The Top Easy Access Savings Discussion Area

TiVo_Lad

BooJewels said:

masonic said:

Doctor_Who said:

masonic said:

Doctor_Who said:

SanguineOnSaturn said:

Is there a list of other clearbank accounts to see how the fscs 85k might be shared among multiple institutions?

Do you mean whether ClearBank has a shared banking licence and so may share FSCS protection? If so the answer is no:

This bank isn't linked to any others, for savings safety purposes

This means the £85,000 per person protection isn't shared between any other banks.

https://www.moneysavingexpert.com/savings/safe-savings/

I think the poster was looking for a list of providers using ClearBank's licence, of which there are several, including Chip and Raisin.

I've always used the MSE page to check if financial institutions are linked for FSCS protection - is this giving incorrect information regarding ClearBank? I have money with Chip and Raisin, presumably the FSCS limit would apply to money in the Raisin holding account (ClearBank) and Chip? I never keep money in the Raisin holding account for longer than necessary!

https://www.moneysavingexpert.com/savings/safe-savings/

No, it isn't giving incorrect information because neither Chip nor Raisin are banks. However, you'd be wrong to take away from that result that you could hold £85k in a Chip savings account provided by ClearBank AND have additional cover for money in Raisin's holding account provided by ClearBank. To be fully covered for the FSCS, your total balance across all accounts provided by ClearBank must not exceed £85k.

The situation is the same as if you held a large cash balance at two different investment providers who happened to use the same bank for their client money account. If you look up Barclays, it doesn't mention the fact that Hargreaves Lansdown and others will park cash there that would be considered part of the Barclays limit (ditto for HL's active savings account).

If that's true - then several smaller providers use Barclays as their clearing bank, but they all clearly offer the full £85k FSCS protection in their terms - none of the ones I know of tell you that your protection is shared over a number of organisations that use the same bank - if that bank goes under. 

For example; Ford Money:  "It protects up to £85,000 (or £85,000 each, for joint account holders) of the money in your Ford Money accounts."

First Save:  "Your eligible deposits with FirstSave are protected up to a total of £85,000 by the Financial Services Compensation Scheme"

Charter:  "Your eligible deposits held by a UK establishment of Charter Savings Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit protection scheme."

The three you have quoted all hold a banking license:

Ford Money https://register.fca.org.uk/s/firm?id=001b000000MfJwuAAF

First Save https://register.fca.org.uk/s/firm?id=001b000000MfMNsAAN

Charter https://register.fca.org.uk/s/firm?id=001b000000NMRUpAAP

They are therefore allowed to hold or control client money and are FSCS Registered in their own right. Where they hold the money isn't relevant for your protection because you're protected by their own FSCS registration, not the FSCS registration of the organisation where your money actually resides. If Barclays went bust, you'd claim under the three individual protections.

SJMALBA

Very limited EA:

Chorley Building SocietyEasy Access Saver (1 Withdrawal) - 4.65%

https://www.chorleybs.co.uk/saving/easy-access-saver-1-withdrawals/

BooJewels

TiVo_Lad said:

BooJewels said:

masonic said:

Doctor_Who said:

masonic said:

Doctor_Who said:

SanguineOnSaturn said:

Is there a list of other clearbank accounts to see how the fscs 85k might be shared among multiple institutions?

Do you mean whether ClearBank has a shared banking licence and so may share FSCS protection? If so the answer is no:

This bank isn't linked to any others, for savings safety purposes

This means the £85,000 per person protection isn't shared between any other banks.

https://www.moneysavingexpert.com/savings/safe-savings/

I think the poster was looking for a list of providers using ClearBank's licence, of which there are several, including Chip and Raisin.

I've always used the MSE page to check if financial institutions are linked for FSCS protection - is this giving incorrect information regarding ClearBank? I have money with Chip and Raisin, presumably the FSCS limit would apply to money in the Raisin holding account (ClearBank) and Chip? I never keep money in the Raisin holding account for longer than necessary!

https://www.moneysavingexpert.com/savings/safe-savings/

No, it isn't giving incorrect information because neither Chip nor Raisin are banks. However, you'd be wrong to take away from that result that you could hold £85k in a Chip savings account provided by ClearBank AND have additional cover for money in Raisin's holding account provided by ClearBank. To be fully covered for the FSCS, your total balance across all accounts provided by ClearBank must not exceed £85k.

The situation is the same as if you held a large cash balance at two different investment providers who happened to use the same bank for their client money account. If you look up Barclays, it doesn't mention the fact that Hargreaves Lansdown and others will park cash there that would be considered part of the Barclays limit (ditto for HL's active savings account).

If that's true - then several smaller providers use Barclays as their clearing bank, but they all clearly offer the full £85k FSCS protection in their terms - none of the ones I know of tell you that your protection is shared over a number of organisations that use the same bank - if that bank goes under. 

For example; Ford Money:  "It protects up to £85,000 (or £85,000 each, for joint account holders) of the money in your Ford Money accounts."

First Save:  "Your eligible deposits with FirstSave are protected up to a total of £85,000 by the Financial Services Compensation Scheme"

Charter:  "Your eligible deposits held by a UK establishment of Charter Savings Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit protection scheme."

The three you have quoted all hold a banking license:

Ford Money https://register.fca.org.uk/s/firm?id=001b000000MfJwuAAF

First Save https://register.fca.org.uk/s/firm?id=001b000000MfMNsAAN

Charter https://register.fca.org.uk/s/firm?id=001b000000NMRUpAAP

They are therefore allowed to hold or control client money and are FSCS Registered in their own right. Where they hold the money isn't relevant for your protection because you're protected by their own FSCS registration, not the FSCS registration of the organisation where your money actually resides. If Barclays went bust, you'd claim under the three individual protections.

Thanks for the clarification, I thought that must be the case (hence I said 'if that's true'), but wasn't sure how to check it myself, I figured someone here would already know.  I realise @masonic did say 'investment providers' but many people might think that included savings organisations.

Doctor_Who

The situation is the same as if you held a large cash balance at two different investment providers who happened to use the same bank for their client money account. If you look up Barclays, it doesn't mention the fact that Hargreaves Lansdown and others will park cash there that would be considered part of the Barclays limit (ditto for HL's active savings account).

I wonder if the people on the Pensions board who hold a large amount of cash in their SIPP to avoid volatility are aware of this, especially if they also have large sums held with the same bank outside the SIPP.

sheslookinhot

I doubt that providers who allow only one withdrawal can be deemed easy-access. Easy access is just what it says, easy access. One or two allowed withdrawals per annum are certainly not easy access. They are not that far away from fixed accounts.

friolento

ranciduk said:

Shawbrook now

4.52% Annually 4.43% Monthly

Didn’t have to message them this time - updated automatically 

too late, Shawbrook, I am afraid. I moved my balance back to Chip yesterday, and I won't be moving it back to Shawbrook because the withdrawal takes a working day. Chip is instant 24x7.

boingy

SJMALBA said:

Chorley Building SocietyEasy Access Saver (1 Withdrawal) - 4.65%

I just had to check the calendar to make sure it wasn't April Fool's day. 

Hattie627

Should there not be an agreed definition of what an "easy access" account actually means?

The "no chat" Easy Access thread currently has the new 4.65% Chorley BS account at the top of the charts. This allows only one withdrawal per year. If more than one withdrawal, the rate is slashed. No way does this compare with genuine "easy access" accounts. Seems strange that such a restricted account gets immediate entry to the top chart position when Chip was excluded for so long. 

TiVo_Lad

I’m sure @soulsaver can speak for themselves but I believe the definition is along the lines of access without notice, not unlimited access without notice. 

crumpet_man

Easy access = no notice?

Instant access = no notice and no withdrawal restrictions?