The Top Easy Access Savings Discussion Area

phillw

andyhicks88 said:

The thing with the Chip account is that part of it's marketing and hype it gave itself was the fact it was going to react to the boe rate changes, 

Do you have a link to what they specifically said?

They could "react" to the rate change in many different ways.

flaneurs_lobster

phillw said:

andyhicks88 said:

The thing with the Chip account is that part of it's marketing and hype it gave itself was the fact it was going to react to the boe rate changes, 

Do you have a link to what they specifically said?

They could "react" to the rate change in many different ways.

The Chip puffery is here 

https://www.getchip.uk/savings-accounts/instant-access-account

"A new savings account from Chip built to move with the Bank of England and reward you faster than the banks".

As @phillw says, open to interpretation.

Malchester

And Chip charge for withdrawals so depending on how many withdrawals you make it could have an impact on the effective interest rate 

EssexHebridean

csharppaul said:

A quick query for anyone who's opened one of the Coventry BS Online 6 saver things (without already having an account with them).

I've had the forms through in the post after filling the the application form in on their website about 2 weeks back. I've then completed the application form, scanned it and emailed it the address on the application form (ticking the option saying I'll send an electronic payment once the account is opened). 

Does anyone know what sort of turn-around time there is on them opening the account? 

I'm glad someone has had their forms! As predicted, mine have not arrived and I have now had the email from Coventry confirming that if they are not received back by the 19th the account will be closed as presumed not required!  I've now messaged explaining the situation and asked if they can send the form to the joint account holder by email - as they do already have his details as he's the joint account holder on another Coventry account of mine. 

frugalmacdugal said:

Hi,

flobbalobbalob said:

But that's not a postal application

maybe I should've asked the question, 'Why did you not do it all on line and avoid the hassle?'

Because in spite of the fact that I am an existing account holder, the joint account holder is an existing account holder, and we have an account with the Coventry already held jointly together, the Coventry, in their wisdom, have decided that they need to send us a form in the post to be signed and returned... strangely enough, at a time when I am fully aware of the problems we have been having for months on end with our post, I didn't actively decide that doing something which required a postal element was a good idea! 

csharppaul said:

frugalmacdugal said:

Hi,

flobbalobbalob said:

But that's not a postal application

maybe I should've asked the question, 'Why did you not do it all on line and avoid the hassle?'

If I could I would have, I wasn't given the choice though. I presume it's a result of not having any previous dealings with them? 

Nope - see above!

clivep

andyhicks88 said:

While we are on the subject of Santander Esaver, can you send out Standing Orders from that account? I want an account I can stick a lump sum in to drip feed into a regular saver elsewhere and that might be the easiest one for me to do it from if it has that capability. 

Whilst you cannot set up standing orders, you can at least set up future dated payments which can be to multiple accounts (not just to a nominated one).

flaneurs_lobster

Malchester said:

And Chip charge for withdrawals so depending on how many withdrawals you make it could have an impact on the effective interest rate 

Really? Where does it say that? I'm not seeing any charges for the 3% instant access product.

Band7

Malchester said:

And Chip charge for withdrawals so depending on how many withdrawals you make it could have an impact on the effective interest rate 

They do not charge for withdrawals from their 3% account.

Malchester

From moneysavingsexpert : Gavin Shepherd 5 September 2022 here is the quote

Chip is introducing fees for autosaving from 12 October 

There’s currently no fee to save using Chip’s standard plan, and this is set to stay the same. However, on 12 October new charges for certain optional features will take force:

• Using 'auto-save' will cost 45p each time. There's no fee for this service at present. As outlined above, with the auto-save function, Chip uses an algorithm to see how much you can afford to save and moves it into a savings account automatically.
  
  
• 'Recurring saves' will cost 25p each time. There's no fee for this service at present. This feature allows you to automatically deposit money into any cash savings account, or investment fund, on the day that suits you, either, weekly, fortnightly or monthly. This includes the 'Payday Put Away' function, which sets aside a regular amount into your savings every time you get paid.

In addition, from 12 October: 

• You'll be charged £1 per withdrawal if you make more than two withdrawals in a 28-day period. This applies to all accounts, including easy-access savings accounts. 

RedImp_2

I-LOV-MONEY said:

SanguineOnSaturn said:

Is it the regular esaver account you are asking about as the 2 75% is fixed for 12 months in that I think.

The instant access esaver is paying 1.5% variable, or do you have an older issue paying more?

It is the 2.75% esaver.   Seeing other organisations increasing their rates, I was hoping Santander would do the same.

This account seemed a bit of an outlier for Santander, to me they have been slow to put rates up for a few years now.  Would be highly surprised (but delighted) if they were to raise rates.

alternate

lol RIP Chip if those fees are accurate.