The Top Easy Access Savings Discussion Area

soulsaver

Re Chips inclusion in ToTP:

My personal 'unconvinced' view of the Chip FSCS 100% cover, 100% of the time hasn't changed. 

I've just decided to include them in the list (for now) instead of getting embroiled in another discussion about their omission.

Please DYOR, form you own opinion - don't rely on the fact that they're included in the ToTP as any confirmation of contiguous FSCS protection... 

dgpur

You’ve made the right decision I’d say - putting them in the ranking, but not legitimising them, so people can form their own judgements.

martinm1

boingy said:

martinm1 said:

If you do ditch chip after 4th working day of month you don't get the interest.  Is that correct how I read their terms?  Just something to be aware of.

Have you got a link for that? 

It was when I signed up.  I can't seem to find any terms on the app.

martinm1

I'm confused by this.  Does it mean if I withdraw more than twice from my chip savings account I'll be charged £1 each time.

masonic

martinm1 said:

I'm confused by this.  Does it mean if I withdraw more than twice from my chip savings account I'll be charged £1 each time.

That historic document suggests that was the case in late 2022, before Chip partnered with ClearBank. Out of interest, where did you find it? It looks like someone saved it to Google Drive.

FWIW, I've made multiple (>2) withdrawals on different days in several months since opening the account earlier this year and have never heard of nor been charged this fee.

boingy

martinm1 said:

I'm confused by this.  Does it mean if I withdraw more than twice from my chip savings account I'll be charged £1 each time.

That info is out of date. They updated their T&Cs earlier this year. Withdrawals are free.

TiVo_Lad

Skipton Bonus Saver Issue 8 at 4.45% (0.62% Bonus fo 12 Months). Annual interest only.

https://www.skipton.co.uk/savings/easy-access/bonus-saver

@soulsaver

Eirambler

soulsaver said:

Re Chips inclusion in ToTP:

My personal 'unconvinced' view of the Chip FSCS 100% cover, 100% of the time hasn't changed. 

I've just decided to include them in the list (for now) instead of getting embroiled in another discussion about their omission.

Please DYOR, form you own opinion - don't rely on the fact that they're included in the ToTP as any confirmation of contiguous FSCS protection... 

I think that is a reasonable approach. It might maybe still be worth just putting a small caveat next to the chip link while keeping it on the main list - something like *not 100% FSCS protected, DYOR* or something to that effect.

Personally I don't use Chip, even if it's just a small risk I don't want to take it on for a product like easy access savings where there should be literally no risk at all unless you're saving absolutely huge amounts (which I'm not, sadly!).

jaceyboy

soulsaver said:

Re Chips inclusion in ToTP:

My personal 'unconvinced' view of the Chip FSCS 100% cover, 100% of the time hasn't changed. 

I've just decided to include them in the list (for now) instead of getting embroiled in another discussion about their omission.

Please DYOR, form you own opinion - don't rely on the fact that they're included in the ToTP as any confirmation of contiguous FSCS protection... 

Hold on, am I covered with Chip or not?

Mr._H_2

jaceyboy said:

soulsaver said:

Re Chips inclusion in ToTP:

My personal 'unconvinced' view of the Chip FSCS 100% cover, 100% of the time hasn't changed. 

I've just decided to include them in the list (for now) instead of getting embroiled in another discussion about their omission.

Please DYOR, form you own opinion - don't rely on the fact that they're included in the ToTP as any confirmation of contiguous FSCS protection... 

Hold on, am I covered with Chip or not?

If you deposit money using open banking or using faster payments direct from the funding account, then, in my opinion, you are covered 100% of the time, practically speaking, i.e. to the same extent as any other FSCS-protected account