Spring saver 4.3 AER

Gray001

Hi all,

I am looking at the account above and I see the max balance is 20k. I cant find anyway to contact them to ask, but I was wondering,.suppose you lodge 20k into the account and because interest is compounded - the balance goes over 20k at first month's payment. Is this permitted so the excess balance (which i assume will not earn interest because of the 20k limit) can be transferred out each month so it can go into another easy access saver.

janusd

there is a freephone number on the support page of their website - if you were an existing customer, you could chat in the app.

I imagine interest would be added to the £20k balance without issue - can't see any reason why you couldn't withdraw the excess…not in a position to check the pdfs, so don't know if this is outlined in there.

refluxer

Judging by the account T&Cs, once the account reaches £20k, you won't be able to make any more deposits but the balance will continue to earn interest, even if the interest takes the balance above £20k.

15. If you’ve reached your account maximum balance, or your overall maximum balance, we’ll continue to pay interest even if the interest payment takes you over the maximum balance. You won’t have to withdraw any money because of this.

https://www.spring-savings.co.uk/resources/special-edition-easy-saver-product-t-and-c.pdf

Despite the £20k account limit, I couldn't see anything in the summary box or T&Cs document to suggest that you won't continue to earn interest on balances above £20k (presuming that the excess above the limit is solely due to credited interest and not further deposits) so I think you should earn further interest on that excess and there may not necessarily be a need to withdraw it.

janusd

https://forums.moneysavingexpert.com/discussion/comment/82006719#Comment_82006719

I sent them a secure message about this (got nowhere with their AI chat bot!) and received a reply an hour later.

"Once you have reached the £20k max balance, you won't be able to make any further deposits.

Interest will continue to accrue and will calculate on the entire balance which will include any further interest earnt in past months."

so no need to worry about withdrawing the excess interest. 👍️