The New Top Easy Access Savings Discussion Area

Kim_13

Recently opened the Market Tracker Saver with Family BS now that the minimum is £1. I had the ISA version already, so was an existing customer. I received a letter today asking for proof of my nominated account (a Chase account, as I don’t use the same nominated account for everything.) I was able to upload the PDF online so no problem (aside from the fact that although I quickly received a secure message advising that my account was now verified and active, it comes up as inactive when I try to make a debit card deposit.) I’ll send them a secure message back if it doesn’t resolve itself overnight.

As well as wondering if anyone has had a similar experience, I wondered if it would’ve been confirmed electronically had I used a mainstream account? If not, an account for which one has online banking is the nominated account to have - as those without have to send originals or certified copies by post and no prepaid envelope is provided. Only PDF Statements can be uploaded electronically.

Kim_13

Kim_13 said:

Recently opened the Market Tracker Saver with Family BS now that the minimum is £1. I had the ISA version already, so was an existing customer. I received a letter today asking for proof of my nominated account (a Chase account, as I don’t use the same nominated account for everything.) I was able to upload the PDF online so no problem (aside from the fact that although I quickly received a secure message advising that my account was now verified and active, it comes up as inactive when I try to make a debit card deposit.) I’ll send them a secure message back if it doesn’t resolve itself overnight.

As well as wondering if anyone has had a similar experience, I wondered if it would’ve been confirmed electronically had I used a mainstream account? If not, an account for which one has online banking is the nominated account to have - as those without have to send originals or certified copies by post and no prepaid envelope is provided. Only PDF Statements can be uploaded electronically.

Messaged them this morning and received a response at lunchtime apologising that my account had not been activated properly following receipt of my bank statement, but was now ready to use. I was then able to deposit by debit card, so it isn't the case that they require an initial payment by other means.

pecunianonolet

Rate of 3.6% to remain for existing customers until the mentioned date. The new lower rate already applies for new customers. My account has been sitting with a NIL balance for a while now but it's time to close it down.

allegro120

pecunianonolet said:

Rate of 3.6% to remain for existing customers until the mentioned date. The new lower rate already applies for new customers. My account has been sitting with a NIL balance for a while now but it's time to close it down.

They've done it for me last year. My balance was zero for a couple of years, then they sent a warning, I've made in and out transactions required for keeping the account, but they've closed it anyway I didn't miss it, I doubt it will be competitive ever again.  Al Rayan (if in need of cash) is more likely to release a new issue as oppose to increasing rates on the previous issues.

poppystar

@soulsaver     Is there a reason why Chetwood Bank has slipped off the lists? It’s still offering 4.52% with no notification yet of future reductions. I’m hoping it’s not because Chetwood is bad in some way as I’ve just opened my first account there! 

soulsaver

poppystar said:

soulsaver     Is there a reason why Chetwood Bank has slipped off the lists? It’s still offering 4.52% with no notification yet of future reductions. I’m hoping it’s not because Chetwood is bad in some way as I’ve just opened my first account there! 

No known reason - so editorial senility or inebriation.. hopefully the  latter. Reinstated, thanks @Poppystar

ericthelobster

Question.

I am in the market for an instant access savings account; by which I mean I want online access to an account where I can transfer my saving instantly into my current account (and ideally, vice versa).  The trouble is that quite a lot of so-called 'instant' accounts are not that; for example my Nottingham Building Society account, which was not long ago top of MSE's tree, and which I opened... only to find that when I transferred cash, I was told 'my request would be processed on the next working day'. In practice, that meant 2-3 days before the funds were available.   Not good, when I'm needing to save myself from accidentally overdrawing!   Otrher accounts, eg Marcus (which was my previous one) transfer the funds within the hour.

How can we know how long it takes funds to come through fromsavings accounts?  This is never mentioned in the MSE rundowns of best-buy accounts, and as far as I'm concerned, it's really important, so I wonder why?!  I'd happily sacrifice a bit of interest if it means I'll definitely get my transfer on the same day.

EthicsGradient

Look for the posts in this thread by ircE - latest was here: https://forums.moneysavingexpert.com/discussion/comment/81347589/#Comment_81347589
(every few weeks). They keep a list of the best "instant" accounts.

Born2Save_3

GB Bank Easy Access Issue 2 Account

There's a requirement to initially fund with £1K, but after that, I understand, that the minimum balance is £1.

Does anyone have experience or know of how long the £1K+ needs to be in the account for to satisfy the initial opening requirements ?

I did an initial transfer of £1 and have verified my nominated account and everything looks good.  I'm hoping to put £1K in around 1am and then request transfer out before midday.. So I should get the £1K back the same day.

KevinG

Atom Instant Saver Reward has today increased from 4.60% to 4.75% AER.
https://www.atombank.co.uk/savings/instant-saver-reward/