The Top Easy Access Savings Discussion Area

ASL1

TomDolan said:

ASL1 said:

Typical I just transferred from Al Rayan to Santander a couple of days ago.

What is the best way to transfer from Santander back to Al Rayan? Is there a daily limit can you transfer directly from one to the other? Or do you need to send it to your current account first?

Would it be easier to just close the Santander account? As I picked yearly interest payments?

same here...I have set up Al Rayan as payee and schedule a 1£ payment for monday on my Santander app. Will know cob monday, then will move some in chunks once the payment is successfull

Can you set up a payee on the app or do you have to login online?

ASL1

ASL1 said:

TomDolan said:

ASL1 said:

Typical I just transferred from Al Rayan to Santander a couple of days ago.

What is the best way to transfer from Santander back to Al Rayan? Is there a daily limit can you transfer directly from one to the other? Or do you need to send it to your current account first?

Would it be easier to just close the Santander account? As I picked yearly interest payments?

same here...I have set up Al Rayan as payee and schedule a 1£ payment for monday on my Santander app. Will know cob monday, then will move some in chunks once the payment is successfull

Can you set up a payee on the app or do you have to login online?

Just found the option in the app. Have to click on the + symbol.

Yellowman

Al Rayan is offering an expected profit (interest) rate of 2.81% which can only be paid monthly.

Moneyfacts suggests that the rate 2.81% is the same as the monthly rate.

EAR = gross monthly?

I am confused as, normally, gross monthly rates are a little less than EARs.

Sensory

refluxer said:

ASL1 said:

Typical I just transferred from Al Rayan to Santander a couple of days ago.

What is the best way to transfer from Santander back to Al Rayan? Is there a daily limit can you transfer directly from one to the other? Or do you need to send it to your current account first?

Would it be easier to just close the Santander account? As I picked yearly interest payments?

Is it really worth it for 0.06% ? If rates rise following the BoE meeting in a few weeks and you end up moving yet again, you'll have probably gained (literally) pennies by moving back to Al Rayan now - a few pounds at most if you had the full £85k in there !

Both accounts are already open, so it’s literally a few button presses in an app to make a transfer. It took me less than 2 minutes, and that included setting up a new payee.

Considering how much time people can waste away using various apps these days, setting up a faster payment isn’t a hurdle that one needs to consider in a comparison of effort worth.

Thumbs_Up

I see Secure Trust Bank has fallen off the radar, I’m in at 1.79% easy access. The thing is, to keep the account open you need a balance of £1000. Clearly they don’t update the account when interest rises, the best they can do is 2% currently.

Should I take out the £1000 and close the account? My thinking was to keep the account open so if they offer a better product in the future it would be easy to open another account.

£1000 is high figure to keep this account opened though. What would you do?

Sensory

Yellowman said:

Al Rayan is offering an expected profit (interest) rate of 2.81% which can only be paid monthly.

Moneyfacts suggests that the rate 2.81% is the same as the monthly rate.

EAR = gross monthly?

I am confused as, normally, gross monthly rates are a little less than EARs.

2.77% gross monthly is approximately 2.81% AER.

2.81% gross monthly is approximately 2.85% AER.

Al Rayan simply cannot provide an AER equivalent figure.

Yellowman

Gatehouse (another Islamic bank) offers both annual and monthly rates:

2.80% AER / Gross p.a. - Annual Profit
2.80% AER / 2.76% Gross p.a. - Monthly Profit
(from their website)

So, for direct comparison, is Al Rayan 2.85% AER and Gatehouse 2.80% AER?

EP456

Why is the Santander 2.75% rate not included in the top pick savings account?  What am I missing?

Top-pick savings accounts

• Easy-access savings: allows withdrawals
  • Sainsbury's Bank –  2.75%
  • Barclays – 5.12%

Daliah

EP456 said:

Why is the Santander 2.75% rate not included in the top pick savings account?  What am I missing?

Top-pick savings accounts

• Easy-access savings: allows withdrawals
  • Sainsbury's Bank –  2.75%
  • Barclays – 5.12%

Because it is no longer available to new applicants.

EP456

Daliah said:

EP456 said:

Why is the Santander 2.75% rate not included in the top pick savings account?  What am I missing?

Top-pick savings accounts

• Easy-access savings: allows withdrawals
  • Sainsbury's Bank –  2.75%
  • Barclays – 5.12%

Because it is no longer available to new applicants.

Ah, many thanks D!