The Top Easy Access Savings Discussion Area

dosh37

Applied for a KR easy access account today.

So far impressed by the simple application process (compared to several other savings providers).

Now in the process of transferring funds  - £20K at a time since that is (almost) the max allowed via BACS using my current account. Assume all goes well unless I post again.

It appears that Ford Money no longer want/need cash.

jaypers

dosh37 said:

Applied for a KR easy access account today.

So far impressed by the simple application process (compared to several other savings providers).

Now in the process of transferring funds  - £20K at a time since that is (almost) the max allowed via BACS using my current account. Assume all goes well unless I post again.

It appears that Ford Money no longer want/need cash.

Hopefully it’s going via Faster Payments. BACS takes 3 days!

dosh37

jaypers said:

dosh37 said:

Applied for a KR easy access account today.

So far impressed by the simple application process (compared to several other savings providers).

Now in the process of transferring funds  - £20K at a time since that is (almost) the max allowed via BACS using my current account. Assume all goes well unless I post again.

It appears that Ford Money no longer want/need cash.

Hopefully it’s going via Faster Payments. BACS takes 3 days!

Yes 'Faster Payments' - I didn't realise the difference.

dosh37

Why does BACS even continue to exist?

poppystar

Bridlington1 said:

@soulsaver
Close Brothers EA Issue 2 now 5.1% (£10k min)

Anyone opened this account and can say if a smaller amount can be sent as a test transfer or whether it would not be accepted if not at least £10k? I usually make a much smaller transfer initially to make sure all ok. 

jaypers

dosh37 said:

Why does BACS even continue to exist?

It is a very controlled way for companies to manage batches of payments such as salaries. Scheduling is easier and very robust, it is cheap, and it is compatible with pretty much all accounting software. You would use Faster Payments for differing purposes, eg: BACS isn’t designed for a SIP (Single Immediate Payment) and that also isn’t a mechanism you would want for salary payments. 

Middle_of_the_Road

dosh37 said:

Why does BACS even continue to exist?

For amounts over those allowed by faster payments.

wmb194

dosh37 said:

Why does BACS even continue to exist?

It's very important: it's used for direct debits.

masonic

dosh37 said:

Why does BACS even continue to exist?

BACS also allows bulk payments, which are important for businesses (including the banks themselves).

janusd

barafear799 said:

I just read my email from Tandem and came on here to post - but beaten to it. Out of curiosity, is there a standard period for "banks giving you notice of reductions in interest rates" - were Tandem one of the more generous ones (with 30 days) and therefore reducing to 14 is simply joining the crowd?

it varies - some such as Santander, Cahoot, Ulster currently give 60-days notice on a rate decrease; usually for others it is 14 days... Tandem were slightly unusual, though not unique (e.g Hampshire Trust still do it), in using 30 days as the notice period.