The Top Easy Access Savings Discussion Area

colsten

murphydavid said:

If you were to deposit a large amount with a genuine Bank or BS and get the sort code wrong your bank will check the sort code against the name and not send it. 

That is absolutely not true.

Whilst the COP (confirmation of payee) exists for some banks and building societies, you can ignore any warning messages about mismatches and send the money anyway.

For many savings accounts, the COP doesn't actually work at all, either because the recipient organisation has not implemented Open Banking, or because the payee's account number is actually specified in the Reference field. The Reference field isn't checked by the COP process.

murphydavid

colsten said:

murphydavid said:

If you were to deposit a large amount with a genuine Bank or BS and get the sort code wrong your bank will check the sort code against the name and not send it. 

That is absolutely not true.

Whilst the COP (confirmation of payee) exists for some banks and building societies, you can ignore any warning messages about mismatches and send the money anyway.

For many savings accounts, the COP doesn't actually work at all, either because the recipient organisation has not implemented Open Banking, or because the payee's account number is actually specified in the Reference field. The Reference field isn't checked by the COP process.

OK I removed it. Thanks.

Mr._H_2

murphydavid said:

I can understand the worries about being scammed but I would warn against thinking that depositing a small amount followed by a large amount is any protection.

Agreed. However, I don't think that (being scammed) is the main concern that is being address by small deposit -> big deposit. It's just protection against putting in the account number wrong. I do this all the time when setting up new accounts. I transfer £1, verify via online banking that it's gone through, then transfer larger amounts. Several years ago this did cause me issues a couple of times where the sending bank thought this behaviour was "suspicious" and stopped the second transfer, but since the advent of additional security checks such as two-factor authentication, that doesn't happen to me any more.

dekkard

Anyone else's Marcus savings account showing the 0.70% interest rate is applied now even though it should be applied from 12th October?

I-LOV-MONEY

I just checked mine and my wife's and they are both showing 0.70%.   I suppose it is in 'readiness' for Monday morning as they don't work over the weekends.

So where are people putting thier 'easy access' money now?

kaMelo

I-LOV-MONEY said:

I just checked mine and my wife's and they are both showing 0.70%.   I suppose it is in 'readiness' for Monday morning as they don't work over the weekends.

So where are people putting thier 'easy access' money now?

Skipton BS at 1.2% (if you were quick enough) 
Otherwise it depends on how much you have or whether you'll need access to it more than twice a year.
The best currently on offer with no restrictions on access or initial deposit is Principality at 0.8%  Anything higher has restrictions on how many times you access it or for Yorkshire BS it needs an initial deposit of £10,000

I-LOV-MONEY

kaMelo said:Skipton BS at 1.2% (if you were quick enough) 
Otherwise it depends on how much you have or whether you'll need access to it more than twice a year.
The best currently on offer with no restrictions on access or initial deposit is Principality at 0.8%  Anything higher has restrictions on how many times you access it or for Yorkshire BS it needs an initial deposit of £10,000

Thanks.  Just looked at Skipton, and the best is 0.15% - 0.5% (£50k) !   Your 1.2% must have been withdrawn.   Higher rates are available for children .. wonder if they would notice that I am a 'bit' older?!!

I wonder if I will notice any difference in my sleeping pattern once I put it all under the mattress !!!!!

polymaff

kaMelo said:

I-LOV-MONEY said:

I just checked mine and my wife's and they are both showing 0.70%.   I suppose it is in 'readiness' for Monday morning as they don't work over the weekends.

So where are people putting thier 'easy access' money now?

Skipton BS at 1.2% (if you were quick enough) 
Otherwise it depends on how much you have or whether you'll need access to it more than twice a year.
The best currently on offer with no restrictions on access or initial deposit is Principality at 0.8%  Anything higher has restrictions on how many times you access it or for Yorkshire BS it needs an initial deposit of £10,000

Second time this week that MSE's carp software has censored a crucial full-stop / decimal-point in an email notification.

Why on earth did they throw over a functional system for this load of ......... .

2010

I-LOV-MONEY said:

I just checked mine and my wife's and they are both showing 0.70%.   I suppose it is in 'readiness' for Monday morning as they don't work over the weekends.

So where are people putting thier 'easy access' money now?

Coventry .96% only two withdrawals allowed per year.
Aldermore 1.10% 120 days notice.
 leave it where it is, Marcus
or under the mattress

I-LOV-MONEY

Yes, I suppose leaving it with Marcus is better than nothing.   Unless I am going to undertake a major expense in the future, I suppose with the 120 notice account, I could put money there for my regular monthly bills, and each month give 120 days notice, so that I get a regular monthly income from 4 months time (is there a limit to how many notices you can give?).