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quirkydeptless

kaMelo said:

quirkydeptless said:

jimexbox said:

Re. Al Rayan. How quick are deposits and withdrawals to show? 

I opened Gatehouse yesterday and Al Rayan Today

Al Rayan payment went though in 1-2 hours, starting with a £1 test. My Gatehouse test payments from Yesterday and Today, 1 out of 4 has got through so far.

My Gatehouse reference is too long for the field in my source account, by 1 character. Tried leaving out the spaces and truncating the last character.

Guess which account is getting my money

Yes it's a bit weird that the reference given to you is too long to use but once you've logged in to Gatehouse you can see your account no formatted like.   XXX9999999YYY (with Y being the first three letters of your surname. Use the account number for the reference and money is deposited correctly.

The test payment to Gatehouse where I removed the spaces went through, but the ones where I truncated the last character are being bounced back to me. Well at least I have one method that works.

My money is with Al Rayan now, well, it's an extra 0.1%, but lets see how the rate race goes

quirkydeptless

Daliah said:

I agree, though, Al Rayan are processing deposits quicker than Gatehouse. Remains to be seen how they compare on withdrawals, and on daily withdrawal limits. My preference atm is Al Rayan, based on their interest rate.

To be fair to Gatehouse, my test payments were after the afternoon cut of people have been posting about, and Al Rayan was this morning.

Au revoir to Virgin, my money transferred out and appeared in my other account in an instant.

mebu60

FishInGlass said:

I was also told that any deposit before 1pm will be processed today. After 1pm it will be the following day (not sure if that is working day or not). The money however will earn expected profit from the day of deposit. I will check tomorrow to see if my £1 has arrived.

The 1pm cut-off is useful information, many thanks FIG, explains a lot. Hopefully it is next day rather than next working day as I am waiting for a larger amount to appear. Would rather see it tomorrow than Monday! Even though it will earn profit from today.

Shedman

Anybody else on iPadOS 16.1 (its a public beta) and manage to get the Al Rayan app to open?  It just flashes very briefly and goes back to desktop screen when I try.   Guess I'll have to use my Android phone.

Daliah

Shedman said:

Anybody else on iPadOS 16.1 (its a public beta) and manage to get the Al Rayan app to open?  It just flashes very briefly and goes back to desktop screen when I try.   Guess I'll have to use my Android phone.

I am not, and as a matter of principle, I wouldn't use my banking apps on any Beta OS.

Oasis1

soulsaver said:

Pompeydave1967 said:

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.

Shawbrook Issue 30 launched at 1.81%. 
Issue 29 is still 1.86%. Existing holders can still add to the account but it's no longer available (NLA) to new applicants. 

ToTP here updated accordingly. 

My issue 29 is 1.84%... weird.

MDMD

Oasis1 said:

soulsaver said:

Pompeydave1967 said:

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.

Shawbrook Issue 30 launched at 1.81%. 
Issue 29 is still 1.86%. Existing holders can still add to the account but it's no longer available (NLA) to new applicants. 

ToTP here updated accordingly. 

My issue 29 is 1.84%... weird.

1.84% must be the gross, 1.84% gross monthly is 1.86% AER

WBCPB

MDMD said:1.84% must be the gross, 1.84% gross monthly is 1.86% AER

Can you please show me the workings on Gross & AER?

jak22

It's normal on any saving account that if you choose monthly interest you'll be earning a figure around  .01% or .02% lower than the headline AER rate. If you just leave that interest in the account it will compound back to the same as the higher figure that you get with annual interest but not if you have it paid out monthly to your current account for example. Gross is just used as the common name for monthly - as all interest is no longer paid net of tax.

RG2015

WBCPB said:

MDMD said:1.84% must be the gross, 1.84% gross monthly is 1.86% AER

Can you please show me the workings on Gross & AER?

It would be complicated. I have done it on Excel but that is not easy to share. However you can Google it and I have a link below to one result.

https://www.shawbrook.co.uk/direct/savings/aer-interest-explained/