The New Top Easy Access Savings Discussion Area

EthicsGradient

£90k minimum is … innovative. I'd think they'll get very few customers for that (most would be happy to tie up a lot in a better-paying 1 year fix, and keep a bit with more flexible access in a normal EA account).

GOTfan

https://forums.moneysavingexpert.com/discussion/comment/82122177#Comment_82122177

Although

"

• If the account is closed during the 12-month bonus period, any bonus due will be paid on a pro-rata basis up to the date of closure

"

So you can use it as a shorter term fix, no need to hang on for 12months. Although a true fix would almost certainly beat the interest rate.

GOTfan

Meanwhile, STILL waiting for First Active taps fingers

CuparLad

https://forums.moneysavingexpert.com/discussion/comment/82122167#Comment_82122167

By my calculation (which may be wrong), if you put in the minimum of £90K, you'd earn £9 extra per year in interest (before tax) against the First Active 4.55%. However, you'd lose more than that in interest while the money was in limbo (earning nothing) when you withdrew it all.

GOTfan

https://forums.moneysavingexpert.com/discussion/comment/82122203#Comment_82122203

Are you one of the lucky ones who has actually opened First Active?

mon3ysav3r

https://forums.moneysavingexpert.com/discussion/comment/82122203#Comment_82122203

Having to move all 90K in one transaction (due to only one free withdrawal before losing the bonus) makes this account problematic, many banks are twitchy with transactions of over 20K or 25K in one go, likely to set off onerous money laundering checks I would imagine.

CuparLad

Yes. Bizzarely FA decided to have a think about it overnight, whereas Saga approved straightaway despite both being fronts for NatWest. Go figure!

If you've been waiting more than a day or so, might be worth giving them a wee call. It's possible you're waiting for them to approve an application that fell over under the processing load after you submitted it. Might give you reassurance that they actually have your application.

superleeds27

It's a shame first active doesn't have an app!

mebu60

https://forums.moneysavingexpert.com/discussion/comment/82122217#Comment_82122217

I think it depends a lot on your usual pattern of transactions. I moved £100k from Principality in one go last week then out again to a new account with Tesco in chunks to meet the restriction on individual transactions without issue. Hopefully I haven't jinxed myself now!

Bridlington1

https://forums.moneysavingexpert.com/discussion/comment/82122167#Comment_82122167

For now I've added it to the rankings but emboldened the £90k min part. Thanks for flagging.