The Top Easy Access Savings Discussion Area

infoadict

Very interesting. I've always worked on the basis I lost a days interest, but if i don't then I may rethink my rate tarting

What about Charter Bank? Again I've always thought I lost 1 days interest.

ForumUser7

infoadict said:

Very interesting. I've always worked on the basis I lost a days interest, but if i don't then I may rethink my rate tarting

What about Charter Bank? Again I've always thought I lost 1 days interest.

Idk about Charter, but for Kent Reliance (both part of OSB group), I found if I called before 15:30 on a working day, the withdrawal would be in my nominated account the same day, usually by 6pm IIRC.

'Where interest is payable, interest will be earned from the day the funds are deposited into your account until the day before withdrawal, closure or transfer.'

Therefore for KR:

Day 1 deposit £10,000
Day 7 request withdrawal of £10,000 before 15:30
Day 7 withdrawal of £10,000 arrives in external account

Interest is paid on Day 1-6 inclusive, but not on Day 7, as you could then put it somewhere else for the rest of day 7 onwards that'd earn interest.

Usually the information is either in the interest section of the ts and cs, or in the withdrawal sections

pecunianonolet

"Interest will be calculated daily and paid monthly on the fourth business day of each month."

That would be 6th of April, unless Chip calculates Saturday 1st April as a business day, which I doubt. So interest paid for the remainder of March will count towards new tax year PSA. 

They also state the below, wonder if ML checks, even if funds seem to be available, mean the account is suspended while they wait and process statements to clarify the source.

"We may need to move your Instant Access account balance to a suspension account if we suspend your account while we investigate for regulatory purposes or to protect your account for security reasons. Any balances held in suspense accounts will not be eligible for the accrual of Interest."

My last point, if you are new to Chip and pay in 5k, you can get £25 cashback with Topcasback (TCB). Doesn't state on TCB site that funds have to stay in for a specified amount of time, unless I missed it somewhere.

infoadict

Regarding Charter, it does seem you lose a days interest.

From their T&C's

11.5 We normally take payments by Electronic Transfer from your Account on the Working Day that we receive your Payment Instruction...............The cut-off time for Electronic Transfers is 3pm on a Working Day..........The payment will reach your Nominated Account no later than the end of the Working Day following the Working Day on which we receive your Payment Instruction

From my experience it always arrives the following day, no matter how early you request the withdrawal.

13.4 You will stop earning interest on amounts you withdraw from your Account at the end of the day before the Working Day you make the withdrawal

SeriousHoax

pecunianonolet said:

Very attractive and would mean quite some consolidation work to benefit from it. Release on Tuesday, just in time for the MSE show tonight. Hoping others will follow.

Those with ML checks, were your funds blocked during the review? This would be a big fat no go for me, especially when we come to the end of the financial year sorting ISA, etc. I am not a friend of open banking either, well the convenience yes but snooping is a big fat no.

No my account Just functioned as normal.

oz0707

PloughmansLunch said:

dekkard said:

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

Chip Instant Access is held with > Clearbank which has protection, so not directly protected AFAIK. It's a very attractive rate, but the fact that Chip is limited to one linked bank account in & out, and no actual personal account number / faster payment method rules it out for me as I don't want to have to funnel everything through a single current account first.

So are funds in there protected if less than 85k?

ForumUser7

For chip, if you pay in by debit card, when do the funds earn interest from please? Also, how do you withdraw if you don't want to use open banking with them please? I'm struggling to see this information in the Chip Instant Access Terms and Conditions. Thanks

Yellowman

I found the Chip app quick and easy to set up on my old Android phone.

With the open banking feature, deposit and withdrawal tests were almost immediate.

There is no account number or sort code with Chip. Is this normal?

allegro120

oz0707 said:

PloughmansLunch said:

dekkard said:

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

Chip Instant Access is held with > Clearbank which has protection, so not directly protected AFAIK. It's a very attractive rate, but the fact that Chip is limited to one linked bank account in & out, and no actual personal account number / faster payment method rules it out for me as I don't want to have to funnel everything through a single current account first.

So are funds in there protected if less than 85k?

Yes, deposits to Clearbank are FSCS protected.

allegro120

ForumUser7 said:

For chip, if you pay in by debit card, when do the funds earn interest from please? Also, how do you withdraw if you don't want to use open banking with them please? I'm struggling to see this information in the Chip Instant Access Terms and Conditions. Thanks

Deposit by debit card will take 3 working days to clear and you will not start earning interest on your deposits until the funds have finished processing.  AFAIK open banking is the only option to withdraw.