The Top Easy Access Savings Discussion Area

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). 

Section62

wiseonesomeofthetime said:

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.

I agree that this thread, and a few others, have lost the discipline that supports an easy follow of interest rate movements and discussion.

Too much chat around account opening issues with various providers also tends to dominate and hide genuine useful information.

One person's "chat" can be another person's crucial bit of information though, especially when decisions whether or not an account is suitable depend on more than just the headline interest rate.  This is a 'discussion' area, so I don't see the issue with people departing from a purist approach of reporting interest rate movements, especially as Soulsaver has been asked to (and kindly has) set up a separate 'no chat' thread.

On balance I think it helps make the whole board work better if discussion about the minutiae of easy access accounts (and account opening issues) is consolidated on one thread - rather than people feeling obliged/compelled to start a new thread to ask/inform regarding each and every account opening issue which arises.  IMV "chat" across one thread is significantly better than "chat" across the whole board.

And sometimes the most useful information comes from what people say in the course of a discussion around the topic, it would be unfortunate if people felt they shouldn't be sharing information which may be of use to other forum members.

Daliah

wiseonesomeofthetime 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

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.

That's essentially how I use this account - a max 62 day notice account. More likely, just a 30/31 day notice account. This account is good for £10k until I can get an instant access account which has no restrictions and pays at least 3%, too.

I-LOV-MONEY

My ESaver app shows the interest rate as 2.72%    Is this correct ?

refluxer

I-LOV-MONEY said:

My ESaver app shows the interest rate as 2.72%    Is this correct ?

When you say eSaver app, presumably you're talking about the Santander online banking app ?

If so, then yes - that's correct. 2.72% gross will give you 2.75% AER if monthly interest is paid into the account, due to compounding.

TheLitterMan

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

Very handy, thank you. I had an old Bonus Saver with HSBC which had been untouched (with a minimum balance) for years. They have automatically upgraded this account to pay 3%, so I didn't even need to open a new account, and I've just transferred some money into it without any problem. 

I-LOV-MONEY

refluxer said:

When you say eSaver app, presumably you're talking about the Santander online banking app ?

If so, then yes - that's correct. 2.72% gross will give you 2.75% AER if monthly interest is paid into the account, due to compounding.

Yes.  I thought they were diddling me out of .03% !

OT Whose turn is it to be Prime Minister next week ?!!!

Sg28

I-LOV-MONEY said:

refluxer said:

When you say eSaver app, presumably you're talking about the Santander online banking app ?

If so, then yes - that's correct. 2.72% gross will give you 2.75% AER if monthly interest is paid into the account, due to compounding.

Yes.  I thought they were diddling me out of .03% !

OT Whose turn is it to be Prime Minister next week ?!!!

Mine.....

isasmurf

Sg28 said:

I-LOV-MONEY said:

refluxer said:

When you say eSaver app, presumably you're talking about the Santander online banking app ?

If so, then yes - that's correct. 2.72% gross will give you 2.75% AER if monthly interest is paid into the account, due to compounding.

Yes.  I thought they were diddling me out of .03% !

OT Whose turn is it to be Prime Minister next week ?!!!

Mine.....

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