The Top Easy Access Savings Discussion Area

OceanSound

Band7 said:

Going further and further from the thread topic, but just to say that comparing Wise with Monzo or Starling is apple and pears as Wise isn’t a bank. People get complacent about FSCS support, which could end in tears.

Nothing like introducing another topic in the same breath after saying we're getting further away from topic. i.e. on this occasion it's FSCS support. 

People don't need to keep large sums of money in Wise. For example, I only transfer sufficient to do conversion from one currency to another. In most cases it's not in excess of 400 pounds. I then send the money (after conversion)  or withdraw the money via ATM straight away.

In any case, I wasn't suggesting people deposit their savings in Wise instead of using an easy access savings account. Only comparing the apps between Wise and Monzo, starling. The fact that Wise isn't a bank is frankly irrelevant. 

I could've used Nationwide building society as an example as opposed to Wise and the same would hold. i.e. I can login to my two Android devices concurrently, or login to one, log out of it, then log in to the other one, without ever having to do the rigmarole of enter my email address, then access my email inbox, follow a link to confirm login etc.

pecunianonolet

Al Ryan increased their rate again to 3.12% gross p.a. from today. That amounts to 3.16% AER. That's an increase of 0.07% gross

@soulsaver

Zaul22

Probably won't make the list but the open banking app Emma have increased their instant access account to 3.04%

k_man

Zaul22 said:

Probably won't make the list but the open banking app Emma have increased their instant access account to 3.04%

To get 3.04% the Emma Ultimate subscription level (£14.99/m) is needed

Zaul22

oh yeh they made easy access and instant access 2 separate things

Band7

k_man said:

Zaul22 said:

Probably won't make the list but the open banking app Emma have increased their instant access account to 3.04%

To get 3.04% the Emma Ultimate subscription level (£14.99/m) is needed

Do emma have FSCS protection?

Zaul22

They use Clearbank same as chip. Last time I used them anyone could get interest on a savings pot but they have moved it into the subscription features. 

boomish

I got an email from Chip asking to complete a Source of Wealth form, I presume this information is kept private by the bank? Any advice on this? I presume this is normal anti money laundering rules stuff

refluxer

boomish said:

I got an email from Chip asking to complete a Source of Wealth form, I presume this information is kept private by the bank? Any advice on this? I presume this is normal anti money laundering rules stuff

It is presumably to do with anti money laundering, but it definitely isn't what I would call normal. I've moved large sums of money between dozens of different banks over the years and have never once been asked to prove where the money has come from.

infoadict

I had this Source of Wealth check from Chip. Just sent them screenshots of the banks and building society where the money had come from. The blurb says they don't accept screenshots, but they did with me. Took just over a week and got a message saying they do not require any further info.