The Top Easy Access Savings Discussion Area

dgpur

bazza55 said:

I did a test transfer from Santander of £10 to Chip, everything went through fine.
I then tried a second transfer for a larger amount and Santander had flagged the transaction. After speaking to them they said that it failed a name match, even though the name on the Chip account matches and is exactly the same.
So who knows if this was just a bit of an oversight by Santander not wanting funds to be released, because the Chip account has only recently been opened, although why did the £10 go through ok, or because Chip operates slightly differently and the instant saving account is held by Clearbank.
Anybody else experienced a name check issue from their bank while transferring?
I used the OpenBank feature too.

I got a large deposit from Nationwide held up by the fraud team. They rang me to check it was legitimate and no-one was telling me to do it. Don’t mind, I’m glad to see them being careful with my money.

dgpur

SeriousHoax said:

alrk said:

SeriousHoax said:

Chip 3.15%

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

How long does Chip take to clear funds. I transfered £10 from chase to open the account earlier today but i still cant do a test withdrawal

When you deposit it usually takes 10mins if that.

For me, barring one payment held up for a fraud check, transfers have been instant.

SeriousHoax

dgpur said:

SeriousHoax said:

alrk said:

SeriousHoax said:

Chip 3.15%

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

How long does Chip take to clear funds. I transfered £10 from chase to open the account earlier today but i still cant do a test withdrawal

When you deposit it usually takes 10mins if that.

For me, barring one payment held up for a fraud check, transfers have been instant.

Yes sorry it's instant.😉 

alrk

alrk said:

SeriousHoax said:

Chip 3.15%

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

How long does Chip take to clear funds. I transfered £10 from chase to open the account earlier today but i still cant do a test withdrawal

Payments from a card take 3 days to clear!

Band7

alrk said:

SeriousHoax said:

Chip 3.15%

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

How long does Chip take to clear funds. I transfered £10 from chase to open the account earlier today but i still cant do a test withdrawal

I don't think Chase support Open Banking yet, do they? How did you transfer the £10? By debit card? By Apple/GooglePay? 

FindingBBob

Genuine question  - a lot of people on here seem to be very concerned about speed of access to their funds or how quickly they deposit. Most, at worst, seem to either have same day withdrawal or next working day. Most have at least same day deposit recognition. I keep a reasonable float of cash in my current account that would cover most "emergency expenses" any thing bigger is therefore planned for.. why is speed so important? Am I missing something? 

flaneurs_lobster

FindingBBob said:

Genuine question  - a lot of people on here seem to be very concerned about speed of access to their funds or how quickly they deposit. Most, at worst, seem to either have same day withdrawal or next working day. Most have at least same day deposit recognition. I keep a reasonable float of cash in my current account that would cover most "emergency expenses" any thing bigger is therefore planned for.. why is speed so important? Am I missing something? 

In my case it's important because some of the "best" savings rates may only be offered for a very limited period before they are fully subscribed and closed to new applicants. Having fast access to funds to transfer can be important here, especially since funds are typically withdrawn to an intermediary "hub" account.

Band7

FindingBBob said:

Genuine question  - a lot of people on here seem to be very concerned about speed of access to their funds or how quickly they deposit. Most, at worst, seem to either have same day withdrawal or next working day. Most have at least same day deposit recognition. I keep a reasonable float of cash in my current account that would cover most "emergency expenses" any thing bigger is therefore planned for.. why is speed so important? Am I missing something? 

I object on principle to having money sitting for more than a few hours in accounts which earn no interest.

My "emergency expenses" as well as regular spending get served from a couple of cashback credit cards which I pay off in full each month by DD. The appropriate amount of money gets moved manually from savings to current account the day before the DDs become due. I need to rely on this money to be transferred immediately, including at weekends and on bank holidays, not sometime on the next working day.

I also have nearly £10k going into Regular Savers, as well as a number of current accounts which require minimum monthly deposits for reward reasons. 99% of them happen on the first of a month, whether this is a banking day or not. Again, I keep my money in an interest bearing savings account until I need it, and then I want it instantly.

There are some theoretical alternatives to savings accounts now - a 3% Kroo current account being one of them. However, I found Kroo a tinpot outfit with weird procedures, such as blocking transfers coming in from my own accounts at other banks. And 3% is an also-run rate now. For now, I have discarded Kroo as a viable option for my requirements. The other theoretical alternative is the Chase Saver account as it allows SOs and DDs. However, after the initial euphoria, Chase have been very, very slow in reacting to savings rates increases and I have therefore discarded them as a viable option, too. Even their belated increase to 3% can't change my mind, as this is still second rate. The rates of all the other interest bearing current accounts (Santander Edge, Virgin M Plus, Chase current, Club Lloyds etc) are far from good enough to tempt me.

FindingBBob

flaneurs_lobster said:

FindingBBob said:

Genuine question  - a lot of people on here seem to be very concerned about speed of access to their funds or how quickly they deposit. Most, at worst, seem to either have same day withdrawal or next working day. Most have at least same day deposit recognition. I keep a reasonable float of cash in my current account that would cover most "emergency expenses" any thing bigger is therefore planned for.. why is speed so important? Am I missing something? 

In my case it's important because some of the "best" savings rates may only be offered for a very limited period before they are fully subscribed and closed to new applicants. Having fast access to funds to transfer can be important here, especially since funds are typically withdrawn to an intermediary "hub" account.

Thanks for the reply - I get that many on here are fairly voracious in their appetite for the best rates - I am a little more relaxed. I have funds with a few providers that are within 0.2 or 0.3% of the top. I don't like bonus rate accounts on principle and not really a fan of limited access. So tend to keep my funds with banks that are close enough to the top and have decent access. Same day withdrawals and deposit recognition is good enough. 

BigBlueSky

FindingBBob said:

Genuine question  - a lot of people on here seem to be very concerned about speed of access to their funds or how quickly they deposit. Most, at worst, seem to either have same day withdrawal or next working day. Most have at least same day deposit recognition. I keep a reasonable float of cash in my current account that would cover most "emergency expenses" any thing bigger is therefore planned for.. why is speed so important? Am I missing something? 

If large amounts are involved and the funds leave your account straight away but don't arrive at the destination until the next day for example you will have lost a days interest.  Say you have transferred the full £85,000 and lost a days interest @ 3% that is £6.99.  For some it might not matter, but for others it might.