The Top Easy Access Savings Discussion Area

1spiral

Rollinghome said:

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.

wiseonesomeofthetime

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

Rollinghome said:

pecunianonolet said:

cloud_dog said:

Bridlington1 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

BoE 50/50% tomorrow.

Depending on what happens, we might start to see some savings rate reductions.

gwapenut

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

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.

pokemaster

Leeds BS Limited Issue Online Access Account (Issue 50) -

£1k minimum

 5.10% - interest paid on 1.12.24 (when account will be changed) 

@soulsaver

masonic

StayinAlive said:

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

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?

Bridlington1

Chadsman 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%...

Why open a savings account paying 0.1% interest? What am I missing here?

Kent Reliance have a habit of sometimes paying more on NLA EA accounts than their currently available versions. The account only pays 0.1% if the balance is below £1k, if it is £1k+ it pays 5.01% interest. If Kent Reliance increase the rate of the EA account once it is NLA to being higher than is available elsewhere you can top the balance up to £1k and benefit from it.