The Top Easy Access Savings Discussion Area

Yorkshire_Pud

ForumUser7 said:

liamcov said:

ForumUser7 said:

housebuyer143 said:

Why can't I find the Skipton bonus saver 4.35% on the app?

It seems to be 4.45%. Apply online ~ https://www.skipton.co.uk/savings/easy-access/bonus-saver

Is that issue 7? when did the rate rise?

Bonus Saver Issue 8 - I can’t remember, but check the no chat thread and this thread and you’ll find the first posting

If you have issue 7, your rate should be displayed in the app/online.

I’ve got Issue 7 for years now variable but only 3%.

logged in to open the 4.45% issue 8 and it’s nowhere to be seen. Seems only visible outside logged in status then allows you to log in to complete application! Maybe Skipton don’t want existing customers accessing the higher rate if they are stuck on issue 7.

Doctor_Who

boingy said:

Bridlington1 said:

tg99 said:

From the updated Chip terms and conditions:

• Section 15.1.7: addition to cover that excessive deposits and withdrawals (i.e. spamming the app) is a breach of our acceptable behaviour terms. 

I've just messaged them in the app to try and find out how many deposits and withdrawals are seen as "excessive" and the response was as follows:

What sort of spamming are they talking about? Is it to stop folks making loads of £1.01 debit card deposits to get round-ups?

From their new T&Cs:

15.1.7 engage in any form of excessive depositing and withdrawing. “Excessive” is defined here as making repetitive, immoderate, or unreasonable deposit or withdrawal requests with the intent to exploit or manipulate the Service provided by Chip

boingy

Doctor_Who said:

boingy said:

Bridlington1 said:

tg99 said:

From the updated Chip terms and conditions:

• Section 15.1.7: addition to cover that excessive deposits and withdrawals (i.e. spamming the app) is a breach of our acceptable behaviour terms. 

I've just messaged them in the app to try and find out how many deposits and withdrawals are seen as "excessive" and the response was as follows:

What sort of spamming are they talking about? Is it to stop folks making loads of £1.01 debit card deposits to get round-ups?

From their new T&Cs:

15.1.7 engage in any form of excessive depositing and withdrawing. “Excessive” is defined here as making repetitive, immoderate, or unreasonable deposit or withdrawal requests with the intent to exploit or manipulate the Service provided by Chip

Thanks, yeah I read that but I'm wondering what people have been doing to prompt them to add that clause.

TiVo_Lad

Interesting to note this:

In certain circumstances, the Bank of England may elect to reduce its base rate by 0.50% or more in a single
instance. Should this occur, Chip reserves the right to reduce the interest rate on the Chip Instant Access
Account exactly in line with any Bank of England rate reduction and to provide you with 48 hours’ notice of
this change (rather than 14 days, as described above).

They're clearly paving the way for rapid reductions in the interest rate they pay when the BoE pulls back on the fiscal tightening.

georged123

TiVo_Lad said:

Interesting to note this:

In certain circumstances, the Bank of England may elect to reduce its base rate by 0.50% or more in a single
instance. Should this occur, Chip reserves the right to reduce the interest rate on the Chip Instant Access
Account exactly in line with any Bank of England rate reduction and to provide you with 48 hours’ notice of
this change (rather than 14 days, as described above).

They're clearly paving the way for rapid reductions in the interest rate they pay when the BoE pulls back on the fiscal tightening.

This was my biggest take home from the updated conditions.

I took most of my money out of Chip yesterday as needed for other things but I'd probably not rush to top it back up. 

I can see them being really exposed to rate drops and becoming uncompetitive.

friolento

georged123 said:

TiVo_Lad said:

Interesting to note this:

In certain circumstances, the Bank of England may elect to reduce its base rate by 0.50% or more in a single
instance. Should this occur, Chip reserves the right to reduce the interest rate on the Chip Instant Access
Account exactly in line with any Bank of England rate reduction and to provide you with 48 hours’ notice of
this change (rather than 14 days, as described above).

They're clearly paving the way for rapid reductions in the interest rate they pay when the BoE pulls back on the fiscal tightening.

This was my biggest take home from the updated conditions.

I took most of my money out of Chip yesterday as needed for other things but I'd probably not rush to top it back up. 

I can see them being really exposed to rate drops and becoming uncompetitive.

I will cross that bridge when I come to it. Open plenty of accounts elsewhere for a potential easy exit. Mind you, I would expect all interesting savings rates will drop roughly at the same time 😢

refluxer

georged123 said:

TiVo_Lad said:

Interesting to note this:

In certain circumstances, the Bank of England may elect to reduce its base rate by 0.50% or more in a single
instance. Should this occur, Chip reserves the right to reduce the interest rate on the Chip Instant Access
Account exactly in line with any Bank of England rate reduction and to provide you with 48 hours’ notice of
this change (rather than 14 days, as described above).

They're clearly paving the way for rapid reductions in the interest rate they pay when the BoE pulls back on the fiscal tightening.

This was my biggest take home from the updated conditions.

I took most of my money out of Chip yesterday as needed for other things but I'd probably not rush to top it back up. 

I can see them being really exposed to rate drops and becoming uncompetitive.

You can be sure of all the other banks doing the same though, in the event of a rate cut. I expect the only difference between them will be the length of notice given.

jaceyboy

TiVo_Lad said:

Interesting to note this:

In certain circumstances, the Bank of England may elect to reduce its base rate by 0.50% or more in a single
instance. Should this occur, Chip reserves the right to reduce the interest rate on the Chip Instant Access
Account exactly in line with any Bank of England rate reduction and to provide you with 48 hours’ notice of
this change (rather than 14 days, as described above).

They're clearly paving the way for rapid reductions in the interest rate they pay when the BoE pulls back on the fiscal tightening.

If they do I will be moving all my dough out

pecunianonolet

Let's make hay while the sun still shines. 

Many of my regular supermarket products I buy just went up in price once again last week so inflation issues are to stay with us not going away any time soon

Nick_C

pecunianonolet said:

Let's make hay while the sun still shines. 

Many of my regular supermarket products I buy just went up in price once again last week so inflation issues are to stay with us not going away any time soon

Nobody is making hay with money in a savings account with a rate of interest that is 3% below inflation.  It's all about minimising losses.