The Top Easy Access Savings Discussion Area

Band7

https://forums.moneysavingexpert.com/discussion/comment/80027922#Comment_80027922

How could I not have seen this before? Thanks for giving me directions, and thanks to @worriednoob for alerting me

Band7

When I logged into my Shawbrook account just now, I saw this message

Sounds as if there are no withdrawals on non-working days, and even on consecutive working days, we might have to wait over 24 hours to receive our withdrawals.

jak22

This is nothing new https://help.shawbrook.co.uk/hc/en-gb/articles/5600849314322-When-will-I-receive-my-withdrawn-funds-

As is mentioned frequently each Bank/BS has different systems with incoming transactions appearing any time from immediately to one or even more working days later and withdrawls happening immeadiately or scheduled the day after. Coventry for example seems to schedule withdrawls for the next day.

This isn't any reason to avoid using these banks for deposits not needed instantly when their interest rate is signficantly better than others - the interest is the whole point.

When moving funds it just needs a little planning to know when to schedule withdrawl requests taking account of these delays and any daily transfer limits for the current account when funds needs to go via.

Band7

https://forums.moneysavingexpert.com/discussion/comment/80028020#Comment_80028020

Agree, it's generally not a reason to avoid accounts if withdrawals only happen on working days / with many hours of delay.

jak22

Maybe a 'delay' is more something taking longer than expected - these are predicable timescales that do seem fairly consistent for each bank - bank pair / direction of transfer. Back in the day bank transfers took days and only a year ago interest rates were a third of todays' so - apart from this absolutely terrible new editor on the MSE forum - things arent that bad.

OceanSound

Depends...how far do we stretch 'fairly' in 'fairly consistent'.

Interest rate rises are great news for some!

The editor seems okay. Takes a little getting used to.

More food banks than McDonald's. That's bad though

Band7

https://forums.moneysavingexpert.com/discussion/comment/80028109#Comment_80028109

There are a number of savings accounts with excellent rates, and with deposit and withdrawal speeds ranging from near instant to 20-30 minutes, on a 24x7 basis. So I call over 24 hours, and working day processing only, a delay. I am not consoled by the fact that once upon a time it took even longer.

I have not said that people shouldn't use those slower accounts - in actual fact, I have some of the slow ones myself as I am spreading my funds and risks.

worriednoob

https://forums.moneysavingexpert.com/discussion/comment/80027930#Comment_80027930

Glad you managed to sort it 😊

So regarding Chip - Has anyone had any problems with them when trying to withdraw or transfer large amounts of money? If so, what were the issues, how were they resolved and how long did it take?

Bigwheels1111

So for I'm very impressed with Chip.

Instant deposits using open banking, plus instant withdrawals.

Tried both over the weekend and bank holiday.

I found the best way to set up Chip by mistake.

Opened the account but only added debit card, did not fund the account as takes 2 day to credit via debit card.

Once open I looked through the settings and found link account via open banking.

Simple and easy, from memory Tandem we're the same with open banking.

t1redmonkey

Only slightly annoying Chip related thing for me is I can't deposit more than £2k/day into the account. Not sure if there's some way around that.