The Top Easy Access Savings Discussion Area

Molehusband

KTF said:

I already have an Al Ryan account so have no concerns about the profit/interest aspect.

How does the EPR work in real life - at what point do you actually find out what you will receive? Nowhere have I seen any description. So, after you've opened your account, at what stage do you find out what profit £ you will actually get on your savings? Is a £xxx figure added to your balance at particular times (eg annually)? If so, will you retain that figure or can they later say, sorry, we're removing £yyy from what we've previously paid you as the EPR has reduced?

mebu60

Re closing old Tesco Bank Internet Saver accounts using the form rather than phoning, you can only use the form if the balance is zero. Which it may show as zero but if you have residual bonus or variable rate interest still to be paid there is no clarity on what happens or anywhere to say where you wish the accumulated interest to be paid.

I used to move the capital online to the new Internet Saver and leave the old accounts showing at zero or £1 then call at some random point to get them closed altogether with the interest added to the latest Internet Saver.

However! I now have a Tesco Cash ISA. To get the latest interest rate you have to ring each time to apply which takes 15 minutes or so as they have a lot to read out to you, then wait up to 5 days for the internal ISA transfer to happen. You do at least get the new rate from the application date. And of course it's on a slightly increased capital sum with the interest accrued having been added. 

So I now open the new Internet Saver before making the ISA call and get the old Internet Saver closed at the same time. 

As someone said on here recently, all the providers seem to have their own idiosyncrasies, your judgement if the reward is worth the effort. 

10_66

infoadict said:

...Also asked if a test payment below £1,000 would be accepted, but it won't and will be rejected. But you will receive an email telling you this, so you will know the account has been set up correctly.

Re Gatehouse, I can't see that it says on their product page that the minimum is £1,000, I can only see minimum of £1?

https://gatehousebank.com/personal/savings/easy-access/easy-access

Bridlington1

10_66 said:

infoadict said:

...Also asked if a test payment below £1,000 would be accepted, but it won't and will be rejected. But you will receive an email telling you this, so you will know the account has been set up correctly.

I can't see that it says on their product page that the minimum is £1,000, I can only see minimum of £1?

https://gatehousebank.com/personal/savings/easy-access/easy-access

They appear to have updated their T&Cs. Their minimum initial deposit has now been reduced from £1k to £1. 

KTF

Molehusband said:

KTF said:

I already have an Al Ryan account so have no concerns about the profit/interest aspect.

How does the EPR work in real life - at what point do you actually find out what you will receive? Nowhere have I seen any description. So, after you've opened your account, at what stage do you find out what profit £ you will actually get on your savings? Is a £xxx figure added to your balance at particular times (eg annually)? If so, will you retain that figure or can they later say, sorry, we're removing £yyy from what we've previously paid you as the EPR has reduced?

On the account page on the app it says expected profit is 1.9% and that has always been paid.

I wouldn't worry about it too much, its just the terminology used to make it Sharia compliant.

KTF

10_66 said:

infoadict said:

...Also asked if a test payment below £1,000 would be accepted, but it won't and will be rejected. But you will receive an email telling you this, so you will know the account has been set up correctly.

Re Gatehouse, I can't see that it says on their product page that the minimum is £1,000, I can only see minimum of £1?

https://gatehousebank.com/personal/savings/easy-access/easy-access

I just did a test payment of £1 and it didnt bounce. Just waiting for it to appear in the account now.

WBCPB

i have just registered and the user I.D was sent via email, but after logging in the account summary says "You don't have any accounts".I have also sent £1 from my nominated account.

Daliah

KTF said:

10_66 said:

infoadict said:

...Also asked if a test payment below £1,000 would be accepted, but it won't and will be rejected. But you will receive an email telling you this, so you will know the account has been set up correctly.

Re Gatehouse, I can't see that it says on their product page that the minimum is £1,000, I can only see minimum of £1?

https://gatehousebank.com/personal/savings/easy-access/easy-access

I just did a test payment of £1 and it didnt bounce. Just waiting for it to appear in the account now.

I think Gatehouse might process deposits manually, so it could bounce later. Fingers xed, though they have reduced the min amount to £1, as reported above. 

Note: I think you cannot make any withdrawals within the first 14 days of account opening. The T&Cs are a bit vague in that regard

mebu60

WBCPB said:

i have just registered and the user I.D was sent via email, but after logging in the account summary says "You don't have any accounts".I have also sent £1 from my nominated account.

I have also just completed the application process for Gatehouse.

I am assuming the application reference will not be my account number so am holding fire on sending my test £1 until I've received the welcome pack or seen the account online.

I'd like to think that the reduction of the £1k to £1 for the initial deposit is as a result of all of us who have pestered them about it in the past :-)

Daliah

mebu60 said:

I have also just completed the application process for Gatehouse.

I am assuming the application reference will not be my account number so am holding fire on sending my test £1 until I've received the welcome pack or seen the account online.

Once they email you your Userid, you can log into the app and click on "Pay in", where it gives you the exact details for your bank transfers.

Your account number will also be displayed in online banking but they don't repeat the sort code and account number to use.