The Top Easy Access Savings Discussion Area

AmityNeon

TisMeBill said:

I was just about to close my Chip account as it's the 4th working day and interest has been paid, when I realised they have only actually paid interest from last month. So had I closed my account today I would have lost 5 days interest from this month, so I have left the account open with £1 in it and I will close it nest month on the 4th working day. This way I will only lose pence in interest, but there seems no way to actually close the account without losing at least something.

As per the account's terms:

If you make a withdrawal and the balance falls to £0, and remains at £0 for 6 months, Chip reserves the right to close your Chip Instant Access account.

There is no reason to leave £1 in the account.

SeriousHoax

Chip 3.40% 😜

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/?utm_source=mseandroid&utm_medium=mobile_app&source=MOB_MSEANDROID&utm_campaign=mse_home

phillw

To all those who withdrew from chip, they are now showing 3.40% AER

alrk

phillw said:

To all those who withdrew from chip, they are now showing 3.40% AER

Lol yes transferred from chip -> zopa yesterday

transfer back today??

phillw

What is the highest rated account that allows unlimited transfers out 24/7?

AndyTh_2

alrk said:

phillw said:

To all those who withdrew from chip, they are now showing 3.40% AER

Lol yes transferred from chip -> zopa yesterday

transfer back today??

no loss of interest doing the transfer thanks to faster / open banking payments, so go ahead

Back before faster payments, with BACs that ~3 day lost interest used to nag me.

Just be aware £100k of transfers in (even if 10 transfers in and out of £10k) has triggered ML checks in Chip for some people.

dekkard

What's the deal with Chip and FSCS protection these days?

SeriousHoax

AndyTh_2 said:

alrk said:

phillw said:

To all those who withdrew from chip, they are now showing 3.40% AER

Lol yes transferred from chip -> zopa yesterday

transfer back today??

no loss of interest doing the transfer thanks to faster / open banking payments, so go ahead

Back before faster payments, with BACs that ~3 day lost interest used to nag me.

Just be aware £100k of transfers in (even if 10 transfers in and out of £10k) has triggered ML checks in Chip for some people.

Yes I got triggered & I just had to send a PDF from where the money is coming from.

infoadict

"Yes I got triggered & I just had to send a PDF from where the money is coming from."

How long did it take for them to contact after you submitted? I sent them some details almost a week ago and not heard anything since.

aaj123

phillw said:

To all those who withdrew from chip, they are now showing 3.40% AER

Others likely will move as this gap with second place is too large to ignore.