The New Top Easy Access Savings Discussion Area

youngretired

I opened the Saga account last night and it was opened straight away. No ID was required, I'm not sure if this is because I already hold a Marcus and a Natwest accounts.

mon3ysav3r

Saga Savings EA - 4.50% AER variable

COP passed and I just transferred a pound into the new account fine, so followed up with a larger amount from NatWest, who put a hold on it due to "suspected scam".

NatWest fraud protection phoned me and made me go through all the hoops and read the usual script, they asked where did you get the account number and sort code details from, and I said you do realise Saga is run by NatWest Boxed, part of your NatWest group!

mon3ysav3r

https://forums.moneysavingexpert.com/discussion/comment/82070137#Comment_82070137

I just logged in to their online bank portal and it says

• Transaction limit £10,000 This is the total amount of money you can withdraw in a single transaction.
• Withdrawal limit £20,000 This is the total amount of money you can withdraw in a 24 hour period. ! You can withdraw up to £20,000.00 more in the next 24 hours.

I haven't asked but I doubt that this can be increased. Not clear to me what happens on weekends/bank holidays, so it could be the max limit is 140,000 a week (two withdrawals of 10K a day for 7 days) or less.

Paying in to your savings - There is no limit on how much you can pay in to your savings each day, up to your account limit of £1 million.

EDIT - update, I notice online it says "Contact us via chat if you need to access more money [than the 20K a day]"

CuparLad

https://forums.moneysavingexpert.com/discussion/comment/82068872#Comment_82068872

Looks like they're suffering under the load of applications. My "we're verifying your details" timed out. 🙄

flaneurs_lobster

ETA: As previously mentioned you "will need a smartphone or camera enabled tablet to apply" which I suggest may not be so commonly held amongst the over 50s

So that's the over 50s, the ones who were 30 when Steve Jobs unveiled the smartphone?

I think most of us have probably got a handle on this new-fangled internet thing……

flaneurs_lobster

NatWest fraud protection phoned me and made me go through all the hoops and read the usual script, they asked where did you get the account number and sort code details from, and I said you do realise Saga is run by NatWest Boxed, part of your NatWest group!

You do realise that Mr Scammer is quite capable of opening an account at Saga, and will take full advantage of their instant access to remove your money toot sweet if you transfer it to him….

Middle_of_the_Road

https://forums.moneysavingexpert.com/discussion/comment/82070292#Comment_82070292

Agreed, a strange statement. There are many senior citizens quite happily using smart phones. I resisted well into my fifties, but had to relent when managing numerous savings accounts, which is far easier when using apps than having to do it online.

gpman

https://forums.moneysavingexpert.com/discussion/comment/82070292#Comment_82070292

I was wondering how long it would take for someone to attempt to fire that one back at me.

But it's nothing to do with internet access, but rather specifically access to a smartphone or camera enabled tablet.

I think we can safely ignore anyone who does not have internet access for the sake of this discussion as they won't be able to see it anyway ☺️

gpman

https://forums.moneysavingexpert.com/discussion/comment/82070308#Comment_82070308

Not that strange.

Based upon a recent survey from 2024, the percentage of UK smartphone users by age group breaks down as follows:

• 16 to 54 years old: 98% to 100%
• 55 to 64 years old: 93%
• 65 years and older: 77%

Source: U.K.: smartphone usage by age 2012-2024| Statista

Perhaps I should clarify that this is based upon those who use a mobile phone of any description

mon3ysav3r

https://forums.moneysavingexpert.com/discussion/comment/82070296#Comment_82070296

Yes of course someone could set up an account in my name in theory, but I did explain that I was the person who opened the Saga account and that the account number is mine, and I was logged in to Saga with details only I know and could see that my test payment had arrived fine. Just be ironic if NatWest Boxed ends up on NatWest naughty list like Bucks did.