The Top Easy Access Savings Discussion Area

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Did I read somewhere that there is an optimal date each month that money should be withdrawn from Chip in order to avoid/minimise loss of interest?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. 

TomDolan

Gatehouse have increased their rate on easy access

apologies ! the picture is condensed

rate increased from 2.96% to 3.01%

pecunianonolet

TomDolan said:

Gatehouse have increased their rate on easy access

apologies ! the picture is condensed

rate increased from 2.96% to 3.01%

Got the same email, effective 10th March (today). not good enough so my £1 balance will remain

aaj123

This is a good one to open and keep in your bag. Not sure if there is any other guaranteed base rate tracker in the market and this one is for 24 months. Could easily become best in market under certain scenarios of interest rate curve shifts.

https://www.skipton.co.uk/savings/easy-access/base-rate-tracker

Further, it allows debit card deposits so serves the purpose of those wanting a solution for the Halifax reward account condition of £500 monthly debit card transaction.

Bridlington1

aaj123 said:

This is a good one to open and keep in your bag. Not sure if there is any other guaranteed base rate tracker in the market and this one is for 24 months. Could easily become best in market under certain scenarios of interest rate curve shifts.

https://www.skipton.co.uk/savings/easy-access/base-rate-tracker

Further, it allows debit card deposits so serves the purpose of those wanting a solution for the Halifax reward account condition of £500 monthly debit card transaction.

I would agree and have opened it alongside the previous version which had the same conditions but tracked 0.9% below the BOE base rate.

Mansfield did a 90 day notice account briefly a few months ago (gone within about 2 weeks) which I grabbed tracking the base rate exactly which worked out well.

Grownglow

Does CHIP automatically increase the interest rates on previous savings accounts? In struggling to see why someone would close their account. Could you not hold a £1 balance until they outpace another provider in the event they are no longer leading?

mebu60

TomDolan said:

Gatehouse have increased their rate on easy access

apologies ! the picture is condensed

rate increased from 2.96% to 3.01%

3.0% to 3.05% for annual.

Ditto re my £1 continuing its lonesome life. 

Bobblehat

Another vote for my £1 staying lonely at Gatehouse!

allegro120

mebu60 said:

TomDolan said:

Gatehouse have increased their rate on easy access

apologies ! the picture is condensed

rate increased from 2.96% to 3.01%

3.0% to 3.05% for annual.

Ditto re my £1 continuing its lonesome life. 

I kept my £1 there for nearly 5 months, it earned me 1p, withdrew and closed the account today.  GH don't seem to be able to catch up with other IA offers so I don't see the point waiting for any longer.  I can always open it again if they offer a leading rate.

mebu60

allegro120 said:

mebu60 said:

TomDolan said:

Gatehouse have increased their rate on easy access

apologies ! the picture is condensed

rate increased from 2.96% to 3.01%

3.0% to 3.05% for annual.

Ditto re my £1 continuing its lonesome life. 

I kept my £1 there for nearly 5 months, it earned me 1p, withdrew and closed the account today.  GH don't seem to be able to catch up with other IA offers so I don't see the point waiting for any longer.  I can always open it again if they offer a leading rate.

You can indeed but as well as the faff of the opening process you will also have to set up a new payee from your current account and retest that the links work in both directions (the latter step is optional but I and many others do that). 
Easier IMO to leave the lonesome £1.