The Top Easy Access Savings Discussion Area

refluxer

Sainsburys Defined Access Saver is now paying 2.75% for balances of £1000+ (1.05% for £1 - £999)

Up to 3 withdrawals allowed in a 12 month period - the rate drops to 0.80% after the 4th withdrawal.

Interest is paid on the anniversary of opening (no monthly option).

wiseonesomeofthetime

Descrabled said:

HSBC Bonus Saver

3% with strings for £1 to £10,000 provided you don't make any withdrawals in the month. Interest is only 0.5% if you withdraw during the month.

Not realy instant access but if you operate it by making full withdrawal as soon at begining of month then you will get full 3% for previous month (if you understand me).

Online only for opening.

edit- Interest paid monthly

So this could really replace those 90 or 95 notice accounts then imo, highest current rate being 2.95% per Moneyfacts
As long as people realise that each month, interest will be the ~equivalent of 3%/12, and not 3% of the amount in there, i.e. 3% AER, I think it may have its use, short term.

Likely to be overtaken soon by easy access accounts where no penalties for making a withdrawal though.

kaMelo

Maybe so, but it took 2 minutes to open and currently it is my highest paying easy access saver at 3%, at least for this month anyway.

BigBlueSky

refluxer said:

Sainsburys Defined Access Saver is now paying 2.75% for balances of £1000+ (1.05% for £1 - £999)

Up to 3 withdrawals allowed in a 12 month period - the rate drops to 0.80% after the 4th withdrawal.

Interest is paid on the anniversary of opening (no monthly option).

Does anyone know how they are in terms of speed of opening the account (and being able to use) and deposit/withdraw timescales ?

Thanks in advance.

soulsaver

MrFrugalFever said:

wiseonesomeofthetime said:

MrFrugalFever said:

Looks like Santander have pulled the plug on their 2.75% eSaver limited edition already and lowered to 2%.

I take you missed the earlier posts on the closure of issue 1 and opening of issue 2 on Monday and Tuesday then. 

I went back a few pages but obviously not far enough, the thread was diluted with comments unrelated to interest rates.

Clear and undiluted here in our own listing of the Top Easy Access accounts, ranked. 

Wheres_My_Cashback

Descrabled said:

HSBC Bonus Saver

3% with strings for £1 to £10,000 provided you don't make any withdrawals in the month. Interest is only 0.5% if you withdraw during the month.

Not realy instant access but if you operate it by making full withdrawal as soon at begining of month then you will get full 3% for previous month (if you understand me).

Online only for opening.

edit- Interest paid monthly

Wow, I think that's a terrible offering from HSBC and shows where they sit n the savings market. An interest rate of 0.50% for the whole of the month any w/d is made.
It's seems to sit somewhere between an easy access and RS a/c just like the Digital RS from RBS/NatWest, but with a very poor rate attached.

ForumUser7

Wheres_My_Cashback said:

Descrabled said:

HSBC Bonus Saver

3% with strings for £1 to £10,000 provided you don't make any withdrawals in the month. Interest is only 0.5% if you withdraw during the month.

Not realy instant access but if you operate it by making full withdrawal as soon at begining of month then you will get full 3% for previous month (if you understand me).

Online only for opening.

edit- Interest paid monthly

Wow, I think that's a terrible offering from HSBC and shows where they sit n the savings market. An interest rate of 0.50% for the whole of the month any w/d is made.
It's seems to sit somewhere between an easy access and RS a/c just like the Digital RS from RBS/NatWest, but with a very poor rate attached.

I think I would categorise it as a very rainy day saver - i.e. try not to make deposits, but if you absolutely need to or else you'll be in some kind of financial ruin, then make a deposit. Technically, it's easy access but the limitations remove it from being one I would consider for easy access.

Wheres_My_Cashback

ForumUser7 said:

Wheres_My_Cashback said:

Descrabled said:

HSBC Bonus Saver

3% with strings for £1 to £10,000 provided you don't make any withdrawals in the month. Interest is only 0.5% if you withdraw during the month.

Not realy instant access but if you operate it by making full withdrawal as soon at begining of month then you will get full 3% for previous month (if you understand me).

Online only for opening.

edit- Interest paid monthly

Wow, I think that's a terrible offering from HSBC and shows where they sit n the savings market. An interest rate of 0.50% for the whole of the month any w/d is made.
It's seems to sit somewhere between an easy access and RS a/c just like the Digital RS from RBS/NatWest, but with a very poor rate attached.

I think I would categorise it as a very rainy day saver - i.e. try not to make deposits, but if you absolutely need to or else you'll be in some kind of financial ruin, then make a deposit. Technically, it's easy access but the limitations remove it from being one I would consider for easy access.

I think the only way this a/c could be useful is if you're going to deposit a large sum knowing you're not going to need it and then jut remove the whole lot on the 1st when you need it. However I'm sure HSBC would have taken into account the upcoming base rate rise and already included it within this rate so wouldn't expect to see any change to the 3% whereas other offerings from elsewhere are likely to exceed that within the next few weeks.

refluxer

BigBlueSky said:

refluxer said:

Sainsburys Defined Access Saver is now paying 2.75% for balances of £1000+ (1.05% for £1 - £999)

Up to 3 withdrawals allowed in a 12 month period - the rate drops to 0.80% after the 4th withdrawal.

Interest is paid on the anniversary of opening (no monthly option).

Does anyone know how they are in terms of speed of opening the account (and being able to use) and deposit/withdraw timescales ?

Thanks in advance.

I've not held this particular account, but used to hold others years ago (eSavings Plus, eSaver Special and their current account) and don't remember having any major problems.

The one niggle I did have was that my Barclays current account wasn't recognised for withdrawals for some reason so I had to withdraw to an alternative current account instead - I never got to the bottom of this but, as it only became an issue when I was closing my accounts, it wasn't worth sorting.

For Sainsburys bank accounts in general, faster payment deposits should be instant (subject to the account you're sending from, of course) and withdrawals should be same day if done before 5pm on a working day, according to their general T&Cs.

The latter presumably means that withdrawals requested after 5pm on a Friday and over the weekend won't be actioned until the Monday.

mebu60

refluxer said:

Sainsburys Defined Access Saver is now paying 2.75% for balances of £1000+ (1.05% for £1 - £999)

Up to 3 withdrawals allowed in a 12 month period - the rate drops to 0.80% after the 4th withdrawal.

Interest is paid on the anniversary of opening (no monthly option).

Don't know about new to Sainsbury's customers but for existing it takes a while for the new application to show on your list (they don't upgrade existing accounts to the new rate).