The Top Easy Access Savings Discussion Area

murphydavid

If you would like save me looking it up. Lazy me.
New customer to gatehouse I make £1000 initial deposit.
Q. If I withdraw some of this and reduce my total holding below this level will the expected profit rate (1.4 at the moment) be reduced?
Q. Is the expected profit compounded and added daily like an interest bearing savings account?
 Thanks

refluxer

murphydavid said:

New customer to gatehouse I make £1000 initial deposit.
Q. If I withdraw some of this and reduce my total holding below this level will the expected profit rate (1.4 at the moment) be reduced?

If you think there's a chance you'll drop below £1000, then you might as well choose an alternative account that has a lower limit of £0 or £1. There are others available with the same rate or higher (Zopa, Chase, Virgin) or even choosing Atom's Instant Saver @ 1.35% is only going to pay 50p less on £1000 over the course of the year.

murphydavid

refluxer said:

murphydavid said:

New customer to gatehouse I make £1000 initial deposit.
Q. If I withdraw some of this and reduce my total holding below this level will the expected profit rate (1.4 at the moment) be reduced?

If you think there's a chance you'll drop below £1000, then you might as well choose an alternative account that has a lower limit of £0 or £1. There are others available with the same rate or higher (Zopa, Chase, Virgin) or even choosing Atom's Instant Saver @ 1.35% is only going to pay 50p less on £1000 over the course of the year.

Chase - need a new updated phone so no
Virgin - Tried and ended up with need to go through some special ID thingy they sent by email after I already answered many questions - don't take well to extended interrogation so not for me.
Zopa - background noise about boosted pots making it a notice account or such like put me off till now but a closer look and I will give it a go.
Thanks for your advice.

refluxer

murphydavid said:

Zopa - background noise about boosted pots making it a notice account or such like put me off till now but a closer look and I will give it a go.

You can open a Zopa account and keep a single, (easy) 'access pot' at 1.4% if that's all you require.

The 'boosted pots' are just a way of getting a higher rate in return for having to give them notice - it's a great feature but entirely optional.

SJMALBA

murphydavid said:

refluxer said:

murphydavid said:

New customer to gatehouse I make £1000 initial deposit.
Q. If I withdraw some of this and reduce my total holding below this level will the expected profit rate (1.4 at the moment) be reduced?

If you think there's a chance you'll drop below £1000, then you might as well choose an alternative account that has a lower limit of £0 or £1. There are others available with the same rate or higher (Zopa, Chase, Virgin) or even choosing Atom's Instant Saver @ 1.35% is only going to pay 50p less on £1000 over the course of the year.

Chase - need a new updated phone so no
Virgin - Tried and ended up with need to go through some special ID thingy they sent by email after I already answered many questions - don't take well to extended interrogation so not for me.
Zopa - background noise about boosted pots making it a notice account or such like put me off till now but a closer look and I will give it a go.
Thanks for your advice.

Coventry Building Society's EA (Online) (4) pays 1.35% from 1st July, with £1 minimum. Might be worth a look?

https://www.coventrybuildingsociety.co.uk/member/product/savings/easy_access/easy-access-online-4.html

FWIW, I didn't have any 'complications' when signing up with CBS last year (though I didn't have any with Virgin either, so...?).

murphydavid

refluxer said:

murphydavid said:

Zopa - background noise about boosted pots making it a notice account or such like put me off till now but a closer look and I will give it a go.

You can open a Zopa account and keep a single, (easy) 'access pot' at 1.4% if that's all you require.

The 'boosted pots' are just a way of getting a higher rate in return for having to give them notice - it's a great feature but entirely optional.

Gave it a try and was pleasantly surprised to find it absolutely plain sailing. Thanks

Malchester

murphydavid said:

refluxer said:

murphydavid said:

Zopa - background noise about boosted pots making it a notice account or such like put me off till now but a closer look and I will give it a go.

You can open a Zopa account and keep a single, (easy) 'access pot' at 1.4% if that's all you require.

The 'boosted pots' are just a way of getting a higher rate in return for having to give them notice - it's a great feature but entirely optional.

Gave it a try and was pleasantly surprised to find it absolutely plain sailing. Thanks

I've recently become a devotee of Zopa and find them really easy to deal with. The booster pots are a good idea and I am using them (31 day and 95 day) but I gave notice as soon as I opened them but can renew the boost when the notice period ends. Unlike some if they raise their rates they automatically raise them for existing customers as well.

BigBlueSky

I was looking into the booster pots, but couldn't work out whether they are actually separate accounts with separate accounts numbers ?

murphydavid

BigBlueSky said:

I was looking into the booster pots, but couldn't work out whether they are actually separate accounts with separate accounts numbers ?

As I said above I just opened one called smart saver. I also opened a booster and as far as I can tell the only account that interacts with an external account is the non boosted one. All the boosted ones get and send funds from and to the non boosted one.

BigBlueSky

murphydavid said:

As I said above I just opened one called smart saver. I also opened a booster and as far as I can tell the only account that interacts with an external account is the non boosted one. All the boosted ones get and send funds from and to the non boosted one.

Great - Thank you.