The Top Easy Access Savings Discussion Area

10_66

flobbalobbalob said:

lcooper said:

CAHOOT SIMPLE SAVER 4.9%, min £1, max £2m, FSCS shared with Santander. For UK residents 16 and over.

 Refused me as I failed their Equifax proof of id. No alternative method of verification offered. At least it was quick and no need to complete all my bank details before waiting for an email.

Refused me too. No idea why, I entered everything exactly as it should be.  I don't know if most other banks/building societies use Experian instead (or even if that makes a difference)?

georged123

boingy said:

mattywallace121 said:

Chip have shared with Shareholders they havent witnessed massive outflows,

No business would admit if they had so it's a bit of a pointless statement.

The fact they’ve had to make that statement wouldn’t fill with confidence as a shareholder.

Futuristic

georged123 said:

boingy said:

mattywallace121 said:

Chip have shared with Shareholders they havent witnessed massive outflows,

No business would admit if they had so it's a bit of a pointless statement.

The fact they’ve had to make that statement wouldn’t fill with confidence as a shareholder.

Indeed very likely their “wealth” promo didn’t work and had to increase rates as outflows continued 

tg99

kjs31 said:

tg99 said:

Anyone know how fast deposits and withdrawals are for Beehive and whether any max daily withdrawal limits (could not see a limit on the product sheet) - is it similar to likes of Chip or does it have a daily cut off point? Thks 

I did a transfer into my new Beehive account half an hour ago. Message said 2 - 24 hours and possibly longer on non working days. Mine isn't there yet. There is a minimum transfer amount of £1000 for the first transfer in - I prefer to start with a lower amount as the account details weren't recognised but double checked the account details and they looked ok so went for £1000. 

Edit - deposit took 75 minutes - requested before the daily cut off however. 

Withdrawals take 24 hours on a working day, more on a non working day. Last interest day is the day of the request. 

It says no withdrawal limit (I believe). 

I'm not that bothered as using it to leave the money until I need it (house purchase) so not too bothered about paying in / withdrawals except I wish the withdrawals could be to my Kroo account. This account is not for those needing really instant access. 

Great, thks, will leave for now and prob head back to Chip as in my case looking for more of ‘true’ instant access account.

kjs31

tg99 said:

Great, thks, will leave for now and prob head back to Chip as in my case looking for more of ‘true’ instant access account.

I prefer Chip in many ways TBH but as I have house funds to keep as easy access for the time being I’m needing multiple places to put them as I don’t want to risk over 100k with one organisation. 

callum9999

Futuristic said:

georged123 said:

boingy said:

mattywallace121 said:

Chip have shared with Shareholders they havent witnessed massive outflows,

No business would admit if they had so it's a bit of a pointless statement.

The fact they’ve had to make that statement wouldn’t fill with confidence as a shareholder.

Indeed very likely their “wealth” promo didn’t work and had to increase rates as outflows continued 

Accusing Chip of lying to their shareholders is a very serious allegation... That is highly illegal, so if they're saying they didn't have significant outflows then most likely they didn't.

A lot of people here are so preoccupied living in their own bubble that they have no idea what is happening in reality. Very few people could even tell you what the interest rate is on their savings account, let alone constantly sit around monitoring developments. Granted Chip is likely to attract more financially savvy people than the average bank, but it makes perfect sense that they haven't experienced massive outflows.

If you believed half the "analysis" on this thread then every savings provider should be collapsing every time there's a rate change! They don't because the public just do not act like people here do.

kaMelo

callum9999 said:

Futuristic said:

georged123 said:

boingy said:

mattywallace121 said:

Chip have shared with Shareholders they havent witnessed massive outflows,

No business would admit if they had so it's a bit of a pointless statement.

The fact they’ve had to make that statement wouldn’t fill with confidence as a shareholder.

Indeed very likely their “wealth” promo didn’t work and had to increase rates as outflows continued 

Accusing Chip of lying to their shareholders is a very serious allegation... That is highly illegal, so if they're saying they didn't have significant outflows then most likely they didn't.

You would first have to define "significant outflows" before anyone could determine whether any laws or rules were broken, Defining "significant' is like platting sawdust, very difficult to do.

Futuristic

callum9999 said:

Futuristic said:

georged123 said:

boingy said:

mattywallace121 said:

Chip have shared with Shareholders they havent witnessed massive outflows,

No business would admit if they had so it's a bit of a pointless statement.

The fact they’ve had to make that statement wouldn’t fill with confidence as a shareholder.

Indeed very likely their “wealth” promo didn’t work and had to increase rates as outflows continued 

Accusing Chip of lying to their shareholders is a very serious allegation... That is highly illegal, so if they're saying they didn't have significant outflows then most likely they didn't.

A lot of people here are so preoccupied living in their own bubble that they have no idea what is happening in reality. Very few people could even tell you what the interest rate is on their savings account, let alone constantly sit around monitoring developments. Granted Chip is likely to attract more financially savvy people than the average bank, but it makes perfect sense that they haven't experienced massive outflows.

If you believed half the "analysis" on this thread then every savings provider should be collapsing every time there's a rate change! They don't because the public just do not act like people here do.

Every saving provider apart from Chip have actual banking licenses with other offerings such as mortgages and loans and don't rely on a third party to give a share of profits (ClearBank). The only reason Chip became profitable recently is because of the increasing BoE rates.

They NEED everyones cash to remain profitable because their main value prop (investing products resold from Blackrock) makes very little if anything.

Do you think they held a promo for a week to give existing customers free money (I wouldn't be happy as a "investor" if so)? Or because they need people to stay put on their savings offering? Think why. 

callum9999

Futuristic said:

callum9999 said:

Futuristic said:

georged123 said:

boingy said:

mattywallace121 said:

Chip have shared with Shareholders they havent witnessed massive outflows,

No business would admit if they had so it's a bit of a pointless statement.

The fact they’ve had to make that statement wouldn’t fill with confidence as a shareholder.

Indeed very likely their “wealth” promo didn’t work and had to increase rates as outflows continued 

Accusing Chip of lying to their shareholders is a very serious allegation... That is highly illegal, so if they're saying they didn't have significant outflows then most likely they didn't.

A lot of people here are so preoccupied living in their own bubble that they have no idea what is happening in reality. Very few people could even tell you what the interest rate is on their savings account, let alone constantly sit around monitoring developments. Granted Chip is likely to attract more financially savvy people than the average bank, but it makes perfect sense that they haven't experienced massive outflows.

If you believed half the "analysis" on this thread then every savings provider should be collapsing every time there's a rate change! They don't because the public just do not act like people here do.

Every saving provider apart from Chip have actual banking licenses with other offerings such as mortgages and loans and don't rely on a third party to give a share of profits (ClearBank). The only reason Chip became profitable recently is because of the increasing BoE rates.

They NEED everyones cash to remain profitable because their main value prop (investing products resold from Blackrock) makes very little if anything.

Do you think they held a promo for a week to give existing customers free money (I wouldn't be happy as a "investor" if so)? Or because they need people to stay put on their savings offering? Think why. 

What does this have to do with anything I've said?

Savings providers run promotions to attract and retain money. You think that incredibly obvious fact is news to me?

The "financial analysis" on this thread is invariably awful, and is generally based on the gut feelings of people who don't know anything at all about running banks or consumer behaviour. If you want to believe that over regulated statements from the organisation directly (that are subject to tight regulation and must be truthful, by strict law) be my guest.

kaMelo said:

callum9999 said:

Futuristic said:

georged123 said:

boingy said:

mattywallace121 said:

Chip have shared with Shareholders they havent witnessed massive outflows,

No business would admit if they had so it's a bit of a pointless statement.

The fact they’ve had to make that statement wouldn’t fill with confidence as a shareholder.

Indeed very likely their “wealth” promo didn’t work and had to increase rates as outflows continued 

Accusing Chip of lying to their shareholders is a very serious allegation... That is highly illegal, so if they're saying they didn't have significant outflows then most likely they didn't.

You would first have to define "significant outflows" before anyone could determine whether any laws or rules were broken, Defining "significant' is like platting sawdust, very difficult to do.

The claims being made here are that Chip is being forced to act to protect their balance sheet. That is clearly "significant" by any definition, and the management team are presumably well aware of that.

georged123

The phrase “significant” can be taken in different ways. 

Do I think Chip is in a weaker position than it was before Tandem went to 5%. Yes

Do I believe they have more limitations effecting their business model than competitors? Yes

Is this terrible financial analysis? Maybe.