The Top Easy Access Savings Discussion Area

janusdesign

apologies if this has been previously mentioned (searched but couldn't see anything about this), but I got a letter this morning from Al Rayan stating that all their savings account will require ONE nominated account to which ALL transfers & payments can be made.

What’s changing:

• From April 2024 all Al Rayan Bank savings accounts will require a single nominated account to which external payments and transfers are made. This nominated account will apply to all savings accounts you hold with Al Rayan Bank in your name.
• Your nominated account can be with any UK bank or building society, as long as you are listed as an account holder.
• Savings accounts without a nominated account after this point will continue to earn profit, receive statements, and accept deposits from external accounts. However, you will not be able to make payments to other accounts until the nominated account details are provided.
• Direct Debits or standing orders will not be allowed on savings accounts after this point. Please make any necessary changes to any Direct Debits or standing orders associated with your savings accounts before this date.

What’s not changing:

• In-bound payments to your savings accounts are not affected by this change.
• Transfers between your own Al Rayan Bank accounts are not affected by this change.
• This change does not impact any Current Account or finance product you have with Al Rayan Bank.

Joint accounts:

• In most joint savings accounts, each account holder will require their own nominated account details. However, if your joint savings account is a Fixed Term Deposit, the nominated account information of the primary account holder will be used for all account holders.

Next steps:

• It’s very easy to provide your nominated account details online, the process should take no longer than five minutes to complete.
• The links on this page will take you to  separate online form where you will be asked to enter your unique five-digit code, first name and last name exactly as shown in the email or letter that you received from us. Once you are logged in, please follow the instructions on the screen.

the letter included a form and prepaid envelope, but looking at the page below, it looks at though it can be completed online.

Send us your nominated account details | Islamic banking | Sharia compliant & ethical (alrayanbank.co.uk)

Rudyson

janusdesign said:

apologies if this has been previously mentioned (searched but couldn't see anything about this), but I got a letter this morning from Al Rayan stating that all their savings account will require ONE nominated account to which ALL transfers & payments can be made.

What’s changing:

• From April 2024 all Al Rayan Bank savings accounts will require a single nominated account to which external payments and transfers are made. This nominated account will apply to all savings accounts you hold with Al Rayan Bank in your name.
• Your nominated account can be with any UK bank or building society, as long as you are listed as an account holder.
• Savings accounts without a nominated account after this point will continue to earn profit, receive statements, and accept deposits from external accounts. However, you will not be able to make payments to other accounts until the nominated account details are provided.
• Direct Debits or standing orders will not be allowed on savings accounts after this point. Please make any necessary changes to any Direct Debits or standing orders associated with your savings accounts before this date.

What’s not changing:

• In-bound payments to your savings accounts are not affected by this change.
• Transfers between your own Al Rayan Bank accounts are not affected by this change.
• This change does not impact any Current Account or finance product you have with Al Rayan Bank.

Joint accounts:

• In most joint savings accounts, each account holder will require their own nominated account details. However, if your joint savings account is a Fixed Term Deposit, the nominated account information of the primary account holder will be used for all account holders.

Next steps:

• It’s very easy to provide your nominated account details online, the process should take no longer than five minutes to complete.
• The links on this page will take you to  separate online form where you will be asked to enter your unique five-digit code, first name and last name exactly as shown in the email or letter that you received from us. Once you are logged in, please follow the instructions on the screen.

the letter included a form and prepaid envelope, but looking at the page below, it looks at though it can be completed online.

Send us your nominated account details | Islamic banking | Sharia compliant & ethical (alrayanbank.co.uk)

It can indeed be completed online. Very Quick, very simple.

soulsaver

ToTP: Top (of The Pots) ranked-by-rate Easy(ish) Access Top 10. 

Links & availability checked as at 13.20 16/12/23

Note: This is a snapshot and isn't maintained: For latest data (and morel info.) see the original doc. linked at the very bottom of this post.

1 Metro Bank Limited Edition Instant Access  5.22% (10/11) **Risk? Note discussion here.**

2 Ulster Bank Loyalty Svr  5.20% £5k+ (29/09)

3 Paragon Dbl Access  Iss4 again 5.16% Min £1k (30/11) 

4 Cahoot Simple Saver 5.12% (09/10)

5 Cynergy Online EA iss 69  5.10 % (24/11)

6 Beehive Limited Issue Easy Access Issue 3  5.10% £1k min (12/12).

7 Leeds BS Limited Issue Online Access Account (Issue 53) 5.10% £1k min (13/12)

8 Yorkshire BS Loyalty Six Access  5.10% (04/10) ***NLA 15/12***

8 Charter EA iss47 5.07% £5k min (07/12) 

9 Virgin Money Defined Access E-Saver Iss 20  'Tri' 5.07% (08/12) 

10 Skipton BoE BR tracker 5.06% (09/12) mentioned Nov here ..  ***NLA14/12***

10 Kent Reliance EA Iss66 5.06% £1k min FTR (09/12) 

janusdesign

Re: Ford Money Flexible Saver... just received an email from them that for those already with the account, the rate will drop to 4.85% AER / 4.75% monthly) on 17th January 2024 - in other words, that's the 30-day interest rate decrease notice that will bring the account into line with the current rate new applicants receive today.

jaypers

janusdesign said:

Re: Ford Money Flexible Saver... just received an email from them that for those already with the account, the rate will drop to 4.85% AER / 4.75% monthly) on 17th January 2024 - in other words, that's the 30-day interest rate decrease notice that will bring the account into line with the current rate new applicants receive today.

Bin for Ford then. 

Bridlington1

jaypers said:

janusdesign said:

Re: Ford Money Flexible Saver... just received an email from them that for those already with the account, the rate will drop to 4.85% AER / 4.75% monthly) on 17th January 2024 - in other words, that's the 30-day interest rate decrease notice that will bring the account into line with the current rate new applicants receive today.

Bin for Ford then. 

Not necessarily, if they launch a competitive product later on it would be handy to have online access in order to save a bit of time later on, plus if other EA rates start to fall then there's a chance it could hold up in relation to others. My Ford flexible saver has had a £1 balance for many months now and this is how it will remain for the foreseeable future.

georged123

I wonder if a few places will be trying to slip out a quiet rate decrease when people are pre- occupied with Christmas…

Pompeydave1967

georged123 said:

I wonder if a few places will be trying to slip out a quiet rate decrease when people are pre- occupied with Christmas…

I reckon a few could , tandem for one poss. All their fixed have dropped to ultra low rates now so will the easy access 5% go the same way ?

Bridlington1

@soulsaver Paragon Double Access Issue 5 to return at 5.05%.

wiseonesomeofthetime

Pompeydave1967 said:

georged123 said:

I wonder if a few places will be trying to slip out a quiet rate decrease when people are pre- occupied with Christmas…

I reckon a few could , tandem for one poss. All their fixed have dropped to ultra low rates now so will the easy access 5% go the same way ?

Didn't they just try to promote a new pots feature though?

Might find they empty quick, if drop too low.