The New Top Easy Access Savings Discussion Area

masonic

Chaykin said:

exel1966 said:

The clue is in the name of the account.

Yet great majority of banks do a hard check when applying for a current account with no overdraft/credit facilities - hence the question. Thank you for your answers.

Almost all current accounts have credit facilities because they have fees that can be incurred while you have a zero balance, or allow payments to take you into an unauthorised overdraft. When you apply for a current account, you get a credit facility whether or not you apply for an "arranged overdraft" (an overdraft with preferential terms).

Savings accounts do not generally allow a negative balance at all, and providers can be on shaky ground where they put an account into negative balance.

Dizzycap

Chaykin said:

Never had an account with Cahoot. Anybody knows if they do a hard credit check for opening a savings account?

No credit check, just your income amount. Account opened within a couple of minutes, usually 

allegro120

I received e-mail from Metro today (pulled it from spam folder).

"We’re getting in touch to let you know that we will shortly be closing your account(s) with us. Following a review, we’ve made the decision that you will not be able to bank with us any longer......
Banking with us in the future 
We won’t be able to offer you any new banking services in the future. If we are asked for a status report about you or your account(s), we will reply that we can’t express an opinion."

I'm not disappointed, rather happy to delete Metro from my lengthy spreadsheet, but curious what could trigger this decision.  I opened Metro EA in December 2023, it paid the top rate so I've been using it a lot for 4 months. Then they dropped the rate from 5.22% to 4.97% in April 2024 (2.72% now) and my balance stayed at zero since then.  There's no minimum balance requirement for this account. I'm thinking may be they sent me a 'dormant account' warning but it ended up in spam folder and got automatically deleted (I don't check my spam folder regularly). In any case, providing I didn't breach t&c, I think a permanent ban is a bit harsh.  

soulsaver

CuparLad said:

Bridlington1 said:

@soulsaver

Snoop Easy Access Savings Account 1 4.6% (£1 min)

Also worth noting they currently have a £5 Amazon voucher refer-a-friend offer so could be worth seeing if you can find anyone with the Snoop app before grabbing this one.

Reminder do not use this forum to request/exchange referral links, the RAF offer has been mentioned purely on a ``for info" basis.

I looked at this account earlier today when I saw it on Moneyfacts. It seems to be one that might qualify for a DYOR advisory. From the Additional Information section:

Your money will be held with Vanquis Bank Limited which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

To provide the Snoop savings account, Snoop works with a partner called Bondsmith Savings Limited, which will manage the account for you behind the scenes. This means it will:

• arrange for any money you add to your account to be deposited with Vanquis Bank Limited 
• arrange for any withdrawals to be returned to you 
• calculate and add interest to your account in Snoop

Bondsmith is the trustee, and all money held in your Snoop savings account is held in trust for you (subject to the Snoop terms and conditions and the Savings terms and conditions).

Thanks.

It won't get a ToTP ranking but, as usual, will get listed in the trail, linked to here - and people can make their own minds up. 


 

pfpf

curious. @4.6% why wont it be a "ToTP"? does it break a rule to be included?

masonic

pfpf said:

curious. @4.6% why wont it be a "ToTP"? does it break a rule to be included?

From 1st post: "Note: Generally, I don't rank 'aggregators'."

As mentioned in prior discussion, the safeguarding arrangement means that customers may need to pay admin cost that would normally be covered by FSCS, should the aggregator fail. So it is not a risk free arrangement. Some aggregators have separate Client Money permission, allowing full FSCS protection, but Snoop apparently doesn't.

1spiral

masonic said:

Savings accounts do not generally allow a negative balance at all, and providers can be on shaky ground where they put an account into negative balance.

Has there ever been an instance where this occurs and if so on what grounds.

The closest I've ever heard of to this is where withdrawals incur a say 90 day penalty and if you close the account in less than 90 days you get back less than you deposited but that isn't the same as a negative balance.

masonic

1spiral said:

masonic said:

Savings accounts do not generally allow a negative balance at all, and providers can be on shaky ground where they put an account into negative balance.

Has there ever been an instance where this occurs and if so on what grounds.

The closest I've ever heard of to this is where withdrawals incur a say 90 day penalty and if you close the account in less than 90 days you get back less than you deposited but that isn't the same as a negative balance.

It would not normally occur, as any fee would need to be paid in advance or taken from a credit balance. Could happen if for example an incentive paid up front was clawed back, but the savings provider would have limited recourse in those scenarios. Savings accounts are set up so that there isn't scope for charges to go unpaid.

Malchester

1spiral said:

masonic said:

Savings accounts do not generally allow a negative balance at all, and providers can be on shaky ground where they put an account into negative balance.

Has there ever been an instance where this occurs and if so on what grounds.

The closest I've ever heard of to this is where withdrawals incur a say 90 day penalty and if you close the account in less than 90 days you get back less than you deposited but that isn't the same as a negative balance.

I have 2 Coventry Building Society Accounts which have a negative balance, both under £2. It was when I closed a couple of accounts with a closure penalty. Instead of deducting the penalty from the amount they sent me the full amount and left the accounts with negative balance. It was over 1 year ago and they haven't asked me to clear the negative balance

flaneurs_lobster

Malchester said:

I have 2 Coventry Building Society Accounts which have a negative balance, both under £2. It was when I closed a couple of accounts with a closure penalty. Instead of deducting the penalty from the amount they sent me the full amount and left the accounts with negative balance. It was over 1 year ago and they haven't asked me to clear the negative balance

Having those accounts sitting in my spreadsheet would be just so annoying. It's the negativityness, I've loads of zero or £1 balances and that's just fine but (£1).... in a column of positive numbers....it's not natural.