The New Top Easy Access Savings Discussion Area

slinger2

alrk said:

Does anywhere compare the time differing institutions take to transfer money back to you?

i am looking for a reasonable (not necessarily top) rate instant savings account that will give me money back pretty quickly (so excludes Oxbury and Plum)

surely someone has done the analysis of how long this takes?

Many thanks

Perhaps I'm in a minority of one, but I actually like the idea of not getting my money until tomorrow (or after 90 days, etc). To me it's an extra security feature whereby a scammer cannot instantly steal my life savings. What's wrong with waiting for tomorrow? Are savings decisions made like "day trading"? I keep 1 or 2k so that it's instantly available but the rest is not available until tomorrow, next month, next year, two years off, etc.

poshrule_uk

My Edge saver account at 7% has finished. 

To get the new account at 6% do I just close the existing one then open a new one once that is closed?

chris_the_bee

poshrule_uk said:

My Edge saver account at 7% has finished. 

To get the new account at 6% do I just close the existing one then open a new one once that is closed?

Santander
Yes. They seem to take several days to actually close it, then you can open a new one.

BestSeagull

alrk said:

Does anywhere compare the time differing institutions take to transfer money back to you?

i am looking for a reasonable (not necessarily top) rate instant savings account that will give me money back pretty quickly (so excludes Oxbury and Plum)

surely someone has done the analysis of how long this takes?

Many thanks

Currently I'm using Monument for my true instant access account. Not the best rate but money moves either way in seconds. It's app only though so that may not be what you're looking for.

A few people have mentioned Cahoot but I worry that (being part of Santander) they will have the same penchant for blocking transfers out as Santander do, in the name of security.  I really dislike going through the whole interrogation thing just to get money out.

friolento

slinger2 said:

alrk said:

Does anywhere compare the time differing institutions take to transfer money back to you?

i am looking for a reasonable (not necessarily top) rate instant savings account that will give me money back pretty quickly (so excludes Oxbury and Plum)

surely someone has done the analysis of how long this takes?

Many thanks

Perhaps I'm in a minority of one, but I actually like the idea of not getting my money until tomorrow (or after 90 days, etc). To me it's an extra security feature whereby a scammer cannot instantly steal my life savings. What's wrong with waiting for tomorrow? Are savings decisions made like "day trading"? I keep 1 or 2k so that it's instantly available but the rest is not available until tomorrow, next month, next year, two years off, etc.

No need to wait for more than a few seconds if the withdrawal can only go to your nominated current account - which is the case for the majority of savings accounts 

Sadly, this doesn’t mean that all companies which will only pay out to nominated accounts do pay out instantly 🙁

Bridlington1

@soulsaver

Oxbury Bank Easy Access Account Special Edition 1 4.87% £25k min

slinger2

friolento said:

slinger2 said:

alrk said:

Does anywhere compare the time differing institutions take to transfer money back to you?

i am looking for a reasonable (not necessarily top) rate instant savings account that will give me money back pretty quickly (so excludes Oxbury and Plum)

surely someone has done the analysis of how long this takes?

Many thanks

Perhaps I'm in a minority of one, but I actually like the idea of not getting my money until tomorrow (or after 90 days, etc). To me it's an extra security feature whereby a scammer cannot instantly steal my life savings. What's wrong with waiting for tomorrow? Are savings decisions made like "day trading"? I keep 1 or 2k so that it's instantly available but the rest is not available until tomorrow, next month, next year, two years off, etc.

No need to wait for more than a few seconds if the withdrawal can only go to your nominated current account - which is the case for the majority of savings accounts 

Sadly, this doesn’t mean that all companies which will only pay out to nominated accounts do pay out instantly 🙁

to my nominated account from where it can be instantly removed.

Anyway, I'm still confused with this obsession with it only taking a few seconds. Got to say that the "instantness" of withdrawals from a savings account is pretty low on my own list of priorities.

Bridlington1

BestSeagull said:

alrk said:

Does anywhere compare the time differing institutions take to transfer money back to you?

i am looking for a reasonable (not necessarily top) rate instant savings account that will give me money back pretty quickly (so excludes Oxbury and Plum)

surely someone has done the analysis of how long this takes?

Many thanks

A few people have mentioned Cahoot but I worry that (being part of Santander) they will have the same penchant for blocking transfers out as Santander do, in the name of security.  I really dislike going through the whole interrogation thing just to get money out.

FWIW I've never had any issues with Cahoot, no blocked payments or anything and payments in/out have always been instant.

That being said I've never had a single blocked payment with Santander either, the most stringent I've had is them sending a OTP, and I currently use them as one of my main nominated accounts for savings.

Baileys_Babe

Bridlington1 said:

BestSeagull said:

alrk said:

Does anywhere compare the time differing institutions take to transfer money back to you?

i am looking for a reasonable (not necessarily top) rate instant savings account that will give me money back pretty quickly (so excludes Oxbury and Plum)

surely someone has done the analysis of how long this takes?

Many thanks

A few people have mentioned Cahoot but I worry that (being part of Santander) they will have the same penchant for blocking transfers out as Santander do, in the name of security.  I really dislike going through the whole interrogation thing just to get money out.

FWIW I've never had any issues with Cahoot, no blocked payments or anything and payments in/out have always been instant.

That being said I've never had a single blocked payment with Santander either, the most stringent I've had is them sending a OTP, and I currently use them as one of my main nominated accounts for savings.

Same here with Cahoot and Santander, as well as the latter being my main account.

ircE

alrk said:

Does anywhere compare the time differing institutions take to transfer money back to you?

i am looking for a reasonable (not necessarily top) rate instant savings account that will give me money back pretty quickly (so excludes Oxbury and Plum)

surely someone has done the analysis of how long this takes?

Many thanks

Thanks @sta0612 @janusdesign good to know some people find it useful! I used to do the tables monthly but switched to the weekend before MPC meetings since there weren't many changes on a monthly basis, and most of the instant access accounts are linked to Bank Rate.

@alrk in my posts (e.g. July) I don't exactly conduct the analysis you're referring to, of transfer times, but I do list the highest interest rate bearing accounts that allow you to deposit and withdraw near-instantly. As janusdesign mentioned I've chosen to limit these to the accounts that can be opened with, and earn the headline rate, from £1, as well as those that aren't just for small balances.