The Top Easy Access Savings Discussion Area

allegro120

Rollinghome said:

Doesn't seem to be great excitement over the Chip Wealth Codes as per email, or did I miss it?  But then £20 on £5k-£10k to £200 on £85k for effecively turning your account into a 6 month fixed term isn't too exciting without a decent rate increase to go with it.

Does this translate as 5.31% AER 6 months fixed for £5k option? If it does then wouldn't it be better to fix at 6% for 1 year?  Not a very exciting offer.  I'll give it a miss whilst BoE rates are still on the rise.

grumbler

allegro120 said:

Rollinghome said:

Doesn't seem to be great excitement over the Chip Wealth Codes as per email, or did I miss it?  But then £20 on £5k-£10k to £200 on £85k for effecively turning your account into a 6 month fixed term isn't too exciting without a decent rate increase to go with it.

Does this translate as 5.31% AER 6 months fixed for £5k option? If it does then wouldn't it be better to fix at 6% for 1 year?  Not a very exciting offer.  I'll give it a miss whilst BoE rates are still on the rise.

As posted earlier, a better translation would be 'notice', not 'fixed'.  And  not all notice accounts allow withdrawals without a notice for a very small penalty.

georged123

Everything coming out of Chip just looks like their in damage control after Tandem took the wind out of their sails.

I'm sure the Wealth Codes feature has been planned for ages but that and several statements coming out of the company just seem like they are desperate to stop customers taking their cash elsewhere but can't up their rate now.

Bridlington1

Furness Triple Access Saver is now live on their website:
https://www.furnessbs.co.uk/savings/products/product-overview/triple-access-saver-issue-1

PixelPound

grumbler said:

allegro120 said:

Rollinghome said:

Doesn't seem to be great excitement over the Chip Wealth Codes as per email, or did I miss it?  But then £20 on £5k-£10k to £200 on £85k for effecively turning your account into a 6 month fixed term isn't too exciting without a decent rate increase to go with it.

Does this translate as 5.31% AER 6 months fixed for £5k option? If it does then wouldn't it be better to fix at 6% for 1 year?  Not a very exciting offer.  I'll give it a miss whilst BoE rates are still on the rise.

As posted earlier, a better translation would be 'notice', not 'fixed'.  And  not all notice accounts allow withdrawals without a notice for a very small penalty.

Well it's 5.31% for exactly £5k, with 4.51% for the remainder of balance between £5001-£9999, it's also for exactly 6 months as after then reverts to 4.51%. You can get 90 day notices and 6 month fixes above this rate, but probably not with early access. It is probably beneficial to a smallish balance as the £10K works out 5.11%, 15K (5.033%), 20K (5%)

The FAQ comment about not allowing withdraw and deposit to get the £20 surely means you need to stick £5k from elsewhere and be happy with whatever else is in there getting 4.51%. Interested in what they do if you stick £5K in but then at some time later withdraw what you think is your pre-existing balance keeping the balance at £5k+.

The plus definitely is the low penalty access, which means you just get 4.51% if you withdraw.

Stargunner

Bridlington1 said:

Furness Triple Access Saver is now live on their website:
https://www.furnessbs.co.uk/savings/products/product-overview/triple-access-saver-issue-1

With limited withdrawals and not being able to manage the account online, I will be sticking with Tandem. It is a great rate though for those that don't use online banking and prefer to visit a branch and have a passbook, providing they live close to a branch.

dlevene

Chip: "we're the best because we only offer savings that are simple, no strings, no restrictions..."

Also Chip: "okay so we've got these codes, and they're all for different amounts, and they're only available for a couple of days, and you have to wait a few months..."

Growingold

SirHugo said:

BestSeagull said:

SirHugo said:

BestSeagull said:

janusdesign said:

castle96 said:

Just to confirm - no£3 fee ... TRUE?if I dont bother with cashback, etc. Just want to bung £4k in there

just chatted with Santander...

14:00, Aug 17 - Sarah: The fee is applied after the conditions of the account are met for the first time.
14:01, Aug 17 - You: so if I never use the current account, there is no fee? also, is there a hard credit check done on an application for the current account ??
14:01, Aug 17 - Sarah: That's correct There is, yes

i'm not sure that I can be bothered to apply for a current account that i'm never going to use, just to access a savings account that lasts for a year for £280 in interest - i'll likely wait until there is a switch offer and then use one of my other unused current accounts for that.

I don't think I'm going to bother with this one either, too many hoops.
 And when you think about it, we're not  missing out on £280. Just on the 2% difference between Tandem at 5% and Santander at 7% so that's what, £80. Less if rates continue to rise.

No hoops - less than 10 mins to open the account, opening the Edge saver was immediate, put the 4k in and that's that.

Probably won't use the account but good to have an extra fee free card for abroad. At the end of the day it's a nice little burner account for when the next switch offer comes around that I'm eligible for. I just switched my Santander Everyday account last month.

What about the £3 fee though, and this from MSE? 

"To get it, you need a Santander Edge current account – a bills cashback account with a £3 monthly fee. And to keep the current account you must deposit at least £500 a month and have two or more active direct debits."

If you have a look through the last several pages of this thread you'll see that you don't have to fulfil the criteria you mentioned - it's only needed to activate the cashback element of the account. If you don't set up two direct debits - or pay in the £500 a month - then the £3 fee never kicks in.

The comments about this started around the morning of the 15th August.

A question about the £3 fee for Santander Edge.  By my understanding If you don't fulfil the conditions for Cashback you don't pay the fee but it says you have to make deposits to the Edge Saver through the current account.  Therefore by depositing say £4,000 in the current account to transfer to the Edge Saver would this trigger the criteria for the fee being charged even I I don't set up any Direct Debits?  I;m a little confused,  Thanks in advance for your replies.

AndyTh_2

I didn't get any email about the wealth codes, and hadn't opened up the app, but found the page today https://www.getchip.uk/wealth-codes#wc-codes

Stargunner

Growingold said:

SirHugo said:

BestSeagull said:

SirHugo said:

BestSeagull said:

janusdesign said:

castle96 said:

Just to confirm - no£3 fee ... TRUE?if I dont bother with cashback, etc. Just want to bung £4k in there

just chatted with Santander...

14:00, Aug 17 - Sarah: The fee is applied after the conditions of the account are met for the first time.
14:01, Aug 17 - You: so if I never use the current account, there is no fee? also, is there a hard credit check done on an application for the current account ??
14:01, Aug 17 - Sarah: That's correct There is, yes

i'm not sure that I can be bothered to apply for a current account that i'm never going to use, just to access a savings account that lasts for a year for £280 in interest - i'll likely wait until there is a switch offer and then use one of my other unused current accounts for that.

I don't think I'm going to bother with this one either, too many hoops.
 And when you think about it, we're not  missing out on £280. Just on the 2% difference between Tandem at 5% and Santander at 7% so that's what, £80. Less if rates continue to rise.

No hoops - less than 10 mins to open the account, opening the Edge saver was immediate, put the 4k in and that's that.

Probably won't use the account but good to have an extra fee free card for abroad. At the end of the day it's a nice little burner account for when the next switch offer comes around that I'm eligible for. I just switched my Santander Everyday account last month.

What about the £3 fee though, and this from MSE? 

"To get it, you need a Santander Edge current account – a bills cashback account with a £3 monthly fee. And to keep the current account you must deposit at least £500 a month and have two or more active direct debits."

If you have a look through the last several pages of this thread you'll see that you don't have to fulfil the criteria you mentioned - it's only needed to activate the cashback element of the account. If you don't set up two direct debits - or pay in the £500 a month - then the £3 fee never kicks in.

The comments about this started around the morning of the 15th August.

A question about the £3 fee for Santander Edge.  By my understanding If you don't fulfil the conditions for Cashback you don't pay the fee but it says you have to make deposits to the Edge Saver through the current account.  Therefore by depositing say £4,000 in the current account to transfer to the Edge Saver would this trigger the criteria for the fee being charged even I I don't set up any Direct Debits?  I;m a little confused,  Thanks in advance for your replies.

No it won't, because they state that to earn cashback, you must pay £500 into your account each month AND have at least two active direct debits. If you don't do both of these you won't earn any cashback, therefore you won't be charged the fee.