The Top Easy Access Savings Discussion Area

uptdale

Zerforax said:

k_man said:

Why not both (or all 4).
Chase for current cashback offer, Zopa for better rates (currently), Zopa also have the boosted pots.

For instant access, you can the follow the rates.

Well if we'll only have like £20k saved, seemed a lot of admin to split across multiple accounts!

Yes we would keep the Chase current accounts open as the perks are great but just whether we keep a substantial amount in their saver account or not.

Daliah said:

Zerforax said:

We currently have our house deposit saved between Chase, Zopa, Cynergy and Marcus. We'll be withdrawing all except maybe 20k for our rainy day fund. Any suggestions on which might be the preferred bank to stay with?

At the moment I'm thinking either Chase or Zopa. Chase because we're using their 1% cashback spending cards and so ease of convenience. Zopa because they seem to have better service and also increase their rates regularly and without having to select a new issue.

Not entirely sure what you are planning to do but be aware that Chase do not do CHAPS, and your daily withdrawal limit is £25k. 

Also, there‘s the FSCS limit of £85k, which you are probably aware of, but I mention it just in case

We're buying a house so need to withdraw. Yes planning to do a 25k a day transfer (so 4 days) and Marcus is also only 20k a day withdrawal. Once all funds in main account, we'll do a CHAPS payment to the solicitors from Santander.

Will be 2-3 days where we are over the 85k (x2 as joint account) FCSC limit but I don't think any easy way to avoid for a short period without trying to do CHAPS from multiple accounts.

CheekyMikey said:

I have only used Chase as a savings account so far, but I moved some money into the current account before I went on holiday to Croatia recently and used the Chase card to pay for everything and withdraw cash. No transaction fees and a really very good conversion rate, plus a few quid cash back. Even as I undoubtedly move my savings out of Chase soon, I’m keeping the account just to have this foreign transaction benefit as I’ve a few more trips lined up.

Oh very nice. I forgot about that but will mention to family who are going to Italy next week.

When you go over £85k it looks like you will be protected by the temporary high balances rule if you are buying your main residence.

https://www.fscs.org.uk/making-a-claim/claims-process/temporary-high-balances/

gwapenut

uptdale said:

When you go over £85k it looks like you will be protected by the temporary high balances rule if you are buying your main residence.

https://www.fscs.org.uk/making-a-claim/claims-process/temporary-high-balances/

I'm not sure you're right about that. I think it deals with SELLING a home. The difference is that with selling, a large amount of money suddenly lands in your account.

Mr._H_2

gwapenut said:

uptdale said:

When you go over £85k it looks like you will be protected by the temporary high balances rule if you are buying your main residence.

https://www.fscs.org.uk/making-a-claim/claims-process/temporary-high-balances/

I'm not sure you're right about that. I think it deals with SELLING a home. The difference is that with selling, a large amount of money suddenly lands in your account.

The problem is, that they refuse to define exactly what amounts to a "temporary high balance", explicitly stating that you can only find out if your balance is eligible after your bank has gone bust!

Having said that, my interpretation is that if you are pooling money from several sources into one bank account, in preparation for using it to buy a house, that would be covered under the temporary high balance scheme:

FCSC website said:

[there must be] sufficient connection between the relevant life event and the sums in the depositor’s account, [e.g.] Real estate transactions (property purchase…)

Unfortunately, the only way to prove me right or wrong is by doing it, your bank going under, and then finding out if they'll give you back the whole balance.

Zerforax

wiseonesomeofthetime said:

@Zerforax

I would spread between at least two accounts of similar status just in case one of the banks systems are down when you need access to some. 

At least that is how my savings are set up. 

Yes that does make sense. I'll probably do half in my partners account and half in my account.

k_man said:

It's not a lot of admin to keep savings in 2 banks!

Regarding getting the money our via faster payments, I strongly advise you do this a couple of weeks before you need the money.
Large faster payments often trigger fraud/money laundering checks, which can delay the payment for quite a while 

Oh there are more accounts..

Savings account for child #1

Savings account for child #2

Current account for both of me&partner

Chase spending account for both

A joint savings account

A previous joint spending account

And that is without counting the 5+ savings accounts we'd used recently.

I hadn't had any problems with transfers so far but in that case I may do some more today and tomorrow. Just hard to judge when is good to transfer out since exchange/completion can always be delayed quite a lot!

uptdale said:

When you go over £85k it looks like you will be protected by the temporary high balances rule if you are buying your main residence.

https://www.fscs.org.uk/making-a-claim/claims-process/temporary-high-balances/

Oh interesting! I knew it applied to sale of property but didn't think to check if it would apply to a purchase.

Zerforax

gwapenut said:

uptdale said:

When you go over £85k it looks like you will be protected by the temporary high balances rule if you are buying your main residence.

https://www.fscs.org.uk/making-a-claim/claims-process/temporary-high-balances/

I'm not sure you're right about that. I think it deals with SELLING a home. The difference is that with selling, a large amount of money suddenly lands in your account.

The link does say:

Real estate transactions (property purchase, sale proceeds, equity release - relating to your main residence only. This does not have to be a UK property but must relate to your main residence).

gwapenut

No further questions, your honour. I was wrong!

soulsaver

Deleted_User said:

soulsaver said:

Family BS 1.5% Exclusive Easy Access Savings Account | Family Building Society

Confusingly this mentions a 'cut off' for deposits (16 Aug IIRC), and can't put back any previous w/ds after that date?

What's that about if it's easy access? 

I've held earlier versions of Family BS's Premium Saver, and it does mean strictly no further deposits after the cut-off date.

It's easy to take money out, not to deposit it

You can even use this kind of account in tandem with the type of account that allows a limited number of withdrawals per year (e.g. Nationwide BS 1 Year Triple Access Online Saver). Further deposits go to the account that allows more deposits. Most withdrawals come from the account that doesn't limit the number of withdrawals (but you could take everything out of the account that limits withdrawals if necessary, provided that you keep at least 1 free withdrawal unused).

What usually happens after the cut off -  immediately relaunched with possibly a different rate and a new cut off date?

tg99

For Al Rayan instant access savings accounts, does anyone know how long it takes for deposits via FP bank transfer to show in the account on the app? I sent payment just before midnight on Fri and was showing this morning but then sent a large amount at lunchtime and no sign of it as yet. 

Olinda99

Not used them but their rate is 1.6% which beats Chase

jimexbox

I'm using chase and zopa at the moment. Chase 1% cashback is excellent as are the zopa boosted pots. Especially when zopa increase rates without you having to give notice on them.