The New Top Easy Access Savings Discussion Area

Section62

https://forums.moneysavingexpert.com/discussion/comment/82115824#Comment_82115824

That's what had happened to me the last couple of times I tried to open a new account - I've just checked and I had 6 open accounts, three of which are dormant.

I decided to try opening a new one without waiting to close one of the old ones, not knowing how long the new rate would still be available for. I was surprised the application process allowed me to get through to the end with confirmation the new account was up and running.

So if there is still a limit then it is at least 7 accounts.

jak22

It's simple to close a zero balance account in the app - select the account and it's under the 3 dots/dashes button. There's the choice of which account to transfer interest to - it's calculated then even though the account balance has been reduced to zero, and an option to request an interest statement by post sent after the start of the next tax year.

tg99

https://forums.moneysavingexpert.com/discussion/comment/82115878#Comment_82115878

7 here too.

pecunianonolet

Gatehouse

Kept my Gatehouse easy access saver for a while but they not had anything of interest or anywhere near the top so for a long time so thinking of closing. Anyone else feeling the same, especially as they lower rates again?

SnowMan

Tesco internet saver

I don't use the app and I'm closing my old Tesco internet saver account, having opened the new one, through emailing them the closure form (you can do it that way whether you have log in details or not). I've done this before and while I recall it takes a little bit of time it's nothing like the 30 days they say it could take. I've also closed by phone in the past.

https://www.tescobank.com/savings/account-closure/

To close your Internet Saver account, your balance must be at £0 - you can transfer money out of your account easily in our Mobile Banking App or Online Banking.

You can close your account easily in our Mobile App by visiting ‘Account Management’. We’ll confirm the total interest you’ll be paid and how you’d like it to be paid before you go.

Alternatively, if you don’t have login details, you can request to close your account by downloading our closure form below, saving it to your device and emailing it back to us at SavingsClosureRequests@tescobank.com. This way can take up to 30 days for us to process your request and for your account to be closed.

gpman

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

I'm sorely tempted with the latest rate reduction announcement.

But once I've opened an account with a provider, I do like to keep a foot in their door; you never know what they will offer in future (e.g. a loyalty account?) Worth keeping a quid in I think. Costs you what? Tuppence a year?

ToastLady

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

I closed mine a few days ago. It only had a couple of pounds in, but am trying to reduce number of accounts that I have, and this one hasn't proved useful for a good while. On saying that I am trying to reduce banking establishments, I seem to be opening another as soon as I close one down, so really keeping the status quo.

mebu60

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

We have bouts of talking about simplifying our portfolios (I have culled my RSs over the past year). Gatehouse would be an easy win currently which was my first thought on receiving their latest reduction. But I still haven't done it! Tesco this week was a great example of why keeping £1 in old accounts can be beneficial. The new 4.53% account was pretty much fully funded the day of its opening.

allegro120

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

I keep my Gatehouse EA account running with a £1 balance, just as I do with many other providers, regardless of the rates. I recall that some years ago, I closed my EA account with Gatehouse. When they later offered a decent rate, I had to register all over again, which took a few days.

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".