The Top Easy Access Savings Discussion Area

artyboy

Eirambler said:

How is app only banking different to online only banking in practice - are there really that many people who are capable of managing an online account but can't manage an app? Would have said an app was easier, if anything.

I'm not averse to app only banking (I always use apps where available) but I've not seen one yet that offers joint accounts, which is something Mrs Arty and I have always had. Yes, you could always have one each with half as much in but frankly that's a bit of a faff and we'd rather not compromise.

It's not like it makes much financial sense to hold masses of cash in instant access accounts anyway, at least not over the longer term.

JimLad

Come on CHIP dont make me move back to Tandem...AGAIN

BestSeagull

Eirambler said:

How is app only banking different to online only banking in practice - are there really that many people who are capable of managing an online account but can't manage an app? Would have said an app was easier, if anything.

I'm completely comfortable with online banking but have not had any interest at all in any of the App only accounts until this latest Tandem offering which I really feel that I can't not take advantage of.

I'm not talking about ease of use (although I've found the Tandem app, glitchy and not intuitive, I'll get used to it with practice)  but it just doesn't "feel as safe" to me. Maybe because there is no website to fall back on if the app stops working?

Not necessarily logical but I've done my small test transfers in and out and am sitting here with £5k in a current account because I can't quite bring myself to trust it yet. 
I was actually going to post to ask if anyone else had felt nervous using app only and if so, how had they talked themselves into it!

Stargunner

BestSeagull said:

Zopa_Trooper said:

I'm wondering whether anybody else will bother challenging Tandem now. The BoE bank raise was 0.25%, anybody exceeding Tandem is going to have to raise their rate by nearly 0.5%. A step too far?

I think there are going to be a huge amount of people, even those who are rate chasers, who are not comfortable with App only banking. So the field is still wide open for the rest.

Why would people not be comfortable with app only banking. 

I prefer it, as it makes logging in far easier, especially with face recognition.

flaneurs_lobster

housebuyer143 said:

How do I check the rate I am getting at Newcastle on the app? It just links me to the website and a savings pdf from July. I want to ensure the rate has now increased with base rate rise.

Can't see it in the app, it's shown on the website (as 4.3%). NBS have 5 working days from the BoE announcement to apply the rate increase.

cwep2

Hope this ain’t too off topic, but thought it may be happening to others reading this thread this morning…
Taking money out of Chip to put into Tandem - they didn’t transfer the whole amount.

I withdrew a round amount, but when I checked my current account some lower odd amount was credited to my current account. In the Chip app it shows two withdrawals: a standard withdrawal (most of the funds, odd amount) and then a “Bonus Withdrawal” of the rest (£95.66) which is still processing hours later and hasn’t been credited to my account yet. The total of the two adds up to the amount I was trying to withdraw but Chip has split it into two payments, one of which is far from instant. 

For all the people saying Chip transfers are instant, it’s several hours later and I’m still almost £100 short with a withdrawal still “processing”. 

Has anyone else who has withdrawn money from Chip seen this?

BestSeagull

Stargunner said:

BestSeagull said:

Zopa_Trooper said:

I'm wondering whether anybody else will bother challenging Tandem now. The BoE bank raise was 0.25%, anybody exceeding Tandem is going to have to raise their rate by nearly 0.5%. A step too far?

I think there are going to be a huge amount of people, even those who are rate chasers, who are not comfortable with App only banking. So the field is still wide open for the rest.

Why would people not be comfortable with app only banking. 

I prefer it, as it makes logging in far easier, especially with face recognition.

It must just be me then!

friolento

cwep2 said:

Hope this ain’t too off topic, but thought it may be happening to others reading this thread this morning…
Taking money out of Chip to put into Tandem - they didn’t transfer the whole amount.

I withdrew a round amount, but when I checked my current account some lower odd amount was credited to my current account. In the Chip app it shows two withdrawals: a standard withdrawal (most of the funds, odd amount) and then a “Bonus Withdrawal” of the rest (£95.66) which is still processing hours later and hasn’t been credited to my account yet. The total of the two adds up to the amount I was trying to withdraw but Chip has split it into two payments, one of which is far from instant. 

For all the people saying Chip transfers are instant, it’s several hours later and I’m still almost £100 short with a withdrawal still “processing”. 

Has anyone else who has withdrawn money from Chip seen this?

This appears to be an ancient report, back from when Chip didn't pay interest but a bonus. It used to work as described in the T&Cs, so nothing untoward did happen.

It is now different. Best to read the FAQ for the current rules..

someone

Stargunner said:

BestSeagull said:

Zopa_Trooper said:

I'm wondering whether anybody else will bother challenging Tandem now. The BoE bank raise was 0.25%, anybody exceeding Tandem is going to have to raise their rate by nearly 0.5%. A step too far?

I think there are going to be a huge amount of people, even those who are rate chasers, who are not comfortable with App only banking. So the field is still wide open for the rest.

Why would people not be comfortable with app only banking. 

I prefer it, as it makes logging in far easier, especially with face recognition.

I was all for banking apps but I am becoming increasingly uncomfortable carrying around such easy access to large amounts of money. Locally where I am there have been a few reports of muggings where you have to hand over your phone pin whilst they steel money from the bank via transfer (confirming with sms otp). 

When I last changed phone I decided to reduce the risk by not automatically re registering bank apps and only doing it on a “as needed basis”. 

In a way I like that some accounts like Shawbrook “instant access” is next working day to linked bank account. 

I’ve also thought about moving banking to a different SIM card on a cheap basic phone. Less hassle if you loose the mobile you always take with you that’s a nice target for thieves. 

Bridlington1

BestSeagull said:

Stargunner said:

BestSeagull said:

Zopa_Trooper said:

I'm wondering whether anybody else will bother challenging Tandem now. The BoE bank raise was 0.25%, anybody exceeding Tandem is going to have to raise their rate by nearly 0.5%. A step too far?

I think there are going to be a huge amount of people, even those who are rate chasers, who are not comfortable with App only banking. So the field is still wide open for the rest.

Why would people not be comfortable with app only banking. 

I prefer it, as it makes logging in far easier, especially with face recognition.

It must just be me then!

I don't think it's just you. I think a lot of people are sceptical of app based banking for similar reasons to why many were skeptical of online banking when it first came about.

Personally whilst I'm comfortable using an app only bank, I'm still not the biggest fan of app only banking largely because with online banking if my smartphone breaks, I can still log into online banking through my laptop whilst I get a replacement, with app only I'd have to source a new phone before I could access my money. Also if a new version of the app comes out that isn't compatible with my smartphone I will run into issues. I also type much quicker on a laptop than I do on a phone, so I usually find using any sort of webchat much quicker if it is an online webchat rather than an app based webchat, but this is just personal preference really.

I'll still quite happily use an app only bank and have been using the likes of Chip and Tandem for a number of months, but I do still prefer to have the option of online banking as a failsafe option if possible.