The Top Easy Access Savings Discussion Area

jak22

happybagger said:

Indeed there isn't, but it's rare for it to occur, as the consumer view is "why would I fix at a lower rate than if I have instant access?". in fact I'd be interested if it has happened for any sustained period other than the period when the western world was shut down

As rates have been rising fixing with a large enough gap means that although variables  will catch up and even overtake, the amount earned in the fix could still work out more over the year.

Now fixes are flattening it's possible to consider longer fixes with a smaller gap as over those years there's the possibility of variable rates peaking.

If variable rates do then start to reverse then fixing at a slightly lower rate can, again, end up earning more than in a falling easy access.

Also its wise to spread among different terms and access conditions.

But this is an easy access thread...

BooJewels

If I may ask a sort of side question - I've opened an online account with Nationwide and having now got the various codes etc to get access to the Internet Bank I want to send a test payment from another bank before I fully fund it .  Their instructions are a little vague:

• Pay money into the account from another UK current account by using your savings account sort code and account number, you can find this on your welcome letter or on the Internet Bank.

Normally, transferring to savings, you'd send it to the organisations own bank, with your account no. as a reference.  Do I send it as to a business or personal account, with my name or theirs - and does it still require my customer no. as a reference.  Normally such institutions are quite explicit in their instruction.  As soon as I put the sort code in, it identified it as Nationwide.  I'm very close to just not bothering to fund it and let it close.

Band7

BooJewels said:

Normally, transferring to savings, you'd send it to the organisations own bank, with your account no. as a reference.   

Nationwide also have savings accounts with their own sort code and account number. If yours is one of these, you make deposits directly to that sort code and account number.

leaphaze

Band7 said:

BooJewels said:

Normally, transferring to savings, you'd send it to the organisations own bank, with your account no. as a reference.   

Nationwide also have savings accounts with their own sort code and account number. If yours is one of these, you make deposits directly to that sort code and account number.

If you use the reference, it will appear in your NW statement against the transaction, so useful for identification purposes.

BooJewels

Band7 said:

BooJewels said:

Normally, transferring to savings, you'd send it to the organisations own bank, with your account no. as a reference.   

Nationwide also have savings accounts with their own sort code and account number. If yours is one of these, you make deposits directly to that sort code and account number.

Thank you - yes, it appears to be the case, it is a savings account with my own sort code and account no.  I don't think I've encountered that before.  Do I then note it as a personal account with my name, as I would when transferring funds to a current account?

RG2015

BooJewels said:

Band7 said:

BooJewels said:

Normally, transferring to savings, you'd send it to the organisations own bank, with your account no. as a reference.   

Nationwide also have savings accounts with their own sort code and account number. If yours is one of these, you make deposits directly to that sort code and account number.

Thank you - yes, it appears to be the case, it is a savings account with my own sort code and account no.  I don't think I've encountered that before.  Do I then note it as a personal account with my name, as I would when transferring funds to a current account?

I believe that most savings accounts with banks and building societies offering current accounts do this. I have several.

And yes, in answer to your question.

RG2015

FindingBBob said:

Are Ford Money finally inching their way in to this millennium? Just logged on to withdraw some cash and saw this little note. Looks like a welcome development.. have done a withdrawal, will update later if I receive the funds before end of the day.. 

I made a transfer after I saw this and it is now in my linked current account.

Your post was at 11:00 am and my transfer was at 11:21 as per their confirmation text to me.

This is excellent as payments into Ford Money are also same day if done early enough. 

BooJewels

Thanks for the help with Nationwide, it went through and had cleared as soon as I'd logged out from one and into the other.  When I looked at the bank savings account I was moving from, I could see that had a sort code and 8 digit account no. too - I've just never sent anything to it from outside my own accounts at the same bank.

TiVo_Lad

The Nationwide just happens to be a Payment System participant, so you have an individual account number and sort code. Lots of the smaller financial institutions aren't members in their own right so can't receive payments, such as Faster Payments, themselves. They use an intermediary bank who is a member to receive and (sometimes) hold the funds. Your "account" may be entirely virtual; all the deposits are held in one big pot with your individual "Account Ref" used to identify and track your money. Payment system members can move money within the 2-hour Faster Payment window, but "virtual" banks often can't; they tot up all the withdrawl requests received in one day and pass them to their payment system partner the following day, hence why you sometimes don't get your money until the next banking day.

The full list of participants is here: https://www.wearepay.uk/participants-list/

BooJewels

Thanks for the explanation @TiVo_Lad - I just had a brain fart last night after sorting all sorts of stupid things and a lot of moving money around, trying to sort some attorney issues with Barclays, who really don't make it easy, decided to just test this payment whilst I was already logged in to my bank and was just bamboozled by the instructions for a moment.  It was like one bit of data too much. Your explanation obviously makes perfect sense and why my bank savings accounts, that I use for organising money rather than saving, have account numbers and sort codes.  But Skipton, for example, use Barclays and you send money to their Barclays account with your account no. as a reference.