The Top Easy Access Savings Discussion Area

eskbanker

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?

Al Rayan commit to notifying you in advance if the rate is going to change:

Can Al Rayan Bank change the expected profit rate?

The expected profit rate that applies to your Everyday Saver (Issue 3) is variable. This means that it can change at any time.

If Al Rayan Bank changes the expected profit rate on your account, we will write to you providing you with enough notice to consider your options before the change takes effect.

mebu60

Daliah said:

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.

Thanking you :-) 

My £1 will shortly be winging its way through the system.

While I enjoy a cheese & onion sandwich and some sunshine before the dramatic reveal of whether it has arrived or not. 

razord

mebu60 said:

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 :-)

There's also a fun typo in the FAQ now they've updated it to £1 for the initial deposit, because they say assuming a £1 deposit and no further deposits, you'll end up with £1,020 after a year... 

Molehusband

KTF said:

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.

OK thanks, so the wording is only there to make it Sharia compliant rather than to warn you that you may not receive the stated rate. Therefore. in practice, it operates just like a normal variable interest account. Once in a while you may a get a notification that the EPR is going to change in future (either up or down) to x%. But, up to that date, you will have received the old EPR and you will be paid at he EPR you had?

mrchagle

Hi all. With regards to Gatehouse. So they pay interest monthly ? Not just annually?

janusd

mrchagle said:

Hi all. With regards to Gatehouse. So they pay interest monthly ? Not just annually?

you get the option of either at sign-up, and once the account is setup, you can switch between the two from the website (not sure about the app, I can't see the option there).

Molehusband

mrchagle said:

Hi all. With regards to Gatehouse. So they pay interest monthly ? Not just annually?

Their website says either:
"You can elect to have profit paid annually or monthly, either to your savings account, your nominated account or another suitable account in your name."

Daliah

My £1 deposits from about 4 hours ago now show in my Gatehouse account.

There is no withdrawal option showing, so the 14 day freeze looks a definite.

KTF

Molehusband said:

KTF said:

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.

OK thanks, so the wording is only there to make it Sharia compliant rather than to warn you that you may not receive the stated rate. Therefore. in practice, it operates just like a normal variable interest account. Once in a while you may a get a notification that the EPR is going to change in future (either up or down) to x%. But, up to that date, you will have received the old EPR and you will be paid at he EPR you had?

Yes. It’s just like any other instant access account. 

dc_scotland

mebu60 said:

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. 

Hi mebu 60,

You can open the latest issue Tesco ISA online, then just phone them to transfer from the old to the new.  For me, that is part of the 5 minute phone call to close the old Internet Savers.  During the ISA application, you have to indicate how you will fund it.  Internal transfer from an existing ISA is not an option, hence the phone call.  Just select the pay in by cheque option, along with any random amount below £20k, so as to get by that stage of the process.  Then make your phone call.  It really does just take minutes, as no T&Cs need to be read to you because you've already read them online.