The Top Easy Access Savings Discussion Area

BigBlueSky

Oasis1 said:

Shawbrook is indeed slow compared to others.

Three deposits yesterday morning and three more today. Will be interesting to see when they all arrive. There'll be two more deposits tomorrow too.

That's what concerns me with Shawbrook (and some others).  You are losing out on interest during this time.  Although it might not be much it is still very annoying.

Oasis1

eskbanker said:

Millyonare said:

The Shawbrook Bank 1.75% account can take 2-4 days to register a deposit. There is nothing remotely "easy" about it.

I'm sure the whole subject of the difference between 'easy' and 'instant' access has been done to death on here before, but 'easy access' simply signifies that no notice needs to be given and doesn't refer to the speed with which withdrawals (or deposits) are processed....

Although more accurate, "penalty-free" isn't as catchy

Sea_Shell

I'm going to keep a small float in Marcus for (almost) instant access and top it up from accounts that are merely "easy" access.

Monday's job, to get £5000 out of UBL (Raisin), let's see how glacial that is!! 😉

Yellowman

BigBlueSky said:

Oasis1 said:

Shawbrook is indeed slow compared to others.

Three deposits yesterday morning and three more today. Will be interesting to see when they all arrive. There'll be two more deposits tomorrow too.

That's what concerns me with Shawbrook (and some others).  You are losing out on interest during this time.  Although it might not be much it is still very annoying.

Would interest be calculated from the date of deposit?

BigBlueSky

Yellowman said:

Would interest be calculated from the date of deposit?

I've had this with other banks before.  Yes, but check out what they show the date of deposit as - It is normally the date the funds show up in your receiving account.

Oasis1

Annual interest is paid 1 year from the date of your deposit being made. Interest is calculated daily.

Bigwheels1111

Oasis1 said:

Annual interest is paid 1 year from the date of your deposit being made. Interest is calculated daily.

You get 2 choices when opening the account. I chose monthly interest.

Olinda99

For some people, choosing monthly or annual interest may result in them paying more or perhaps less tax in any particular tax year.

eg if I already have £1000 interest this tax year I may want to choose annual so all the interest falls next tax year.

Oasis1

I've screwed up on that front. Should have picked monthly so have messaged to ask if I can change.

Rollinghome

Oasis1 said:

I've screwed up on that front. Should have picked monthly so have messaged to ask if I can change.

Ah, but you will get 1.75% instead of 1.74% (1.75% AER) if you move somewhere else after a month or so - which isn't too implausible at the moment.  Maybe enough to buy a few bubbles on your latte. (Pity about any extra tax of course. Could always close and re-open.)