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The Top Easy Access Savings Discussion Area

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Comments

  • Band7
    Band7 Posts: 2,285 Forumite
    1,000 Posts Name Dropper
    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.
  • OceanSound
    OceanSound Posts: 1,482 Forumite
    Seventh Anniversary 1,000 Posts Name Dropper
    edited 14 March 2023 at 9:40AM
    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.


  • Zaul22
    Zaul22 Posts: 384 Forumite
    Third Anniversary 100 Posts Name Dropper
    Probably won't make the list but the open banking app Emma have increased their instant access account to 3.04%
  • k_man
    k_man Posts: 1,636 Forumite
    1,000 Posts Second Anniversary Name Dropper
    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
    Zaul22 Posts: 384 Forumite
    Third Anniversary 100 Posts Name Dropper
    oh yeh they made easy access and instant access 2 separate things
  • Band7
    Band7 Posts: 2,285 Forumite
    1,000 Posts Name Dropper
    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
    Zaul22 Posts: 384 Forumite
    Third Anniversary 100 Posts Name Dropper
    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
    boomish Posts: 165 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    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
    refluxer Posts: 3,212 Forumite
    1,000 Posts Fourth Anniversary Photogenic Name Dropper
    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.
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