The Top Easy Access Savings Discussion Area

Bridlington1

Don't now if it's already been mentioned elsewhere (I can't see it on this thread but that doesn't mean much). Chorley Easy access saver (4 withdrawals) now pays 2.85% if 4 or less withdrawals are made (1% if 5 or more withdrawals are made).
Min balance of £500
Can be opened and managed online, by branch or by post. However withdrawals can not be made online.

Patr100

pecunianonolet said:

a) They claim they are not a bank
b) They pay only a bonus,
c) Bonus doesn't compound
d) Bonus can only be withdrawn together with total funds (moving higher sums in and out monthly to access the bonus could lead to hours of calls to speak to fraud departments)

--> Will HMRC still treat it as interest because technically, the interest they pay is 0% and they are not a bank as they say??? Should the bonus not be treated as a CG?

I don't know the definitive answer to that but as CG usually involves the sale of an asset , I suspect it would come under "unearned income".
Note, as it says,  the list is not exhaustive :

Unearned Income (Investment Income)

Unearned income is any income that an individual has which is not a pension and has not been earned by them as an employee, by carrying out a profession or by running their own business. Although this list is not exhaustive, unearned income includes:

interest from bank and building society accounts

dividends on shares

interest on stocks

rental income received (unless the rental income is part of the income of a trading business).

The following tables RDRM10425 to RDRM10440 will tell you how earned and unearned income arising to resident and not resident individuals is treated.

https://www.gov.uk/hmrc-internal-manuals/residence-domicile-and-remittance-basis/rdrm10415#:~:text=Unearned income is any income,dividends on shares

2010

A  week to go until the BoE meeting.
Is Marcus going to increase just before again?

Although with new accounts they`ve cut to 2.25% because there`s now no bonus.

soulsaver

Bridlington1 said:

Don't now if it's already been mentioned elsewhere (I can't see it on this thread but that doesn't mean much). Chorley Easy access saver (4 withdrawals) now pays 2.85% if 4 or less withdrawals are made (1% if 5 or more withdrawals are made).
Min balance of £500
Can be opened and managed online, by branch or by post. However withdrawals can not be made online.

So, can you request a w/d online - like 'secure message' or is it branch and post only.

Not sure what 'manage online' means if you can't make a w/d?

fwdrew

2010 said:

A  week to go until the BoE meeting.
Is Marcus going to increase just before again?

Although with new accounts they`ve cut to 2.25% because there`s now no bonus.

Probably so they look good. Mind you Zopa seem to following this tactic as of late. Its over a month since Zopa last changed their rates and they are now way down the listings.

Bridlington1

soulsaver said:

Bridlington1 said:

Don't now if it's already been mentioned elsewhere (I can't see it on this thread but that doesn't mean much). Chorley Easy access saver (4 withdrawals) now pays 2.85% if 4 or less withdrawals are made (1% if 5 or more withdrawals are made).
Min balance of £500
Can be opened and managed online, by branch or by post. However withdrawals can not be made online.

So, can you request a w/d online - like 'secure message' or is it branch and post only.

Not sure what 'manage online' means if you can't make a w/d?

No you can't request a withdrawal online. From what I can see you can view account balances and that sort of thing as well as being able to send secure messages but can't make withdrawals online.
From the website:

What facilities does the Chorley Online system provide?

It provides you with access via our website to a summary of your accounts with the Chorley Building Society. Details of your savings and mortgage accounts can be seen together with recent transactions.

A secure messaging facility within Chorley Online means that you can communicate with us electronically whilst knowing that any information you send is securely transmitted over the internet.

As our system develops, we intend to provide additional facilities such as allowing online withdrawals and the facility to open new accounts

It's similar to the SRBS regular saver in this respect. 

ForumUser7

Bridlington1 said:

soulsaver said:

Bridlington1 said:

Don't now if it's already been mentioned elsewhere (I can't see it on this thread but that doesn't mean much). Chorley Easy access saver (4 withdrawals) now pays 2.85% if 4 or less withdrawals are made (1% if 5 or more withdrawals are made).
Min balance of £500
Can be opened and managed online, by branch or by post. However withdrawals can not be made online.

So, can you request a w/d online - like 'secure message' or is it branch and post only.

Not sure what 'manage online' means if you can't make a w/d?

No you can't request a withdrawal online. From what I can see you can view account balances and that sort of thing as well as being able to send secure messages but can't make withdrawals online.
From the website:

What facilities does the Chorley Online system provide?

It provides you with access via our website to a summary of your accounts with the Chorley Building Society. Details of your savings and mortgage accounts can be seen together with recent transactions.

A secure messaging facility within Chorley Online means that you can communicate with us electronically whilst knowing that any information you send is securely transmitted over the internet.

As our system develops, we intend to provide additional facilities such as allowing online withdrawals and the facility to open new accounts

It's similar to the SRBS regular saver in this respect. 

Sounds similar to ESBS too. Lots of these providers use the same platform, but for some reason some don’t enable all the features. At least Chorley is intending to allow online withdrawals - ESBS and HRBS have not suggested any intention to do this at this stage. Hopefully they do soon, it’s the main factor in my decision to just maintain a minimum ESBS balance for now, and not even hold an account with HRBS

Bridlington1

ForumUser7 said:

Bridlington1 said:

soulsaver said:

Bridlington1 said:

Don't now if it's already been mentioned elsewhere (I can't see it on this thread but that doesn't mean much). Chorley Easy access saver (4 withdrawals) now pays 2.85% if 4 or less withdrawals are made (1% if 5 or more withdrawals are made).
Min balance of £500
Can be opened and managed online, by branch or by post. However withdrawals can not be made online.

So, can you request a w/d online - like 'secure message' or is it branch and post only.

Not sure what 'manage online' means if you can't make a w/d?

No you can't request a withdrawal online. From what I can see you can view account balances and that sort of thing as well as being able to send secure messages but can't make withdrawals online.
From the website:

What facilities does the Chorley Online system provide?

It provides you with access via our website to a summary of your accounts with the Chorley Building Society. Details of your savings and mortgage accounts can be seen together with recent transactions.

A secure messaging facility within Chorley Online means that you can communicate with us electronically whilst knowing that any information you send is securely transmitted over the internet.

As our system develops, we intend to provide additional facilities such as allowing online withdrawals and the facility to open new accounts

It's similar to the SRBS regular saver in this respect. 

Sounds similar to ESBS too. Lots of these providers use the same platform, but for some reason some don’t enable all the features. At least Chorley is intending to allow online withdrawals - ESBS and HRBS have not suggested any intention to do this at this stage. Hopefully they do soon, it’s the main factor in my decision to just maintain a minimum ESBS balance for now, and not even hold an account with HRBS

It wasn't that long ago that very few small building societies offered online services at all. I suppose it's like anything, you've got to learn to walk before you can run and they do seem to be working on it. I wouldn't be surprised if give it another decade or so most of these small building societies will be operating online services in some form.

For me personally I would open an easy access account if it were post only provided its interest rate was head and shoulders above any of its competitors, I'd be talking at least 4-5% here, or prepaid envelopes were provided, in which case I'd settle for 3.5% at a push. As for regular savers I've ended up with 5 postal withdrawal only regular savers, of which HRBS is one of. I only actively pay into 3 of them, the other 2 I deposit minimal balances due to interest rate lagging behind.

ForumUser7

Bridlington1 said:

ForumUser7 said:

Bridlington1 said:

soulsaver said:

Bridlington1 said:

Don't now if it's already been mentioned elsewhere (I can't see it on this thread but that doesn't mean much). Chorley Easy access saver (4 withdrawals) now pays 2.85% if 4 or less withdrawals are made (1% if 5 or more withdrawals are made).
Min balance of £500
Can be opened and managed online, by branch or by post. However withdrawals can not be made online.

So, can you request a w/d online - like 'secure message' or is it branch and post only.

Not sure what 'manage online' means if you can't make a w/d?

No you can't request a withdrawal online. From what I can see you can view account balances and that sort of thing as well as being able to send secure messages but can't make withdrawals online.
From the website:

What facilities does the Chorley Online system provide?

It provides you with access via our website to a summary of your accounts with the Chorley Building Society. Details of your savings and mortgage accounts can be seen together with recent transactions.

A secure messaging facility within Chorley Online means that you can communicate with us electronically whilst knowing that any information you send is securely transmitted over the internet.

As our system develops, we intend to provide additional facilities such as allowing online withdrawals and the facility to open new accounts

It's similar to the SRBS regular saver in this respect. 

Sounds similar to ESBS too. Lots of these providers use the same platform, but for some reason some don’t enable all the features. At least Chorley is intending to allow online withdrawals - ESBS and HRBS have not suggested any intention to do this at this stage. Hopefully they do soon, it’s the main factor in my decision to just maintain a minimum ESBS balance for now, and not even hold an account with HRBS

It wasn't that long ago that very few small building societies offered online services at all. I suppose it's like anything, you've got to learn to walk before you can run and they do seem to be working on it. I wouldn't be surprised if give it another decade or so most of these small building societies will be operating online services in some form.

For me personally I would open an easy access account if it were post only provided its interest rate was head and shoulders above any of its competitors, I'd be talking at least 4-5% here, or prepaid envelopes were provided, in which case I'd settle for 3.5% at a push. As for regular savers I've ended up with 5 postal withdrawal only regular savers, of which HRBS is one of. I only actively pay into 3 of them, the other 2 I deposit minimal balances due to interest rate lagging behind.

Very good point, at least we can view them online! That said, some are much better than others. For example Bath Building Society has a good online provision (account openings, withdrawals etc.) and is working on a mobile app too! 

HRBS unfortunately has a very odd policy around prepaid envelopes - they don’t provide them for withdrawals - it’s the only account provider I’ve come across that doesn’t provide FOC prepaid envelopes. They do for applications, but you kind of have to game the system and I can’t really be bothered. Although stamps don’t cost much, it kind of feels like there is no penalty free access to HRBS accounts that you cannot transact online, unless you live near a branch…

Band7

CHIP 2.9% saver again: seems if you want to change your nominated account, you have to call them. I haven't tried it yet - anyone know whether this is easy to do?