The Top Easy Access Savings Discussion Area

flobbalobbalob

TiVo_Lad said:

You can also look at the situation from ClearBank's perspective:

https://clear.bank/use-cases/fintech

They've only got 5 clients !

masonic

Eirambler said:

lcooper said:

Eirambler said:

 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.

That would be misleading because if you deposit with OB or Faster Payment, you get 100% FSCS protection. It's only deposits made by card, either directly or via a payment wallet, which are not protected until cleared.

Surely then it would be misleading to say that it is 100% protected, if it's only protected when you deposit in certain ways? So I think my original suggestion holds true, it's not 100% FSCS protected like other accounts on the list and you should DYOR to see if it's for you or not. It's not for me anyway.

In Chip's own words: "Whilst your transactions are pending, your money is safeguarded, but not covered by FSCS."

That tells me all I need to know. And will probably be similar for anyone who saw what happened to people on this forum with Crown Currency Exchange some years ago.

Edit - I see soulsaver has added a note to the listing, I think that deals with the issue well. Like all the accounts it's for people take their own decisions after that.

No savings account offers FSCS protection for money not in the account. While a debit card transaction is pending, the money has not been debited from your linked account.

friolento

Eirambler said:

lcooper said:

Eirambler said:

 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.

That would be misleading because if you deposit with OB or Faster Payment, you get 100% FSCS protection. It's only deposits made by card, either directly or via a payment wallet, which are not protected until cleared.

Surely then it would be misleading to say that it is 100% protected, if it's only protected when you deposit in certain ways? So I think my original suggestion holds true, it's not 100% FSCS protected like other accounts on the list and you should DYOR to see if it's for you or not. It's not for me anyway.

In Chip's own words: "Whilst your transactions are pending, your money is safeguarded, but not covered by FSCS."

That tells me all I need to know. And will probably be similar for anyone who saw what happened to people on this forum with Crown Currency Exchange some years ago.

Edit - I see soulsaver has added a note to the listing, I think that deals with the issue well. Like all the accounts it's for people take their own decisions after that.

I don't find it hard to remember that I should use OB or FP for my deposits into Chip, not least because they are the fastest and easiest to make a deposit.

I totally agree with you, it's for people to decide which accounts they like to use. I just don't think it's very helpful if people get scared off accounts with unqualified statements.

FishInGlass

BooJewels said:

Bridlington1 said:

Halifax could be worth keeping an eye on in the future though. Their reward bonus saver has just risen to 4.2%, which is only 0.15% off being included in the top 10 if I'm not mistaken. 

From memory that's a triple access account - which I decided against for that reason - so probably won't meet many people's 'easy access' criteria.

It is only at this rate for one year and closing the account counts as one of three withdrawals.

Slightly off topic.

They also have an Cash ISA reward bonus saver paying the same rate, might be useful for some if they haven't dipped their toe into this year's allowance already.

Bobblehat

dgpur said:

Virgin M Plus saver has made a laughably slow and poor increase from 3.03% to 3.55% (under £25,000, still 2.52% for balances above that).

Mine's showing 3.5% AER rather than 3.55%?

Bobblehat

Similar to my comment above on slight discrepancy with Virgin M Plus Saver rates ..... got an email from Charter saying EA Issue 28 is going to 4.00% Gross (4.09% AER) tomorrow.

There is a link to the rate summary in the email .... but when you look there, it lists the latest increase as 4.02% (Monthly) and 4.10% AER? I guess I could wait and see what happens tomorrow!

TiVo_Lad

flobbalobbalob said:

TiVo_Lad said:

You can also look at the situation from ClearBank's perspective:

https://clear.bank/use-cases/fintech

They've only got 5 clients !

They have five use-cases listed on their website highlighting what they do.

jaypers

Charter new issue Easy Access now 4.10% Gross (4.02%) which is Issue 41. Issues up to Issue 29 also following suit from tomorrow. Looks like anyone with Issue 30 thru 40 gets less which is an odd move. 

Zopa_Trooper

Kroo going to 4.35% from August 1st.

Bobblehat

jaypers said:

Charter new issue Easy Access now 4.10% Gross (4.02%) which is Issue 41. Issues up to Issue 29 also following suit from tomorrow. Looks like anyone with Issue 30 thru 40 gets less which is an odd move. 

So much for Charter's email then! EA Issue 28 4.00%/4.09% on 21/07 ... why did they send those figures?