The New Top Easy Access Savings Discussion Area

1spiral

allegro120 said:

gt94sss2 said:

Could someone remind me when Gatehouse credit deposits if made over a weekend? 

Is it the same day or the first working day..?

Weekend deposits arrive on the same day as long as they are made before 1pm. I’ve tested both, Saturdays and Sundays. 

Interesting cos withdrawals seem to exclude weekends.

allegro120

1spiral said:

allegro120 said:

gt94sss2 said:

Could someone remind me when Gatehouse credit deposits if made over a weekend? 

Is it the same day or the first working day..?

Weekend deposits arrive on the same day as long as they are made before 1pm. I’ve tested both, Saturdays and Sundays. 

Interesting cos withdrawals seem to exclude weekends.

Gatehouse
That's right. Weekend withdrawals won't arrive until the next working day.

StayinAlive

"NanookOfTheNorth said:

@StayinAlive I believe the rate just drops and stays at the base rate.  It looks like the 4.30% Tesco rate drops on 19 March as the base rate drops by 0.10% so the Tesco rate would be 4.20% from 19 March.

But you can get better rates than Tesco 4.30% (4.20% from 19 March) such as Secure Trust Access Account 4.45%"

Because I wanted the "instant" access of the Tesco a/c. (I already have Marcus @ 4.3%)

1spiral

allegro120 said:

1spiral said:

allegro120 said:

gt94sss2 said:

Could someone remind me when Gatehouse credit deposits if made over a weekend? 

Is it the same day or the first working day..?

Weekend deposits arrive on the same day as long as they are made before 1pm. I’ve tested both, Saturdays and Sundays. 

Interesting cos withdrawals seem to exclude weekends.

Gatehouse
That's right. Weekend withdrawals won't arrive until the next working day.

Strange way to do it. 

I would've thought more people are likely to want to withdraw at a weekend than deposit (certainly my case as I often need Sunday withdrawals to fund Monday DD's)and you would've thought if they could credit, they could also withdraw . 

Perhaps it's a fraud prevention thing.

jaypers

I’ve got a Charter Fixed Maturing soon. Interestingly, out of the list of possible new accounts as maturity options, it gives ‘Easy Access Issue 47’……think this is a typo and should be ‘57’……..Issue 56 still available paying 4.48%/4.57% and point I wanted to make is that I suspect it’s about to go so if you want it, grab it quickly. Obviously no guarantee how long rate will hold there though.

masonic

1spiral said:

allegro120 said:

1spiral said:

allegro120 said:

gt94sss2 said:

Could someone remind me when Gatehouse credit deposits if made over a weekend? 

Is it the same day or the first working day..?

Weekend deposits arrive on the same day as long as they are made before 1pm. I’ve tested both, Saturdays and Sundays. 

Interesting cos withdrawals seem to exclude weekends.

Gatehouse
That's right. Weekend withdrawals won't arrive until the next working day.

Strange way to do it. 

I would've thought more people are likely to want to withdraw at a weekend than deposit (certainly my case as I often need Sunday withdrawals to fund Monday DD's)and you would've thought if they could credit, they could also withdraw . 

Perhaps it's a fraud prevention thing.

Most likely it's because withdrawals require a manual step and nobody is there to process them at weekends.

roose0

I recently opened an easy access account with Charter Savings and overlooked the withdrawal timescale. I wasn't aware that it takes at least one business day for withdrawals to process, which results in a loss of interest for that day.

To illustrate, if you withdraw your funds 14 days after making a deposit at an AER of 4.57%, your effective return would actually be 4.27% AER when factoring in the one-day loss of interest. This is calculated as follows: 4.57%*14/15 = 4.27%.

Bridlington1

@soulsaver

With the Coventry BS 5 Access Svr2 OL  rate cut from 4.66% to 4.5% (among many other cuts to Coventry's savings accounts) coming into effect today, if I'm not mistaken this pulls Monument EA at 4.55% back into the top 10.

Additionally with cuts to other EA accounts coming into effect this month it seems the following may be dragged back into the top 10:

Chetwood Bank Easy Access at 4.52%

Family BS Market Tracker Saver 4.5% £500 min

Ulster Bank Loyalty Svr  4.5% (reducing to 4.25% 22/4/25) £5k min

poppystar

roose0 said:

I recently opened an easy access account with Charter Savings and overlooked the withdrawal timescale. I wasn't aware that it takes at least one business day for withdrawals to process, which results in a loss of interest for that day.

To illustrate, if you withdraw your funds 14 days after making a deposit at an AER of 4.57%, your effective return would actually be 4.27% AER when factoring in the one-day loss of interest. This is calculated as follows: 4.57%*14/15 = 4.27%.

Not so. You’re mixing up a yearly rate with the loss of a day. You lose a day’s interest at 4.57%/365. 

1spiral

poppystar said:

roose0 said:

I recently opened an easy access account with Charter Savings and overlooked the withdrawal timescale. I wasn't aware that it takes at least one business day for withdrawals to process, which results in a loss of interest for that day.

To illustrate, if you withdraw your funds 14 days after making a deposit at an AER of 4.57%, your effective return would actually be 4.27% AER when factoring in the one-day loss of interest. This is calculated as follows: 4.57%*14/15 = 4.27%.

Not so. You’re mixing up a yearly rate with the loss of a day. You lose a day’s interest at 4.57%/365. 

I think the point is still valid. If you were to withdraw the full balance and return all the funds to Charter when they are available to you, across the year you would lose about 26 days interest, despite Charter having your funds on every single day throughout the year. So your rate would be reduced by (26/365) thus giving a return of about 4.25%.

I take this type of calculation into effect when ascertaining suitability of accounts for myself. The difficulty is coming up with a realistic guess as to how long an account is going to remain competitive. When rates were rising, I used 14 days. Now rates are falling, I work on 60 which means my comparative rate for the above account is  4.495%.