The Top Easy Access Savings Discussion Area

Hattie627

I don't hold huge amounts in easy/instant access accounts, usually just money awaiting deposit in other places like RS accounts. However it would still be painful if my Chip funds got caught up in the hypothetical weeds being discussed. Why take the risk for minimal benefit? I've moved my Chip funds out to a new Skipton Bonus Saver (4.45%) and to an existing Newcastle BS EA Tracker (4.30% NLA). Minimal interest decrease. I've left a small balance in Chip to make it easier if I decide to return. Hopefully Skipton will have an Issue 3 Members' Regular Saver which I might qualify for in a few months, who knows. 

If Chip raise their rate next week, I will probably be tempted back 

masonic

Hattie627 said:

I don't hold huge amounts in easy/instant access accounts, usually just money awaiting deposit in other places like RS accounts. However it would still be painful if my Chip funds got caught up in the hypothetical weeds being discussed. Why take the risk for minimal benefit? I've moved my Chip funds out to a new Skipton Bonus Saver (4.45%) and to an existing Newcastle BS EA Tracker (4.30% NLA). Minimal interest decrease. I've left a small balance in Chip to make it easier if I decide to return. Hopefully Skipton will have an Issue 3 Members' Regular Saver which I might qualify for in a few months, who knows. 

If Chip raise their rate next week, I will probably be tempted back 

Skipton uses Barclays for their banking services, so is another example of the type of savings provider we were talking about. I suppose the more you move your money around, the more you'd be tempting fate, but it's not something I lose any sleep over.

soulsaver

@Hattie627
You can check your  FSCS cover here: Bank & savings protection checker | Check your money is protected | FSCS

Skipton is covered. 

cadguy77

Yellowman said:

SJMALBA said:

Very limited EA:

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

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

What would be the (hypothetical) gross monthly rate on this annual interest payment account?

4.55% gross monthly I think 

PixelPound

Hattie627 said:

I don't hold huge amounts in easy/instant access accounts, usually just money awaiting deposit in other places like RS accounts. However it would still be painful if my Chip funds got caught up in the hypothetical weeds being discussed. Why take the risk for minimal benefit? I've moved my Chip funds out to a new Skipton Bonus Saver (4.45%) and to an existing Newcastle BS EA Tracker (4.30% NLA). Minimal interest decrease. I've left a small balance in Chip to make it easier if I decide to return. Hopefully Skipton will have an Issue 3 Members' Regular Saver which I might qualify for in a few months, who knows. 

If Chip raise their rate next week, I will probably be tempted back 

Sure the talk about Chip on here needs to be put in perspective. If your total savings across accounts is under £85,000 then really most of the talk is moot.

Chip are not a bank, and not themselves covered by FSCS, hence why the website says money at risk, but surely the money is covered by Clearbank if deposited. The only concern is if the total in clearbank across your savings is over £85K or the money you are currently depositing/transferring gets caught up if it went under.

Unless I am wrong?

pecunianonolet

Could we not just agree that if a bank goes under, may it be Clearbank, the whole banking industry would have a much bigger problem and we all would have much more to worry about in general. 

masonic

nic_c said:

Hattie627 said:

I don't hold huge amounts in easy/instant access accounts, usually just money awaiting deposit in other places like RS accounts. However it would still be painful if my Chip funds got caught up in the hypothetical weeds being discussed. Why take the risk for minimal benefit? I've moved my Chip funds out to a new Skipton Bonus Saver (4.45%) and to an existing Newcastle BS EA Tracker (4.30% NLA). Minimal interest decrease. I've left a small balance in Chip to make it easier if I decide to return. Hopefully Skipton will have an Issue 3 Members' Regular Saver which I might qualify for in a few months, who knows. 

If Chip raise their rate next week, I will probably be tempted back 

Sure the talk about Chip on here needs to be put in perspective. If your total savings across accounts is under £85,000 then really most of the talk is moot.

Chip are not a bank, and not themselves covered by FSCS, hence why the website says money at risk, but surely the money is covered by Clearbank if deposited. The only concern is if the total in clearbank across your savings is over £85K or the money you are currently depositing/transferring gets caught up if it went under.

Unless I am wrong?

Money at rest in your savings account is covered by the underlying provider of the savings account. Money in transit will be subject to the coverage available from the entity holding it at that moment in time. This may be your linked bank, the savings provider, a clearing bank used by the savings provider, or a third party payment service provider (in the case of debit card payments). Debit card payments appear to be the weakest link in this regard, but all money in flight at the time of a failure has the potential to cause a headache for the owner. None of this is specific to Chip, although Chip differs from most other providers in that it uses a different regulated firm to provide its banking services.

friolento

Chip savings, except those deposited by card, are in principle no different to savings via Raisin, Monzo or HL Active Savings. Any money deposited into Chip by OB or Faster Payment goes into Clearbank in seconds and is then FSCS protected, up to £85k total deposits across all your Clearbank accounts.

If you deposit by card, directly or via ApplePay or Google Wallet, your money goes into pending status and takes 3 working days to clear. Whilst it is pending, you have no FSCS protection on it, and you also don’t get interest on it.

Bottom line is therefore that your Chip deposits by OB or FP are as safe as your deposits into other savings accounts with FSCS protection. We simply have to watch we don’t exceed the FSCS limit - again, that’s the same for all savings accounts.

It would help if Chip did make this clearer on their website.

janusd

crumpet_man said:

Easy access = no notice?

Instant access = no notice and no withdrawal restrictions?

FWIW, in my circumstances, i'd probably describe them as...

Easy Access = can make withdrawal and receive money today or tomorrow - number of withdrawals per account is irrelevant as long as you are fully aware of those limits when opening.

Instant Access = withdrawals arrive within an hour (being generous - usually quicker) 24/7.

phillw

crumpet_man said:

Easy access = no notice?

Instant access = no notice and no withdrawal restrictions?

I'd say that was the opposite way round.

Instant access means you give no notice (though I'm not sure whether I'd describe withdrawals that come out the next day as "instant").

Easy access is if you don't have to consider any other restrictions.

Maybe it would be better to rename the thread "top no-notice accounts" if that is the intention.