Unfortunate confusion with Savings pots

#1

So, I’ve already been in touch via the in-app chat, but thought it’d be worth raising this more generally as my situation is less than ideal!

I have(had) a Savings Pot (Investec) which I was using to keep money for a deposit on a property. Given that I won’t need access to the money for some time, I thought I might move it to an Oak North restricted access savings pot for a few months. In order to withdraw the money to do this, I closed the Savings Pot (my first mistake).

Unfortunately I then discover that the Oak North savings pot cannot be added to during their term - which is not what I want (as I want to continue saving over the period). However, I’ve now closed the Savings Pot which I previously had - so I’m now left with the ability to put some money into the Fixed savings pot (once the withdrawal transaction goes through), but no Savings Pot for the extra money I was hoping to save over the period :frowning:

I was hoping that, given that the closure of the savings pot only goes through on business days I may be able to reverse this, but unfortunately this seems to not be the case.

Mostly my fault, but a non-ideal flow which I wish I could have un-done!

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(Splodf) #2

The only good news is there’s a new partnership coming with Shawbrook bank rolling out as we speak, with an Investec-like pot, i.e easy access that’s paying 1.14% - hopefully you get it soon!

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(Rika) #3

This just rolled out for staff this morning and rolls out widely this week. :slightly_smiling_face:

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(Sarcasm is the finest form of wit.) #4

Not ideal for sure.

Have you looked at Marcus for the short term?

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#5

If it is for a property (depending on length of time) looking at a stocks and shares isa may be better

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#6

Happy end to this story: this was made available to me recently and I made the new Shawbrook pot today :slight_smile:

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