Spring 5% savings account

DjangoUnchained

about to open and fund the above. it currently pays 5% but you can only put in up to £5000. It says interest will be paid on the £5000. I cant find out whether the monthly interest added which obviously takes the balance over £5000 do they still pay the 5% on the increased balance, the FAQ dont help.

wiseonesomeofthetime

https://forums.moneysavingexpert.com/discussion/6681034/spring-5-savings-account

Yeah T&C not entirely clear either.

1. The maximum balance you can hold for this account is £5,000. This includes any money held in your savings pots.
2. 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.

Doesn't actually confirm interest paid on BALANCE, not just maximum balance 🤔

UPDATE: Quick chat with Spring bot confirms interest is paid on interest (retained in Accelerate Saver) above account maximum balance

julie777

People's reviews of the Spring Saver app are very concerning. An update stopped it working. And others say it didn;t work when they wanted to make a withdrawal. Should I wait till they've fixed the glitches before opening?

masonic

Despite the bot confirmation, I would still be wary and confirm interest received is consistent with it actually compounding above £5k.

mon3ysav3r

https://forums.moneysavingexpert.com/discussion/comment/82119191#Comment_82119191

I am a Spring customer and have just updated to the latest version on a recent Android phone and I can log in fine.

I do prefer accounts that also have a web portal.

Money_Stitch

Not sure what concerns about the app others have experienced. If it helps, I've never had any problems at all using a phone almost 7 years old. Had various accounts for the last 2 years. It's a straightforward app, offering savings pots and also deposit from within the app if you want (open banking) or via sort code/account if not. Payments in and out seem to be instant (in my experience).

Unpaid interest accrued is shown and paid on the 1st without delay. In fact, I've had it paid in shortly after midnight on the last day of the month. You can move funds between both pots and accounts within the app. It is otherwise nominated account only if that's an issue.

And the little dog comes running with it's ball for a smile. Besides the point, but it's a little bonus which appeals to some.

mon3ysav3r

Spring do have a published 0800 phone number should you have app issues, I have never had reason to call

At the bottom of this page "How to get in touch" https://www.spring-savings.co.uk/support

Monday to Friday	8am to 6pm
Saturday	9am to 1pm

friolento

https://forums.moneysavingexpert.com/discussion/comment/82119191#Comment_82119191

I don't normally pay attention to Trustpilot for financial products, but I went and had a look. There are nearly 1,800 reviews, 86% 5 star, and a stellar 4.8 average. The 1, 2 and 3 star ones are often about the interest rate [of prior product versions], and some people experienced actual technical issues, most of which appear to have been resolved once discussed with Spring CS. Technical issues can happen with any app [or with online banking], but most of the nearly 1,800 Trustpilot reviewers, and literally all MSE Forumites with a Spring account, have not experienced any so far. As and if any issue occurs, I will deal with them like I deal with any issues with any provider. I always spread my risk by having money in more than one account, though, just in case something goes wrong and I have an urgent need for money. I also have a number of credit cards for emergencies.

Whether you want to open a Spring account and how to use it is entirely down to you.

DjangoUnchained

done a couple of back and forth tests with it and it seems ok. Ive dumped £4700 in it so if the interest stays the same for a year it wont go over £5000.

friolento

https://forums.moneysavingexpert.com/discussion/comment/82119707#Comment_82119707

See the Easy Access Savings Accounts thread - it appears we don't have to worry if interest gets us above £5k

slinger2

https://forums.moneysavingexpert.com/discussion/comment/82119784#Comment_82119784

However I assume this resets if you take money out. eg £5,000 in the account, £20 interest added, withdraw £100. I assume you'll only be allowed to add £80 and still get the 5%.