The New Top Easy Access Savings Discussion Area

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.

NebulaNova

https://forums.moneysavingexpert.com/discussion/comment/82102228#Comment_82102228

I'm not getting anything out of it though, literally £1-£2. I don't see the benefit.

wmb194

https://forums.moneysavingexpert.com/discussion/comment/82102234#Comment_82102234

So don't. …

NebulaNova

https://forums.moneysavingexpert.com/discussion/comment/82102240#Comment_82102240

I'm wondering whether I'm missing something though as people seem to do this a lot.

ToastLady

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

Yes, but that adds up over the year, you'd be £37.50 better off if you had £5000 in each, assuming of course that both rates remain the same. Also as mentioned, it's better to have access to more than one account should there be a problem in gaining access to one for whatever reason.
As I mentioned in another thread was thinking of doing another fix, but when I worked it out, it was better to keep in easy access and fund regular savers and I'd gain over £900 in a year, certainly with a bigger pot, but it's the same kind of scenario.

gpman

Or you could at least be £30.00 a year better off just switching the lot to Cynergy, if you don't want the complication of dealing with multiple savings accounts 😊

GOTfan

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

I've used them for a few months, easy app, although it's just a saver account linked to your current account with no bells & whistles. Instant transfer though.