Regular Savings Accounts: The Best Currently Available List!

Nick_C

Re Debit Card Deposits.  I believe it is standard industry practice.  Skipton BS state "Interest from debit card payments starts to accrue on the third working day, from and including the day on which a debit card payment is made into your account (if this is a working day)."  https://www.cambridgebs.co.uk/more/help-centre/faqs-and-guides/savings/paying-into-your-savings-account

TiVo_Lad

Hoopra said:

According to the reference table provided by @gt94sss2 not only is interest deferred for two working days for deposits made by DC, but so are withdrawals. There is obviously some significant technical banking process difference here but it's not immediately easy to see why SO/FP should be treated differently and certainly no obviously complex clearing process like a cheque

Au contraire. It's exactly what's happening. The transaction needs to clear between the acquiring and issuing banks and that isn't instant. It's the same reason why you have pending transactions in your current account when you use your credit/debit card in a shop/online. Therefore, if you make a deposit using a debit card, the money isn't phyiscally in the account that you've deposited in; you've merely authorised the transfer of funds. You don't get any interest because there's effectively no money in the account on which to pay interest until the transaction clears.

Hoopra

TiVo_Lad said:

Hoopra said:

According to the reference table provided by @gt94sss2 not only is interest deferred for two working days for deposits made by DC, but so are withdrawals. There is obviously some significant technical banking process difference here but it's not immediately easy to see why SO/FP should be treated differently and certainly no obviously complex clearing process like a cheque

Au contraire. It's exactly what's happening. The transaction needs to clear between the acquiring and issuing banks and that isn't instant. It's the same reason why you have pending transactions in your current account when you use your credit/debit card in a shop/online. Therefore, if you make a deposit using a debit card, the money isn't phyiscally in the account that you've deposited in; you've merely authorised the transfer of funds. You don't get any interest because there's effectively no money in the account on which to pay interest until the transaction clears.

Ah, got it. Thanks for explaining, makes sense now.

AmityNeon

Hoopra said:

Seems to me on the face of it to be a little underhand given that as far as I can see the funds leave my account, are immediately unavailable and are credited as "cleared" funds instantly at the receiving end - at least that's the case for Revolut/Halifax. Fidelity permit instant trading against cash deposited by DC too.

Card payments are not instant. If you can instantly use/withdraw funds from the receiving end, it's not because the funds have actually been sent and received. When a card transaction is approved, your bank/provider places a hold on the amount in your account and the transaction itself is still pending settlement. Generally, once every working day, all card transactions are sent in a batch to payment processors who forward them to the appropriate card networks (e.g. Visa, Mastercard), who then request the funds from the issuing bank/providers; this process usually takes at least one working day.

Bridlington1

I can't seem to see this mentioned anywhere but the interest rate bands on the Principality BS First Home Steps Savings Account (Issue 3) and Principality BS First Home Steps Online Savings Account (Issue 2) have changed to the following:

3.05% for £1-£2.5k
3.25% for £2.5k-£7.5k
3.75% for £7.5k-£25k

Gers

A new Virgin Money Home Buying Coach RS saver is now available but it's very unattractive, the interest rate is still stuck at 1.75%. Most odd and very uncompetitive. 

Wheres_My_Cashback

Bridlington1 said:

I can't seem to see this mentioned anywhere but the interest rate bands on the Principality BS First Home Steps Savings Account (Issue 3) and Principality BS First Home Steps Online Savings Account (Issue 2) have changed to the following:

3.05% for £1-£2.5k
3.25% for £2.5k-£7.5k
3.75% for £7.5k-£25k

Well spotted that man. ! A welcome surprise that has snuck in under the radar and brings it in line with Online Iss 1.

ForumUser7

Minor adjustment to the NatWest and RBS DRS rates for balances over £5,000 from 31/01/2023, as well as some similar adjustments to other accounts.

NatWest:

RBS:

janusdesign

Bridlington1 said:

I can't seem to see this mentioned anywhere but the interest rate bands on the Principality BS First Home Steps Savings Account (Issue 3) and Principality BS First Home Steps Online Savings Account (Issue 2) have changed to the following:

3.05% for £1-£2.5k
3.25% for £2.5k-£7.5k
3.75% for £7.5k-£25k

that's a nice spot, but probably worth mentioning the condition mentioned in its T&C..

• You can only open this account if you do not own or have not previously owned a property.

pecunianonolet

janusdesign said:

Bridlington1 said:

I can't seem to see this mentioned anywhere but the interest rate bands on the Principality BS First Home Steps Savings Account (Issue 3) and Principality BS First Home Steps Online Savings Account (Issue 2) have changed to the following:

3.05% for £1-£2.5k
3.25% for £2.5k-£7.5k
3.75% for £7.5k-£25k

that's a nice spot, but probably worth mentioning the condition mentioned in its T&C..

• You can only open this account if you do not own or have not previously owned a property.

And how will they check this is applicable or not? Doesn't specify overseas property either. Not that I care as I have the Coventry FHS but always wonder how they check something they put in their T&C's