The Top Easy Access Savings Discussion Area

ab56

Bridlington1 said:

Just had an email. Gatehouse easy access account rising to 3.15% today.

Email I have received states 3.2% from today?

k_man

ab56 said:

Bridlington1 said:

Just had an email. Gatehouse easy access account rising to 3.15% today.

Email I have received states 3.2% from today?

3.15% profit if paid monthly

3.20% if paid yearly

They work out the same if monthly profit is left in the account to compound.

oz0707

I-LOV-MONEY said:

Hi.  I am a guy for simple things in life!  The majority of my money is in Santander E-Saver account.  I know it is only paying 2.75%.   Everytime I think of moving it somewhere with a higher rate, as advised by posts here, then another one comes along and trumps it.  Then you get others where there are conditions to fulfill - turn around, jump in the area, count to ten etc.etc. !!!!   With Santander I can put money in from my Current Account (First Direct) and vice versa.  No problems, it all happens within minutes.   I don't have to count how many times I have withdrawn money this week / month /year.   I don't have to check what time of day it is to do a transaction.   I am all for a simple things ... much like myself !!

So bearing all that in mind, what is the recommendation for someone to look after my money?

Thanks.

I'm like you but ive just emptied santander. The gap is too big now ive got multiple other accounts now paying half a percent more. Probably most are NLA but there should still be some with a decent rate. Cynergy?

Frogletina

I've recently moved mine to Zopa, 3.2 with instant access. I kept it in Santander until recently as I've exceeded the personal savings allowance, and not yet closed it so the interest will get paid in the next tax year.

Bobblehat

k_man said:

ab56 said:

Bridlington1 said:

Just had an email. Gatehouse easy access account rising to 3.15% today.

Email I have received states 3.2% from today?

3.15% profit if paid monthly

3.20% if paid yearly

They work out the same if monthly profit is left in the account to compound.

Better than their last email ......... but my lonely £1 is still not getting any company!

soulsaver

Chip:

When you make a deposit to Chip it isn't in Clearbank - it is 'instantaneously' transferred to Clearbank.
 
Chip say money held in Clearbank is FSCS protected; but you pay money to Chip which is then ported to Clearbank.

So, the funds are being 'ported' from Chip - not covered by FSCS - and 'Held' in Clearbank which is FSCS covered.

So first issue: In the event of 'failure' funds could be caught in the unprotected condition?

Chip doesn't say that the funds held in Clearbank are ringfenced by personal depositor, so one could theorise it's only Chip's funds in Clearbank that is FSCS protected up to £85k total.

Now it's not the first time this has been discussed, and I'm sure Chip is aware of the doubters..

So if your savings (upto £85k) are protected 100% of the time, why doesn't Chip just clearly state that?


 

S_uk

I wonder what the likelihood is of NS&I announcing another increase in the premium bond prize rate in time for the April draw, which would make it the fourth increase in 4 months, especially if top EA accounts start moving to around 3.5% after the BOE meeting? I was reading that in the budget the government has increased the amount it's asked NS&I to raise in the next year from £6bn to £7.5bn. Maybe just wishful thinking on my part.

Boost for Savers as NS&I targets cash deposits
https://www.ft.com/content/4db56a1f-dd1d-4f97-9f5c-21c36bbc4954

SeriousHoax

I've now closed my chip account.

I've had enough of them 7 days after opening account last month they wanted a source of wealth which I sent off and they replied back saying we will not need any more information.

Today they are asking for another source of wealth I'm not replying I just closed my account about an hour ago.

I've had loads of accounts over the years always going for the highest interest rate & this is the first time I've had a source of wealth check on the first occasion which was passed and now they are asking for another one.

S_uk

cricidmuslibale said:

S_uk said:

I wonder what the likelihood is of NS&I announcing another increase in the premium bond prize rate in time for the April draw, which would make it the fourth increase in 4 months, especially if top EA accounts start moving to around 3.5% after the BOE meeting? I was reading that in the budget the government has increased the amount it's asked NS&I to raise in the next year from £6bn to £7.5bn. Maybe just wishful thinking on my part.

Boost for Savers as NS&I targets cash deposits
https://www.ft.com/content/4db56a1f-dd1d-4f97-9f5c-21c36bbc4954

@S_uk I agree with the direction the questions in your post are heading in but the linked article is behind a paywall so many of us will not be able to read it!

Copy and paste the link into a google search, click the first link.

Band7

soulsaver said:

Chip:

When you make a deposit to Chip it isn't in Clearbank - it is 'instantaneously' transferred to Clearbank.
 
Chip say money held in Clearbank is FSCS protected; but you pay money to Chip which is then ported to Clearbank.

So, the funds are being 'ported' from Chip - not covered by FSCS - and 'Held' in Clearbank which is FSCS covered.

So first issue: In the event of 'failure' funds could be caught in the unprotected condition?

Chip doesn't say that the funds held in Clearbank are ringfenced by personal depositor, so one could theorise it's only Chip's funds in Clearbank that is FSCS protected up to £85k total.

Now it's not the first time this has been discussed, and I'm sure Chip is aware of the doubters..

So if your savings (upto £85k) are protected 100% of the time, why doesn't Chip just clearly state that?


 

It's been discussed before - only deposits made by debit card / ApplePay / GooglePay are 'held' by CHIP before they get transferred to Clearbank. So these are 'safeguarded'. OB deposits are instantly covered by FSCS.

AFAIC, it's all totally clear from the CHIP website.

Can I suggest please that further discussions about CHIP FSCS are taken to a different thread  - this one would offer itself.