The New Top Easy Access Savings Discussion Area

jaypers

Has anyone used Spring Savings? Believe they are part of Paragon but not seen them mentioned here. Any thoughts? 

flaneurs_lobster

jaypers said:

Has anyone used Spring Savings? Believe they are part of Paragon but not seen them mentioned here. Any thoughts? 

4.3% APR Easy Access savings app, links to your current account, cute dog.

Not sure there's much more to know.

masonic

13zero8 said:

refluxer said:

13zero8 said:

I'll be withdrawing the remaining balance tomorrow. Didn't want to withdraw the full 91k in one day because my nominated account has a daily 50k transfer limit. 

Daily transfer limits would normally apply to withdrawals from that account, not deposits ?

I know I made a stupid error in my interest calc, but I'm not so stupid that I don't know that 😉

Bearing in mind the whole point is to move money into a higher interest account, and this requires bouncing the money off a nominated account.... 

Correct, I could have withdrawn from Atom (and successfully received in my nominated account) the full 91k in one go, but as my nominated account has a daily PAYMENT limit of 50k, I wouldn't have been able to transfer (on the same day) more than 50k of those received funds into the higher rate savings account I want to move the money into, so I decided to split it and withdraw over two days.

Please don't tell me I've got that wrong too and have been wasting years of my life making multiple times the number of transfers I needed to... 😁

Wow, refluxer was only asking. Not everyone will find something as obvious as you do.

13zero8

masonic said:

13zero8 said:

refluxer said:

13zero8 said:

I'll be withdrawing the remaining balance tomorrow. Didn't want to withdraw the full 91k in one day because my nominated account has a daily 50k transfer limit. 

Daily transfer limits would normally apply to withdrawals from that account, not deposits ?

I know I made a stupid error in my interest calc, but I'm not so stupid that I don't know that 😉

Bearing in mind the whole point is to move money into a higher interest account, and this requires bouncing the money off a nominated account.... 

Correct, I could have withdrawn from Atom (and successfully received in my nominated account) the full 91k in one go, but as my nominated account has a daily PAYMENT limit of 50k, I wouldn't have been able to transfer (on the same day) more than 50k of those received funds into the higher rate savings account I want to move the money into, so I decided to split it and withdraw over two days.

Please don't tell me I've got that wrong too and have been wasting years of my life making multiple times the number of transfers I needed to... 😁

Wow, refluxer was only asking. Not everyone will find something as obvious as you do.

Eh? My tongue was firmly in my cheek in my first and last paragraphs. There was no dig at him/her... If anything the dig was at myself. 

KevinG

13zero8 said:

refluxer said:

13zero8 said:

I'll be withdrawing the remaining balance tomorrow. Didn't want to withdraw the full 91k in one day because my nominated account has a daily 50k transfer limit. 

Daily transfer limits would normally apply to withdrawals from that account, not deposits ?

I know I made a stupid error in my interest calc, but I'm not so stupid that I don't know that 😉

Bearing in mind the whole point is to move money into a higher interest account, and this requires bouncing the money off a nominated account.... 

Correct, I could have withdrawn from Atom (and successfully received in my nominated account) the full 91k in one go, but as my nominated account has a daily PAYMENT limit of 50k, I wouldn't have been able to transfer (on the same day) more than 50k of those received funds into the higher rate savings account I want to move the money into, so I decided to split it and withdraw over two days.

Please don't tell me I've got that wrong too and have been wasting years of my life making multiple times the number of transfers I needed to... 😁

Not at all, you're absolutely right and it's something I hadn't thought of, as I will be withdrawing all of the money from two Atom accounts in the next couple of weeks and the account I was going to move it to also has a £50K (actually I think it's £49,999) daily payment limit so it would make sense to split it. (Although I think I could transfer more if I did it by phone rather than online.)

13zero8

KevinG said:

13zero8 said:

refluxer said:

13zero8 said:

I'll be withdrawing the remaining balance tomorrow. Didn't want to withdraw the full 91k in one day because my nominated account has a daily 50k transfer limit. 

Daily transfer limits would normally apply to withdrawals from that account, not deposits ?

I know I made a stupid error in my interest calc, but I'm not so stupid that I don't know that 😉

Bearing in mind the whole point is to move money into a higher interest account, and this requires bouncing the money off a nominated account.... 

Correct, I could have withdrawn from Atom (and successfully received in my nominated account) the full 91k in one go, but as my nominated account has a daily PAYMENT limit of 50k, I wouldn't have been able to transfer (on the same day) more than 50k of those received funds into the higher rate savings account I want to move the money into, so I decided to split it and withdraw over two days.

Please don't tell me I've got that wrong too and have been wasting years of my life making multiple times the number of transfers I needed to... 😁

Not at all, you're absolutely right and it's something I hadn't thought of, as I will be withdrawing all of the money from two Atom accounts in the next couple of weeks and the account I was going to move it to also has a £50K (actually I think it's £49,999) daily payment limit so it would make sense to split it. (Although I think I could transfer more if I did it by phone rather than online.)

Thank phew for that!

You can check out your bank's various payment method limits here...

https://www.wearepay.uk/what-we-do/payment-systems/faster-payment-system/transaction-limits/


Noticed that my bank's online payment limit is £49,999.99 but they appear to give a penny grace and allow £50k payments. 

masonic

13zero8 said:

...

https://www.wearepay.uk/what-we-do/payment-systems/faster-payment-system/transaction-limits/


Noticed that my bank's online payment limit is £49,999.99 but they appear to give a penny grace and allow £50k payments. 

It's worth noting those are transaction limits and in some cases you can send multiple payments at the limit to the same account per day. First Direct used to be like that when they had a £10k limit, don't know if it's still the case now they've raised it to £50k.

Also, it is worth checking with the bank in question for more up to date information as the Pay UK site has been found to have lower numbers in some cases (e.g. Nationwide, though seems to be updated now).

4justice2

jaypers said:

Has anyone used Spring Savings? Believe they are part of Paragon but not seen them mentioned here. Any thoughts? 

I've had an account for about two months. Fast transfer in and out of my linked Santander account.  Happy with it. 

monkey-fingers

friolento said:

monkey-fingers said:

Advice needed.
I have around £47k to invest that I possibly need to live off for the next year, so need easy access. I'm currently not working, but that might change, so it might sit in savings forever!

I'm a bit wary about opening another Current Account with Chase (I already have 3), but it seems to me that putting £20k into Trading212 and £28k into Chase is currently the best option.

Any better suggestions?

If you need access to your money in the next 5-7 years, you are talking about saving, not investing. As you are not likely to need all your money at once, you might be able to fix some of it for 3, 6, 12 etc months. There is a huge range of savings accounts, all FSCS protected, and most with online/app access https://moneyfactscompare.co.uk/savings-accounts/

Yup, that's a fair point.
However, there are plenty of easy access ISAs about that calculate interest monthly.

I'm trying to maximise interest (monthly) rather than just dump it into a current account or low-interest savings account.

MichaelAP

13zero8 said:

KevinG said:

13zero8 said:

refluxer said:

13zero8 said:

I'll be withdrawing the remaining balance tomorrow. Didn't want to withdraw the full 91k in one day because my nominated account has a daily 50k transfer limit. 

Daily transfer limits would normally apply to withdrawals from that account, not deposits ?

I know I made a stupid error in my interest calc, but I'm not so stupid that I don't know that 😉

Bearing in mind the whole point is to move money into a higher interest account, and this requires bouncing the money off a nominated account.... 

Correct, I could have withdrawn from Atom (and successfully received in my nominated account) the full 91k in one go, but as my nominated account has a daily PAYMENT limit of 50k, I wouldn't have been able to transfer (on the same day) more than 50k of those received funds into the higher rate savings account I want to move the money into, so I decided to split it and withdraw over two days.

Please don't tell me I've got that wrong too and have been wasting years of my life making multiple times the number of transfers I needed to... 😁

Not at all, you're absolutely right and it's something I hadn't thought of, as I will be withdrawing all of the money from two Atom accounts in the next couple of weeks and the account I was going to move it to also has a £50K (actually I think it's £49,999) daily payment limit so it would make sense to split it. (Although I think I could transfer more if I did it by phone rather than online.)

Thank phew for that!

You can check out your bank's various payment method limits here...

https://www.wearepay.uk/what-we-do/payment-systems/faster-payment-system/transaction-limits/


Noticed that my bank's online payment limit is £49,999.99 but they appear to give a penny grace and allow £50k payments. 

They have that wrong for NatWest.
They say £100,00 max daily.
The actual is £20,000 max daily.