The Top Easy Access Savings Discussion Area

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allegro120 said:

boingy said:

kjs31 said:

lcooper said:

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.

I tried endless times to deposit into Chip via OB but my bank just wouldn’t allow it. I spent more time with my account locked out or on the phone to the fraud team than was worth the effort that week. So I ended up using my debit card to deposit the money not realising that there was any risk involved. That said the money arrived ok but I would probably think twice about doing it again. 

You can now deposit with faster payments, a fairly recent addition to the options. From the sending end just add the Chip account as a payee with account number and sort code and send the money direct, no Open Banking involved. I think you can only do this from the linked account but I might be wrong.

I've tried faster payments option, deposited £1 from my linked account.  It worked, but took about 2 hours to arrive so I will stick with Open Banking.

That'll be your bank, most likely, not CHIP. When I send Faster Payments to CHIP from my Nationwide FlexAccount I get the "You've made a deposit" eMail from CHIP before I've logged off from the Internet Bank.

kjs31

Bigwheels1111 said:

So not Chips fault but your bank.
Ive used open banking 3 times now, Chip, Tandem and can’t remember the third.
All worked seamlessly.

No not Chip’s fault but given their protection clause other options were required (sounds like they have added one now). I don’t have any other accounts where you can’t deposit with faster payments so it was an omission in the early days IMO. 

ircE

I appreciate this is off topic but because there have been pages of comments already, I thought some may like to read these articles published this week on the topics of savings platforms and FSCS protection:

Savings platforms - Money to the Masses

Are your savings protected? - The Times

martinm1

kjs31 said:

lcooper said:

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.

I tried endless times to deposit into Chip via OB but my bank just wouldn’t allow it. I spent more time with my account locked out or on the phone to the fraud team than was worth the effort that week. So I ended up using my debit card to deposit the money not realising that there was any risk involved. That said the money arrived ok but I would probably think twice about doing it again. 

I had the same,  but after a chat to the fraud team and convincing them that it was not part of a scam they sent the money.  Now everytime I request to be sent to chip it goes through no problem..  but I'm sure the banks are not happy that my savings are earning over 4% Vs their less than 1%

happybagger

Apologies if already posted, Cambridge BS Your Saver Account from 21/7/23: 4.15%
source

tg99

I recall seeing in an earlier post that with Shawbrook you lose a day’s interest when withdrawing. Are there any others that people are aware of? I believe this is the case with Chorley too though have not done a withdrawal to test.

Mr_Kim

Shawbrook bank was once recommended by MSE for having an easy access savings account with an interest rate second only to Chip/Clearbank. So I opened an account with Shawbrook bank at the start of the year (2023) and at first all was fine. As the BOE increased rates so Shawbrook passed these increases on to existing customers. Then suddenly the rate increases stopped. I recently discovered that Shawbrook are now employing an old dodge of passing on the higher rates to new customers only. They do this by introducing new savings accounts with higher rates whilst leaving existing customers on the old rates. This was a practice that banks such as the Halifax introduced in the 1990’s and annoys me today as much as it did then. So I have closed my account with Shawbrook and have opened a secondary account with Ford Money instead. I should add that Chip remains my primary savings account and is perfect in almost every regard (apart from not supporting joint accounts).

pecunianonolet

Mr_Kim said:

Shawbrook bank was once recommended by MSE for having an easy access savings account with an interest rate second only to Chip/Clearbank. So I opened an account with Shawbrook bank at the start of the year (2023) and at first all was fine. As the BOE increased rates so Shawbrook passed these increases on to existing customers. Then suddenly the rate increases stopped. I recently discovered that Shawbrook are now employing an old dodge of passing on the higher rates to new customers only. They do this by introducing new savings accounts with higher rates whilst leaving existing customers on the old rates. This was a practice that banks such as the Halifax introduced in the 1990’s and annoys me today as much as it did then. So I have closed my account with Shawbrook and have opened a secondary account with Ford Money instead. I should add that Chip remains my primary savings account and is perfect in almost every regard (apart from not supporting joint accounts).

For Easy Access you can send them a secure message and they usually apply the new rate to older issues, sometimes it's done automatically. It's a bit of faff but I found their service (only have an ISA with them) rather great.

13zero8

Yep, Shawbrook is a bit weird when it comes to new accounts with higher rates. The last rate increase was applied automatically to my account.... the one before that I had to send them a message requesting my account be "upgraded" to the higher rate.... and the times before that it's been a mix of the two.

cloud_dog

Mr_Kim said:

Shawbrook bank was once recommended by MSE for having an easy access savings account with an interest rate second only to Chip/Clearbank. So I opened an account with Shawbrook bank at the start of the year (2023) and at first all was fine. As the BOE increased rates so Shawbrook passed these increases on to existing customers. Then suddenly the rate increases stopped. I recently discovered that Shawbrook are now employing an old dodge of passing on the higher rates to new customers only. They do this by introducing new savings accounts with higher rates whilst leaving existing customers on the old rates. This was a practice that banks such as the Halifax introduced in the 1990’s and annoys me today as much as it did then. So I have closed my account with Shawbrook and have opened a secondary account with Ford Money instead. I should add that Chip remains my primary savings account and is perfect in almost every regard (apart from not supporting joint accounts).

Just to balance this.... I've been with SB for many years and am very happy to hold my money with them, even including their little quirks.

Just as a comment... We have an account with Ford (and similarly like them), but you'll need to keep an eye on Ford, as prior to the more recent interest rate changes (last 6 months???) they were very slow with any increases in interest rates.  More recently they have been relatively quick to respond to rate changes.