The Top Easy Access Savings Discussion Area

Malchester

Money to the Masses 8 December 2022 also says 2 free withdrawals a month and then £1 per withdrawal after that. Sorry can't copy thd quote, won't let me. 

The penalty free withdrawals I read as  not losing bonus/interest for making a withdrawal 

Band7

Malchester said:

Money to the Masses 8 December 2022 also says 2 free withdrawals a month and then £1 per withdrawal after that. Sorry can't copy thd quote, won't let me. 

The penalty free withdrawals I read as  not losing bonus/interest for making a withdrawal 

Please stop quoting from all sorts of third party sites. Provide the CHIP T&Cs that state that they charge for withdrawals from their instant access account.

TiVo_Lad

Neither the Current Terms and Conditions, or those effective from next month, available on the CHIP website, make any mention of fees for the Instant Access Savings Account.

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

Near the bottom under "Got a question?"

pecunianonolet

So if I sign up to Chip today under the current terms, will my contract, and therefore bonus payments, remain the same or will they switch my account to the new terms automatically, which I think would require my approval. The treatment of bonus being only available once all other funds were moved out and back in was not in my favour so gave it a miss. 

Also, the terms specify the spped on how you can access money, similar business model to AlRyan with Mon-Friday banking and 5pm cut off time.

Thinking wether to sign up now or wait until the new terms are in force on the 11/2

flaneurs_lobster

pecunianonolet said:

So if I sign up to Chip today under the current terms, will my contract, and therefore bonus payments, remain the same or will they switch my account to the new terms automatically, which I think would require my approval. The treatment of bonus being only available once all other funds were moved out and back in was not in my favour so gave it a miss. 

Also, the terms specify the spped on how you can access money, similar business model to AlRyan with Mon-Friday banking and 5pm cut off time.

Thinking wether to sign up now or wait until the new terms are in force on the 11/2

Most of these points were dealt with in an email that  I (and I assume anyone else who has a 3% account open with them) received yesterday. I'm not going to redact and copy a five page email here so why don't you open an account and shove a quid in it and I'm sure they'll let you know too.

AmityNeon

I also read those (multiple) outdated articles referencing withdrawal fees and promptly dismissed them when I could find nothing in Chip's own terms for their Instant Access Account. I've made more than two withdrawals a month and haven't been charged a penny.

pecunianonolet said:

Also, the terms specify the speed on how you can access money, similar business model to AlRyan with Mon-Friday banking and 5pm cut off time.

The product-specific terms (summary box) state the following:

If you provide an instruction to withdraw funds from a Chip Instant Access account we will action your instruction that day. It may take up to 2 hours for your cash funds to reach your bank account, whilst Bonus withdrawals can take up to one business day.

In practice, withdrawals are almost instant, even on Sundays.

Malchester

I have received an email direct from a Chip staff member following a question I raised about withdrawal fees from easy access accounts. Here it is

Hi Malcolm, we will be introducing this fair use fee, however this is not live yet and you will not be charged for any withdrawals at this time.

So I was slightly wrong, being previous, and slightly right as they ars doing it

Band7

CHIP instant access is currently the best instant access account by a country mile, with unlimited and free-of-charge 24 x 7 withdrawals, with two caveats

1. the bonus-thing. Luckily, it is relatively simple to handle but it is a pain. Problem will go away on February 11, which is super news
   
   
2. they enrol you into their silly auto-saving by default. The first I knew about this was when they sent me an email one morning to tell me they will take some amount from my current account later in the day. I saw the message in time to turn off auto-saving before they helped themselves to some of my money (auto-saving comes with all sorts of charges). Turning it off is permanent, so do turn it off unless you perceive a benefit from it.

CHIP is app-only, which will turn off some people. I personally love apps, so don't consider this an issue. Some may also object to their use of Open Banking but this is, IMO, a technological advance that's with us to stay.

Bridlington1

The only thing I would say regarding chip is that they did do a sign up offer last year via the Andy Webb website, I think it was for £10/£20 or something, for new customers only.

I personally have a few easy access accounts at 3% or above, including the flexible VM exclusive cash ISA at 3% so will hold off opening chip for now, just in case they launch another sign up offer.

db3745

EssexHebridean said:

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!

My saga with Coventry goes on. My daughter says that if their systems and log-ins are so complicated that means your money is safer from crooks. I'd rather claim that if their systems have little consistency and make little sense to their own staff, our money is hardly safer. Good luck to those fortunate enough to have been able to scoop the 3.25% application pot totally online inside 10 minutes, never having saved with them before - happy days. My final? letter came today, after I'd threatened to take my lovely postie's Christmas box back.

"Your account is now open." Finally!! After trying since December. Not surprised to find that the only new info was my account number. That's why I had been checking my emails, cos surely they could have expedited the only info I was missing to fund my account.

Successfully logged on using the log-in details I'd used when I was able to fill in my application online - again while logged in. Not so fast; I was met by the same old pop-up I've encountered before, which barred any further progress. Although I could see behind it my personal page with my details the pop-up allowed me to do nothing but log out.

Faced with being no.50 in the telephone queue - I did call them - I am lucky enough to have a branch I can drive to. The lovely people there had to see my dilemma for themselves before they understood; even they could not circumvent the system; I am not officially registered for online banking. They've arranged for the necessary letter to be sent out to me. It will enable me to register for telephone banking. Though I don't want to; I've never used telephone banking and never will, but have to do that before I can register for online banking.

I guess I can save a little time by sending £1 from my current account as a checker, but will have to await their pleasure before I dare risk transferring a larger amount from Santander.