The New Top Easy Access Savings Discussion Area

friolento

https://forums.moneysavingexpert.com/discussion/comment/82101437#Comment_82101437

Excellent spot, thank you so much. It was a breeze to open the account as a Spring newbie, and to make my deposit with Open Banking. And as they are part of Paragon Bank, I have no hesitation to recommend them.

Hattie627

https://forums.moneysavingexpert.com/discussion/comment/82101831#Comment_82101831

Agreed. Opened mine this morning and made initial deposit using Open Banking. Good to know that the monthly interest, if taking the account over £5K, can remain in the account and earn interest. Pity you can only have one account

Money_Stitch

I like the simplicity and ease of the Spring app. I opened their first account when they launched a couple of years back as I had an account with Paragon at the time. It fell by the wayside as the rate became uncompetitive (as did Paragon). Went in for a second chance on the relaunch of the special edition saver and will go for this, let's see how long it lasts.

In my experience across the last couple of years it is instant deposits/withdrawals 24-7. There are also saving pot options and open banking for deposits if you're good with that. They also provide excellent statements and tax certs. Backed by Paragon, so it's all good. It's just the rate holding, or not. We'll see. Thanks for the heads up.

NebulaNova

https://forums.moneysavingexpert.com/discussion/comment/82101953#Comment_82101953

Is the 5% for 6 months or anything like that?

I can't decide if it's worth doing. It's such a small amount. Earning 4.25% on £10k at the moment. Just concerns me having multiple accounts everywhere.

mon3ysav3r

https://forums.moneysavingexpert.com/discussion/comment/82102182#Comment_82102182

Spring - Accelerate Saver - seems to be an open ended account with no fixed end date, so there is no bonus that runs out, although being variable AER they can reduce the rate - but they will give you 14 days notice.

I actually feel safer having accounts with multiple institutions, if I can't access one for whatever reason [technical issue, lock myself out etc] I have others I can use.

Hattie627

https://forums.moneysavingexpert.com/discussion/comment/82102182#Comment_82102182

Spring

It's open-ended. Interest rate is variable (14 days notice of a drop), but there is no lock-in or withdrawal penalty or notice to withdraw requirement, so funds can be moved out as required.

NebulaNova

https://forums.moneysavingexpert.com/discussion/comment/82102193#Comment_82102193

They ask a lot of questions when signing up - photo ID and everything. Is that normal?

wmb194

https://forums.moneysavingexpert.com/discussion/comment/82102208#Comment_82102208

Spring? These days lots of providers will ask for photo ID but I wasn't asked to scan my ID and, for me, the questions didn't feel untypical. Perhaps you failed the electronic ID check?

NebulaNova

Makes very little difference if you have £10k in a 4.25% account already. Getting £35 interest each month. If I transferred £5 to Spring, I'd get £17.70 in one account and £20.83 in the other. Literally a couple of pounds a month.

wmb194

https://forums.moneysavingexpert.com/discussion/comment/82102222#Comment_82102222

It's like regular savers though, you think about it as a portfolio of accounts which overall net you 5%+. It's down to whether you want to manage lots of accounts and whether min/maxing the interest you can earn matters.