The New Top Easy Access Savings Discussion Area

janusd

schiff said:

Would someone kindly report on how quickly withdrawals are effected on this new Saffron account , especially on non-working days TIA

for my existing Saffron accounts (and there's no reason to think this issue will behave any differently), my spreadsheet is marked as Same Working Day if requested before 4pm.

so a withdrawal request at 5pm on a Friday, should mean you receiving funds on the Monday.

I cannot confirm if my Issue 20 has had its rate increased because I have less than the £10 min in and so only receiving 0.05%

allegro120

janusdesign said:

schiff said:

Would someone kindly report on how quickly withdrawals are effected on this new Saffron account , especially on non-working days TIA

for my existing Saffron accounts (and there's no reason to think this issue will behave any differently), my spreadsheet is marked as Same Working Day if requested before 4pm.

so a withdrawal request at 5pm on a Friday, should mean you receiving funds on the Monday.

I cannot confirm if my Issue 20 has had its rate increased because I have less than the £10 min in and so only receiving 0.05%

Saffron
My issue 20 is 4.25% AER, no increase.

In my experience all Saffron accounts have the same time frame for withdrawals. My spread sheet is marked as Electronic payments received by 4.30pm will be made available the same day, any received after 4.30pm will be made available by 9am on the next working day. We process payments every two hours between 4am and 8pm (working days only!). Any payments that are made after 8pm will not be received until the next working day.

Kim_13

Bridlington1 said:

@soulsaver
Saffron BS E-Saver Account (Issue 21) 4.5% £10 min

Showing online as Issue 22, I’ve just sent them a secure message asking to convert my Issue 20 to it.

There is no nominated account against my existing account, so I’ve also asked if they are able to resolve that. Last time I phoned the CS said the account couldn’t be withdrawn from to an external account, which is odd to say the least for an Easy Access.

Bridlington1

Apologies if it's been mentioned already (appears to have happened earlier this month but I can't see it referenced in the no chat thread):

Santander Edge Saver Issue 2 NLA. Replaced by Issue 3 at the same rate.

The only difference that I can see is that Issue 3 is 6% consists of a 4% (var) underlying rate and a 2% (var) bonus, whilst Issue 2 consisted of a 4.5% (var) underlying rate and a 1.5% (var) bonus.

allegro120

Kim_13 said:

Bridlington1 said:

@soulsaver
Saffron BS E-Saver Account (Issue 21) 4.5% £10 min

Showing online as Issue 22, I’ve just sent them a secure message asking to convert my Issue 20 to it.

There is no nominated account against my existing account, so I’ve also asked if they are able to resolve that. Last time I phoned the CS said the account couldn’t be withdrawn from to an external account, which is odd to say the least for an Easy Access.

I've done it differently. Opened iss22 and internally transferred all of my iss20 balance to iss22.  It will be interesting to see if Saffron will close my empty account or keep it running.

Kim_13

allegro120 said:

Kim_13 said:

Bridlington1 said:

@soulsaver
Saffron BS E-Saver Account (Issue 21) 4.5% £10 min

Showing online as Issue 22, I’ve just sent them a secure message asking to convert my Issue 20 to it.

There is no nominated account against my existing account, so I’ve also asked if they are able to resolve that. Last time I phoned the CS said the account couldn’t be withdrawn from to an external account, which is odd to say the least for an Easy Access.

I've done it differently. Opened iss22 and internally transferred all of my iss20 balance to iss22.  It will be interesting to see if Saffron will close my empty account or keep it running.

I emptied an an account once and received a secure message a few days later advising that they would close it in 30 days if not brought back up to the minimum balance, so expect it to disappear in a month or so with any interest accrued sent to your nominated account (but that will push it into 25/26, so if having the interest in this tax year instead would be to your advantage, you could message them asking to close it now.)

allegro120

Kim_13 said:

allegro120 said:

Kim_13 said:

Bridlington1 said:

@soulsaver
Saffron BS E-Saver Account (Issue 21) 4.5% £10 min

Showing online as Issue 22, I’ve just sent them a secure message asking to convert my Issue 20 to it.

There is no nominated account against my existing account, so I’ve also asked if they are able to resolve that. Last time I phoned the CS said the account couldn’t be withdrawn from to an external account, which is odd to say the least for an Easy Access.

I've done it differently. Opened iss22 and internally transferred all of my iss20 balance to iss22.  It will be interesting to see if Saffron will close my empty account or keep it running.

I emptied an an account once and received a secure message a few days later advising that they would close it in 30 days if not brought back up to the minimum balance, so expect it to disappear in a month or so with any interest accrued sent to your nominated account (but that will push it into 25/26, so if having the interest in this tax year instead would be to your advantage, you could message them asking to close it now.)

Thank you.  That's good to know.  My balance was only £10.74, so whatever accrues for this month won't make any difference for my tax affairs.  I'll just leave it to take its course and delete it from my spreadsheet.  I also have £1.07 in Saffron 'My Saver Issue 1 AI' paying the same 4.25% - will do the same with this account, I have more than enough accounts with Saffron to keep my membership uninterrupted

soulsaver

Bridlington1 said:

Apologies if it's been mentioned already (appears to have happened earlier this month but I can't see it referenced in the no chat thread):

Santander Edge Saver Issue 2 NLA. Replaced by Issue 3 at the same rate.

The only difference that I can see is that Issue 3 is 6% consists of a 4% (var) underlying rate and a 2% (var) bonus, whilst Issue 2 consisted of a 4.5% (var) underlying rate and a 1.5% (var) bonus.

Thanks @Bridlington1 Wef 03/03 according to 'Key Facts' Santander Edge saver (Issue 3)

'No chat' updated.

jim1999

Just had a message from Santander to say that the Edge saver issue 2 will now revert to 4% after 12 months rather than 4.5%, so I guess they're aligning both of them to 4% underlying.

Won't affect me since I would close after 12 months anyway

dosh37

Just 2 weeks ago I opened a Kent Reliance Easy access account Iss 77 (4.55%)

Today I discovered from the MSE Top Savings list that they have subsequently introduced Iss 78 paying 4.59%.

I only found out because Charter Savings (who are also owned by 'One Savings Bank') have done something similar.

A difference of 0.04% may not sound like much but if you have savings of £85K, that's £34 over a year.

I guess they assume most savers won't be bothered to open and transfer into a new account so they create a new issue rather than increase the interest rate to existing savers.

Luckily the transfer process is relatively straightforward and not too time consuming.

Closing the old account after making the transfer does involve sending a secure message.