The Top Easy Access Savings Discussion Area

RichTips

10_66 said:

RichTips said:

Update:

After discovering the £50,000 limit on internal transfers within Chorley BS, yesterday I spoke to them about how odd it seemed. In response, they agreed in writing that "if you request two internal transfers to your Chorleian account, this will only count as one withdrawal".

So, I'm now lowering the balance down to £500 to retain the interest accrued at 5.3% on the total balance up until they reduced the rate to 5.1% a couple of days ago, which can stay there at least until December 31st when they pay the interest, with the rest then transfered to my nominated account using the second Chorley account I now have (that isn't subject to withdrawal limits). It seems like this will avoid the £25 CHAPS fee and give me the freedom to get the balance on an account at a different institution with a very slightly better interest rate and far more allowable withdrawals.

Is there any reason why you can't just transfer it all into the Chorleian account and close the Easy Access (1 w/d) account at the same time, instead of waiting until December (unless waiting for tax purpose)?  I only ask, as this is what I'd intended to do.  What a palaver, but I'm not complaining really as they've had a better interest rate than other "easy access(?)" accounts.

Now that it's not offering a market leading rate and it's an account with a 1 withdrawal limit, I'd like the money somewhere offering more with less restrictions and using a means that won't pay out further interest this tax year (so yes, tax purposes do play a role in it). That said, I'm also just happy leaving the interest-acquired £500 there, under the assumption that I should get almost 2 months of a high balance's worth of interest, plus 10 months of, if we're lucky, 5.1% on £500 (I expect further interest reductions) as a New Year gift for myself. Getting a Certificate of Interest for my self assessment may also be less of a headache with the account still open.

As to an earlier point about CHAPS withdrawals by post, they do allow them and they corrected the mistake where they told me that this had to be in-branch. Yesterday, I was actually told three things that required correction on further prodding. Bearable mistakes but not ideal.

gwapenut

Off topic, but I'm going there anyway in response to the above comment from @RichTips. Do we still need to keep certificates of interest for 7 years, or can we just add up interest in a spreadsheet.

soulsaver

Coventry BS Triple Access (OL) iss3 - 5.08% (21/02) - replaces iss2 ***NLA*** 5.15% 

Thanks @Bridlington1

Bridlington1

soulsaver said:

Coventry BS Triple Access (OL) iss3 - 5.08% (21/02) - replaces iss2 ***NLA*** 5.15% 

Was first mentioned in this thread yesterday:
https://forums.moneysavingexpert.com/discussion/comment/80610159/#Comment_80610159

soulsaver

Bridlington1 said:

soulsaver said:

Coventry BS Triple Access (OL) iss3 - 5.08% (21/02) - replaces iss2 ***NLA*** 5.15% 

Was first mentioned in this thread yesterday:
https://forums.moneysavingexpert.com/discussion/comment/80610159/#Comment_80610159

Yep - but the link wasn't active then, so.... I didn't update the ToTP until today..

masonic

gwapenut said:

Off topic, but I'm going there anyway in response to the above comment from @RichTips. Do we still need to keep certificates of interest for 7 years, or can we just add up interest in a spreadsheet.

They are issued to help you complete your tax return. HMRC has access to better data, but the best data will be that which you compile yourself, correctly accounting for things like interest arising or not, and including figures from institutions or services who do not issue certificates and/or report to HMRC, or those who do not issue in respect of accounts closed before the end of a tax year.

ranciduk

I got an email from shawbrook saying they are reducing the rate on my EA account on 5th March

in the email it says “what next?” And the goes on to say I can move my money to another of their accounts or just move all the money out and close the account

i don’t want to do either of those! The rate is still good and I just want to keep my money where it is

I know this is a silly question but if I do nothing will my account just stay open , but at the new rate?

cos the email doesn’t really say that specifically 

I know I should be asking Shawbrook this but I don’t want to faff around waiting days for an answer to a secure message

allegro120

ranciduk said:

I got an email from shawbrook saying they are reducing the rate on my EA account on 5th March

in the email it says “what next?” And the goes on to say I can move my money to another of their accounts or just move all the money out and close the account

i don’t want to do either of those! The rate is still good and I just want to keep my money where it is

I know this is a silly question but if I do nothing will my account just stay open , but at the new rate?

cos the email doesn’t really say that specifically 

I know I should be asking Shawbrook this but I don’t want to faff around waiting days for an answer to a secure message

According to your description of the message I think if you do nothing your account will stay opened. Banks have to notify you if they are closing your account.

ranciduk

Ah should be ok then 

I think they should have added a third suggestion I.e. “if you are happy to keep the account open you don’t need to do anything”

thanks!

soulsaver

ToTP (link in my signature box if you don't know what we're talking about...)

I'm about to delete the 'NLA' list prior to January. 
If anyone needs to make a copy for their records, they've got a couple of days...

Ed