The New Top Easy Access Savings Discussion Area

Barney1954

https://forums.moneysavingexpert.com/discussion/comment/81865135#Comment_81865135

Have you any experience of requesting large amounts? I understand that there are no withdrawal limits and I'm looking to move £100k to Zopa this week and would prefer to do this in the fewest number of transactions possible.

EthicsGradient

https://forums.moneysavingexpert.com/discussion/comment/81865175#Comment_81865175

The largest I've done was £35k, and that was done in one go without any extra checks or splits.

BlackthornU

Can only relate my experience of West Brom (note that this is their main system not their websave system).

Over a weekend I logged on and requested a £3K transfer out. Website did state can take up to 2 working days. Nothing by Tuesday midday. I had expected the amount to at least be recorded as a debit on my WB account, but there appeared to be no record of the request or a debit. Contacted Customer Service and was informed they had the request but it hadn't been processed yet - Customer Service person offered and then did process it at that time. It suggested that it needed a member of staff to process it and they hadn't got to it a day and a half after receiving the request. They may always make sure requests are processed within 2 working days, but it was a surprise that the web page I completed was basically a message for a member of staff to process a transaction.

janusd

@soulsaver - not for the top 10 yet, but tagged you in in case it qualifies for it at some future point.

some good news about an interest rate increase - RCi Bank Freedom Savings increasing from 3.85% to 3.95% AER from today (2nd February) for both new and existing accounts.

[Deleted User]

https://forums.moneysavingexpert.com/discussion/comment/81866274#Comment_81866274

Trying to understand the terms of this account, in particular reference to the £100 opening minimum deposit.

I thought maybe it was just £100 to open. I cannot see any reference to any subsequent minimum operating balance.

But page 6 of their 'Using your Account' document says they will not accept any deposit into the account, at any time, that is not at least £100.

Happy to be corrected if anyone understands differently

janusd

https://forums.moneysavingexpert.com/discussion/comment/81866366#Comment_81866366

Re: RCi Freedom - I opened my account in July 2023 with £100; withdrew the balance to leave £1 in the account in August 2024; the balance has remained at around £1 (with 1p in interest being generated every 3 months) since that time.

I think it just means that you couldn't deposit £43.32 etc - it would need to be £100 or more… perhaps open with £101 and then withdraw the £100 if all you want to do is keep a low balance in the account?

[Deleted User]

https://forums.moneysavingexpert.com/discussion/comment/81866386#Comment_81866386

Thanks, as I thought. I see you didn't make any further deposits. Worth noting if you do wish to, it'll need to be for at least £100 (and you can then withdraw that or part thereof if you wish)

p1ston

https://forums.moneysavingexpert.com/discussion/comment/81866386#Comment_81866386

What's the point in opening it to just keep one quid in it?

pecunianonolet

https://forums.moneysavingexpert.com/discussion/comment/81868257#Comment_81868257

You become a member with building societies and sometimes accounts are only exclusive for people having had continuous membership with a building society, sometimes it just allows you to open accounts an institution is launching in the future only if you have been a customer before. Some, especially building societies, sometimes have accounts that are postcode restricted for new customers but available for existing customers. Also, having login details makes an application often much quicker when you apply as existing customer.

thunderroad88

https://forums.moneysavingexpert.com/discussion/comment/81866218#Comment_81866218

I closed my West Brom account today and transferred everything to my Coventry account with a similar rate. I just couldn’t be doing with the archaic interface and processes that exist with the WB…when I first opened the account they got my initial interest payment wrong and I had to talk a customer service exec through how to correctly calculate interest. While their rate was good I put up with it but the withdrawal process is soo slow and painful it’s just not worth it, so never again for me. It’s a bit amateurish really and makes me have concerns about how good their security processes might be…