The Top Easy Access Savings Discussion Area

Bigwheels1111

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 !

They will put their rates after the boe rise as well as today, well they have for the last 6 months I’ve been with them.

Sensory

Yellowman said:

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?

I’m inclined to say yes, but I don’t have personal figures to verify whether Al Rayan’s EPR is a gross figure or AER.

AndyTh_2

Sensory said:

Yellowman said:

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?

I’m inclined to say yes, but I don’t have personal figures to verify whether Al Rayan’s EPR is a gross figure or AER.

2.81% (gross per annum) on https://www.alrayanbank.co.uk/savings/everyday-saver-issue-3 summary box

Sensory

AndyTh_2 said:

Sensory said:

Yellowman said:

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?

I’m inclined to say yes, but I don’t have personal figures to verify whether Al Rayan’s EPR is a gross figure or AER.

2.81% (gross per annum) on https://www.alrayanbank.co.uk/savings/everyday-saver-issue-3 summary box

Gross p.a. but they only offer monthly credits. Curious as to whether they take monthly compounding into account, as compound interest is very much based on the concept and principles of interest.

Gatehouse specifically differentiates between “2.8% AER” and “2.76% Gross p.a.” when profit is received monthly, so Al Rayan’s AER could very well be 2.85%, but they specifically do not provide an AER figure.

mebu60

Daliah 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?

You'll just be limited by Santander's FP limit - £25k/day. If you want to send more, phone and Branch do up to £100k.

I make my transfers via my Santander current account, because I have my Al Rayan payee on that account. Less hassle than setting up a new payee on the esaver, but you could do that if you wanted to.

I wouldn't close the esaver if I were you because you can't get a 2.72/2.75% account at Santander atm. If you were happy before with annual interest, you should still be happy with it now? Just keep a record that you still have the Santander account

I am able to do £100k FPS in a 24 hour period on each of my Santander current accounts (Everyday and 123 Lite). Max single payment £20k (not tried to do more for quite some time, could have increased). I never do two amounts exactly the same in any batch of payments just in case one goes astray. You can make >1 payment to the same payee.

quirkydeptless

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.

Al Rayan Bank

We have increased the expected profit rate on our Everyday Saver (Issue 3) again

We regularly review the expected profit rates offered on our savings accounts. Following a review of the Everyday Saver (Issue 3), we’d like to let you know about a change that we have made.

The change is shown below

Whatever those Gatehouse losers are offering +0.01%

Molehusband

wiseonesomeofthetime said:

MrFrugalFever said:

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.

I totally agree that this thread has seriously deteriorated in the last few months. This thread is supposed to be about:
The Top Easy Access Savings...
with the word Top I understand referring to best interest rates. However, it seems to me the majority of posts are not related to this in the sense they don't refer at all to interest rates (good, bad, indifferent) offered by financial institutions. Instead, they focus on operating specific accounts
eg we get very lengthy discussions about:
- how long do withdrawals take,
- how their password system works and what characters can be used,
- can't send deposit because "reference" is too long
I believe most of these matters should be taken up with the savings provider and resolved by them.
One of the consequences is that my inbox is saturated with email (up to around 100 emails a day) which I find very difficult to cope with.

A potential solution for me was my request fewer email notifications. In August I started thread:

Email notifications of forum posts
(https://forums.moneysavingexpert.com/discussion/6382416/email-notifications-of-forum-posts#latest)
but, as far as I'm aware, no action has yet been taken by MSE.

veryintrigued

Is there a clever IT programmer out there who can filter out:

Duplicate posts where people are keener to post, what they consider is, breaking news rather than read it's been discussed handfuls of times already?

Posts where people are in such a rush to share their (often not) breaking news that they fail to indicate what the institution and product is.

Asking for a friend.

simoncorkswill1

Experiencing gross incompetence with Cynergy , albeit it was cinch to set up initially and still yet to hear from Santander even though already have online banking with them .
  Now trying Gatehouse , who so far have been slicker to deal with .
  

jimexbox

Molehusband said:

wiseonesomeofthetime said:

MrFrugalFever said:

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.

I totally agree that this thread has seriously deteriorated in the last few months. This thread is supposed to be about:
The Top Easy Access Savings...
which I understand refers to best interest rates. However, it seems to me the majority of posts are not related to this in the sense they don't refer at all to interest rates (good, bad, indifferent) offered by financial institutions. Instead, they focus on operating specific accounts
eg we get very lengthy discussions about:
- how long do withdrawals take,
- how their password system works and what characters can be used,
- can't send deposit because "reference" is too long
I believe most of these matters should be taken up with the savings provider and resolved by them.

One of the consequences is that my inbox is saturated with email (up to around 100 emails a day) which I find very difficult to cope with.

A potential solution for me was my request fewer email notifications. In August I started thread:

Email notifications of forum posts
(https://forums.moneysavingexpert.com/discussion/6382416/email-notifications-of-forum-posts#latest)
but, as far as I'm aware, no action has yet been taken by MSE.

So nobody can't discuss anything related to specific easy access accounts because of your inbox?

Ok.