Digital Banking

eskbanker

oldagetraveller wrote: »

The fact that Alex can't spell would put me off immediately. If a company rep. can't do that it speaks volumes about the calibre of their staff.

That seems an unnecessarily petty reaction - perhaps my spelling or grammar isn't up to scratch but the only faults I could find in that post (if I was minded to do so) would be a superfluous apostrophe in "it's" when being used in the possessive, and an American-style "center", neither of which would signify corporate incompetence to me....

CafeGirl90

I was massively sceptical about this idea of giving a system access to one of my accounts, and letting it decide how much I could save. In the end, curiosity got the better of me - although if this hadn't been mentioned on MSE I would have assumed it was a scam.
The reason I'm curious is that I develop algorithms for a living (not financial algorithms I should add) and I know how "data-poor" our current account transactions are. There is really no pattern to our ins and outs.
(This isn't due to out of control spending - it's because nearly everything goes onto a credit card and that is automatically paid off in full from our current account - so there are very few transactions but those there are are large and infrequent.)

I suspect I will end up transferring far more manually than the algorithm proposes - I've had this App for 2 weeks now and it's suggested making only 1 transfer (of a seemingly entirely random amount of £49.74).
That said, I love the concept of making transactions manually when the mood takes me, and very simply. I wish my current account made transferring money from it to a "normal" savings account as easy.
Some kind of micro-transaction facility would be more helpful (as I believe there is a limit of 6 manual movements a month?) but I suspect the processing costs associated with the more transactions being made mean this is not cost effective.

Summary: Happy enough right now.

Kitty89

Hi,

I've been using chip for just a couple of weeks, all fine so far, although obviously no interest paid yet. I probably wouldn't be if my bank wasn't ok with third party apps, I think a lot of people are wisely holding off until the legislation regarding that changes. I wanted to ask, is anyone using Plum? And does it take Direct Debits like Chip does? As so many of the interest paying accounts require Direct Debits, I'm always on the lookout for a couple more 😊

Kitty89

CafeGirl90 wrote: »

I suspect I will end up transferring far more manually than the algorithm proposes - I've had this App for 2 weeks now and it's suggested making only 1 transfer (of a seemingly entirely random amount of £49.74).[the/QUOTE]

Yeah I was pretty annoyed that even with the savings level up to the max it only took 37 quid. Can't really blame it though as it goes by past three months and every time I get money spare i put it in a different account, so it looks like I'm spending as much as I earn. Hopefully it will catch in a couple months.

CountyGirl

I have had Chip since July last year (2017) and I love it. It has saved £700 for me that I would have just frittered away otherwise. I can't praise it highly enough. For me, it's not so much about the interest, but just the fact that I have saved money that I wouldn't have without it.

If you find saving hard, then I definitely recommend it.

cottingleybingley

I've been using Chip for about a year now and I really like it. I just plugged it into my main bank account and every few days I get a notification from the app telling me how much it has calculated I can afford to save, and giving me until 4pm that day to cancel. It has never caused me to go overdrawn. I was a bit reluctant at first to hand over my account details, but I'm now satisfied it is as secure as the bank's own security. I think this will become very commonplace now the new open banking regulations are in force.

paulh2008

The_Goose wrote: »

I was tempted by the 3% and the info in the MSE email this morning, until 1) I saw my money wouldn't be covered by the £85,000 guarantee and 2) I saw some of the comments on here.

Not touching it with a bargepole now, and I'm somewhat surprised that MSE is pushing it so hard.

I won't be touching ANY open banking with a bargepole. At best you will be flooded by spam/cold calls trying to get you to buy/invest, at worst scammers will already be working on frauds using registered companies names - including that of the illustrious Martin Lewis, and spoof websites.

adindas

frankles wrote: »

Voluntarily giving away my financial privacy for the sake of a 3% interest rate? Are you having a laugh? Data is the new oil. This app is a trojan horse to access your data, whilst pushing the sweeteners it offers with no reference to its main agenda. This company will never disclose exactly what they are doing with your data, nor how valuable it is to them. Until you are sure about how they will exploit your data, do not agree to it. Protect your privacy. We have very little left. It is not worth it. The house always wins.

These guys will profit from the use of your data much more than you'll profit from the 3% interest rate.

This is also my main concern with this account.

Human eyes is more reliable to see the balance on the account than an App. Human brains are smarter than this tool.

Why do they want to analyse someone A/C ??
What benefit people wil be getting letting app analysing their account,
How could the app know what you are planning to do with the money on the account in the future ??
Why do not they just giving people interest of 3% ???
Why MSE keep pushing it ??

But I still wonder what could eventually go wrong with letting an app to analyse your account ??
Is there any chance of breaching the T&C with your current account with another bank??

Curls2208

I got this yesterday. Maybe I should have been a bit more cautious before signing up......

anyway! Is there a thread on here where people are sharing promo codes with each other so I can get 5% rather than 3? I can't find one.

PeacefulWaters

River.Bee wrote: »

Hey,
Has anyone had any experience with the Moneybox app? I've never invested before, and personally, it seems to really appeal to me as I realise I'm its target audience (poor millennial ). The brief description of it on MSE states that it's charge of £1+ a month is relatively high, but that seems to be really the only negative thing I can find. I don't have a chunk of money to invest so very small drip feeding amounts seem logical for my situation at the moment.
Any thoughts?

Seems like a waste of a pound a month when there are Best Buy tables all over this web site.