The Top Easy Access Savings Discussion Area

SAC2334

alrk said:

So i have £4k in santanda edge at 4% if that doesnt go up soon it will get moved to chip!!!

My £4000 has gone to Chip at 4.21 % from Santander at 3.93 % (monthly ) today 

SAC2334

Zerforax said:

Guess its time to open a Chip account..

Has anyone had issues with transferring money from Chip? Tempted to now move all our saving funds into Chip. In the past we split across 2 or 3 providers but we don't need regular access to it other than for emergencies.

Chip has probably been the easiest to both open the account and move funds into compared to Chase  and Zopa as I chase the best rate  . 
I moved the max Gov protection ammount over a few hours from my linked account ( trying not to get a block from my bank as I ve had in the past  with transfers ) . All funds were moved instantly with no blocks from Santander this time. 
Chip let you fund via debit card or linked account .

janusdesign

SAC2334 said:

Zerforax said:

Guess its time to open a Chip account..

Has anyone had issues with transferring money from Chip? Tempted to now move all our saving funds into Chip. In the past we split across 2 or 3 providers but we don't need regular access to it other than for emergencies.

Chip has probably been the easiest to both open the account and move funds into compared to Chase  and Zopa as I chase the best rate.

my experience with Chip has been different - opened twice over many months, but as my primary and secondary current accounts either don't have an app, not supported by Chip or linking the current account via Chrome doesn't work in practice on my android phone, I closed the account each time - waste of time and effort...

maybe one day i'll try in on my iPad, but either way, i'd have to go around the houses to use it (e.g use a current account I don't use), so for me it's simply not worth the hassle for the trivial amount of interest it would get me... happy it works for others, but looks like it will never be on my active list of providers.

whereas, Chase and Zopa have been easy for me to use - not that I would use them for any significant savings now though.

PixelPound

A question to Chip users. It says I have a Chip membership but I only opened for the EAS account rather than the investment stuff. 

Can't seem to opt out of it. So is that the no monthly fee one (whereas Chipx has monthly charge) but just need to ignore it if using purely for EAS?

Specifically it says the platform is 0.5% min £1 per month. 

Doctor_Who

nic_c said:

A question to Chip users. It says I have a Chip membership but I only opened for the EAS account rather than the investment stuff. 

Can't seem to opt out of it. So is that the no monthly fee one (whereas Chipx has monthly charge) but just need to ignore it if using purely for EAS?

Specifically it says the platform is 0.5% min £1 per month. 

Yes, the standard membership is 'Chip' and is free. The others (e.g. ChipX) are paid memberships, but not required for the EA account. I've had no charges applied to my standard account over the last couple of months.

poppystar

dealyboy said:

The Independent are reporting this evening "Hunt 'working on solution' to ensure banks pass on interest rate rises to savers".

In the Commons Jeremy Hunt said " ... it is taking too long for the increases in interest rates to be passed on to savers, particularly with instant access accounts – the rates are more frequently being passed on to people who have fixed-term, fixed-notice accounts. ... there is an issue there. I raised that issue in no uncertain terms with the banks when I met them and I’m working on a solution because I think it is an issue that needs resolving.” 

Well of course it needs resolving, think how much more they would get in tax they bring even more people over the personal saving tax allowance! 

cwep2

simon_or said:

kaMelo said:

The problem only exisrs if you don't believe in a free market economy. Hunt's comments sums up the problem with the current Government, they are interventionists not Conservatives.

Quite frankly the last thing I want is a political solution to a non problem as it will no doubt be half arsed and full of unintended consequences.

Tbf the big/mega banks are more of a glorified utility than a free market business.

Heavily regulated, too big to fail, underpinned by implicit government/taxpayer guarantees and a business model essentially predicated on the expectation that they will be bailed out by the government/taxpayer or central bank when in trouble.

It's not just the UK, it's pretty similar across the entire western banking system in a party agnostic manner. No one's really been able to solve this conundrum.

I don't think there's an easy way to guarantee that big banks will pass on base rate rate hikes, perhaps they could make banks send out periodic updates to their customers highlighting the market leading FSCS protected savings rates available with other providers. That might encourage more people to switch and thus force the big banks to pay more to retain customers.

I think one way to force the issue is if they don't offer a savings account within say x% of some weighted average of the best buys, force them to email their customers every quarter to say "our savings rates are not competitive, but here is a list of the banks providing better rates <list of top 10 and rates they offer vs your own banks paltry offering> and here's how to open one of these accounts".

Would be a pretty shameful thing to send to your customers and a good way to encourage less active customers to vote with their feet. Banks would probably want to avoid sending it out and therefore offer better rates.

Of course I would expect the big banks to use things like the HSBC Bonus Saver or Barclays Rainy day saver which offer good rates on limited amounts (with strings attached) as a way to avoid this, but there are plenty of big banks that don't offer good rates at all. 

TiVo_Lad

UBL UK Easy Access Account 4.16% via the Raisin Marketplace

https://www.raisin.co.uk/term-deposit/ubl-uk-easy-access-account/#bank-product-details

The minimum deposit amount £1,000. Top up with the minimum amount of £500 per transaction. Maximum Balance £85,000. Usual Raisin Marketplace money transfer timings apply.

@soulsaver

Bridlington1

I just wish the government would mind its own business. If they make the banks raise their lowest EA rates it will end up being at the cost of the higher paying accounts many of us on this forum benefit from.

london21

Hi All,

I am with Santander esaver paying 3.2% but just seen today can get 4.21% with Chip.

I am about to open the account how long will they offer this for, Santander was 1 year variable.

Is it secure like Santander.

I know there is the FSCS £85k protection