The Top Easy Access Savings Discussion Area

Tailender_Investor

Just finished moving my savings to Zopa 🙄

Are Al Rayan OK? How long do deposits and withdrawals take? 

UncleK

Section62 said:

Tesco Internet Saver

A friend of a friend of a friend has had their Internet Saver account application blocked on the basis they already had six savings accounts (of various types) and six is the maximum number you can hold at any one time.

Note, not six Internet Saver accounts as per the T&C's/website, but six savings accounts in total.

Anyone with six accounts already may want to close one, or at least check with Tesco Bank, before spending time applying for a new Internet Saver, even if they have 5 or fewer IS accounts.

Indeed - that's what happened to us. We called and as we closed them over the phone, all this money lurking around popped up. Which was a nice surprise but struck us a bit unplanned..........

LearningToBePassive

My initial deposit (made via debit card) with Al Rayan didn't appear.  I had to chase and used the secure message feature in the app.  They took 10 days to reply but they did then sort it out.  I was fairly stressed for that period but seems fine now - other deposits and withdrawals have gone smoothly.

Bigwheels1111

Tailender_Investor said:

Just finished moving my savings to Zopa 🙄

Are Al Rayan OK? How long do deposits and withdrawals take? 

Bank to bank 5 Minutes max.

Not taken any cash out yet.

Proffit is paid on the last day of the month, well thats what they say.

mine arrived this morning, not the end of the world.

2 rate rises since account opened and both applied without any input from me, Thats good in my opinion.

refluxer

UncleK said:

Section62 said:

Tesco Internet Saver

A friend of a friend of a friend has had their Internet Saver account application blocked on the basis they already had six savings accounts (of various types) and six is the maximum number you can hold at any one time.

Note, not six Internet Saver accounts as per the T&C's/website, but six savings accounts in total.

Anyone with six accounts already may want to close one, or at least check with Tesco Bank, before spending time applying for a new Internet Saver, even if they have 5 or fewer IS accounts.

Indeed - that's what happened to us. We called and as we closed them over the phone, all this money lurking around popped up. Which was a nice surprise but struck us a bit unplanned..........

It isn't unplanned though - Tesco interest is paid twice a year (on 31st March and the bonus portion on the anniversary of account opening IIRC) so if you withdraw the balance but leave the account open, then there will usually be further interest due - either on those dates or on closure.

refluxer

LearningToBePassive said:

My initial deposit (made via debit card) with Al Rayan didn't appear.  I had to chase and used the secure message feature in the app.  They took 10 days to reply but they did then sort it out.  I was fairly stressed for that period but seems fine now - other deposits and withdrawals have gone smoothly.

I'm surprised you're happy with that level of customer service. 10 days to reply to a secure message about something as important as a missing payment would be completely unacceptable to me, personally.

Daliah

Bigwheels1111 said:

Proffit is paid on the last day of the month, well thats what they say.

It showed up in the app today, but is credited for 31 August

Bigwheels1111 said:

Not taken any cash out yet.

Withdrawals on working days before 5pm seems to arrive on the same working day but not instantly. Otherwise you have to wait until the next working day, when payments appear around 10am.

Note their withdrawal limits - I think it's max £20K/day via the app, or £10K via the phone. You can withdraw to any payee, and you can schedule withdrawals for future dates (single payments only, no SOs). Like with all banks, payments, particularly to new payees, can get blocked and it's the usual pain to get them released.

UncleK

refluxer said:

UncleK said:

Section62 said:

Tesco Internet Saver

A friend of a friend of a friend has had their Internet Saver account application blocked on the basis they already had six savings accounts (of various types) and six is the maximum number you can hold at any one time.

Note, not six Internet Saver accounts as per the T&C's/website, but six savings accounts in total.

Anyone with six accounts already may want to close one, or at least check with Tesco Bank, before spending time applying for a new Internet Saver, even if they have 5 or fewer IS accounts.

Indeed - that's what happened to us. We called and as we closed them over the phone, all this money lurking around popped up. Which was a nice surprise but struck us a bit unplanned..........

It isn't unplanned though - Tesco interest is paid twice a year (on 31st March and the bonus portion on the anniversary of account opening IIRC) so if you withdraw the balance but leave the account open, then there will usually be further interest due - either on those dates or on closure.

Hmm - all the accounts showed zero balances. Indeed there was interest due, but it wasn't showing - that's what surprised me. As you say - we only got it on closure. Ah well - at least we got it.

Thumbs_Up

Bigwheels1111 said:

Bank to bank 5 Minutes max.

Not taken any cash out yet.

I like to think most of us do a £1 test before we proceed further.

I think we should get in the habit and see how quick banks pay out. I did, and from memory it was (for me) over 24 hours to receive payment. Happy with status quo – so maxed out

 

refluxer

UncleK said:

Hmm - all the accounts showed zero balances. Indeed there was interest due, but it wasn't showing - that's what surprised me. As you say - we only got it on closure. Ah well - at least we got it.

If you think about it though, interest might be earnt daily (in most cases) but it'll only show in your account when it's actually paid so if you were to withdraw the whole balance from a Tesco Internet Saver, the balance will remain at zero until either the 31st March or the anniversary of opening the account - whichever comes first. If it showed as zero right up until the time of closure, then presumably you've closed before either of those dates occurred