We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Spring saver 4.3 AER

Gray001
Gray001 Posts: 42
Sixth Anniversary 10 Posts Name Dropper
Forumite
edited 20 May at 10:24PM in Savings & investments

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.

Comments

  • janusd
    janusd Posts: 1,501
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Forumite

    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
    refluxer Posts: 3,580
    Sixth Anniversary 1,000 Posts Photogenic Name Dropper
    Forumite
    edited 21 May at 12:09AM

    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
    janusd Posts: 1,501
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Forumite

    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. 👍️

★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 355.7K Banking & Borrowing
  • 254.9K Reduce Debt & Boost Income
  • 456.1K Spending & Discounts
  • 248.3K Work, Benefits & Business
  • 605.9K Mortgages, Homes & Bills
  • 179K Life & Family
  • 263.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.