The New Top Easy Access Savings Discussion Area

Kim_13

https://forums.moneysavingexpert.com/discussion/comment/82159246#Comment_82159246

Can confirm that interest due is still displayed in the app by Hanley. Have never had cause to request a statement with name, address and total interest/balance though.

OwnedByACat

https://forums.moneysavingexpert.com/discussion/comment/82159246#Comment_82159246

I'm thinking of opening Hanley's new easy access (online boosted base rate tracker) but wondered how easy it is to get a statement proving my balance. I have an account with West Brom, for instance, and have to call them, I can't generate one online

refluxer

https://forums.moneysavingexpert.com/discussion/comment/82159387#Comment_82159387

You can obviously access your current balance and recent transaction information online but if you need a proper, official statement for a particular purpose then below is the relevant section from the general savings accounts T&Cs. It doesn't explicitly state that they will send you monthly statements, but it does say they'll send you a 'payment notification in writing' at least once a month provided the account has been active during that month, plus you can contact them for that information when needed.

I don't know what a 'payment notification' entails but I suspect it won't be a proper bank statement, however I only have an online regular saver account with them at the moment so can't confirm either way, unfortunately. The balance and list of transactions is visible for the RS account in online banking, but there is no website option for generating an official statement or printing that list, so the same might be true for the EA account.

Statements and payment information

13.1. Each time you make a payment in branch, we will update your passbook with details of the payment. You can access and view your account balance and information about all payments on your account via Online Banking and the Mobile App.

13.2. Whenever you make a payment out of your account, we will provide you with a payment notification in writing, at least once a month, setting out information about the payment(s). If you have an online account or register for Online Banking, we will make the information about the payment available via Online Banking which you can download, and we will send you a notification to let you know when it is available to view. You can register for Online Banking by visiting our website and selecting the Online Banking link on the homepage.

13.3. You can obtain information about payments into and out of your account at any time, by viewing your account in Online Banking (if you’ve registered) or by contacting us or through your local branch. You can ask for copy of information about payments into and out of your account at any time.

13.4. We will not need to send you a monthly payment notification if there have been no payment transactions on your account during that month other than the crediting of interest or payments paid by cheque.

janusd

https://forums.moneysavingexpert.com/discussion/comment/82159511#Comment_82159511

Hanley - when they say "in writing", for online accounts that should be an upload to the documents section… I made a £1k card deposit today which appeared immediately and next time online, i'll check if any deposit notification was generated.

update - no notification in documents - possibly because it was a card payment.

Made22

Starling Easy Saver -- All in all this is probably a relatively minor thing (and I'm probably just not understanding it correctly!), but I'm having trouble wrapping my head around how this account is 5% AER, but 4.87% gross. If interest is paid monthly, shouldn't the gross figure be more like ((¹²√1.05 ) - 1) * 12 ≈ 0.0489 = 4.89% (which FWIW is what Cahoot advertises its Sunny Day Saver rate as being when interest is paid monthly)?

flobbalobbalob

https://forums.moneysavingexpert.com/discussion/comment/82159751#Comment_82159751

If the interest is compounded daily the gross would be 4.879% and if they rounded this figure down to 2 decimal places it would be 4.87%

I'm not suggesting this is the reason, just doing a countdown answer 😊

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82159944#Comment_82159944

Isn't the difference between the Gross rates a function of the fact that the Starling account bonus rate has a duration of 6 months?

Made22

https://forums.moneysavingexpert.com/discussion/comment/82159944#Comment_82159944

Starling Easy Saver -- interesting… As it happens, the summary box contained the following text:

We calculate and compound interest daily based on your Easy Saver's balance at the end of each day (plus any interest earned but not yet paid into your account) – 'compound' means we pay interest on the interest you've already earned. We pay interest into your Easy Saver on the first day of every month.

…which seemed potentially ambiguous to me, in that maybe "the interest you've already earned" could be referring either to interest that's already been paid into the account, or also to interest that's been earned but not yet paid into the account. Now that I'm re-reading it though, it seems like it might indeed be referring to compounding daily based on paid+unpaid interest? (In which case arguably the gross rate would more accurately be 4.88%, but it'd at least be more understandable about how Starling got to 4.87%)

I'm not sure if I've seen an account before that pays interest monthly but compounds it as if it's paid daily. Maybe there have been some like that before that I just haven't noticed, though?

gwapenut

Just a heads up - the Hanley boosted tracker account will be withdrawn today. I was just warned about this when I rang up to ask about account opening.

You can only have one account, either in sole or in joint names, but not both. This differs slightly from the old branch saver tracker

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82159996#Comment_82159996

Any thoughts on whether there might be a replacement that isn't capped at 5%?