The New Top Easy Access Savings Discussion Area

Middle_of_the_Road

topyam said:

Ulster

I transferred £1 to test. Plan on transferring enough to have it over £5k by end of day. Do they update after end of each day?? Hope so. I want the higher rate of interest.

Yes,
If the balance is £5k or over, the higher rate will apply. If it falls below this, the lower rate applies until it is increased to £5k.
You don't forfeit the high rate permanently, or even for that month.

janusd

@soulsaver Spring Easy Saver (AO) dropping from 4.30% to 4.11% AER on Friday 17th October (notification in the app).

I know it never made your top 10 (and wouldn't anyway after the drop), but it is a good savings account with instant deposits & withdrawals.

fonesaver

Middle_of_the_Road said:

topyam said:

Ulster

I transferred £1 to test. Plan on transferring enough to have it over £5k by end of day. Do they update after end of each day?? Hope so. I want the higher rate of interest.

Yes,
If the balance is £5k or over, the higher rate will apply. If it falls below this, the lower rate applies until it is increased to £5k.
You don't forfeit the high rate permanently, or even for that month.

Yes correct, the rate will show in the app the following day, so if you dip below £5k for say one day you will only be on the lower rate for one day 

Steve_xx

fonesaver said:

Middle_of_the_Road said:

topyam said:

Ulster

I transferred £1 to test. Plan on transferring enough to have it over £5k by end of day. Do they update after end of each day?? Hope so. I want the higher rate of interest.

Yes,
If the balance is £5k or over, the higher rate will apply. If it falls below this, the lower rate applies until it is increased to £5k.
You don't forfeit the high rate permanently, or even for that month.

Yes correct, the rate will show in the app the following day, so if you dip below £5k for say one day you will only be on the lower rate for one day 

That's what what would hope for. But the terms that do not clearly state that. Though I suspect that what you say will be correct. Nevertheless I will ask Ulster to clarify it.

Middle_of_the_Road

The terms are unclear, but there are no need for phone calls etc, you'll probably get inaccurate responses yet again.

The interest rate is correctly applied, daily at the close of business.

Steve_xx

Middle_of_the_Road said:

The terms are unclear, but there are no need for phone calls etc, you'll probably get inaccurate responses yet again.

The interest rate is correctly applied, daily at the close of business.

There is a need for accuracy. I would like them to agree to amend the terms and conditions to better reflect the intention. 

I'm not questioning whether or not the interest is paid daily and applied theretoo. I am debating whether when or if the account dips below 5K and then returns to a balance above 5K that the bonus payment having been lost, will then be restored.

Middle_of_the_Road

Steve_xx said:

Middle_of_the_Road said:

The terms are unclear, but there are no need for phone calls etc, you'll probably get inaccurate responses yet again.

The interest rate is correctly applied, daily at the close of business.

There is a need for accuracy. I would like them to agree to amend the terms and conditions to better reflect the intention. 

I'm not questioning whether or not the interest is paid daily and applied theretoo. I am debating whether when or if the account dips below 5K and then returns to a balance above 5K that the bonus payment having been lost, will then be restored.

Interest is not paid daily, the correct rate is applied daily. 

Steve_xx

Middle_of_the_Road said:

Steve_xx said:

Middle_of_the_Road said:

The terms are unclear, but there are no need for phone calls etc, you'll probably get inaccurate responses yet again.

The interest rate is correctly applied, daily at the close of business.

There is a need for accuracy. I would like them to agree to amend the terms and conditions to better reflect the intention. 

I'm not questioning whether or not the interest is paid daily and applied theretoo. I am debating whether when or if the account dips below 5K and then returns to a balance above 5K that the bonus payment having been lost, will then be restored.

Interest is not paid daily, the correct rate is applied daily. 

As I said I'm not questioning when interest is paid. I am seeking assurance from Ulster about the bonus element, ie if it is forfeited due to a sub 5K balance, is it then restored once a post 5K balance is restored.

Middle_of_the_Road

The displayed interest rate is based on your balance at the close of business, daily.
There would be no need to provide daily rates, if it was possible that the high rate could be permanently forfeited.

Steve_xx

Middle_of_the_Road said:

The displayed interest rate is based on your balance at the close of business, daily.
There would be no need to provide daily rates, if it was possible that the high rate could be permanently forfeited.

It would appear that this only applies to 2 October 2025!