The Top Easy Access Savings Discussion Area

BestSeagull

2010 said:

SJMALBA said:

Shawbrook EA Issue 35 - 3.65% (3.59% monthly), 1k min.

https://www.shawbrook.co.uk/direct/savings/personal-savings/easy-access-savings-accounts/

@soulsaver

Be aware with this account, minimum withdrawal £500.

Shawbrook. You can always re-deposit the difference if you wanted less than £500 in the first place. 

jaypers

Seems to be a lot of activity with rates this past week. What are peoples thought on what happens next? For me, I don’t like the idea of CHIP and also things about Shawbrook put me off like having to open new issues all of the time to get the latest rates etc.

I suspect Zopa will move next, closely followed by Atom. Marcus will do absolutely nothing but I also think Chase will move to 3.5% fairly soon.

I feel that the institutions are betting on interest rates about to peak. As they start to drop off again, you can guarantee that rates will reduce straight away, in line with announcements, unlike increases where we have to wait. I’m still looking at locking into a couple of 2 year fixes between now and August. Closely watching Easy Access rates and not keen on opening any more accounts. Feel this thread will be busy next week. 

chris_the_bee

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

Kent actually pays same day if requested by 3.00pm

worriednoob

Just wanted to update you that I've managed to resolve the previous mentioned issues of depositing money to Chip.  I've had to link my First Direct bank account.  But from the perspective of security, is it safe to link a bank account (where Chip can see all First Direct transactions) ?

Zaul22

Had to look that up... the guy actually thought Zelensky was calling him to ask about interest rates. What an absolute plonker. 

Umiamz

worriednoob said:

Just wanted to update you that I've managed to resolve the previous mentioned issues of depositing money to Chip.  I've had to link my First Direct bank account.  But from the perspective of security, is it safe to link a bank account (where Chip can see all First Direct transactions) ?

If you have an Android phone that can upgrade to version 4.56.0 of the Chip app, they've added the option to make a manual transfer to the sort code and account number associated with your instant access account. You still need to link your bank account but no longer need to use Open Banking to make the deposit. I expect this will soon follow on iOS, too.

Band7

worriednoob said:

Just wanted to update you that I've managed to resolve the previous mentioned issues of depositing money to Chip.  I've had to link my First Direct bank account.  But from the perspective of security, is it safe to link a bank account (where Chip can see all First Direct transactions) ?

There is a good explanation of Open Banking here. Nothing unsafe about it but you might not want a 3rd party to snoop on your main bank account. The easiest to bypass this is to use a dedicated current account for your savings transactions.

I use a spare Santander current account for all my CHIP transactions, so the only thing CHIP can see over and beyond transaction with CHIP are the deposits from and withdrawals to my main current account. As more and more banks, as well as other organisations, are moving to Open Banking, this approach might not be sustainable in the long term.

worriednoob

Thanks for your replies guys.  To be honest I'm not too bothered about the transactions Chip can see as the account I've linked is rarely used anyway.  But my main concern was whether there is a higher risk to linking accounts, such as passwords being hacked or somehow someone can obtain your security details.

One other question I want to ask those who use Chip - Being an app-only bank, is it safe to place large savings into Chip?  When it comes to withdrawing/transferring large savings from Chip to another bank, have you have any issues, such as Chip blocking you or limiting you?

JGal

Richchad said:

SJMALBA said:

fryedslyce said:

patpalloon said:

Bear in mind if you transfer money in to shawbrook now it won't appear until Tuesday pm 

I sent a transfer just after midday and it still hasn't appeared in my account, are Shawbrook usually this slow to credit a transfer?

'Funds are credited to your account the same working day, if you send them before 3.30pm. If you send the funds after this time or not on a working day (Saturday and Sunday or English bank holiday), the funds will credit your account the following working day.'

https://help.shawbrook.co.uk/hc/en-gb/articles/5600608425618-How-quickly-will-the-funds-show-in-my-account-and-when-will-I-start-to-earn-interest-

I did a transfer from Santander to Shawbrook about midday and it has only just arrived at Shawbrook, so still time yet.

I did a small value test transfer from Santander to Shawbrook around 5.30pm, so after the 3.30 cut off mentioned, to see how long it took before committing to a large amount on the BH weekend. It took over two hours so didn't bother following it with another. Doing a max FSCS transfer you could lose over £30 if it's debited but not credited for four days (f, s, s, m). So my question is, where does the money sit during the intervening period of time?

SJMALBA

jaypers said:

Seems to be a lot of activity with rates this past week. What are peoples thought on what happens next? For me, I don’t like the idea of CHIP and also things about Shawbrook put me off like having to open new issues all of the time to get the latest rates etc.

I suspect Zopa will move next, closely followed by Atom. Marcus will do absolutely nothing but I also think Chase will move to 3.5% fairly soon.

I feel that the institutions are betting on interest rates about to peak. As they start to drop off again, you can guarantee that rates will reduce straight away, in line with announcements, unlike increases where we have to wait. I’m still looking at locking into a couple of 2 year fixes between now and August. Closely watching Easy Access rates and not keen on opening any more accounts. Feel this thread will be busy next week. 

FWIW, my previous issue Shawbrook EA had its rate increased automatically.