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Ian

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Review of the SmartSave, Savings:

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Reasonable offering for one account at a time

I have not had to contact Smartsave as I did set up my account completely via the website. I did have to try a couple of times to successfully set up the account as it did not successfully validate me the first couple of time, the validation process when I did it in mid 2023 did seem a little fragile. The biggest issue is that you can only hold one account at a time so if the interest rates offered improve you cannot open another account while staying under the FSCS £85000 limit. It looks like Smartsave can only check your deposits against the FSCS limit by limiting you to one account. They cannot add the funds in two or more accounts together to check you have not exceeded the limit, as they do not accept funds that exceed the FSCS limit. So if rates are rising Smartsave would not be the best place to deposit as you are locked into the rate you get and cannot deposit more (below the FSCS limit) if Smartsave rate increase. But if rates are dropping this would make Smartsave a reasonable place to deposit savings as the rate you get wouild be locked in for the funds you deposit.. Reviewed on: 26th January 2024

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