The Top Easy Access Savings Discussion Area

Futuristic

callum9999 said:

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.

There is no savings provider out there giving out bonus to existing customers let alone to new and  only if you keep put for 6 months in this market. It must be pretty desperate if you need to give out bonuses out to keep people put whilst still being in the top 20 list even.

>What does this have to do with anything I've said?
And reference to your quote:
>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.

No other providers aren't collapsing because they are actual banks with ability to do more than just taking peoples money to make <0.5% off. Chip is a VC (and overvalued retail who bought at silly valuation) funded wealth app/wrapper that resells products, everyone else is a profitable bank even at long periods of low rates that have been around for years. 

callum9999

Futuristic said:

callum9999 said:

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.

There is no savings provider out there giving out bonus to existing customers let alone to new and  only if you keep put for 6 months in this market. It must be pretty desperate if you need to give out bonuses out to keep people put whilst still being in the top 20 list even.

>What does this have to do with anything I've said?
And reference to your quote:
>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.

No other providers aren't collapsing because they are actual banks with ability to do more than just taking peoples money to make <0.5% off. Chip is a VC (and overvalued retail who bought at silly valuation) funded wealth app/wrapper that resells products, everyone else is a profitable bank even at long periods of low rates that have been around for years. 

Tandem literally just gave a bonus to new and existing customers... Sounds like they're desperate for money and about to collapse. The existence of regular saving accounts, fixed saving accounts and notice saving accounts seem to have completely passed you by? Dozens of accounts give you bonus interest for keeping money in for specified amounts of time.

While I don't disagree with your assessment that they're overvalued, the incessant claims that "they're lying about their financial health" and "they're desperate because they're being competitive" from people who don't understand this sector at all (half the people on here think that the entire country is poised over their screens 24/7 waiting to shift their savings every time an interest rate changes with is very obviously absurd - I don't recognise your name so I'm not necessarily including you in this category) are tiresome. 

Futuristic

callum9999 said:

Futuristic said:

callum9999 said:

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.

There is no savings provider out there giving out bonus to existing customers let alone to new and  only if you keep put for 6 months in this market. It must be pretty desperate if you need to give out bonuses out to keep people put whilst still being in the top 20 list even.

>What does this have to do with anything I've said?
And reference to your quote:
>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.

No other providers aren't collapsing because they are actual banks with ability to do more than just taking peoples money to make <0.5% off. Chip is a VC (and overvalued retail who bought at silly valuation) funded wealth app/wrapper that resells products, everyone else is a profitable bank even at long periods of low rates that have been around for years. 

Tandem literally just gave a bonus to new and existing customers... Sounds like they're desperate for money and about to collapse. The existence of regular saving accounts, fixed saving accounts and notice saving accounts seem to have completely passed you by? Dozens of accounts give you bonus interest for keeping money in for specified amounts of time.

While I don't disagree with your assessment that they're overvalued, the incessant claims that "they're lying about their financial health" and "they're desperate because they're being competitive" from people who don't understand this sector at all (half the people on here think that the entire country is poised over their screens 24/7 waiting to shift their savings every time an interest rate changes with is very obviously absurd - I don't recognise your name so I'm not necessarily including you in this category) are tiresome. 

The tandem "bonus" rate was on for over 1.5+ years and was not fixated cash bonus increasing based on amount deposited. The difference as pointed out is Tandem and others have other products and can actually use that money for other things to generate significantly bigger returns whilst Chip cannot. Even in the case they don't, they have little overhead costs. 

I do agree anyone saying Chip will collapse is beyond ridiculous but the picture is clearly not rosey as it was couple months back when they could continuously brag about being the top rate and will keep being top. 

friolento

People are saying

Tandem literally just gave a bonus to new and existing customers... Sounds like they're desperate for money and about to collapse. 

People are also saying

Chip literally just gave (promised) a bonus to new customers / for new money only, min £5,000 ... It's absurd to think they're desperate for money and about to collapse. 

I am going to bed now, may be it will all make sense tomorrow.

Zaul22

Chip will probably be fine, they got a lot of mainstream savers from being in every newspaper when they were still the top rate. A lot of them noped out cos of open banking 'spying on them' but enough probably stayed. 

kjs31

qsk said:

So am I, and I deposited £1...

NB This is for Cahoot. Did you get an email confirming receipt of the £1? I don’t mind loading the account up before I get the logon details but am not keen to do that unless they acknowledge receipt of funds. Also, can you fund it from any account? I don’t think I was asked for a linked account during the application. 

Alex.T

grumbler said:

Depends on the cashback S123 paying you on your DDs.  For me it was better to downgrade it to S123 Lite (NLA) long time ago. And now it makes more sense to have both Lite (£2 fee, for cashback) and Edge (empty, no DDs, for the Saver).

IIRC, 123 pays up to 3% on some DDs while Edge pays flat 1%.

Can you do that though? I was considering changing mine and my wife’s very old Santander personal accounts to Edge accounts and getting a Saver each. But still planning on using our 123Lite joint account for all of the cash backs, as we earn about £10 a month on that. Fuel and supermarket shopping comes from our Santander 123 credit card, also earning in the region of £6-£9 per month. So I don’t really want to be moving any of our direct debits, and I don’t really want to spend on supermarket and travel on debit as opposed to credit either. 

If I can change our old Santander accounts to Edge accounts, and get paid into (or transfer into) them, would I still qualify for the 7% saver if I don’t have direct debits on them? 

Also, is a joint edge available too, giving us access to one or two more 7% savers too?

friolento

kjs31 said:

qsk said:

So am I, and I deposited £1...

NB This is for Cahoot. Did you get an email confirming receipt of the £1? I don’t mind loading the account up before I get the logon details but am not keen to do that unless they acknowledge receipt of funds. Also, can you fund it from any account? I don’t think I was asked for a linked account during the application. 

I did not get any email or text notification of the Cahoot deposit I made but I could confirm that my deposit had arrived by looking at my Cahoot transactions list. I would not deposit any money, not even a penny, if I did not have a means of withdrawing it.

The Cahoot account has a sort code and account number and you can send money into it from any UK current account. You can also pay out to any UK sort code and account number which accepts faster payments - and I would expect the Santander fraud detection algorithm is likely to strike from time to time.

Stargunner

Alex.T said:

grumbler said:

Depends on the cashback S123 paying you on your DDs.  For me it was better to downgrade it to S123 Lite (NLA) long time ago. And now it makes more sense to have both Lite (£2 fee, for cashback) and Edge (empty, no DDs, for the Saver).

IIRC, 123 pays up to 3% on some DDs while Edge pays flat 1%.

Can you do that though? I was considering changing mine and my wife’s very old Santander personal accounts to Edge accounts and getting a Saver each. But still planning on using our 123Lite joint account for all of the cash backs, as we earn about £10 a month on that. Fuel and supermarket shopping comes from our Santander 123 credit card, also earning in the region of £6-£9 per month. So I don’t really want to be moving any of our direct debits, and I don’t really want to spend on supermarket and travel on debit as opposed to credit either. 

If I can change our old Santander accounts to Edge accounts, and get paid into (or transfer into) them, would I still qualify for the 7% saver if I don’t have direct debits on them? 

Also, is a joint edge available too, giving us access to one or two more 7% savers too?

Every edge current account entitles you to open an edge saver account. Irrespective of whether you have direct debits or not. If you don’t have them you won’t be charged the £3 monthly fee. You can also open a joint edge current account, which allows you to both open another solo edge saver account.

grumbler

Alex.T said:

grumbler said:

Depends on the cashback S123 paying you on your DDs.  For me it was better to downgrade it to S123 Lite (NLA) long time ago. And now it makes more sense to have both Lite (£2 fee, for cashback) and Edge (empty, no DDs, for the Saver).

IIRC, 123 pays up to 3% on some DDs while Edge pays flat 1%.

Can you do that though? I was considering changing mine and my wife’s very old Santander personal accounts to Edge accounts and getting a Saver each. But still planning on using our 123Lite joint account for all of the cash backs, as we earn about £10 a month on that.

I converted our almost disused joint 'Everyday' account to Edge and keep my sole 123 Lite. Now we have to Edge Savers.

My wife also has two sole 'Everyday' accounts and, if she wishes, she can covert one to Edge and have another Edge Saver. I'm thinking about applying for a sole Edge too.

Fuel and supermarket shopping comes from our Santander 123 credit card, also earning in the region of £6-£9 per month. So I don’t really want to be moving any of our direct debits, and I don’t really want to spend on supermarket and travel on debit as opposed to credit either. 

For shopping we generally use Chase that pays 1% cashback, but ATM switched to Barclays (5% up to £10).

If I can change our old Santander accounts to Edge accounts, and get paid into (or transfer into) them, would I still qualify for the 7% saver if I don’t have direct debits on them? 

Yes. Just make sure you don't qualify for cashback accidentally thus triggering the monthly fee.

Also, is a joint edge available too, giving us access to one or two more 7% savers too?

Yes, I'm pretty sure that with one joint and two sole accounts you can have two Edge Savers each.