We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
The New Top Easy Access Savings Discussion Area
Comments
-
Is there a reason to avoid the Spring savings app? I notice dthey have a limited time offer of 5% on up to £5k and I've not seen it mentioned anywhere on here (but granted I've only read back the last 5 or 6 pages)
13 -
I've used them for over a year. Never had any problems. I think they are part of Paragon Bank.
Deposits and withdrawals are instant via a nominated account.
I've just opened their new "Accelerate Saver" this morning which pays 5%.
3 -
Thank you for the heads up on this one, hadn't seen it. Just opened it as already have app and account with them. No problem with me for Spring App, instant deposits and withdrawals, what's not to like?
1 -
Re: Spring Accelerate Saver - although the max balance is £5k - interest earned is added to the account, and worth noting that unlike Cahoot & Santander, that interest is calculated on the entire balance (confirmed via chat with their agents) - so there is no need to withdraw the excess interest monthly. 👍️
10 -
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.
1 -
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
0 -
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.
2 -
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.
1 -
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.
4 -
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.
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 355.4K Banking & Borrowing
- 254.8K Reduce Debt & Boost Income
- 456K Spending & Discounts
- 248K Work, Benefits & Business
- 605.4K Mortgages, Homes & Bills
- 178.9K Life & Family
- 263.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards