Savings account other than Marcus

colsten

ffacoffipawb wrote: »

Hargreaves Lansdown Active Savings has Coventry BS at 1.2%

You can get that directly at the Coventry. No need to go via HL. https://www.coventrybuildingsociety.co.uk/consumer/savings-accounts/easy-access.html

bowlhead99

RomfordNavy wrote: »

Thanks, hadn't realised that. Had quickly assumed that was a particular banks FSCS licence.

To be honest if you ask the man in the street 'who's the regulator of UK banks"? they will either just shrug or say Bank of England or FCA (or FSA) or FSCS, when really the PRA does the ongoing prudential (banking) stuff and the FCA does other financial services.

So here it doesn't mean any affiliation with Prudential plc or Prudential Financial Inc (both have multi billion investment businesses listed on various world stock markets but are completely unrelated...)

Fingerbobs

The Family Building Society's Online Saver is instant-access and pays 1.26%. Not quite as good as Marcus, but not terrible. It also allows deposits by debit card. Only drawback is it has a minimum operating balance of £100.

https://familybuildingsociety.co.uk/Savings/Online-Saver.aspx

george4064

Have used Shawbrook previously and would recommend them.

RomfordNavy

Well decided to go with Hargreaves Lansdwn Active Savings in Coventry BS.  Unfortunately I now wish I hadn't bothered but we live and learn.  Paying money in via Debit card was a bit of a nightmare as it was getting blocked by the fraud department of my current account bank so used BACS to transfer.  Despite both banks using the faster payments system it still took over two days for the funds to reach my HL account.  Things got worse when I tried to withdraw funds as that took over three days.  So much for the faster payments system.  At least with Marcus they actually did the transfer immediately and it arrived within minutes, Hargreaves Lansdoown seem to be deliberately creating unnecessary delays when processing payments and receipts.

RomfordNavy

So now having established a new requirement of Faster Payment do we know if either of the two main suggestions Shawbrook Bank (1.33%) and Saga (1.35%) do immediate payments & receipts via the Faster Payments system?  If not are there any other suggestions on easy access savings accounts which do use the Faster Payments system.

RomfordNavy

Have discovered from other threads here that Tesco Internet Saver is quite good at doing timely Faster Payments, only drawback is that they only pay interest Yearly, it cannot be paid Monthly.

RomfordNavy

Just noticed that Hargreaves Lansdown have added an Investec account paying the same as Coventry (1.2%) so might give that a try to see if payments/receipts actually use the Faster Payments system and clear faster.

Tildaplum

Just out of curiosity - and it's a genuine question - why is receiving a text in order to log on a red line for you?

Mrbeethoven

RomfordNavy said:

Just noticed that Hargreaves Lansdown have added an Investec account paying the same as Coventry (1.2%) so might give that a try to see if payments/receipts actually use the Faster Payments system and clear faster.

I see this as the main advantage in using HL Active Savings rather than going direct. For easy access, if Coventry drop their rate and someone else available in Active Savings then has a better rate you can easily switch from one to the other without setting up a new account and transferring funds between organisations.

Similarly, for fixed rate accounts when one matures you simply move the money to whichever is paying the best rate at that time without the need for opening a new account and transferring funds.

The only thing that annoys me is that Active Savings is not available for SIPPs and ISAs.