The Top Easy Access Savings Discussion Area

subjecttocontract

No HSBC letters for me either.....in fact I've had no post since last Wednesday.......so my wait goes on as well. 

NameWithheld

I-LOV-MONEY said:

A  question for those of you that give the appropriate notice on 'notice accounts'.  What actually happens?   Do they automatically send it to a 'linked' account, whether you want it or not?   If you don't want it, I presume you re-invest it.

With OakNortg, they send it to your linked account unless you cancel your withdrawal. You can cancel up to the day before the notice expires

Band7

NameWithheld said:

I-LOV-MONEY said:

A  question for those of you that give the appropriate notice on 'notice accounts'.  What actually happens?   Do they automatically send it to a 'linked' account, whether you want it or not?   If you don't want it, I presume you re-invest it.

With OakNortg, they send it to your linked account unless you cancel your withdrawal. You can cancel up to the day before the notice expires

There is a dedicated thread for Notice Accounts. Better to discuss them there, as they are not easy access, which this thread is about

wiseonesomeofthetime

With 34 new posts waiting for me, I actually thought there was some news on fresh easy access rate increases. Alas not.

Back into snooze mode 🤦‍♂️

I-LOV-MONEY

jaypers said:

You normally get a choice where you want it paid, eg: linked account. You’ll then see it as a pending withdrawal with a date assigned. Varies from platform to platform slightly. All very efficient and normal. 

Thanks jaypers.   So I give notice and if it is pending withdrawal, does that mean it is still in the account (earning interest) until I 'claim' it, or would I normally have to withdraw it, and then reinvest it?

jaypers

I-LOV-MONEY said:

jaypers said:

You normally get a choice where you want it paid, eg: linked account. You’ll then see it as a pending withdrawal with a date assigned. Varies from platform to platform slightly. All very efficient and normal. 

Thanks jaypers.   So I give notice and if it is pending withdrawal, does that mean it is still in the account (earning interest) until I 'claim' it, or would I normally have to withdraw it, and then reinvest it?

Yes, it will continue to earn interest throughout the notice period. 

AmityNeon

wiseonesomeofthetime said:

With 34 new posts waiting for me, I actually thought there was some news on fresh easy access rate increases. Alas not.

Back into snooze mode 🤦‍♂️

Just bookmark the 'no chat' thread instead, and enable email notifications for bookmarked discussions:
https://forums.moneysavingexpert.com/discussion/6392978/top-easy-access-acs-ranked-top-of-the-pots-no-chat

mlc2009

Not holding much hope. These banks and BS are struggling to match the last BOE increase let alone the most recent one. 

I do wonder what the easy access rate will be if we ever hit 4.5 base rate.

Band7

I have been using the 3% CHIP account for a few days, and successfully deposited a low 5-figure sum using Open Banking (i.e. pulled into CHIP) from Santander 10 days ago. Worked like a dream, as did a small test withdrawal back to Santander.

Today, I wanted to deposit a further £20k. The first hurdle was that the max single CHIP deposit amount is £15k. No sweat, so I would just do £15k and then another £5k. I authorised the £15k transaction in my Santander app, and instantly had my entire account access blocked. There was a msg with the phone number of the Santander fraud team, who did answer the phone after 15 minutes.

That's when the real fun started. After the customary interrogation to establish that I was who I said I was, I had to explain to them what CHIP is. The operative had never heard of them but after I gave her the CHIP URL eventually was satisfied that it's a bona-fide company, and that it was actually my CHIP account I wanted to transfer my money to.

I was then told that Santander does not recommend Open Banking. Obviously a lie. The fact that I had previously made an Open Banking transfer from the same Santander account to the same CHIP account counted for nothing. She offered to stay on the phone to approve a £20k Faster Payment transfer if I did set up a new payee for my CHIP account. I couldn't do this as my CHIP account does not appear to have a sort code and account number, and CHIP are probably not able to receive Faster Payments. EDIT: CHIP have subsequently confirmed that it is not possible to make deposits with conventional payments to sort code and account number.

So she then agreed she would authorise a £20k debit card payment to CHIP. Hit the same max £15k deposit limit again, but managed to authorise it at Santander. Just it then failed at the CHIP end and the transaction never completed. By that time I had run out most of my remaining patience and asked her once again why I couldn't be allowed to make an Open Banking payment, especially if I had made one to the same account before. After she consulted with her Manager, it was suddenly possible after all, and I finally made my £15k plus £5k Open Banking deposit, some 55 minutes later than I should have been able to in the first instance.

The operative then tried to explain to me again why Santander allegedly doesn't recommend using Open Banking for shifting money between accounts. She claims the incidence of fraud is much higher with Open Banking than it is with Faster Payments, and there is allegedly also no way for Santander to check that the recipient account is in the same name as the Santander account (even though Truelayer passes the account name to Santander!). All very hard to believe, but that was her story, anyway. She also said it was not possible to authorise my Santander account for future Open Banking transfers to my CHIP account "because it is all done by a bot"......................I spare you my reaction to that nonsense.

I asked whether my Open Banking transactions would have gone through without blocking if I had done two £10k payments but she couldn't confirm or otherwise.

I have now raised a complaint with Santander so we'll see what they have to say for themselves.

Bottom line for now seems to be that my plan to use CHIP* for my instant access savings doesn't look so good. I might just move everything to Zopa instead, despite the lower interest rate.

* instead of my MonBS Premium Instant account which has been open since Nov 26 but which I still can't use because MonBS say they still haven't receive my wet signature for it.......

techno12

Interesting reading people chopping and changing current accounts.

I've been with Barclays for 35 years (they got me with the SuperSaver kids thing back in the 80s) and would never consider switching as I'm used to it - my daily financials run through it, I'm used to the app and sort code numbers etc can't bother to change. Inertia...

Liking their current chart topping 5%+ on £5k Rainy Day Saver.

The people who have multiple concurrent "current accounts" are just playing the system and taking the !!!!!!. You should only have one "current account" really IMHO - would be too much faff for me to keep track of it all to gain a few quid sign up!