The Top Easy Access Savings Discussion Area

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Basically 95 days notice has to be given at any chosen stage, funds cannot be withdrawn without notice simply because they've been in the account for 95 days or longer, am I correct in my assumptions?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)

Mr._H_2

Matt1510 said:

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

I think jimexbox's post, above yours, pretty much answers that question, but just for avoidance of doubt: after you give notice, you then have the option to "cancel" that notice. So if you give notice today 29th June, then in 30 days (29th July) "cancel" that notice, the earliest you could then access your money would be November 1 (for a 95 day boost), by immediately giving notice again on 29th July.

Mr._H_2

BTW, one thing to note about the Zopa boosted pots is that you absolutely cannot access your money early, even by forfeiting interest or paying a fee. You've got to be sure you definitely won't need the capital during the notice period.