The Top Easy Access Savings Discussion Area

cricidmuslibale

I-LOV-MONEY said:

dgpur said:

Personally I would go for the M Plus current account from Virgin Money. 2.02% on up to £1000, and no need to transfer any direct debits to it. It has an attached M Plus Saver account that has been pretty good at keeping up with providing good rates after base rate changes. Currently it’s at 2.02% up to £25,000 (1.51% above that).

I did have a look at Virgin, but got confused with M Plus Current,  M Plus Saver both seemingly offering 2.02%, but you could only put £1000 in one?   Are the two identical in other respects?

For the very first time, at the start of this week, the interest rate on the M Plus Saver was raised to be exactly the same as that offered by the M Plus Current Account i.e. 2.00% gross (2.02% AER) for both accounts. However interest on the Saver is paid quarterly (every 3 months, end of March, June, Sept and Dec) whereas interest on the Current Account is paid monthly. Also you can put much more than £1000 in the Current Account if you wish to but only the 1st £1000 in there will earn the 2.00% gross interest with anything above £1000 earning nothing at all! Whereas you can put up to £25000 in the Saver and still earn 2.00% gross interest with any amounts above £25000 earning 1.50% gross interest on top of the 2.00% on the first £25000, if you see what I mean.

Oh and crucially, to get an M Plus Saver you first have to successfully apply for an M Plus Current Account; the Saver is opened automatically alongside the Current Account, linked to the Current Account and will have a pretty similar account number.

ForumUser7

nottsphil said:

dgpur said:

I-LOV-MONEY said:

Hi folks.  I have simple needs, because I like money, I want a lot of it !!

Basically, I have several thousand pounds in a Marcus account.   I know that it is not offering the best rate.  My problem is I don't have time to keep switching accounts from one provider to another.  I would like an account that is easy to open and easy to withdraw money (preferably without notice). 

I remember the 'old days' where you found an account, put your money in and then only went back to it when you needed to make a withdrawal.   However, I expect then the interest rates weren't so volatile, and there weren't so many providers offering accounts.with so many conditions.

So what does the team think (!), am I asking for the moon ?

 It doesn’t hurt that transfers to and from my nominated bank account (Nationwide) are instantaneous. I’ve come to value that more than slightly better rates elsewhere at times. I see that this might appeal to you to. App is easy as pi too use also.

Does their Flex Direct account allow £85,000 transfers out in one day? I'm now regretting nominating Bank of Scotland as their maximum daily total of faster payments out of all of your current accounts is just £25,000.

I'm unsure, but if you wanted to make that £85,000 as a singular payment it would have to be via CHAPS.

Payments over £10,000

To send over £10,000 in one payment, you’ll need to use the CHAPS service.

CHAPS payments: 

• have a £20 transaction fee
• can only be processed Monday to Friday (excluding bank holidays)
• cannot be cancelled once requested
• can be requested through the Internet Bank or at a Nationwide branch.

I feel like if you try and move £85,000 in a day via multiple large faster payments, even if allowed, the first few times it'll probably trigger a payment hold and they may want to verify the payment

tg99

nottsphil said:

dgpur said:

I-LOV-MONEY said:

Hi folks.  I have simple needs, because I like money, I want a lot of it !!

Basically, I have several thousand pounds in a Marcus account.   I know that it is not offering the best rate.  My problem is I don't have time to keep switching accounts from one provider to another.  I would like an account that is easy to open and easy to withdraw money (preferably without notice). 

I remember the 'old days' where you found an account, put your money in and then only went back to it when you needed to make a withdrawal.   However, I expect then the interest rates weren't so volatile, and there weren't so many providers offering accounts.with so many conditions.

So what does the team think (!), am I asking for the moon ?

 It doesn’t hurt that transfers to and from my nominated bank account (Nationwide) are instantaneous. I’ve come to value that more than slightly better rates elsewhere at times. I see that this might appeal to you to. App is easy as pi too use also.

Does their Flex Direct account allow £85,000 transfers out in one day? I'm now regretting nominating Bank of Scotland as their maximum daily total of faster payments out of all of your current accounts is just £25,000.

The max limit is £10k per transfer out but you can do unlimited number of transfers in a day.

movingon

cricidmuslibale said:

For the very first time, at the start of this week, the interest rate on the M Plus Saver was raised to be exactly the same as that offered by the M Plus Current Account i.e. 2.00% gross (2.02% AER) for both accounts. However interest on the Saver is paid quarterly (every 3 months, end of March, June, Sept and Dec) whereas interest on the Current Account is paid monthly. Also you can put much more than £1000 in the Current Account if you wish to but only the 1st £1000 in there will earn the 2.00% gross interest with anything above £1000 earning nothing at all! Whereas you can put up to £25000 in the Saver and still earn 2.00% gross interest with any amounts above £25000 earning 1.50% gross interest on top of the 2.00% on the first £25000, if you see what I mean.

Oh and crucially, to get an M Plus Saver you first have to successfully apply for an M Plus Current Account; the Saver is opened automatically alongside the Current Account, linked to the Current Account and will have a pretty similar account number

And the Associated Virgin Easy Access Cash ISA Exclusive Issue 2 is now 2.25%

SeriousHoax

Opened Al-Rayan account on Tuesday 4th October and all I've had is email does anyone think I should phone them up.

Sensory

SeriousHoax said:

Opened Al-Rayan account on Tuesday 4th October and all I've had is email does anyone think I should phone them up.

What does the email say?

t1redmonkey

SeriousHoax said:

Opened Al-Rayan account on Tuesday 4th October and all I've had is email does anyone think I should phone them up.

You can deposit money with them as soon as the account is opened, don't need to wait for anything in the post.

alternate

SeriousHoax said:

Opened Al-Rayan account on Tuesday 4th October and all I've had is email does anyone think I should phone them up.

I had to ask someone myself.  You will get a letter in the mail but if you want to set up a login straight away download the app and put your account number in (from the email).

Welshy213

I tried to open an account with Al Rayan yesterday and just get an email "thank you for your application, we will contact you shortly"

S_uk

Zopa has officially gone from hero to zero as far as I'm concerned.

That said I'll happily edit this post if they up their rate in the next couple of days