The Top Easy Access Savings Discussion Area

I-LOV-MONEY

Ah, it has just arrived !   I should have been patient a few minutes longer.

Marcus (I suppose), here I come!

Sailtheworld

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.

Today doesn't finish for a few hours yet.

I-LOV-MONEY

LOL.  I wish today would go (as well as the next few months) and we can move on to spring !!!!!

suenrach

Mr._H_2 said:

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.

Thanks so much, that's very clear. Wanting to get to the bottom of this, I've taken the trouble to call Goldman Sachs International Bank, Macus by Goldman Sachs and Saga Savings to verify if Saga Savings is a legit entity (since Saga Savings is offering 0.7% variable easy access while Macus has ceased the same one for new customers already), and check on FSCS and Financial Services Register as well, now I'm satisfied that my savings with Saga Savings is safe as Saga is legit and £85,000 of my savings is protected by FSCS.
Just a side note, Newbury Building Society is offering 0.85% variable on their "Welcome to Newbury" instant access to new customers. It can be opened by post, there are regional restrictions though. If you are within their reach, it is an attractive offering.

polymaff

https://www.ukfinance.org.uk/confirmation-of-payee

murphydavid

BTW Marcus have just informed me that my existing instant access account rate will be 0.5% from 11th Dec.

DireEmblem

Is there somewhere with a list of best places for easy access cash.  I have 1k at 2% and the rest at 0.75%.

refluxer

DireEmblem said:

Is there somewhere with a list of best places for easy access cash.  I have 1k at 2% and the rest at 0.75%.

Yep ! 

wiseonesomeofthetime

Sailtheworld said:

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.

Some of us did, and it is those Fixed Savers that are now maturing in a completely different world!!

DireEmblem

refluxer said:

DireEmblem said:

Is there somewhere with a list of best places for easy access cash.  I have 1k at 2% and the rest at 0.75%.

Yep ! 

Thanks reflux but I know that list is not exactly complete.  I get 2% from Virgin that I think is still open, and 0.75% from Tandem.