The Top Easy Access Savings Discussion Area

Consumerist

I-LOV-MONEY said:

My only 'fear' is that interest rates will start to increase, and you are stuck in a low paying account.

I take your point.

Personally, I'd rather risk a low rate for a year or two than risk having to pay to save. Either way is going to be a bit of a gamble.

suenrach

I've just opened a saga easy access account over the weekend, when I tried to transfer funds into the account from NatWest, it said the account can't be checked, it will be my own responsibility if I proceed, the funds may not be recovered. I stopped. I tried on Monday again with another bank hoping that it could be that the account info isn't updated to wherever it's for checked against. The same message popped up. I called the Sagasavings phone # to enquire. I was told that it's a new checking requirement and smaller institutions may not join. Any advice and similar experience please

YorkshireBoy

suenrach said:

I've just opened a saga easy access account over the weekend, when I tried to transfer funds into the account from NatWest, it said the account can't be checked, it will be my own responsibility if I proceed, the funds may not be recovered. I stopped. I tried on Monday again with another bank hoping that it could be that the account info isn't updated to wherever it's for checked against. The same message popped up. I called the Sagasavings phone # to enquire. I was told that it's a new checking requirement and smaller institutions may not join. Any advice and similar experience please

Send £1 and save the payee details.
If it arrives safely (it will if you don't make any typos) send the rest.

Consumerist

suenrach said:

I've just opened a saga easy access account over the weekend, when I tried to transfer funds into the account from NatWest, it said the account can't be checked, it will be my own responsibility if I proceed, the funds may not be recovered. I stopped. I tried on Monday again with another bank hoping that it could be that the account info isn't updated to wherever it's for checked against. The same message popped up. I called the Sagasavings phone # to enquire. I was told that it's a new checking requirement and smaller institutions may not join. Any advice and similar experience please

Saga have said that they are aware of scam web sites impersonating them. If it was me I'd send them a token amount to start with to confirm it arrives ok before sending the rest.

Mr._H_2

suenrach said:

I've just opened a saga easy access account over the weekend, when I tried to transfer funds into the account from NatWest, it said the account can't be checked, it will be my own responsibility if I proceed, the funds may not be recovered. I stopped. I tried on Monday again with another bank hoping that it could be that the account info isn't updated to wherever it's for checked against. The same message popped up. I called the Sagasavings phone # to enquire. I was told that it's a new checking requirement and smaller institutions may not join. Any advice and similar experience please

Hi! I understand your concern. Here is what is happening:
When you set up a new payee, you will typically be asked to enter:
1. The name of the account holder
2. A sort code
3. An account number.
Up until very recently, the name was not actually used as part of the transfer - only the sort code and account number mattered. This means that if you made a mistake entering the account number, and that happened to also be a valid account number, you could accidentally transfer money to somewhere you didn't mean to, and you wouldn't be guaranteed that you could get it back. It also means that it was easier to commit fraud - someone could contact you claiming to be your builder/solicitor/plumber/etc. and they've got a new account number and please could you pay your bill to that - when only the sort code and account number matters, such fraud is easy - but, if you had to enter a valid name too, it wouldn't be so easy.

Now, a new system has been introduced that allows banks to verify the account holder name when setting up a new payee. However, this requires the destination bank to be signed-up to the system, and not everyone is yet. So, Saga aren't signed up to this system, which means that NatWest can't check the account holder name when you give them the sort code and account number.

I agree with the other posters here - just send £1 first, check that's arrived safely, then if so, use the payee you've set up to send through the full amount.

refluxer

I've just opened a Post Office Online Saver (Issue 50). This one is currently being overlooked because it's rates of 0.40% / 0.39% aren't the best, BUT they do include a fixed bonus rate of 0.39% / 0.38% for 12 months which could make opening this account now potentially useful for the future, considering how the rates in other easy access accounts are falling.

As I'm already a customer and you can open it with £1, then this was a bit of a no-brainer for me as I dread to think what the best easy access accounts will be paying when my current Online Saver bonus rate (0.79%) expires in February ! 

Sailtheworld

I-LOV-MONEY said:

Consumerist said:

It seems to me that banks etc.are positioning themselves in anticipation of the possibility of negative interest rates. The best (temporary) protection against this continuing trend is probably fixed accounts for a year or two.

My only 'fear' is that interest rates will start to increase, and you are stuck in a low paying account.

If people had kept just a small emergency type of pot on instant access and the rest in fixed savers they'd have a better income stream and more spare time.

Interest rates have been on a downwards trajectory for decades. It's an exercise in futility to keep chasing instant access rates because of a fear of missing out.

polymaff

TheDarkKnight93 said:

So the highest paying easy access savings account is now 0.57% with RCI?

With these savings account's dropping their rates every day is there any point to opening one? What is everyone else doing as I am looking at options of where to put the remaining money I have after maxing out Premium Bonds.

I dipped out of most interest-bearing bank accounts - but now several of them beat 0.57%, admittedly with a balance limit and a few hoops to jump through.  Worth a thought.

I-LOV-MONEY

And now for something completely different !    Has anybody else had problems with NS&I?  As they have reduced the interest on their Income Bonds to 0.01% I withdrew most of my money last night.   It said it would be in my bank account today.  It hasn't arrived, and can't get through to them on the phone.

refluxer

I-LOV-MONEY said:

And now for something completely different !    Has anybody else had problems with NS&I?  As they have reduced the interest on their Income Bonds to 0.01% I withdrew most of my money last night.   It said it would be in my bank account today.  It hasn't arrived, and can't get through to them on the phone.

I've made 3 withdrawals from my NS&I IB account since the end of last week and all have arrived at some point during the afternoon on the next working day. >£50k takes a few days longer though.