The New Top Easy Access Savings Discussion Area

CuparLad

Tesco Instant Saver

Having looked at the website and T's and C's for this account, there seems to be quite a bit of inconsistency and conflicting or unclear information, so I'd be interested in anyone's actual experience who has the account and has operated it.

1. Withdrawals - There are differing statements around how much can be withdrawn in 24 hours. I have seen max £20K in chunks of £10K mentioned, as well as max £10K per "payment method". Which is it?
2. Interest - The summary box says "Interest will be earned at a daily rate and paid into the account annually on the anniversary of the account opening and at account closure", which is clear. It then says "The Bonus Interest Rate applies on balances up to £1 million or less, which we pay to you at the end of the bonus period (on the anniversary of the account opening)" which aligns with the first statement. However, it then says "We pay the Standard Variable Rate annually to you in March" which may not be the anniversary of account opening, nor is it account closure. Is this just badly worded and the account just pays interest normally like everyone else, or is this clever wording to avoid paying certain types of interest in certain circumstances.

I ask these because I am a very active money manager and regularly shift cash about. I don't want to suddenly find it takes forever to get money out when it's time to move on, or find interest is forfeited because the account is closed "early".

ab56

To add to Cupar Lad above receiving interest in March could mess up people's calculations, attempting to keep below £1000 (or £500) savings interest in a tax year.

wiseonesomeofthetime

https://forums.moneysavingexpert.com/discussion/comment/82116382#Comment_82116382

Yeah, ditched mine a few months ago for the same reason.

ColdIron

https://forums.moneysavingexpert.com/discussion/comment/82116700#Comment_82116700

Re 2. It pays the interest on two occasions. The 1 year fixed bonus rate, currently 3.48%, once on the anniversary of account opening and then it's gone. The SVR, currently 1.05%, every March 31st

It also pays any accrued interest of either type instantly on account closure. I always close the account after the bonus is paid (or a better one turns up) as there is no point in keeping the account without it

They won't diddle you

SnowMan

https://forums.moneysavingexpert.com/discussion/comment/82116700#Comment_82116700

You always get the 4.53% AER over the first 12 months (well until they change the rate of course). No interest is forfeited.

But in terms of when it is actually paid, and assuming the rate doesn't change for simplicity of explanation, they pay interest at 1.05%pa, the standard rate, on 31st March for the period from opening the account (now) to 31st March. Think of that as a down-payment on the total interest accrued at that point of 4.53%pa up to then. And then if you keep the account until the anniversary of opening you get a year's bonus interest (3.48% currently) paid then. At which point you will close the account because the rate is rubbish without the bonus so on closure you also get 1.05%pa from 31st March to closure. So overall you've got 4.53% AER for the full year.

If you close the account before 31st March you get the 4.53%pa paid on closure. And if you close the account between 1st April and the anniversary of opening you get 4.53%pa from opening to closure less the 'down-payment' of interest paid on 31st March.

Freedommm

After almost a week of applying for First Direct account, I received an email informing me that they are under an unusually high load of applications and are working on them!

Tesco - still zero communication from them since I appied a few days ago.

Oxbury - rejected, no explanation given.

whelkmice

Anyone else having problems/delays opening an Easy Access account with First Active? Two days now & no response or email, no acknowledgement whatsoever from them of my application!

Appreciate they may be busy but a simple acknowledgement email isn't too much to ask surely?

MSE top pick so I guess that's why they're overwhelmed :)

tg99

Went on to chat to close my Santander Edge saver as bonus was expiring hence need to open new one. Chat processed my request and said can take up to 5 (or might have been 4 can’t find the msg right now) working days to close and that the balance would then be moved into the Santander currant account I selected. Is this timeframe usually met as been the full number of days now and account still open. It credited a few pence of interest to the account within a day or so of the closure request.

janusd

@soulsaver - Ulster Bank Limited Edition Saver (Issue 3) 4.30% has/will go NLA within the next week (or sooner) - no longer listed on Moneyfacts, and there is the message below showing on their site..

To apply, you must be 16+ and a UK resident. Available until 5pm on 27 August 2026 for new customers and 03 September 2026 for existing customers. Offer may be withdrawn early due to limited availability.

chris_the_bee

https://forums.moneysavingexpert.com/discussion/comment/82117862#Comment_82117862

Santander Edge

Mine was closed in two working days