The Top Easy Access Savings Discussion Area

patpalloon

baldeagle09 said:

For a big organisation this is shoddy.

MSE are notoriously poor at listing Top Savings Accounts and Top Bank Accounts.

Other search engines provide more accurate and up to date information.

If it wasn't for the likes of soulsaver, this site would be virtually useless.

Any other good websites that list the best savings accounts?

ColdIron

Untick the Quick Links

https://moneyfacts.co.uk/savings-accounts/

intalex

Sensory said:

intalex said:

Right so it is a deal breaker for you, as it is for me

I thought you were asking whether the banks were breaking any deals, as opposed to asking hypothetically about whether the condition was acceptable from a general customer standpoint.

Fair enough, for easy access the uncertainty and lack of guarantees is precisely now standard easy access accounts work, so I'd say there is no difference.

But for fixed rates, the presence of a break clause is very much a tangible risk. Say, if rates today have maxed out and one takes up a 5-year fix at 5.10% and then rates drop to sub-1% just as rapidly as they have recently risen, say 6-12 months into the 5-year fix, which bank will resist the temptation to exercise such a break clause and leave customers scrambling for sub-1% deals. Furthermore, customers aren't even given equivalent break clause rights.

I must admit I had no idea this was the case with fixed rate Sharia accounts, and I almost opted for Gatehouse over Coventry for one of my fixes, and only picked Coventry as it was an easier and seamless transfer. But now I'm grateful to learn of the one-sided break clause as I had always assumed that aside from terminology the mechanics and risk between Sharia and standard fixed rate accounts were exactly the same, which is not the case.

[Deleted User]

Earl Shilton? Never heard of them. Anybody?

Rheumatoid

Deleted_User said:

Earl Shilton? Never heard of them. Anybody?

I have as a Leics lad. Been around a long time. Maybe longer than me 

Millyonare

Rheumatoid said:

Deleted_User said:

Earl Shilton? Never heard of them. Anybody?

I have as a Leics lad. Been around a long time. Maybe longer than me 

This has probably already been posted, but Earl Shilton BS today has a 3.00% instant-access Heritage account for people aged over 50yo. Seems to be available UK-wide. Makes it just about the best easy saver in the UK right now. Max of 4 withdrawals a year is the downside.

pecunianonolet

Grouchy said:

Wonder if anyone who is more up to date will have an idea when the proposed increases in YBS EA rates?  On the website it just says (to paraphrase) they are in the pipeline. I know with other institutions people have learned in advance of the date of BofE related increases. 

Thanks

Asked them earlier in chat the same and they don't have a date yet so will be moving tomorrow to Al Ryan. Read elsewhere that they are slow but guy in chat confirmed they offer the faster payment option.
 

16:31

pecunianonolet

When is the cut off time for same day transfer?

16:32

YBS

If you are doing a faster payment online the cutoff is 20:00 - if you are arranging a CHAPS transfer in branch, noon.

16:33

pecunianonolet

Ok, are there any fees for faster payment, assume there are for CHAPS?

16:34

YBS

Not for faster payment and there is no daily limit. £23.50 for CHAPS.

Sensory

Millyonare said:

Rheumatoid said:

Deleted_User said:

Earl Shilton? Never heard of them. Anybody?

I have as a Leics lad. Been around a long time. Maybe longer than me 

This has probably already been posted, but Earl Shilton BS today has a 3.00% instant-access Heritage account for people aged over 50yo. Seems to be available UK-wide. Makes it just about the best easy saver in the UK right now. Max of 4 withdrawals a year is the downside.

Major caveats for their accounts:

• Postal, phone or branch applications only.
  
• Account cannot be managed online (only balance view).
• Withdrawals can only be requested by post or in branch.
• CHAPS and same-day Faster Payments incur a £30 fee.
• Next-day Faster Payments incur a £10 fee.
• To withdraw for free, it's either cash over the counter or cheque by post.

I-LOV-MONEY

Sensory said:

Major caveats for their accounts:

• Postal, phone or branch applications only.
  
• Account cannot be managed online (only balance view).
• Withdrawals can only be requested by post or in branch.
• CHAPS and same-day Faster Payments incur a £30 fee.
• Next-day Faster Payments incur a £10 fee.
• To withdraw for free, it's either cash over the counter or cheque by post.

What they don't mention : :

• they require you to make your application using a quill pen.
• a request for a withdrawal by cheque must be accompanied by a signed decleration by a judge or magistrate
• if you are requesting a cheque to be sent to you, please enclose a sae with your application
• sending a request does not guarantee that the Post Office will deliver it to us in a timely manor, nor to you for the receipt of our cheque
• a request arriving on a Friday may not be delt with until Monday if staff have declared it to be a POETS* day.   However, on payment of an extra fee (£30) it will be processed that day, as a CHAPS withdrawal - see above.
  

*(!!!!!! early, tomorrow's Saturday)

Sensory

intalex said:

I must admit I had no idea this was the case with fixed rate Sharia accounts, and I almost opted for Gatehouse over Coventry for one of my fixes, and only picked Coventry as it was an easier and seamless transfer. But now I'm grateful to learn of the one-sided break clause as I had always assumed that aside from terminology the mechanics and risk between Sharia and standard fixed rate accounts were exactly the same, which is not the case.

Gatehouse has this prominently displayed at the top of the page of their 5 Year Fixed Term Deposit Woodland Saver:

What is the product?

This is a 5 Year Fixed Term Woodland Saver account (previously named 'Green Saver'), operated under Shariah principles. This means that interest cannot be earned, but we generate profit instead.

What does this mean for my money?

The profit we share is the expected profit rate at the time you open your account. We monitor your account on a daily basis to ensure the expected profit rate will be achieved. If we believe the expected profit rate will not be achieved, we will contact you giving you notice of the new expected profit rate. You will then have the option to continue your account with us at the new rate, or close your account immediately with your original deposit returned, along with profit earned. To date, we have always generated and paid our customers the expected profit rate.

I'd be surprised if any Sharia provider actually tried to not honour their advertised expected profit for fixed term accounts, despite their right to do so, as the optics of such an unprecedented move would reflect terribly on the provider as well as Sharia accounts overall.

That being said, I still wouldn't choose them when there are competitive rates elsewhere.