The Top Easy Access Savings Discussion Area

financialbliss

clivep said:

financialbliss said:

On hold to Santander now. There's a block on my eSaver preventing me withdrawing funds.

What error do you get? When I try to set up a new payment it says "Account not available, select another".

It allowed funding from my Santander current account and via external a/c but withdrawals not working. A new payment from current a/c works fine.

This is via online banking, I don't use the app.

I get this via the website.

financialbliss

Sea_Shell said:

financialbliss said:

On hold to Santander now. There's a block on my eSaver preventing me withdrawing funds.

Out of interest, why are you withdrawing funds already?

Purely as a test payment?

Purely as a test payment, as I want to make sure I can withdraw before funding. Switched away from Santander in 2017, yet they have linked me back up to my old customer number. 

And still on hold...

clivep

financialbliss said:

I get this via the website.

Same error. Was indeed just a test payment to check functionality.

Currently I'm trying a web chat but they're experiencing high volumes (surprise, surprise).

ASL1

A question. I opened the savings account with Al Rayan last week it is set up fully and funded.

Today I received a welcome pack in the post. There is one random page within the pack. It is titled 'Application for a Savings account'. It has prefilled my personal details (Section 1) and there is another section on Financial details and declaration (section 2), which talks about my initial payment and marketing preferences. There is then a space for me to sign and date.

Do I need to sign date this form and send back to Al Rayan in the prepaid envelope? None of the accompanying paperwork in the pack (and no email communication) indicates i need to complete this form and the account is  already fully open and funded?

soulsaver

I get a SV_0110 error.

callum9999

Freebird53 said:

I wonder If / how long it will take AR to respond?

On another note, this Easy Access thing is a bit of a mystery to me.

I can see how a bank offering a fixed term gives them the security to lend/invest, but EA accounts?

Once their EA rate is uncompetitive people will surely take their money elsewhere....?

Many people just leave their savings in their current account earning 0%. I think people on here often vastly overestimate the financial knowledge of the average person!

There will certainly be an outflow, but a large proportion won't be monitoring competing rates at all, let alone try chasing them. Perhaps the likes of Chase and Marcus already have more than enough deposits to cover their needs, so have no reason to raise the rates (though you'd have to assume with the continual rises that will change soon).

steveksullivan

callum9999 said:

Many people just leave their savings in their current account earning 0%. I think people on here often vastly overestimate the financial knowledge of the average person!

There will certainly be an outflow, but a large proportion won't be monitoring competing rates at all, let alone try chasing them. Perhaps the likes of Chase and Marcus already have more than enough deposits to cover their needs, so have no reason to raise the rates (though you'd have to assume with the continual rises that will change soon).

It's true that 'a large proportion won't be monitoring competing rates at all'  but i would suggest that those same people might not have spotted the likes of Marcus and Chase in the first place (certainly my brother and MIL wouldn't have if I hadn't told them ....)  so the sort of people who would 'be monitoring competing rates at all' will also be the first to exit these banks when rates change  .... ceratainly my Chase and Marcus accounts are now both empty ....

Does that make sense ?

SFindlay

financialbliss said:

On hold to Santander now. There's a block on my eSaver preventing me withdrawing funds.

On a separte note, I looked at this thread yesterday when we were on page 797 thinking it could get to 800 pages - been some replies over the last 24 hours !

When did you open the account?? Many accounts won't allow withdrawals for first 14 days unless closure though not sure about the eSaver but worth checking if still within the 14 day period. 

Thumbs_Up

janusdesign said:

Thumbs_Up said:

andyhicks88 said:

  I doubt we will see any Easy Access rates top 3% by the end of the year,

The next BoE meeting is due, (could be a emergency meeting even sooner ) on the 3rd  November. I’m calling it now a 0.75% basis points rise.

doesn't the Federal Reserve meet a day or two before that ? if so, BoE may have to take whatever the FR do into account too.

The Fed have raise the base rates by 75 bps three times on the bounce. So to answer your question, no.

 

Daliah

I can happily make transfers from my new Santander esaver to my Santander 123 Lite. Haven't tried making payments to an external account