon as you're happy with 0.1%...
    I'm pretty sure I can cope with earning no interest on £1. I'm just keen not to break the terms of the account. I was thinking of leaving it in until the 7 day funding deadline has ended to be safe
    Well if that helps you to sleep easy, do that... but the terms are quiet on the subject other than the £1k min opening.
  • masonic
    masonic Posts: 27,869 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Re Tandem Instant Access, I just tried to send them 8k through Open Banking from Lloyds and it failed due to above the daily limit. I then tried 5K was went through OK.
    According to True Layer's web site, the limit through Lloyds is £99,999 and Lloyds own limit is £25,000.
    Any ideas why there was a problem?
    TIA
    As others have suggested, it's Lloyds' open banking transfer limit. With Tandem you can just send via Faster Payment and can use the payee previously set up via Open Banking.
  • Chadsman
    Chadsman Posts: 1,113 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    soulsaver said:
    gwapenut said:
    How soon after funding Kent Reliance with the minimum opening balance of £1000 can the amount in the account dropped to the minimum operating balance of £1 ?
    As soon as you're happy with 0.1%...
    Why open a savings account paying 0.1% interest? What am I missing here?
    God save the King!
    I'll save Winston Churchill, Jane Austen, J. M. W. Turner and Alan Turing.
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