The Top Easy Access Savings Discussion Area

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.

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.