The Top Easy Access Savings Discussion Area

Kazza242

Al Rayan Bank is now paying 1.45% (expected profit rate) on their Everyday Saver (issue 2) account. 

The minimum deposit amount is £2,500.  

Malchester

Kazza242 said:

Al Rayan Bank is now paying 1.45% (expected profit rate) on their Everyday Saver (issue 2) account. 

The minimum deposit amount is £2,500.  

Have given up on Al Rayan Bank after several poor customer service issues. They would not let me open an account unless I told them my net worth. They said it was required by law (which it isn't) and kept on insisting it was. They blocked a payment and took days to release the money and told me they had never blocked it. They would not let me close an account unless I wrote in to them, then closed it without having it in writing. They then sent me a secure message, after my account was closed, that I could not read because I did not have access. When I rang to ask what the message was they couldn't find it (mind you Sainsbury's Bank did the same. I tried to open a second account while logged in but the green flashes in the top corner just went red and it wouldn't let me - they had no idea what the problem was and wouldn't look into it. Secure messages went unanswered for days. I am keeping well away from them.

KTF

Kazza242 said:

Al Rayan Bank is now paying 1.45% (expected profit rate) on their Everyday Saver (issue 2) account. 

The minimum deposit amount is £2,500.  

Issue 1 is still paying 1.10%. I guess that has been put out to pasture now.

Just to counteract the poster above, I have not had a problem with them and they were quick to answer the phone when higher value payments were on hold and I had to call to get them released.

Should they increase the rate in future I would use them again.

Kazza242

I've never used Al Rayan Bank, but I know some other MSE members have (as they've posted about the accounts that they hold with them).  

Edit - as I hadn't seen KTF's post before posting.  It's good to know.  So I guess the experiences of using them is mixed.   

Still, it's good to see that savings rates are rising, as this creates competition amongst the other providers, which can only be a good thing for savers.  

soulsaver

No real problems for me either and I've been with them for years. The app was a bit of a mare early on...

Matt1510

jimexbox said:

Zopa account opened via their app. Very simple, transferred a quid over to make sure it drops in OK. 

I will use the 95 day boosted and start the countdown straight away, then renew when I get access. 

My query about Notice Accounts
Hopefully someone can clarify jimexbox's remark -  "then renew when I get access"-  I've never had any notice accounts previously and I'm not entirely sure what happens after you've held funds for 95 days.Using Zopa's 95 day notice account as an example -
I'm thinking that 95 days notice has to be given at all stages if you wish to withdraw funds. i.e. deposit cash on day one and also giving 95 days notice on the same day will allow the withdrawal after 95 days, whereas for example after leaving funds in the account for 95 days, and not giving prior notice would still require a further 95 days before one can access funds.
Basically 95 days notice has to be given at any chosen stage, funds cannot be withdrawn without notice simply because they've been in the account for 95 days or longer, am I correct in my assumptions?

Patr100

Matt1510 said:

jimexbox said:

Zopa account opened via their app. Very simple, transferred a quid over to make sure it drops in OK. 

I will use the 95 day boosted and start the countdown straight away, then renew when I get access. 

My query about Notice Accounts
Hopefully someone can clarify jimexbox's remark -  "then renew when I get access"-  I've never had any notice accounts previously and I'm not entirely sure what happens after you've held funds for 95 days.Using Zopa's 95 day notice account as an example -
I'm thinking that 95 days notice has to be given at all stages if you wish to withdraw funds. i.e. deposit cash on day one and also giving 95 days notice on the same day will allow the withdrawal after 95 days, whereas for example after leaving funds in the account for 95 days, and not giving prior notice would still require a further 95 days before one can access funds.
Basically 95 days notice has to be given at any chosen stage, funds cannot be withdrawn without notice simply because they've been in the account for 95 days or longer, am I correct in my assumptions?

It's a "perpetual" 95 days - so your 95 day countdown  starts from the point you request access -

Mr._H_2

Matt1510 said:

jimexbox said:

Zopa account opened via their app. Very simple, transferred a quid over to make sure it drops in OK. 

I will use the 95 day boosted and start the countdown straight away, then renew when I get access. 

I'm thinking that 95 days notice has to be given at all stages if you wish to withdraw funds. i.e. deposit cash on day one and also giving 95 days notice on the same day will allow the withdrawal after 95 days, whereas for example after leaving funds in the account for 95 days, and not giving prior notice would still require a further 95 days before one can access funds.
Basically 95 days notice has to be given at any chosen stage, funds cannot be withdrawn without notice simply because they've been in the account for 95 days or longer, am I correct in my assumptions?

Yes, that is correct

jimexbox

Matt1510 said:

jimexbox said:

Zopa account opened via their app. Very simple, transferred a quid over to make sure it drops in OK. 

I will use the 95 day boosted and start the countdown straight away, then renew when I get access. 

My query about Notice Accounts
Hopefully someone can clarify jimexbox's remark -  "then renew when I get access"-  I've never had any notice accounts previously and I'm not entirely sure what happens after you've held funds for 95 days.Using Zopa's 95 day notice account as an example -
I'm thinking that 95 days notice has to be given at all stages if you wish to withdraw funds. i.e. deposit cash on day one and also giving 95 days notice on the same day will allow the withdrawal after 95 days, whereas for example after leaving funds in the account for 95 days, and not giving prior notice would still require a further 95 days before one can access funds.
Basically 95 days notice has to be given at any chosen stage, funds cannot be withdrawn without notice simply because they've been in the account for 95 days or longer, am I correct in my assumptions?

You can cancel the countdown at anytime. So I'll probably let it drop until a few days are left, cancel, then restart.

Just gives me flexibility if a better option appears. Although I think Zopa have created a great product. Plus rate rises are applied to boosted pots too. 

Matt1510

Patr100 & Mr._H_2 Thanks for your responses,
Another question about Notice Accounts, what happens if you give the required notice and then decide you no longer wish to withdraw funds when reaching the notice period, and simply leave it in the account? (obviously)