The New Top Easy Access Savings Discussion Area

masonic

s71hj said:

Archerychick said:

jaypers said:

Archerychick said:

Is there a list anywhere of which of the top instant access savers are instant transfers? 

I’m about to loose my bonus rate on Chase, which is instant into my current account. Have opened an EA with Gatehouse but that is sometimes hours or even the next day which won’t work for me. 

It looks like the next one on the list would be Chetwood without any withdrawal or balance restrictions - is that instant? 

Cahoot (part of Santander) are immediate Faster Payments. Their Sunny Day Saver pays 4.75% up to £3k and you can have 1 sole plus 1 joint account. Rate lasts for 12 months (variable). Might be a good backup for other accounts you might have that aren’t immediate.

That’s perfect, thank you! 

I could keep max £3k in that & then any other top EA that doesn’t need to be instant 

I made a withdrawal from Cahoot today and confirm it was literally instantly showing in my Santander current account.

The same is true for external transfers in my experience.

KevinG

It's bizarre how transfers to/from some savings accounts are instant, some take an hour or two and some are any time the next working day, I don't know why they can't all use the same system.

flaneurs_lobster

KevinG said:

It's bizarre how transfers to/from some savings accounts are instant, some take an hour or two and some are any time the next working day, I don't know why they can't all use the same system

Only banks (and a few other payment bodies) are full participants in the Pay UK Faster Payments system. Anyone else has to instruct one of these participants to move money from their accounts for them. 

It's how this instruction reaches the payment bank that causes the delay. It's down to the internal systems of the savings body. Don't think anyone is still making hand-written entries in a large leather-bound leger (well maybe Monmouthshire BS) but I bet it comes close.

They may well be "batching" their payments and only releasing these for processing at intervals, or even just at EoD for overnight action. Just depends on their level of automation and how much manual oversight or intervention is required (if any).

Of course the FP system itself may not deliver funds instantly, worst case is end of next working day.

spreadsheeterapple

flaneurs_lobster said:

 Don't think anyone is still making hand-written entries in a large leather-bound leger

...........................

Oh My, but that takes me back; first job doing exactly that, I felt like Tiny Tim's dad, Bob.
The ledgers were so heavy and unwieldy we had to transport them to/from the Book Safe where they were locked overnight by trolley, and you couldn't lift the ledger books from shelf to trolley to work position by yourself, they were so large it took 2 people, and I had to stand to turn the pages. Our work positions where we wrote up the ledgers were sloping desks, with a wooden 'stop' at the edge nearest to you to stop the book sliding off. Accounts had a page or more each depending how busy a customer was in their banking, all in alphabetical order within the ledger. When you needed to add a page for a new customer, it would be inserted in the proper alphabetical order of surname, initials. A new blank page had to be requested from and authorised by the Assistant Accountant Appointed Officer. You'd trot along to his 'station' where he stood keeping an eye on cashier staff and others; it was a bit like a pulpit, another massive dark oak structure, up a few steps, and so to speak to him you'd climb a couple of steps to have his ear. He'd then come back with you to your workstation, check why the new page was needed, then take a male staff member with him to draw a blank page from the Safe. 2 sets of keys you see, dual control. To insert the page, a foot-long metal key needed to be turned in the spine to loosen all pages, insert the new one, turn the key again to lock all ledger sheets back into position.

Leather-bound ledgers, sturdy dark oak desks & tables, we could have been a film set for Dickens but it was real life even as recent as '85 before fully computerised. That's not 1885, I'm not a time-traveller.

Well I hope that's given a few laughs !

dcs34

Gatehouse Bank - Regular Saver Matured Easy Access Product

(Note this account is NLA, and was opened for customers of Gatehouse who had a matured regular saver account - it's taken them about a month to provide the associated T&Cs for the Easy Access account)

I've recently been emailed the T&Cs / KPI sheet for the above account. I can forward the PDF if someone wants a copy.




And of course with the account rate reducing to 4.75% on the 30th January 2025 at least they gave the correct notification period...!

flaneurs_lobster

spreadsheeterapple said:

Leather-bound ledgers, sturdy dark oak desks & tables, we could have been a film set for Dickens but it was real life even as recent as '85 before fully computerised. That's not 1885, I'm not a time-traveller.

Well I hope that's given a few laughs !

Be interested if you are happy to share where that was. One of the private banks?

The BoE Museum (well worth a visit) has (had?) an exhibit featuring the accounts office c 1850, had an original ledger from the time, those things are huge.

jaypers

masonic said:

s71hj said:

Archerychick said:

jaypers said:

Archerychick said:

Is there a list anywhere of which of the top instant access savers are instant transfers? 

I’m about to loose my bonus rate on Chase, which is instant into my current account. Have opened an EA with Gatehouse but that is sometimes hours or even the next day which won’t work for me. 

It looks like the next one on the list would be Chetwood without any withdrawal or balance restrictions - is that instant? 

Cahoot (part of Santander) are immediate Faster Payments. Their Sunny Day Saver pays 4.75% up to £3k and you can have 1 sole plus 1 joint account. Rate lasts for 12 months (variable). Might be a good backup for other accounts you might have that aren’t immediate.

That’s perfect, thank you! 

I could keep max £3k in that & then any other top EA that doesn’t need to be instant 

I made a withdrawal from Cahoot today and confirm it was literally instantly showing in my Santander current account.

The same is true for external transfers in my experience.

Without exception (so far) my experience is between Cahoot to/from Barclays and Chase……..always instant, so Cahoot are likely bolted onto the same Faster Payments set-up as their big brother (Santander). 

spreadsheeterapple

flaneurs_lobster said:

spreadsheeterapple said:

Leather-bound ledgers, sturdy dark oak desks & tables, we could have been a film set for Dickens but it was real life even as recent as '85 before fully computerised. That's not 1885, I'm not a time-traveller.

Well I hope that's given a few laughs !

Be interested if you are happy to share where that was. One of the private banks?

The BoE Museum (well worth a visit) has (had?) an exhibit featuring the accounts office c 1850, had an original ledger from the time, those things are huge.

It was actually a Big-4 high street bank in its day and somewhere around mid 1930s was the biggest worldwide in respect of deposit-takings. But the mighty fall; taken over 1990s. But massive heavy dark oak for desks, cashier counters, cubicles & panelling was a common feature in banks built late C19th/early C20th, trying to out-do eachother; many didn't have refurbs removing them for many many years, so we were still working in them into the C21st. One of the big branches I worked in, the one I was mostly recalling above, has since turned into a high-end restaurant keeping much of the interior for its atmospherics; massive building, the several upper floors now expensive apartments overlooking Cardiff Bay, redeveloped from The Docks. Its London Head Office was similar and now a really posh hotel; again they didn't do away with all the atmospheric interiors and it's a listed building anyway, one of the many Lutyens.
- I've not seen BofE Museum, but yeah I'm happy to see you found those ledgers are as huge as I described; 2 people to move them!

Apology, my crime in diverging again from Top Easy Access.

flaneurs_lobster

spreadsheeterapple said:

flaneurs_lobster said:

spreadsheeterapple said:

Leather-bound ledgers, sturdy dark oak desks & tables, we could have been a film set for Dickens but it was real life even as recent as '85 before fully computerised. That's not 1885, I'm not a time-traveller.

Well I hope that's given a few laughs !

Be interested if you are happy to share where that was. One of the private banks?

The BoE Museum (well worth a visit) has (had?) an exhibit featuring the accounts office c 1850, had an original ledger from the time, those things are huge.

It was actually a Big-4 high street bank in its day and somewhere around mid 1930s was the biggest worldwide in respect of deposit-takings. But the mighty fall; taken over 1990s. But massive heavy dark oak for desks, cashier counters, cubicles & panelling was a common feature in banks built late C19th/early C20th, trying to out-do eachother; many didn't have refurbs removing them for many many years, so we were still working in them into the C21st. One of the big branches I worked in, the one I was mostly recalling above, has since turned into a high-end restaurant keeping much of the interior for its atmospherics; massive building, the several upper floors now expensive apartments overlooking Cardiff Bay, redeveloped from The Docks. Its London Head Office was similar and now a really posh hotel; again they didn't do away with all the atmospheric interiors and it's a listed building anyway, one of the many Lutyens.
- I've not seen BofE Museum, but yeah I'm happy to see you found those ledgers are as huge as I described; 2 people to move them!

Apology, my crime in diverging again from Top Easy Access.

Ah, The Ned on Poultry (my Glaswegian friends find the name hilarious). Used to visit there quite often when it was still The Midland's Head Office. Beautiful interior, extended throughout not just the grand banking hall.

ircE

Happy new year everyone.

True EA accounts are easy access savings accounts which can be opened, and the headline rate earned, from a balance of just £1, and allow unlimited deposits and withdrawals. This table excludes accounts limited to smaller balances, paid-for/premium accounts and savings marketplaces. True Instant EA accounts are True EA accounts which advertise immediate deposit and withdrawal times 24/7. Green highlights are accounts who have raised interest rates, and blue highlights are those which are new to the respective table.

A quiet but not completely uneventful festive period. Since last time, Chase's already table-topping offering has risen. At the same time, Skipton launched a new account with a bonus rate and cahoot's latest Simple Saver allows it to return to the scorecard.