The Top Easy Access Savings Discussion Area

Thirty9

With the jostling of rates, it got me thinking: if an easy access account that pays interest yearly is closed after, say, four months, would I have to wait the full year until I get the interest?

soulsaver

ToTP

OK rate seekers... Easy Access(ish) top 10(ish) of the pots.. BoE base rate 1.0% (05/05)

As at 26/05/2022.. c.11:30 hrs - Starter for 10; not meant to be comprehensive, DYOR.
Latest changes in bold.
Links added for all accounts. Thanks for all contributions.
Bracketed dates = date rate added/amended here.

1 Chase: Saver 1.50% App only Home | Chase UK

2 Al Rayan:1.31% ( 10/05) Min £2.5k App only(ish) Everyday Saver (Issue 2) | Islamic banking | Sharia compliant & ethical (alrayanbank.co.uk) Note check if applied to existing acs? 

3 Gatehouse Bank 1.30% (04/05) - Sharia; £1k min initial deposit.  Easy access account | Gatehouse Bank | Gatehouse Bank plc 

4 Yorkshire BS **Tiered** Internet Saver Plus iss 11 1.26% (1.1%<£10k 1.31%>£50k) (26/05) View our Easy Access Savings Accounts | Savings | YBS Thnx @southone

5 Atom: 1.25% (06/05) App only Instant Saver 1.25% Interest Rate - Easy Access Savings | Atom bank

6 Aldermore: 1.25% Double Access (29/04) or 0.85% EA . £1k to open Double Access Account, Instant Access Savings Account - Aldermore Bank

7 Tandem 1.25% app only (20/05) A greener way to save for the future (tandem.co.uk)
thanx @Thumbs_Up

8 Paragon Triple Access 1.25% (20/5) Triple Access Savings Account | Paragon Bank

9 Cynergy: 1.20% (14/04) digipass or app for on line access. Now open to all (25/05) Cynergy Bank  

10= Coventry BS 1.20% (20/05) Easy Access (Online) (4) (coventrybuildingsociety.co.uk)

10= Zopa: Smart Saver (app only) 1.20% £85k max (19/04) (NB 7,31,95 day notice, rate boosted options). Smarter Savings built for real life - Zopa

See prior ToTP for detail on recent 'drop offs...' Ford Money, Marcus, Saga

Check terms for yourself - DYOR.
Note: These rates may not be applied to existing accounts...DYOR

Other than VM 2.0% £1k limit, others  of note?

Also see Regular Savings Accounts: The Best Currently Available List! — MoneySavingExpert Forum

And Cash ISAs: The Best Currently Available List — MoneySavingExpert Forum

Uxb1

Nope
you get the interest due up to the date of closing paid at the point of closing
so if you withdraw your final say £100 left in the account and close it - you will actually be paid £100 plus the closing interest due.

Daliah

Thirty9 said:

With the jostling of rates, it got me thinking: if an easy access account that pays interest yearly is closed after, say, four months, would I have to wait the full year until I get the interest?

You get the interest that's accrued up to date of closure paid an the day you close the account.

Patr100

Daliah said:

Thirty9 said:

With the jostling of rates, it got me thinking: if an easy access account that pays interest yearly is closed after, say, four months, would I have to wait the full year until I get the interest?

You get the interest that's accrued up to date of closure paid an the day you close the account.

So when they say "early access X = not allowed) in the "View further details" pop up boxes  of most of these accounts , they are wrong as you can access your money at any time by withdrawing it all  or closing the account:
https://moneyfacts.co.uk/savings-accounts/easy-access-savings-accounts/?quick-links-first=false

Consumerist

I've always thought that 'Early Access' only applies to fixed-term accounts. It should really be N/A to easy/instant access accounts.

janusd

@soulsaver - perhaps another one to add to the list is Principality BS @ 1.21% Double Access with interest paid on 1st Jan.

https://www.principality.co.uk/en/savings-accounts/everyday-savings-accounts/Online-Double-Access

refluxer

Consumerist said:

I've always thought that 'Early Access' only applies to fixed-term accounts. It should really be N/A to easy/instant access accounts.

Maybe they're talking about the fact you can't get your money out straight away ? This is sometimes the case for certain accounts (you can't access deposited funds for the first day or two) - presumably some kind of security measure.

Consumerist

refluxer said:

Consumerist said:

I've always thought that 'Early Access' only applies to fixed-term accounts. It should really be N/A to easy/instant access accounts.

Maybe they're talking about the fact you can't get your money out straight away ? This is sometimes the case for certain accounts (you can't access deposited funds for the first day or two) - presumably some kind of security measure.

Well, I can understand that 'early access' may also apply to, say, notice accounts where there may be a charge for access before the notice period has expired or no access at all until the notice period has expired.

I just don't quite understand how it would apply to easy/instant access accounts.

refluxer

Consumerist said:

refluxer said:

Consumerist said:

I've always thought that 'Early Access' only applies to fixed-term accounts. It should really be N/A to easy/instant access accounts.

Maybe they're talking about the fact you can't get your money out straight away ? This is sometimes the case for certain accounts (you can't access deposited funds for the first day or two) - presumably some kind of security measure.

Well, I can understand that 'early access' may also apply to, say, notice accounts where there may be a charge for access before the notice period has expired or no access at all until the notice period has expired.

I just don't quite understand how it would apply to easy/instant access accounts.

It's often related to identity checks and presumably is just there to cover for the scenario in which you'd deposit money immediately upon opening an easy access account and need to make a withdrawal before they've completed their checks.

For example - in the Tesco Internet Saver T&Cs, it says "During our account opening process we must undertake checks to confirm your identity. You will not be able to withdraw money from your account until our checks are complete."

I don't know if this is specifically what Moneyfacts mean in this case though - it was just one possible explanation that occurred to me. As you say, 'early access' is normally associated with trying to access your money before either a notice or fixed period is up. I suspect that Moneyfacts use standardised fields for all the different types of accounts they list, in which case 'N/A' would indeed be more appropriate if I'm wrong