The Top Easy Access Savings Discussion Area

jaceyboy

AmityNeon said:

Mr._H_2 said:

Zaul22 said:

Chip really has to keep offering the top rate as that's literally the only thing good about it. The app is terrible [...]

In what way is it terrible? Works flawlessly for me. That plus instant deposits and withdrawals makes it better (for me) that many other "easy" or "instant" access savings accounts.

Indeed, what's not good about 24/7 instant deposits/withdrawals with immediate email notifications? Using standard Faster Payments, i.e. not debit card or Open Banking, deposits function like any other savings account (but usually faster).

Gatehouse (and others) may have beaten Chip's rate, but it can be a hassle having to plan around 3-hour delays, working days, cut-off times, posted dates vs value dates, branch-only or post-only, double access, large minimum operating balances and withdrawal/deposit restrictions etc. That being said, I've still emptied Chip as a matter of a principle, because I'd rather they not rest on their laurels.

100% which is why i'd rather stick with them....

allegro120

AmityNeon said:

Mr._H_2 said:

Zaul22 said:

Chip really has to keep offering the top rate as that's literally the only thing good about it. The app is terrible [...]

In what way is it terrible? Works flawlessly for me. That plus instant deposits and withdrawals makes it better (for me) that many other "easy" or "instant" access savings accounts.

Indeed, what's not good about 24/7 instant deposits/withdrawals with immediate email notifications? Using standard Faster Payments, i.e. not debit card or Open Banking, deposits function like any other savings account (but usually faster).

Gatehouse (and others) may have beaten Chip's rate, but it can be a hassle having to plan around 3-hour delays, working days, cut-off times, posted dates vs value dates, branch-only or post-only, double access, large minimum operating balances and withdrawal/deposit restrictions etc. That being said, I've still emptied Chip as a matter of a principle, because I'd rather they not rest on their laurels.

I'll wait until Monday and if it stays the same I'll transfer most of funds from Chip to GH, but leave some in Chip for 24/7 instant access needs.  However, I won't be surprised if one of the usual competitors will beat GH on Monday.  Last time I've opened GH account in a couple of hours it was beaten by Al Rayan, so I didn't fund it any further than the initial test £1 deposit.

Futuristic

Freedommm said:

Futuristic said:

I have started putting large proportion of my liquid funds in Wise instead of moving around for every 0.1-2% everyone is scheming off, exception being my emergency fund in a normal bank. 

It's been mentioned here before probably so people need to understand the risks. Rate is now 4.11% and is technically easy access. (https://wise.com/gb/interest/)

That page isn't working for me but on their pricing page, the rate is quoted at 3.89%. Interestingly, USD gets 4.55%. But that presents another risk. 

Rates are updated every ~30 day last update was 8th June so just the public site hasn't updated. Shows updated in the account.

Variable annual interest rate 4.11% Rate as of 8 Jun 2023, after fees

USD is higher at 4.78% as well. 

MiserlyMartin

Freedommm said:

Futuristic said:

I have started putting large proportion of my liquid funds in Wise instead of moving around for every 0.1-2% everyone is scheming off, exception being my emergency fund in a normal bank. 

It's been mentioned here before probably so people need to understand the risks. Rate is now 4.11% and is technically easy access. (https://wise.com/gb/interest/)

That page isn't working for me but on their pricing page, the rate is quoted at 3.89%. Interestingly, USD gets 4.55%. But that presents another risk. 

It's 4.19% minus the 0.19% fee = 3.89% according to the wise site. Yes you'll pay a fee to convert to US$ and back again, but if you hold $ anyway for some other reason because you need to then that fee is negated. I like the idea of investing in short dated bond funds, is there any way of getting something similar with blackrock directly cutting out Wise the middle man?

MiserlyMartin

Has anyone tried arguing with HRMC about Gatehouse and all the other sharia banks that don't pay interest, that because it is not actually interest -  you don't pay tax on it?

TheBanker

MiserlyMartin said:

Has anyone tried arguing with HRMC about Gatehouse and all the other sharia banks that don't pay interest, that because it is not actually interest -  you don't pay tax on it?

It's still income. If you try the 'it's not interest' argument then they may agree and therefore not allow it to form part of your PSA! 

uptdale

MiserlyMartin said:

Has anyone tried arguing with HRMC about Gatehouse and all the other sharia banks that don't pay interest, that because it is not actually interest -  you don't pay tax on it?

It's not interest, but the tax law treats it as if it is interest.  There's a summary in HMRC's Tax Manual here: https://www.gov.uk/hmrc-internal-manuals/savings-and-investment-manual/saim2250

ForumUser7

Effective 15th June, Harpenden BS Online Instant Access Issue 1 (NLA) -> 3.84% Source ~ https://www.harpendenbs.co.uk/savings/personal-savings-accounts/

https://www.harpendenbs.co.uk/message-to-our-savers-rate-increases-active-from-thursday-15th-june-and-saturday-1st-july/

housebuyer143

ForumUser7 said:

Effective 15th June, Harpenden BS Online Instant Access Issue 1 (NLA) -> 3.84% Source ~ https://www.harpendenbs.co.uk/savings/personal-savings-accounts/

https://www.harpendenbs.co.uk/message-to-our-savers-rate-increases-active-from-thursday-15th-june-and-saturday-1st-july/

I'm getting a product closed next to it on the website?

wiseonesomeofthetime

housebuyer143 said:

ForumUser7 said:

Effective 15th June, Harpenden BS Online Instant Access Issue 1 (NLA) -> 3.84% Source ~ https://www.harpendenbs.co.uk/savings/personal-savings-accounts/

https://www.harpendenbs.co.uk/message-to-our-savers-rate-increases-active-from-thursday-15th-june-and-saturday-1st-july/

I'm getting a product closed next to it on the website?

That's what (NLA) means - No Longer Available, for info.