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The Top Easy Access Savings Discussion Area

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  • chris_the_bee
    chris_the_bee Posts: 398 Forumite
    100 Posts Second Anniversary Name Dropper
    edited 29 April 2023 at 9:28AM
    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
    worriednoob Posts: 329 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    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
    Zaul22 Posts: 383 Forumite
    Third Anniversary 100 Posts Name Dropper
    Had to look that up... the guy actually thought Zelensky was calling him to ask about interest rates. What an absolute plonker. 
  • Umiamz
    Umiamz Posts: 594 Forumite
    Sixth Anniversary 500 Posts Name Dropper
    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
    Band7 Posts: 2,285 Forumite
    1,000 Posts Name Dropper
    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.
  • 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
    JGal Posts: 169 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    edited 29 April 2023 at 10:50AM
    Richchad said:
    SJMALBA 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
    SJMALBA Posts: 1,072 Forumite
    1,000 Posts Third Anniversary Photogenic Name Dropper
    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.

  • EthicsGradient
    EthicsGradient Posts: 1,255 Forumite
    Sixth Anniversary 1,000 Posts Photogenic Name Dropper
    edited 29 April 2023 at 12:28PM
    grumbler 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?
    It's like marmite. Try it yourself and see. Disable autosave. And don't forget £25 RAF bonus.

    What's the "£25 RAF bonus"? Oh - got it. Too late now, but another bonus has worked.

    I've just opened an account (with a promo bonus), and all seems OK, although the TrueLayer screens you get when transferring money via Open Banking annoyingly just go completely blank - all I've felt safe to do is wait a few seconds, tap the Back icon, and it goes to a Chip screen saying "in progress" which then changes to "completed successfully".

  • BigBlueSky
    BigBlueSky Posts: 696 Forumite
    Sixth Anniversary 500 Posts Name Dropper
    What's the "£25 RAF bonus"? I can see there is an introductory offer from some financial websites (not MSE, as far as I can tell) with a promo offer where, if you sign up before 30th April, and tell them a minimum level you don't think you'll drop below before 1st Nov, they give you a bonus:

    It is the Refer and Friend bonus but we aren't allowed to advertise or talk about it on here.
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