We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

The Top Easy Access Savings Discussion Area

Options
17077087107127132004

Comments

  • Daliah
    Daliah Posts: 3,792 Forumite
    1,000 Posts First Anniversary Photogenic Name Dropper
    Gatehouse Easy Access - a bit more information for new account holders

    After having opened the account yesterday, and making several deposits from my nominated account, today I can see a message in the app, saying "Your nominated account must be authenticated before it can be used for withdrawals". There is no explanation in the app how this authentication works, but if you log into online banking they tell you that they will send you an authentication code in the post, and you then enter this code in online banking to complete the authentication process. This sounds like a security measure - not 100% foolproof but better than not verifying the nominated account.
  • 10_66
    10_66 Posts: 3,449 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    I was wondering the same re Al Rayan.  I don't think there is a minimum operating balance but their T&Cs don't say one way or another.  From what I've seen on other threads my impression is that you get the interest whatever the balance.

    If you do ring them, let us know what they say.
    When I rang Al Rayan, I was told that the minimum operating balance is £5K.  They said that if balance drops below this limit the account would be "reviewed", and you'd be given the option of either topping up or closing. Not quite sure how this works when clearly most people are paying in £1 test.  Anyway, that's what they confirmed.
  • jimexbox
    jimexbox Posts: 12,480 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Re. Al Rayan. How quick are deposits and withdrawals to show? 
  • Daliah said:
    Gatehouse Easy Access - a bit more information for new account holders

    After having opened the account yesterday, and making several deposits from my nominated account, today I can see a message in the app, saying "Your nominated account must be authenticated before it can be used for withdrawals". There is no explanation in the app how this authentication works, but if you log into online banking they tell you that they will send you an authentication code in the post, and you then enter this code in online banking to complete the authentication process. This sounds like a security measure - not 100% foolproof but better than not verifying the nominated account.
    Yeah, I did the same as you yesterday, with the same outcome. Never thought of sharing that snippet of info on here though.

    Must work harder :smile:

  • 10_66 said:
    I was wondering the same re Al Rayan.  I don't think there is a minimum operating balance but their T&Cs don't say one way or another.  From what I've seen on other threads my impression is that you get the interest whatever the balance.

    If you do ring them, let us know what they say.
    When I rang Al Rayan, I was told that the minimum operating balance is £5K.  They said that if balance drops below this limit the account would be "reviewed", and you'd be given the option of either topping up or closing. Not quite sure how this works when clearly most people are paying in £1 test.  Anyway, that's what they confirmed.
    If it helps.  I had/have version 1, which had a "minimum opening balance"  of £500, then version 2, min £2500, and now have version 3, min £5000. I put an initial £1 into all three prior to building a large balance in each.

    When their rates fell behind, both earlier versions were run down to a nominal amount well below the opening balance figure, but some interest was always paid each month, and without any mention of a review. Both still show with a zero balance.

  • 10_66
    10_66 Posts: 3,449 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Thanks for this Rollinghome.
  • Rollinghome
    Rollinghome Posts: 2,729 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 2 September 2022 at 10:44AM
    jimexbox said:
    Re. Al Rayan. How quick are deposits and withdrawals to show? 
    Seem to need a manual input so it can vary, but I've never seen any significant delay other when my wife made a £10k transfer to a new payee this week.  Took about 3 hours before they rang her iirc, and then just a few minutes to get it cleared

    Also I notice that some people have had problems calling them. They used to have top class CS with the phone being answered after just a couple of rings. More recently they seem to have been badly impacted by covid causing staff shortages.  I understand they've recently reduced their office hours too, presumably for similar reasons.  With luck, they'll get back to their previous levels of service.
  • Shawbrook have brought out a new easy access account issue but reduced the rate from 1.86% to 1.81%.
  • Strange going down in rates , I’ve had 2 increases from them in Aug and now sits at 1.86%. No notification saying decreasing yet.
  • qsk
    qsk Posts: 457 Forumite
    Ninth Anniversary 100 Posts Name Dropper Combo Breaker
    jimexbox said:
    Re. Al Rayan. How quick are deposits and withdrawals to show? 
    Quite quick on weekdays. But don't do any withdraw/deposit over weekends as they will not be processed (my experience).
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.9K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.9K Work, Benefits & Business
  • 598.8K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.