The Top Easy Access Savings Discussion Area

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.

Band7

gt94sss2 said:

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.

I can't see this 4th option, and there's no new version available to me (iOS). May be they are rolling it out in batches. Not that I would want to use this option as the OB deposits are ever so convenient and fast. But it will be useful for those whose banks don't support OB payments at present (Virgin, Chase, Kroo spring to mind)

SickGroove

gt94sss2 said:

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.

I can still only see 3 deposit options.....bank transfer.....Apple pay.....bank card

The bank transfer one is what they always recommend is best/quickest to use

Zaul22

OK I found this 4th option on Android, it wasn't there last time I tried the app a few days ago though.  

hoc

infoadict said:

Thanks  - but that doesn't tell me when the debit takes place and whether a day's interest is lost. I.e with Coventry you instruct on Day 1 but they only debit your account on Day 2 and then transfer. Charter however debit on Day 1 and transfer on Day 2, thus losing interest.

Which of these camps does Shawbrook fit into?

Shawbrook do it properly. Most banks do. Charter, Kent Reliance are in the exception forcing payment to be scheduled the following day but deducting the balance immediately.

t1redmonkey

I just noticed Barclays have paid me the interest on the Rainy Day Saver today.  Bit weird since they usually pay it on the 1st of the month; not sure if everyone's been paid or just me.  But worth logging in and checking if you're like me and usually move the interest as soon as it lands.

refluxer

t1redmonkey said:

I just noticed Barclays have paid me the interest on the Rainy Day Saver today.  Bit weird since they usually pay it on the 1st of the month; not sure if everyone's been paid or just me.  But worth logging in and checking if you're like me and usually move the interest as soon as it lands.

Yes, me too. I've got kids' accounts that also get interest on the 1st of the month and that was also paid today. Must just be the way Barclays deal with the 1st falling on a bank holiday Monday.

wmb194

t1redmonkey said:

I just noticed Barclays have paid me the interest on the Rainy Day Saver today.  Bit weird since they usually pay it on the 1st of the month; not sure if everyone's been paid or just me.  But worth logging in and checking if you're like me and usually move the interest as soon as it lands.

This is how Barclays always does it if the interest payment date falls at the weekend or on a bank holiday i.e. you'll see the interest credited on the Saturday with that day's date but the date will keep changing until it settles on the 1st.

grumbler

hoc said:

infoadict said:

Thanks  - but that doesn't tell me when the debit takes place and whether a day's interest is lost. I.e with Coventry you instruct on Day 1 but they only debit your account on Day 2 and then transfer. Charter however debit on Day 1 and transfer on Day 2, thus losing interest.

Which of these camps does Shawbrook fit into?

Shawbrook do it properly.

Do they?

As I posted above 10/11 and 11/11 were respectively the dates of debit and credit for my withdrawal from Shawbrook.