The New Top Easy Access Savings Discussion Area

janusd

ccluedo said:

Looking to move from Chase.. Is the GB account true easy access as in instant, or same as Gatehouse? 🤔 

the t&c states...

If your withdrawal is authorised before 1pm, it will be processed and received by your bank on the same day (assuming it is a working day). If your withdrawal is authorised after the cut-off time, it will be received by your bank the following working day. Please note, we cannot be held responsible for any delays caused by circumstances beyond our control.

you also need to wait for a letter in the post for a code to confirm your nominated account - no withdrawals before then... personally, this isn't one i'll be applying for.

if speed is an issue, then the Hodge EA account is instant - definitely for deposits, haven't made a withdrawal yet, but previously stated that withdrawals are instant too... though rate at 4.29% is lower.

CuparLad

CuparLad said:

Bridlington1 said:

@soulsaver

GB Bank Easy Access Issue 2 Account 4.6%. £1k min to open but balance can be reduced to £1.

There's a 21 day funding window, so if you choose annual interest and open the account after this Sunday (assuming its still available), you can push the interest into the 26/27 tax year.

GB Bank use the NBS processing centre in Wallsend, so if you've got other accounts managed via them (e.g. Gatehouse), the setup and login process will feel very familar.

Also worth noting that GB Bank clear through Clearbank. Bearing in mind the recent issues @ Barclays that affected Gatehouse, it's useful to spread the technical risk.

ccluedo

janusdesign said:

ccluedo said:

Looking to move from Chase.. Is the GB account true easy access as in instant, or same as Gatehouse? 🤔 

the t&c states...

If your withdrawal is authorised before 1pm, it will be processed and received by your bank on the same day (assuming it is a working day). If your withdrawal is authorised after the cut-off time, it will be received by your bank the following working day. Please note, we cannot be held responsible for any delays caused by circumstances beyond our control.

you also need to wait for a letter in the post for a code to confirm your nominated account - no withdrawals before then... personally, this isn't one i'll be applying for.

if speed is an issue, then the Hodge EA account is instant - definitely for deposits, having made a withdrawal yet, but previously stated that withdrawals are instant too... though rate at 4.29% is lower.

GB access same as Gatehouse then. Thanks. 

BACKTOBACK

In case it helps anyone i called Monument regarding the reduction in Interest rates on the instant access account. Firstly what great helpful customer service. I thought the minimum balance was £25k per account but was wrong its £25k across all accounts with them. I asked about the Limited Access Saver and they said the rates were currently 4.75% AER and no current plans for a reduction (although could change anytime).
I opened the Limited access saver and you can easily move money between accounts with them without going out to your nominated current account. Good clear app. So far i am very impressed with them

westv

When did the Virgin Defined Access savings rate drop to 4.06%? The last email I had from them in Nov last year said 4.51% but nothing since.

SnowMan

westv said:

When did the Virgin Defined Access savings rate drop to 4.06%? The last email I had from them in Nov last year said 4.51% but nothing since.

Which version are you referring to?

The Virgin defined access e saver (issue 30) which has been available to open since 13th February pays 4.06% AER.

The Virgin defined access e saver (issue 27) which is the account I have and was available to open between 2/10/2024 and 19/12/2024 is still paying 4.51% AER as far as I can see.

Rates for old versions are here (choose 'previously offered', 'online' then 'E-saver')

SnowMan

Good Morningstar article on the likelihood of a base rate cut on 20th March or later in the year

https://www.morningstar.co.uk/uk/news/261975/will-the-bank-of-england-cut-interest-rates-on-march-20.aspx

'There is a 95.0% chance of a rate hold this month, according to interest rate swaps data, with a 77.0% chance of a cut at the MPC’s meeting in May and a 55.6% chance of a cut in August. This is a marked contrast from January, when traders anticipated only one cut this year, in February'

westv

SnowMan said:

westv said:

When did the Virgin Defined Access savings rate drop to 4.06%? The last email I had from them in Nov last year said 4.51% but nothing since.

Which version are you referring to?

The Virgin defined access e saver (issue 30) which has been available to open since 13th February pays 4.06% AER.

The Virgin defined access e saver (issue 27) which is the account I have and was available to open between 2/10/2024 and 19/12/2024 is still paying 4.51% AER as far as I can see.

Rates for old versions are here (choose 'previously offered', 'online' then 'E-saver')

I have £35k in mine with monthly interest.
Up until Feb I was receiving £131 in interest. However, this month that has reduced to £119 with no withdrawals.
I have issue 19

SnowMan

A reminder that the West Brom four access (issue 1) drops from 4.65% AER to 4.4% AER today (14th March).

intalex

westv said:

SnowMan said:

westv said:

When did the Virgin Defined Access savings rate drop to 4.06%? The last email I had from them in Nov last year said 4.51% but nothing since.

Which version are you referring to?

The Virgin defined access e saver (issue 30) which has been available to open since 13th February pays 4.06% AER.

The Virgin defined access e saver (issue 27) which is the account I have and was available to open between 2/10/2024 and 19/12/2024 is still paying 4.51% AER as far as I can see.

Rates for old versions are here (choose 'previously offered', 'online' then 'E-saver')

I have £35k in mine with monthly interest.
Up until Feb I was receiving £131 in interest. However, this month that has reduced to £119 with no withdrawals.

Because February has 3 less interest earning days compared to January perhaps?