The Top Easy Access Savings Discussion Area

moi

Re:  moving from Chip to Gatehouse...

I'm not jumping ship immediately, but as I haven't used my Gatehouse since last year, I'm trying to find the timings of paying in/out/profit. All I remember is they were slow.

I've found the pay in terms: "If you make a deposit into your account before 1pm on a working day, funds will show on your account by close of business the same day. If your deposit is made after 1pm, funds will show by close of business the following day."

But searching, I can't find if they pay profit from the day the payment is received, or if it's only from when the "funds show on your account."

If it were the latter, I was thinking there would be no point in moving money into Gatehouse until Monday morning anyway.

Do anyone have that profit payment info to hand, please? Thanks.

grumbler

jaceyboy said:

does anyone know why we gte a lesser rate when signing up for monthly interest?

How much lesser? I think it's just because the monthly rate doesn't take compounding into account.
(1+0.0375÷12)^12=1.0382

refluxer

jaceyboy said:

Ive got £76k in Chip and waiting for them to raise their rates, I agree with above they arent so fast now to raise and be the benchmark rate, if they dont I will be pulling mine out, does anyone know why we gte a lesser rate when signing up for monthly interest?

Chip only pay interest monthly and it's at a gross rate of 3.75% which equates to 3.82% AER when compounding is taken into account.

allegro120

jaceyboy said:

does anyone know why we gte a lesser rate when signing up for monthly interest?

We get the same rate it just displayed in two different ways.  The lower one is "gross" - showing the rate you will get if you make monthly withdrawals of your interest. The higher one is annual equivalent rate - showing the rate you will get if you don't withdraw.  For EA accounts I always go for monthly option if available.

Zaul22

I think everyone is expecting that on Monday:

1) Al Rayan matches or beats Gatehouse
2) Chip moves above Al Rayan. 

They might not but Chip really has to keep offering the top rate as that's literally the only thing good about it. The app is terrible and doesn't do anything other accounts don't do, high rates are their only selling point. 

AmityNeon

moi said:

Re:  moving from Chip to Gatehouse...

I'm not jumping ship immediately, but as I haven't used my Gatehouse since last year, I'm trying to find the timings of paying in/out/profit. All I remember is they were slow.

I've found the pay in terms: "If you make a deposit into your account before 1pm on a working day, funds will show on your account by close of business the same day. If your deposit is made after 1pm, funds will show by close of business the following day."

But searching, I can't find if they pay profit from the day the payment is received, or if it's only from when the "funds show on your account."

If it were the latter, I was thinking there would be no point in moving money into Gatehouse until Monday morning anyway.

Do anyone have that profit payment info to hand, please? Thanks.

I've made deposits after 1 PM on a Friday, and they showed up on Saturday morning. E.g.:

Faster Payment Posted 09/06/2023
10/06/2023

As far as I can tell, profit is calculated from when funds "show on your account" (the lower 'value' date). Profit is calculated at close of business on the last day of your profit period and added immediately, post-dated (value date) to the next day, the start of your next profit period, i.e. monthly/yearly anniversary.

Mr._H_2

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.

AmityNeon

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.

Freedommm

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. 

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....