The Top Easy Access Savings Discussion Area

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   I don't have to count how many times I have withdrawn money this week / month /year.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.

OceanSound

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?


 

Is your post in response to a specific post? Or have you just come up with this out of the blue?

It seems you are replying to my post earlier. Please use the quote feature when replying to a particular post or posts.

Band7 said:

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.

Do you mind specifying the web page on the Chip website and highlighting the part that makes it totally clear.

edit: Chip website talks about rules specific to savings account and investment accounts and various scenarios.  

Interesting to note the following on Chip website (https://www.getchip.uk/the-blog/how-we-protect-your-money):

What would happen if the safeguarding bank fails?

In the unlikely event that ClearBank Ltd were to fail, and your funds were in the safeguarding account, then your funds would not be FSCS eligible. You would have a contractual debt claim against the bank for your outstanding funds, but there is no guarantee that they will be returned to you.
UK banking rules require banks to hold sufficient capital to meet their costs and ensure against creditor calls in the event of liquidation, but your funds would not be protected by FSCS.

Have a look at what the FSCS web site (https://www.fca.org.uk/consumers/using-payment-service-providers) says about 'safeguarding': 

Financial Services Compensation Scheme (FSCS) protection

Consumers who use UK-authorised banks, building societies and credit unions are protected by the FSCS. If one of these firms goes out of business, the FSCS will protect your money up to £85,000 per depositor. 
If you have money in several accounts with banks that are part of the same banking group (and share a banking licence) they are treated as one bank. This means that the £85,000 compensation limit only applies to the total you hold across all these accounts, not to each separate account.
The FSCS does not cover money held with APIs, EMIs and SPIs. If FSCS protection is important to you, find out more about opening a bank account.
Safeguarding
APIs and EMIs are required to protect the money you gave them through a process known as safeguarding. Once an API or EMI is authorised, we expect them to safeguard correctly. If the EMI or API is not safeguarding properly, you could lose all the money you gave them.

To safeguard properly, APIs and EMIs must either put the money you sent them in a separate safeguarding account with a bank, or protect it with an insurance policy or similar guarantee.

This means that, if they go out of business, you should get most of your money back, although some costs will be taken by the administrator or liquidator of the firm. It could also take longer for you to be refunded than it would with a bank.

To check whether an API or EMI is authorised, use the FS Register.
SPIs don't have to safeguard the money they receive from you. If you are using a payment service provider, it’s worth checking whether it’s an SPI. You should ask the firm what protections it has in place. You can check if a firm is an SPI on the FS Register. You can also check whether an SPI is authorised on the FS Register. 

You're welcome.

alternate

The FSCS would not allow them to advertise their account as protected on a technicality.  The fact that they are still saying it is protected and have not had the regulators stomp them says it all.