The Top Easy Access Savings Discussion Area

happybagger

Ta - edited

MiserlyMartin

Deleted_User said:

You know what would be interesting, well at least I would find interesting, would be to keep account of who is top of the charts for the most days. On the main site it feels like ZOPA has been there for ages now, though I understand Coventry will take over very soon.

I do realise by the way this can't be done, there are too many notions of what "Easy Access" really means. For me it means any amount and no withdrawal limitations whatsoever, I know others feel differently.

I've started a new column on my savings spreadsheet basically with details of if each savings provider has increased its rate since the last BoE rate rise. It helps to remind me if the rate is going to to get any better or not, so it helps me to decide if to move money out of said BS or Bank.

In 2023 its great that we have forums such as these now, where quickly the public can get out of poor rate payers ASAP. In the old days it would have been go down to look in the BS shop window or look at an ad in the newpaper with the latest rates. Happy New Year

happybagger

Good points there. There were of course newspaper best buy tables usually on Saturdays too look out for the accounts further afield, and I would pop into my local library and have a look at their copy of Moneyfacts

Bridlington1

happybagger said:

Newbury BS

These have removed their postcode restrictions. They usually have one of two sets of restrictions that they impose. They are now available throughout England and Wales.

They have two decent instant access products - Welcome to Newbury 2.8% and Existing Members Account 3.00%, but both have some deposit restrictions.

However, neither have had any rate increases yet following the December rate rise, so some may think it worth getting Welcome to Newbury now, as the EMA (one year membership) is a consistently good rate

source

I'm in. I've just opened a welcome to Newbury account, which only took 5 minutes to complete. I shall fund the account tomorrow.

Freedommm

Just received the paper form from Coventry BS after about 2-3 weeks since used their online form, to open their Limited Access Saver (Online) 6. Filled today and sent via email.

Band7

The MonBS Premium Instant Access account is anything but instant or premium. Leaving all the account opening difficulties to one side, neither the deposits nor the withdrawals are instant, and of course you only get the 3% if your balance is £25k+. They generally only process deposits and withdrawals on working days, but it seems withdrawals get only paid on the next working day. Even Al Rayan are faster than that.

In contrast, the CHIP 3% instant access account is genuinely instant (ignoring any hold ups inflicted by your current account provider) and has no silly minimum balance requirement. The only downside of CHIP is the bonus, which they pay instead of interest, which is not FSCS protected, which doesn't compound and which isn't straight forward to withdraw. I think you can get round these issues by withdrawing your complete balance once the monthly bonus has been credited. Your principal gets paid out instantly, the bonus on the next working day. Once you have the bonus money, you can re-deposit the lot. A bit of a faff, and hopefully a true, normal, 3% instant access account will appear soon.

Bridlington1

Band7 said:

The MonBS Premium Instant Access account is anything but instant or premium. Leaving all the account opening difficulties to one side, neither the deposits nor the withdrawals are instant, and of course you only get the 3% if your balance is £25k+. They generally only process deposits and withdrawals on working days, but it seems withdrawals get only paid on the next working day. Even Al Rayan are faster than that.

In contrast, the CHIP 3% instant access account is genuinely instant (ignoring any hold ups inflicted by your current account provider) and has no silly minimum balance requirement. The only downside of CHIP is the bonus, which they pay instead of interest, which is not FSCS protected, which doesn't compound and which isn't straight forward to withdraw. I think you can get round these issues by withdrawing your complete balance once the monthly bonus has been credited. Your principal gets paid out instantly, the bonus on the next working day. Once you have the bonus money, you can re-deposit the lot. A bit of a faff, and hopefully a true, normal, 3% instant access account will appear soon.

That's if you can even make withdrawals. I still haven't had my nominated bank account verified yet despite sending an original bank statement a month ago and thus can't withdraw funds from the account unless I want to travel over 200 miles to my local branch or have a cheque sent to me, losing about a fortnight's worth of interest in the process. I sent them a secure message on 28th December regarding this with no response yet.

Band7

Imagine the even more amazing interest rates MonBS could afford to pay if they didn't have their antiquated, slow and work intensive processes and procedures.

Hope you can sort out your nominated account before long. I was lucky in that I already have this account registered though I don't think it is going to get much use as I am now not likely to put much money into their "Premium Instant" Saver.

dgpur

Band7 said:

The MonBS Premium Instant Access account is anything but instant or premium. Leaving all the account opening difficulties to one side, neither the deposits nor the withdrawals are instant, and of course you only get the 3% if your balance is £25k+. They generally only process deposits and withdrawals on working days, but it seems withdrawals get only paid on the next working day. Even Al Rayan are faster than that.

In contrast, the CHIP 3% instant access account is genuinely instant (ignoring any hold ups inflicted by your current account provider) and has no silly minimum balance requirement. The only downside of CHIP is the bonus, which they pay instead of interest, which is not FSCS protected, which doesn't compound and which isn't straight forward to withdraw. I think you can get round these issues by withdrawing your complete balance once the monthly bonus has been credited. Your principal gets paid out instantly, the bonus on the next working day. Once you have the bonus money, you can re-deposit the lot. A bit of a faff, and hopefully a true, normal, 3% instant access account will appear soon.

I understand that CHIP are going to pay their bonuses as proper, compounding, FSCS covered interest soon.

Band7

dgpur said:

I understand that CHIP are going to pay their bonuses as proper, compounding, FSCS covered interest soon.

I have heard rumours of that, too. Have you seen anything concrete though, and do you know how soon is soon?