The Top Easy Access Savings Discussion Area

soulsaver

SJMALBA said:

brucefan_2 said:

mebu60 said:

I have just cleared out Charter (£1 balance) and significantly reduced Gatehouse.
So you can thank me later when their rates increase. 

Gatehouse EA account not available to new customers at the moment.

Website still stating that the EA account is 'under review' 

It's been like that since last week (Wednesday?), when they announced the increase to existing accounts - 4.07% monthly (4.15% AER ?), effective 4.7.23.

Correct.. But I can confirm that the 4.15% is applied to existing accounts.
And the functionality to apply for the latest rate appears to be available when logged in - so maybe available to existing customers, in the (possibly unlikely) event they don't already hold it.

grumbler

lcooper said:

Qyburn said:

Zaul22 said:

It's not a requirement to be on the list but out of the top few: Chip, no because it's an app in the first place. Cynergy, basically yes. Shawbrook, Yes. Coventry, yes. 

That implies an assumption that apps are inherently secure without any need for passwords or other security. By default I would call Chip 0FA, "Zero Factor Authetication", because by default launching the app gives full control of the account, no password or biometrics or anything. At best you can add a four digit PIN.

Agree that an app isn't inherently safe but I don't have concerns about Chip. I use FaceID for Chip.

The worst a hacker could do with my Chip account is make a withdrawal to my linked current account. I

The worst they can do is to send a secure message to have the linked account removed and then to add their account instead.

Zaul22

Qyburn said:

Zaul22 said:

It's not a requirement to be on the list but out of the top few: Chip, no because it's an app in the first place. Cynergy, basically yes. Shawbrook, Yes. Coventry, yes. 

That implies an assumption that apps are inherently secure without any need for passwords or other security. By default I would call Chip 0FA, "Zero Factor Authetication", because by default launching the app gives full control of the account, no password or biometrics or anything. At best you can add a four digit PIN.

Indeed, that's why I would never use Chip as a main account. There are lots of ways you can add extra Android security if the app is locked to one device, but Chip isn't. 

Doctor_Who

lcooper said:

Qyburn said:

Zaul22 said:

It's not a requirement to be on the list but out of the top few: Chip, no because it's an app in the first place. Cynergy, basically yes. Shawbrook, Yes. Coventry, yes. 

That implies an assumption that apps are inherently secure without any need for passwords or other security. By default I would call Chip 0FA, "Zero Factor Authetication", because by default launching the app gives full control of the account, no password or biometrics or anything. At best you can add a four digit PIN.

Agree that an app isn't inherently safe but I don't have concerns about Chip. I use FaceID for Chip.

The worst a hacker could do with my Chip account is make a withdrawal to my linked current account. If the hacker also has access to my current account, the problem appears to lie with myself rather than with the lack of 2FA at Chip. Similar applies to others such as Tandem

There is an interesting post from masonic regarding Chip security (or lack of). It seems the app security (face ID or fingerprint) can be quite easily bypassed, so it's best to use the lock function on your phone. Not sure what would happen if the hacker then contacted Chip through the app to change the linked account....do you get a confirmation code sent to the phone?

https://forums.moneysavingexpert.com/discussion/comment/80131675/#Comment_80131675

Edit: eventually found another post from masonic regarding this issue with Chip (you'll need to read the subsequent posts to get the whole picture).

https://forums.moneysavingexpert.com/discussion/comment/80075429/#Comment_80075429

boingy

Anyone know why Chip has dropped off the MSE EA chart? They list Kroo at 4.1% but Chip is 4.26%

Best savings accounts: 4.35% easy access or 6.15% fixed rates (moneysavingexpert.com)

KevinG

boingy said:

Anyone know why Chip has dropped off the MSE EA chart? They list Kroo at 4.1% but Chip is 4.26%

Best savings accounts: 4.35% easy access or 6.15% fixed rates (moneysavingexpert.com)

I wondered that too but I suspect it's already been discussed on this thread.

boingy

KevinG said:

boingy said:

Anyone know why Chip has dropped off the MSE EA chart? They list Kroo at 4.1% but Chip is 4.26%

Best savings accounts: 4.35% easy access or 6.15% fixed rates (moneysavingexpert.com)

I wondered that too but I suspect it's already been discussed on this thread.

You may well be right but this is a hard thread to keep on top of. I did scan back a few pages but the only Chip references I saw were about security.

KevinG

boingy said:

KevinG said:

boingy said:

Anyone know why Chip has dropped off the MSE EA chart? They list Kroo at 4.1% but Chip is 4.26%

Best savings accounts: 4.35% easy access or 6.15% fixed rates (moneysavingexpert.com)

I wondered that too but I suspect it's already been discussed on this thread.

You may well be right but this is a hard thread to keep on top of. I did scan back a few pages but the only Chip references I saw were about security.

Yes, likewise, and it has prompted me to set up security on my Chip account!

friolento

grumbler said:

lcooper said:

Qyburn said:

Zaul22 said:

It's not a requirement to be on the list but out of the top few: Chip, no because it's an app in the first place. Cynergy, basically yes. Shawbrook, Yes. Coventry, yes. 

That implies an assumption that apps are inherently secure without any need for passwords or other security. By default I would call Chip 0FA, "Zero Factor Authetication", because by default launching the app gives full control of the account, no password or biometrics or anything. At best you can add a four digit PIN.

Agree that an app isn't inherently safe but I don't have concerns about Chip. I use FaceID for Chip.

The worst a hacker could do with my Chip account is make a withdrawal to my linked current account. I

The worst they can do is to send a secure message to have the linked account removed and then to add their account instead.

That's not what happened when I changed my linked account. Did it happen to you, or to someone you know? What happened then?

Zaul22

Chip has never been in the list. It's above the list as DYOR, a holdover from when they didn't technically pay interest and looked at lot more dodgy.  It has probably earned a place by now but it's not like anyone is unaware of them anyway.