The Top Easy Access Savings Discussion Area

subjecttocontract

refluxer said:

housebuyer143 said:

If that's the case I want to open it 👍 I'm not really a fan of these easy access with all these annoying caveats. As long as it's not stuck in there for a year though I'll take it

I really wouldn't bother with the Sainsburys account - if Chip are going to 4%, then other similar accounts without withdrawal restrictions will almost certainly follow soon.

The Sainsbury's withdrawal restrictions havnt been a problem for me because each account only last a couple of weeks before they release another uprated issue which starts the 3 withdrawal restriction again. Since March I think I'm on the 7th issue (iss44).

JimLad

I dont understand why you guys bother moving away from chip for such small bumps. We know they are always going to be there or thereabouts

SeriousHoax

Let the chip see the sauce.😛

iNeed2P

JimLad said:

I dont understand why you guys bother moving away from chip for such small bumps. We know they are always going to be there or thereabouts

Always going to be there, you're certain of that?
Define thereabouts, 2% or more is thereabouts IMO

Bigwheels1111

iNeed2P said:

Bigwheels1111 said:

Hello Chip my old friend my money is off to you from Coventry once again.

Why though?

Instant deposits and withdrawals

SJMALBA

JimLad said:

I dont understand why you guys bother moving away from chip for such small bumps. We know they are always going to be there or thereabouts

Even if that's true, would that be the case if people didn't move their money out?

Malchester

JimLad said:

I dont understand why you guys bother moving away from chip for such small bumps. We know they are always going to be there or thereabouts

I agree. I have been known in the past to chase rates and open new accounts, or re-fund old ones still open when there is an increase in rates. But have now got fed up with it. Did use chip but don't really like them. To be honest too many problems transferring money. Tried YBS and Coventry BS but their systems are archaic. Have settled with Investec Online Easy Access. Not the top payer but usually not far off, speedy (almost instant) transfers, excellent online platform and good customer service. Now intend to stick with Investec, the interest rate is important but it is not the be all and end all of depositing funds.

cwep2

JimLad said:

I dont understand why you guys bother moving away from chip for such small bumps. We know they are always going to be there or thereabouts

Those who have been doing this long enough will remember when Al Rayan was the consistent top payer, or Marcus, or Zopa. And then there comes a time when they just don't seem to compete any more to be top or even in the top 3.

Chip bested others on the same day earlier this year to maintain their top rate, but in the last month they dropped out of the top 5, clearly they *can* increase rates within a day but more recently they have *chosen not to*. There will almost certainly be a time in the coming 12 months where Chip is consistently outside the top 3-5 rates as seems to happen with most of these accounts and you are correct to move on rather than hope they match others.

Given you can easily move back if they do match rates there is little lost in moving, it takes me 2-3 minutes of effort max to switch funds across.

jak22

It wasnt likely wise to move significant funds into that new Coventry 4 access account straight away as it was only just above current EA rates with a BoE meeting soon - hopefully Coventry will return to increasing rates after each BoE rise as they did right up to a few months ago.

Looking at a single transfer it might not seem to make sense to shuffle funds for small 0.1% differences but across a whole year then the extra earned by moving to the top accounts starts to adds up - and the amount lost by keeping funds in those once popular accounts that are slow to increase rates also adds up over time.

AmityNeon

JimLad said:

I dont understand why you guys bother moving away from chip for such small bumps. We know they are always going to be there or thereabouts

I'm sure Chip relied on this loyalty to deliberately wait over two weeks before increasing their rate, testing the waters to see how much they could get away with gradually lagging further behind, instead of instantly climbing back to the top as they did thrice previously. I certainly don't know what any provider will do regardless of their historical patterns, so I just move my money as the tides ever turn.