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The Top Easy Access Savings Discussion Area
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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 Moneyfacts1
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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
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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.0
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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.1 -
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.0 -
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.0 -
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.1 -
Band7 said:dgpur said:I understand that CHIP are going to pay their bonuses as proper, compounding, FSCS covered interest soon.0
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Not sure if it's been mentioned already, but noticed that details of the latest YBS rate increases (wef 17th Jan) are now available13
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