The Top Easy Access Savings Discussion Area

Zaul22

The CEO of Chip said on Reddit that he saw the Shawbrook increase and told his staff to crunch to change the rate within an hour 'so customers don't have to go into the long weekend with lower rates'. I want to believe but it still just gives me major too good to be true red flags. 

Middle_of_the_Road

allegro120 said:

Band7 said:

Loving my CHIP account 

Not long now before I can move my money from my 3.75% YBS 6 access account.....

Similarly, I'll be moving my money from YBS Rainy Day leaving £1 there just in case YBS up their game in future. Or may just close it to get the interest now.

That's ok but, unless you have another account with YBS, closing it will make you ineligible for any loyalty accounts that might come up.

allegro120

worriednoob said:

I was about to apply for a Chip Account, but it's got a lot of negative reviews, with users complaining of being unable to access their savings, unable to contact any staff, problems with transferring money and only being allowed to transfer small amounts of money.  Has anyone else had such experience and would you recommend Chip?

I've opened Chip account on 9th Dec last year.  Never had any problems with depositing or withdrawing.  Never had to contact customer services, everything worked smooth for me so far.

Band7

Zaul22 said:

The CEO of Chip said on Reddit that he saw the Shawbrook increase and told his staff to crunch to change the rate within an hour 'so customers don't have to go into the long weekend with lower rates'. I want to believe but it still just gives me major too good to be true red flags. 

Not sure what you mean by too good to be true. My account has shown 3.71% since 5pm today as promised, and I have no reason to believe the interest will not be paid. What are your reasons for suggesting it could be too good to be true?

Zaul22

I don't mean specifically this rate increase, I just mean Chip in general and their insane level of commitment to always being the highest rate. Maybe it really is just getting attention because they are new, but I'll wait until the implement account numbers at least. 

allegro120

Middle_of_the_Road said:

allegro120 said:

Band7 said:

Loving my CHIP account 

Not long now before I can move my money from my 3.75% YBS 6 access account.....

Similarly, I'll be moving my money from YBS Rainy Day leaving £1 there just in case YBS up their game in future. Or may just close it to get the interest now.

That's ok but, unless you have another account with YBS, closing it will make you ineligible for any loyalty accounts that might come up.

I've got Christmas RS so I will still be ok for eligibility until January. I've missed on 5% Loyalty RS in the past by having a few months gap in membership, since then I make sure I have my foot in YBS one way or another.

gt94sss2

Chip now allows you to deposit funds into their account via faster payments.

When you press the add money option in the app, their is a new (4th) option showing.

It still needs to be from your nominated account.

Rheumatoid

I'll give Zopa a week to go over 3.6 instant access or its off to Chip

Bigwheels1111

Opens a chip account and linked it to my bank.
Then made a £10 test deposit, including setting up account and transferring £10 took 5 minutes.
Made a larger deposit which took 1 minute.
Very pleased so far.

Band7

Zaul22 said:

I don't mean specifically this rate increase, I just mean Chip in general and their insane level of commitment to always being the highest rate. Maybe it really is just getting attention because they are new, but I'll wait until the implement account numbers at least. 

They aren't new - they have been around since at least 2016, have over half a million customers and over £1 billion cumulative deposits. They are small in revenue terms but   they file their audited accounts in time - which is more than some other, popular, fintechs can say for themselves.  You can find more about them in their accounts filed with Companies House.

As to account numbers: no idea why they are so important, and they are there for the instant access account, anyway.