The Top Easy Access Savings Discussion Area

BlackthornU

Looking at Shawbrook T&C they state that withdrawals requested before 2.30pm will be in your nominated account the next day.
That's fine with me. But they also state 10.6 Interest is earned up to and including the day prior to withdrawal or closure .
So do you lose a days interest when you withdraw?
Eg a request on Tuesday gets interest paid up to Monday, but you can only get your money into another savings account on Wednesday?
Given some of us move money every couple of weeks to the next leading rate account, that could be expensive to lose 1/14th of the interest.

Am I reading their T&C correctly?
Or do they actually pay out money same day but just put next day in the T&C just in case? (I haven't used them before)

Yorkshire BS pays out next day for withdrawals but their T&C say We pay interest up to and including the

day you take money out., so you don't lose out.

soulsaver

SJMALBA said:

Shawbrook EA Issue 29 - 1.86%

https://www.shawbrook.co.uk/direct/savings/personal-savings/easy-access-savings-accounts/

Top Easy Access rank - up from #6 to #2 (link below) - updated, thanks.

25_Years_On

Thumbs_Up said:

I cut and pasted “Cynergy bank”

I use DuckDuckGo as my search engine via Firefox browser – I get a different result. I thought it was a bit curious because I have no issues with any other UK bank searches.

 

That because Duck and Go uses Bing and you get the same results if you go straight to Bing. I guess that's Microsoft for you.

Rollinghome

BlackthornU said:

Looking at Shawbrook T&C they state that withdrawals requested before 2.30pm will be in your nominated account the next day.
That's fine with me. But they also state 10.6 Interest is earned up to and including the day prior to withdrawal or closure .
So do you lose a days interest when you withdraw?
Eg a request on Tuesday gets interest paid up to Monday, but you can only get your money into another savings account on Wednesday?
Given some of us move money every couple of weeks to the next leading rate account, that could be expensive to lose 1/14th of the interest.

Am I reading their T&C correctly?
Or do they actually pay out money same day but just put next day in the T&C just in case? (I haven't used them before)

Yorkshire BS pays out next day for withdrawals but their T&C say We pay interest up to and including the

day you take money out., so you don't lose out.

Do Yorkshire pay interest for the day they receive funds? I assume not, as you could then be receiving interest on funds from two banks at once.  Does Shawbrook?

They should, to be fair, be paying interest either on the day received or the day the actual withdrawal  is made, which is the day after the withdrawal request is made. Otherwise the AER figure would be wrong.

BigBlueSky

Rollinghome said:

Do Yorkshire pay interest for the day they receive funds? I assume not, as you could then be receiving interest on funds from two banks at once.  Does Shawbrook?

They should, to be fair, be paying interest either on the day received or the day the actual withdrawal  is made, which is the day after the withdrawal request is made. Otherwise the AER figure would be wrong.

I was always of the understanding that if the funds are in the account by midnight then you receie interest for that day.  So if you deposit funds into an account at 11:59pm you receive a full days interest.  If you withdraw funds from an account at 11:59pm you lose that days interest.

Rollinghome

Thumbs_Up said:

And yes the code generator app is bizarre.

I assume it's a question of cost.  Like Al Rayan, they will supply a Digipass authenticator if requested. They're arguably even clunkier than their app system and surprisingly expensive.

A better approach might to develop a full banking app, but not, I pray, designed by whoever designed their truly bonkers, labyrinthine, web-site. They have hinted at improving their system.

BlackthornU

BigBlueSky said:

I was always of the understanding that if the funds are in the account by midnight then you receie interest for that day.  So if you deposit funds into an account at 11:59pm you receive a full days interest.  If you withdraw funds from an account at 11:59pm you lose that days interest.

Seems to be different for different banks. I try to do transfers Mon-Fri by mid afternoon each day.

Shawbrook state -
“Working Day” Any day that We are open for business during business hours as set out on Our Website.
10.5 If We receive funds by Electronic Transfer on a Working Day, We will start paying interest on that deposit from that Working Day. Any funds received after the end of the Working Day or on a non-Working Day will not be credited to Your account until the next Working Day.

In a Shawbrook FAQ they state

How quickly will the funds show in my account and when will I start to earn interest?

Funds are credited to your account the same working day, if you send them before 3.30pm. If you send the funds after this time or not on a working day (Saturday and Sunday or English bank holiday), the funds will credit your account the following working day.

For example, if you send funds from your bank account on Friday after 3.30pm, your account will show that the money has left, but it won’t show that we’ve received it in your Shawbrook account until the Monday, when we’ve applied it to your account.

If the Monday is an English public holiday, it won’t show until Tuesday.

You will begin to earn interest once the credit has been applied to your account.

Consumerist

BigBlueSky said:

I was always of the understanding that if the funds are in the account by midnight then you receie interest for that day.  So if you deposit funds into an account at 11:59pm you receive a full days interest.  If you withdraw funds from an account at 11:59pm you lose that days interest.

I tend to think of interest being earned on an "overnight" basis. i.e. today's interest is earned on the balance at midnight (just after 23:59:59 the day before).

Rollinghome

BigBlueSky said:

Rollinghome said:

Do Yorkshire pay interest for the day they receive funds? I assume not, as you could then be receiving interest on funds from two banks at once.  Does Shawbrook?

They should, to be fair, be paying interest either on the day received or the day the actual withdrawal  is made, which is the day after the withdrawal request is made. Otherwise the AER figure would be wrong.

I was always of the understanding that if the funds are in the account by midnight then you receie interest for that day.  So if you deposit funds into an account at 11:59pm you receive a full days interest.  If you withdraw funds from an account at 11:59pm you lose that days interest.

That seems to be the most common approach now, but it doesn't seem to be universal, especially with building societies. Perhaps because they use a clearing bank. 

As you wouldn't expect to receive interest for that day from both the bank/BS you are transferring to and the bank/BS you are transferring from, I'd guess Yorkshire do it the other way around.

Oasis1

SJMALBA said:

Shawbrook EA Issue 29 - 1.86%

https://www.shawbrook.co.uk/direct/savings/personal-savings/easy-access-savings-accounts/

Had a text telling me my interest had been increased. Very impressed to be honest, though still have majority of savings in Zopa boosted pot. Question is whether Zopa will increase their easy access account now to stay on top.