The Top Easy Access Savings Discussion Area

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.

georged123

Do Sainsburys automatically update rates for existing accounts when they release new issues?

jaceyboy

Shame Chip dont do joint accounts, moving mine out so can 50% the allowance

BreakingGlass

georged123 said:

Do Sainsburys automatically update rates for existing accounts when they release new issues?

Sadly no!  I have just this morning opened Issue 45 and closed 44.  I have had every issue since 41!

Sea_Shell

Hmmm might have to dip a toe in Chip.

Not used them before.

Easy to set up and use in the app?
Electronic ID verification?


ETA - reviews seem a bit ... marmite 😲

Hattie627

Chip has gone up to 4% from today.

Stargunner

Malchester said:

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.

I have stuck with Chip because I have had no problems whatsoever with them. Deposits and withdrawals are always instant. Some on here are obsessed with having their money in the highest paying account and regularly switch back and forth for less than 0.1%. I don’t mind losing out on a small bit of interest as long as I am happy with the product and they are there or thereabouts with interest rates paid by the other top accounts.

barafear799

BreakingGlass said:

georged123 said:

Do Sainsburys automatically update rates for existing accounts when they release new issues?

Sadly no!  I have just this morning opened Issue 45 and closed 44.  I have had every issue since 41!

I think I've gone back to 38!! And they seem to send you a letter in the post every time you open or close - the new account comes with a 30 page booklet - they must spend a fortune in postage!!! (unless I've inadvertently ticked a box to have stuff posted to me) - how long before Tesco (3.45%) up their rates now?

poppystar

subjecttocontract said:

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).

How easy is it to switch issues? I’m a bit fed up of constantly having to close and open so am looking for somewhere that changing issue if new one released is easy. Especially as it’s now almost every few weeks as you say.

BreakingGlass

poppystar said:

subjecttocontract said:

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).

How easy is it to switch issues? I’m a bit fed up of constantly having to close and open so am looking for somewhere that changing issue if new one released is easy. Especially as it’s now almost every few weeks as you say.

It's a bit clunky.  Opening the new account is relatively straightforward with auto-population of most form entries except NI number and Nectar Card number (not sure what the latter achieves!).  However, when you close the old account it opens a closing/transfer form where you have to cut and paste old/new account numbers and sort-codes - the user interface could be much improved.  Once closure request is submitted, it took a couple of hours to show that the old balance plus interest has moved to the newly opened 'issue'.  I am getting quite used to carrying out the process for both my account and my wife's.