The Top Easy Access Savings Discussion Area

oz0707

I may just be procrastinating but do any of you have security concerns with linking chip and open banking to your current account? How much info do they store is it literally sort code and account number or do they have means to access your funds via chip side? What would happen if chip were 'hacked'? Or if you phone left unlocked or stolen and managed to unlock? I notice the chip app doesn't seem to have a passcode or pin

oz0707

aaj123 said:

ChewyyBacca said:

aaj123 said:

BestSeagull said:

Bridlington1 said:

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.

What is the advantage of holding the more recent account which tracks lower than the earlier one? 

24 months guarantee clock commences again.

@aaj123
Could you pls help to understand the benefit of having a below 1.1% tracker account?
we have EA accounts offering 3.4% for ppl who dont mind a bank snooping in OR 3.21-20%
Rates are expected to remain same or rise further. Whatever happens, these mkt leaders in rate will more likely respond to changes. So EA rate could move likely.

What is the benefit to hold 2.9% tracker acct Vs 3.4 to 3.21% EA accounts, for a rate chaser?

Thanks in advance

Yeah but over the next 24 months, the rate curve could shift in such a way that most EA offers could end up well below base rate. Then this guaranteed tracker could be the leader. You just need to open one now while it is on offer. 

As an example, back in Oct I opened a 120 day notice business account that tracks at base rate. Now it's way above the best paying business notice accounts. 

Whats the best business tracker savings current available?

gt94sss2

oz0707 said:

I may just be procrastinating but do any of you have security concerns with linking chip and open banking to your current account? How much info do they store is it literally sort code and account number or do they have means to access your funds via chip side? What would happen if chip were 'hacked'? Or if you phone left unlocked or stolen and managed to unlock? I notice the chip app doesn't seem to have a passcode or pin

Under the Profile tab, there is a secure login option which allows you to set a passcode or biometric login to access the app.

Open banking is regulated - its another way of making a deposit and the institution you are transferring money from still carry out their own checks.

Band7

oz0707 said:

I may just be procrastinating but do any of you have security concerns with linking chip and open banking to your current account? How much info do they store is it literally sort code and account number or do they have means to access your funds via chip side? What would happen if chip were 'hacked'? Or if you phone left unlocked or stolen and managed to unlock? I notice the chip app doesn't seem to have a passcode or pin

I have zero concerns about CHIP. Though I have limited their snoop-ability by using a secondary current account as my linked account. Not for security reasons, just to prevent them from knowing too much about the movements in my main current account.

If they got hacked, all the hackers could do is withdraw money to my current account.

I don't leave my phone unlocked, why would I? I also don't sweat about anyone being able to unlock my phone. I always have to use a passcode/faceID to log into CHIP - it can be turned off, but again, why would i?

There are always risks in online life but I don't see them increased by using CHIP. In general, I much prefer to do all my banking through apps as I find it not only more convenient but I am also quite satisfied that it is safer than online banking. I therefore have no issue with providers who are app-only. I'd add, though, that I don't rely on just one or two banks - I have funds spread around so that I don't get stuck in emergencies, and I have mirrored my apps onto my iPad.

ForumUser7

Band7 said:

I have mirrored my apps onto my iPad.

@band7 Have you been able to get Monzo and YBS apps on more than one device please? They’re the only ones I’ve not been able to mirror

Band7

Monzo is working fine for me on both. YBS seems to have a problem on the secondary device but I can always call them, and I also have a Branch down the road. Chase is a pain as it involves un- and re-registering so I would call them in a Security situation.

AndyW79

oz0707 said:

I may just be procrastinating but do any of you have security concerns with linking chip and open banking to your current account? How much info do they store is it literally sort code and account number or do they have means to access your funds via chip side? What would happen if chip were 'hacked'? Or if you phone left unlocked or stolen and managed to unlock? I notice the chip app doesn't seem to have a passcode or pin

I use a secondary Santander current account where I pay my direct debits on bills and get a couple of pounds of cashback. Open banking is a big progress compared to traditional wires as you avoid many manual mistakes.

I have had multiple app-only savings accounts (Atom, Tandem, Zopa) and of course, we have to have strong custody on the phone, I never let my kids use it, and have all the extra security features. A per being hacked of course anything can happen but the probability is low.

I have moved most of my savings to CHIP (the missus also has one) and made 5 digits open banking transfers and haven't had an issue.

I know it feels weird with all the true layer and app opening but the tech is secure. 

Regarding them snooping I get it,  but honestly this is modeled and they know a lot about our behavior without even identifying you.

Im just a normal bloke with a family and kids who spends on subscriptions. groceries, mortgage and some beers in the pub. I honestly get more spam as my name is very common (and got my email in 2006) and people are constantly sending wrong emails. 

I use open banking with https://app.moneydashboard.com/home and it gives a great overview of our behavior around our family accounts spending.

Anyways hope it helps.

Cheers,
Andy

ForumUser7

Band7 said:

Monzo is working fine for me on both. YBS seems to have a problem on the secondary device but I can always call them, and I also have a Branch down the road. Chase is a pain as it involves un- and re-registering so I would call them in a Security situation.

“You can use your Monzo app on more than one device, but for your security we only allow one login on Android and one login on iOS at a time.

For example, if you log in on your iPad, we’ll log you out of Monzo on your iPhone.”

This is what the Monzo help page says, and said last year too. Do you mean you have the app on both devices, or you are logged into the app on both devices please? I currently am in the first situation, but I’d quite like to be in the second one.

Band7

ForumUser7 said:

Band7 said:

Monzo is working fine for me on both. YBS seems to have a problem on the secondary device but I can always call them, and I also have a Branch down the road. Chase is a pain as it involves un- and re-registering so I would call them in a Security situation.

“You can use your Monzo app on more than one device, but for your security we only allow one login on Android and one login on iOS at a time.

For example, if you log in on your iPad, we’ll log you out of Monzo on your iPhone.”

This is what the Monzo help page says, and said last year too. Do you mean you have the app on both devices, or you are logged into the app on both devices please? I currently am in the first situation, but I’d quite like to be in the second one.

I am only logged in on one device at a time. I don't have a need for concurrent logins.

aaj123

oz0707 said:

aaj123 said:

ChewyyBacca said:

aaj123 said:

BestSeagull said:

Bridlington1 said:

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.

What is the advantage of holding the more recent account which tracks lower than the earlier one? 

24 months guarantee clock commences again.

@aaj123
Could you pls help to understand the benefit of having a below 1.1% tracker account?
we have EA accounts offering 3.4% for ppl who dont mind a bank snooping in OR 3.21-20%
Rates are expected to remain same or rise further. Whatever happens, these mkt leaders in rate will more likely respond to changes. So EA rate could move likely.

What is the benefit to hold 2.9% tracker acct Vs 3.4 to 3.21% EA accounts, for a rate chaser?

Thanks in advance

Yeah but over the next 24 months, the rate curve could shift in such a way that most EA offers could end up well below base rate. Then this guaranteed tracker could be the leader. You just need to open one now while it is on offer. 

As an example, back in Oct I opened a 120 day notice business account that tracks at base rate. Now it's way above the best paying business notice accounts. 

Whats the best business tracker savings current available?

I haven't seen any avaliable lately. The one I mentioned was from UTB bank but they have now pulled it.