The Top Easy Access Savings Discussion Area

2010

1spiral said:

2010 said:

I usually assume, whether right or wrong, that you don`t get interest for the money on the day you withdraw it and interest doesn`t start until the next day for wherever it`s going to.

I think the first part of your statement is 100% accurate. If the second part was, it would take a large swing in interest rate between existing and new to ever make switching viable due to the interest loss penalty.

So you think the receiving provider pays interest for the day they receive the money no matter what time of day it is?

masonic

The answer can usually be found in the T&Cs of your account, so it pays to refer to them rather than guessing. For example, Santander clearly states that money received before 8pm earns interest from that day, while money received later won't start to earn interest until the next day.

Not understanding things like this can result in a saver losing out on interest due to making a transfer that prevents them earning interest from either of their accounts on a particular day, while in other cases a whole weekend could be lost.

These losses would still be relatively small. To make a switch unviable, the rate differential would need to be quite small and/or the frequency of switching high.

jaceyboy

jaypers said:

Freebird53 said:

I've just attempted to fund my Santander account, only to find my source account with Nationwide, limits transactions to £25000/day, as it is a 'new' account, despite me sending £1 to verify. Can anyone recommend an institution which does not have these ridiculous limits?

Barclays is £50k per day for personal customers or £100k for Premier (using Online Banking rather than the App). 

I am a Premier customer and can only do £50k per day web based and £30k app based, together £80k max per day

tg99

Monument up to 5.03%.

propertyrental

Just opened a Scottish BS e-saver+, and sent a test transfer of £100 from my linked c/a on .Thursday 21/9.

No sign of it in my SBS account. Does it usually take this long for them to allocate transfers in?

Malchester

propertyrental said:

Just opened a Scottish BS e-saver+, and sent a test transfer of £100 from my linked c/a on .Thursday 21/9.

No sign of it in my SBS account. Does it usually take this long for them to allocate transfers in?

I opened an account earlier in the week. Sent funds Friday late morning and still no sign of them in Scottish BS Account. Also any withdrawals are next working day at the earliest 

1spiral

2010 said:

1spiral said:

2010 said:

I usually assume, whether right or wrong, that you don`t get interest for the money on the day you withdraw it and interest doesn`t start until the next day for wherever it`s going to.

I think the first part of your statement is 100% accurate. If the second part was, it would take a large swing in interest rate between existing and new to ever make switching viable due to the interest loss penalty.

So you think the receiving provider pays interest for the day they receive the money no matter what time of day it is?

No, in my previous post I clearly stated " I assume they are referring to missing the cut off deadline for deposits" . As a general rule of thumb, I assume that if the money is visible in my account, I am receiving interest on that day. There are a few exceptions to this whereby you receive interest on the day the funds are received despite it not being visible but as @masonic says, you need to check the T&C's. My original post on this matter was to ask the question of which organisations never pay interest on the day of deposit as some have stated on here as I am not aware of any.

Freebird53

If I opened a Leeds BS savings account at 5.1% now, would the interest accrued by taxable this financial year...or next?

allegro120

Freebird53 said:

If I opened a Leeds BS savings account at 5.1% now, would the interest accrued by taxable this financial year...or next?

It is paid annually, so it will be taxable next financial year. Accrued interest is not taxed, only when it is paid it becomes taxable.

flaneurs_lobster

Freebird53 said:

If I opened a Leeds BS savings account at 5.1% now, would the interest accrued by taxable this financial year...or next?

Depends on which tax year the interest is paid.