Spring Accelerate 5% instant saver

friolento

but as soon as I’m £1 over in deposit over the £5000, that extra £1 stops earning interest

Your full balance, including anything over £5K, will earn the same interest (4.89% gross var, paid monthly)

We cannot add further money if our balance is already over £5k, or if our deposit would bring the balance to over £5k. The only addition to balances over £5k can be interest credited by Spring.

Example if you start with a £5,000 deposit today:

avocado1988

https://forums.moneysavingexpert.com/discussion/comment/82155737#Comment_82155737

Oh dear - sorry to hear that. Thanks so much for clarifying this! So it feels like it makes less sense to withdraw from here once a balance of £5000 (including interest to date) has been reached as e.g. if I have £5050 with interest in there to date, then after removing £50, I can't add any more

avocado1988

https://forums.moneysavingexpert.com/discussion/comment/82155764#Comment_82155764

Thank you for making this incredibly clear! Really appreciate this @friolento

dcs34

Yes I had the same issue, I'd withdrawn about half of my £5k to act as float whilst funding today's regular savers. Only able to pay back in the same amount less the interest it paid today which took the balance over £5k.

slinger2

https://forums.moneysavingexpert.com/discussion/comment/82155821#Comment_82155821

You should have replaced it on the 30th, before the interest was credited. Lost a few p.

Puffer

Whilst I realise that the Accelerate account is now closed to new investors, its terms are by no means clear to those with an existing open account. In my case, I deposited £4,000 before interest of 27p was added (not merely accrued). I cannot now top-up to the max £5000 by paying in £1000, but can only pay in £999.73! And if I was take out, say, £500, I could only reinvest the difference between £500 and ALL credited interest at that time. Not really a clever restriction, and one certainly not made clear in the published terms.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82184064#Comment_82184064

Some might say that this term

You can make as many deposits as you like as long as you don’t exceed your account maximum balance or
your overall maximum Spring balance.

says exactly what you say is not clear. In any case this 'feature' was pointed out on this thread a month ago.

allegro120

It's rather unusual method to implement max balance restriction. I agree - it wasn't well explained. I didn't get it at first, so I just kept my balance slightly under £5k. Once I figured out that deposits are blocked at £5k+, I found it quite straightforward. I prefer this setup over traditional monthly interest skimming (e.g. Edge and Cahoot SDS).

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82184131#Comment_82184131

Indeed, Spring has the obvious advantage that funds in excess of the funding limit continue to earn interest at the same rate as the rest of the funds.

Guess it depends on how you are using this account as to whether the fund quirk is an issue or not.

slinger2

https://forums.moneysavingexpert.com/discussion/comment/82184131#Comment_82184131

Agree. Generous IMO. Unlike Cahoot and Santander who let you go over the maximum but don't pay any interest on the excess. Of course, for most people we're only talking pennies. It's only if you never withdraw that you can build up a balance where it might really make a difference.