The Top Easy Access Savings Discussion Area

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The tiers have changed a bit.  Used to be High Street Banks and Challenger Banks - with the smaller challengers pushing their rates up.  Now the challenger banks have been around long enough to be a tier of their own, I usually call them internet banks.  The new challengers being the apps only banks, like Chip and Zopa, having to pay the top rates to get the money in.

Band7

Winchmore_Hill_Shot said:

Band7 said:

Winchmore_Hill_Shot said:

I'm showing my ignorance here, but does anyone know whather the Family Account will accept debit card transactions from someone other than the account holder.  So would my wife be able to open an account and fund it using one of my Halifax debit cards.

don’t know the answer - though why would she not use her own debit card(s), and why wouldn’t you have your own savings account?

Because of the Halifax reward scheme.  It would be a useful dump for the £500 I need to spend on my DC every month.

You can open a Skipton and/or FBS for that purpose in your name.

AndyTh_2

Band7 said:

Winchmore_Hill_Shot said:

Band7 said:

Winchmore_Hill_Shot said:

I'm showing my ignorance here, but does anyone know whather the Family Account will accept debit card transactions from someone other than the account holder.  So would my wife be able to open an account and fund it using one of my Halifax debit cards.

don’t know the answer - though why would she not use her own debit card(s), and why wouldn’t you have your own savings account?

Because of the Halifax reward scheme.  It would be a useful dump for the £500 I need to spend on my DC every month.

You can open a Skipton and/or FBS for that purpose in your name.

also YBS has good loyalty perk accounts occasionally for 12 month customers, and supports card transfers too.

Bridlington1

Secure trust bank access account now pays 3.1%.

EDIT:
Also Charter Easy access now pays 3.05%.

nottsphil

fletcher1985 said:

not sure if anyone has posted this but if you use top cashback you get £25

Chip Instant Access

A new savings account from Chip built to move with the Bank of England and reward you faster than the banks. Earn a 3.40% return on your savings just deposit £5,000 or more to qualify for £20 cashback.

Exclusive Offer£25.00

fletcher1985 said:

not sure if anyone has posted this but if you use top cashback you get £25

Chip Instant Access

A new savings account from Chip built to move with the Bank of England and reward you faster than the banks. Earn a 3.40% return on your savings just deposit £5,000 or more to qualify for £20 cashback.

Exclusive Offer£25.00

If you copied and pasted that then strange how your £25 got changed to £20!
 I've already looked at Topcashback but they do not specify the time period that the £5,000 has to be in by. For all we know they could just look at the initial deposit and if it falls short, then no cash back! 

pecunianonolet

nottsphil said:

fletcher1985 said:

not sure if anyone has posted this but if you use top cashback you get £25

Chip Instant Access

A new savings account from Chip built to move with the Bank of England and reward you faster than the banks. Earn a 3.40% return on your savings just deposit £5,000 or more to qualify for £20 cashback.

Exclusive Offer£25.00

fletcher1985 said:

not sure if anyone has posted this but if you use top cashback you get £25

Chip Instant Access

A new savings account from Chip built to move with the Bank of England and reward you faster than the banks. Earn a 3.40% return on your savings just deposit £5,000 or more to qualify for £20 cashback.

Exclusive Offer£25.00

If you copied and pasted that then strange how your £25 got changed to £20!
 I've already looked at Topcashback but they do not specify the time period that the £5,000 has to be in by. For all we know they could just look at the initial deposit and if it falls short, then no cash back! 

They refer to 180 days of keeping a 5k balance for referrals in their T&Cs so someone could assume the same principle applies for cashback.

grumbler

£25 is possib

nottsphil said:

fletcher1985 said:

not sure if anyone has posted this but if you use top cashback you get £25

Chip Instant Access

A new savings account from Chip built to move with the Bank of England and reward you faster than the banks. Earn a 3.40% return on your savings just deposit £5,000 or more to qualify for £20 cashback.

Exclusive Offer£25.00

fletcher1985 said:

not sure if anyone has posted this but if you use top cashback you get £25

Chip Instant Access

A new savings account from Chip built to move with the Bank of England and reward you faster than the banks. Earn a 3.40% return on your savings just deposit £5,000 or more to qualify for £20 cashback.

Exclusive Offer£25.00

If you copied and pasted that then strange how your £25 got changed to £20!
 I've already looked at Topcashback

That's exactly what I see there now - £25 and £20.

but they do not specify the time period that the £5,000 has to be in by. For all we know they could just look at the initial deposit and if it falls short, then no cash back!

Even worse, it's a mystery how they can track this as ultimately Chip direct you to Google Play to download the app. As I said above my cashback wasn't tracked and I don't hold much hope that the claim will be successful. IMO, it's better to use RAF instead.

intalex

Did I read somewhere that there is an optimal date each month that money should be withdrawn from Chip in order to avoid/minimise loss of interest? I can't find the relevant post over the past few pages, and would be grateful if someone could summarise this please. Thanks in advance!

ForumUser7

intalex said:

Did I read somewhere that there is an optimal date each month that money should be withdrawn from Chip in order to avoid/minimise loss of interest? I can't find the relevant post over the past few pages, and would be grateful if someone could summarise this please. Thanks in advance!

I definitely saw this about HSBC Online Bonus Saver, but not sure about chip

Band7

intalex said:

Did I read somewhere that there is an optimal date each month that money should be withdrawn from Chip in order to avoid/minimise loss of interest? I can't find the relevant post over the past few pages, and would be grateful if someone could summarise this please. Thanks in advance!

It's only an issue if you want to close your CHIP instant access account. In all other cases, there are no limitations to withdrawals from this account.

They pay the interest for the previous month on the 4th business day of a month. If you close the account before the interest is paid, you will lose the interest for the entire previous month, and for the 1st, 2nd, 3rd and 4th of the current month. This is different to all other savings accounts I know of, and is quite cheeky, but not really a problem.

To get everything that rightfully yours out of the account, you should

1. withdraw your entire balance on the 1st of a month. So you earn interest up to and including the last day of the previous month, and no more interest in the current month
   
   
2. withdraw the interest on the 4th business day of the month. You might have to wait until late afternoon on that day before you can see the interest
   
   
3. close the account then --  or just let it sit there with a zero balance. Apparently they will close accounts which have been dormant with a £0 balance after 6 months.

If you don't manage to withdraw your balance on the 1st of the month, your money starts earning interest again in the new month but you can't get at that interest until the 4th business day of the next month.