The Top Easy Access Savings Discussion Area

cadguy77

Kazza242 said:

intalex said:

Today being the monthiversary of when the Santander 5.08% Gross was released, opened and first funded by many (including me), when would Santander typically credit the interest? It's already past 7am and it hasn't appeared yet for me, and I'm wondering if it'll appear later today or tomorrow?

My Santander Easy Access Limited Edition (issue 3) interest has been added to my account now. 

If you opened the account on the day of launch and selected monthly interest, then you should now have received your interest payment.

Mine has landed too

allegro120

Kazza242 said:

intalex said:

Today being the monthiversary of when the Santander 5.08% Gross was released, opened and first funded by many (including me), when would Santander typically credit the interest? It's already past 7am and it hasn't appeared yet for me, and I'm wondering if it'll appear later today or tomorrow?

My Santander Easy Access Limited Edition (issue 3) interest has been added to my account now. 

If you opened the account on the day of launch and selected monthly interest, then you should now have received your interest payment.

Received on 4th, but dated 5th Oct. So there is one day p/m loss on compounded interest.

tg99

Not used that Virgin savings platform for a few years now - if I recall correctly withdrawals are by faster payment 24/7 7 days a week but take something like 30-60 mins rather than being truly instant. Can anyone who has done a withdrawal more recently confirm this? Thks 

mizfiesta

wiseonesomeofthetime said:

mizfiesta said:

BlackthornU said:

I see the MSE email has gone out with a subject of '5.2% big-name savings, ....' and in the body of the email 'New. Top 5.2% easy-access savings & they're from a BIG name. NatWest Group's Ulster Bank* has just launched a 5.2% AER variable easy-access saver, ie, you can put money in and withdraw it when you want... as long as you've £5,000+ to open it. If not, Coventry BS also offers 5.2% from £1 but while Ulster allows unlimited withdrawals, with Coventry you can only withdraw 3 times a year; more and you pay a penalty. Full info & more options in Top savings'

Given Ulster were struggling with customer service when their account required £50K to get the top rate of interest, I can see this going pear shaped rapidly for people trying to sign up. Even the opening process was difficult and long winded - I have lived at the same address for years and have no problems getting electronically ID'd, and bank with NatWest itself but I had to either send off ID docs to Ulster or take them to a NatWest branch for them to certify and send off (which I did). I have had 30 minute waits to talk to Ulster Customer service and then again their fraud team.

NatWest should take this over otherwise it will probably end with bad reviews for Ulster Bank (a trading name of NatWest).  

I've just this minute applied. Sounds like it's going to be a palava?
Only reason I moved was because Kroo suddenly lowered their rates from over 5% to 4.35%. Hopefully I don't keep having to switch. Anyone finding this is exactly what they're having to do?

When were Kroo's rates ever over 5%?

I have a Kroo account and appear to have missed that email!

Last one (prior to their move to be in line with BoE less 0.9%) was informing me of a rise from 4.10% to 4.35%

Sorry, I may be mistaken on the 5% from Kroo - ignore me. I'm getting mixed up. Senior moment :-)

SonOfPearl

Middle_of_the_Road said:

subjecttocontract said:

Wheres_My_Cashback said:

mizfiesta said:

BlackthornU said:

I see the MSE email has gone out with a subject of '5.2% big-name savings, ....' and in the body of the email 'New. Top 5.2% easy-access savings & they're from a BIG name. NatWest Group's Ulster Bank* has just launched a 5.2% AER variable easy-access saver, ie, you can put money in and withdraw it when you want... as long as you've £5,000+ to open it. If not, Coventry BS also offers 5.2% from £1 but while Ulster allows unlimited withdrawals, with Coventry you can only withdraw 3 times a year; more and you pay a penalty. Full info & more options in Top savings'

Given Ulster were struggling with customer service when their account required £50K to get the top rate of interest, I can see this going pear shaped rapidly for people trying to sign up. Even the opening process was difficult and long winded - I have lived at the same address for years and have no problems getting electronically ID'd, and bank with NatWest itself but I had to either send off ID docs to Ulster or take them to a NatWest branch for them to certify and send off (which I did). I have had 30 minute waits to talk to Ulster Customer service and then again their fraud team.

NatWest should take this over otherwise it will probably end with bad reviews for Ulster Bank (a trading name of NatWest).  

I've just this minute applied. Sounds like it's going to be a palava?
Only reason I moved was because Kroo suddenly lowered their rates from over 5% to 4.35%. Hopefully I don't keep having to switch. Anyone finding this is exactly what they're having to do?

Mention of this made me look at Ulster. Used to have an account with them years ago when they were top of charts with rates. 
Amazed that I could still login and it told me I last logged in on 08/09/17 which was when I emptied the e-savings a/c I had then. It's been sat there with a zero balance for over 6 years as It couldn't be closed without writing to them at that time.......and all these years later after chatting to Cora the bot it still says...

If the instant access savings account is the only account you have with us, you can request closure by writing to the following address: Belfast
or 
You may also close your account with us via your local branch along with your Debit Card, Pin and proof of ID:

Well that'll be about an 1100 mile round trip then!

It shows how backwards they are with banking in NI

The banking here in England can be just as appallingly bad.
In spite of already having 3 active accounts with YBS. In spite of being IN their branch yesterday opening the new 7% regular saver, this morning I logged in to open their latest offering, the new 5.1% loyalty six access esaver. It wants me to provide ID.......the same ID that I showed them in the branch yesterday, the same details they hold on me for all of my YBS accounts. You couldn't make it up.

How do these establishments manage to stay in business ? 

I've got four accounts with them, and it's always been simple to open each new account. I know they've had recent technical problems and failed website upgrades, but it does seem like they're not functioning very well nowadays. I'm going to try opening the loyalty 6. Not that I think it's a great rate, but will probably move the 5k from the RDA.


ETA
Well, it's the same for me. Account opened, but couldn't verify my identity. I need to send three documents, or take into a branch.
First time I've had this in over 20 current or savings account applications. Won't be bothering with this any further.

Same here. I just opened the new 5.1% YBS Loyalty six access e-Saver and despite being a long term member and holding half a dozen other accounts it suddenly wants ID??? So my question is, if I don't bother with the faff of sending them ID I assume they will close the account BUT will it affect all my existing accounts?

subjecttocontract

I shouldn't think your other accounts will be affected.
Although it's a PITA you can, I believe, just send photocopies in the post.
This is a case of KYC gone mad.......completely unnecessary and just YBS interpretation of the rules. Their senior management are attrocious and won't be getting my vote at AGM time.

Section62

subjecttocontract said:

I shouldn't think your other accounts will be affected.
Although it's a PITA you can, I believe, just send photocopies in the post.
This is a case of KYC gone mad.......completely unnecessary and just YBS interpretation of the rules. Their senior management are attrocious and won't be getting my vote at AGM time.

I think it more likely to simply be their new online system being no good.

They've already had to revert back to the old system once.

Now the new one is back there have been multiple reports of new account applications failing, of people being unable to log in etc.  The system saying ID needs to be sent in (when it isn't required) fits the same pattern of IT failure.

pecunianonolet

Only the start and a sign of high interest rates becoming a real problem for some?

https://www.bbc.co.uk/news/business-67016375
https://www.theguardian.com/business/2023/oct/04/metro-bank-considering-raising-hundreds-of-millions-from-investors


Borrowing also on the up again and bond sell off driving yields to new highs
https://www.theguardian.com/business/live/2023/oct/04/tesco-food-inflation-profits-bond-selloff-bank-of-england-business-live

Swap rates are also on the up again, although still below previous highs
https://markets.ft.com/data/indices/tearsheet/summary?s=SB6L10Y=X:FSI

Are we moving from an inflation and cost of living crisis into a debt crisis? 

Imho, easy access rates will continue to rise in the short term, plateau mid term and stay there for some time before we see corrections but I doubt anything will fall below 3% anytime soon, unless we hit a massive debt crisis and the BOE needs to step in to refinance bad debt with more bad debt. Basically the way the Japanese economy operates since a very long time. Inflation in Japan is basically non existent. Maybe the billions, or part of the funds, not spend on railway would be better diverted to pay off debt?

On fixes and ISA fixes, I think we are over the peak and can enjoy current rates for a little longer and have reached a stable level but will slowly see rates eroding to lower levels by spring latest. Some corrections have already been made by some providers. 

Will open basically everything from now on which is 5% or above and stick the minimum in just in case. 

Would be interested to hear how others see easy access rates developing in the next weeks/months.

Tom9753

If not already mentioned, nationwide offer an 8% interest regular savings account. Can only put £200 a month in but a great way to maximise that spare cash! 

BestSeagull

Tom9753 said:

If not already mentioned, nationwide offer an 8% interest regular savings account. Can only put £200 a month in but a great way to maximise that spare cash! 

Hi Tom.
If you're interested in regular savers, there is a whole thread on the subject here https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list/p1032