The Top Easy Access Savings Discussion Area

kjs31

lcooper said

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.

Thanks. I can’t look at transactions yet (I think) as I don’t yet have the logon details. Maybe I’ll just wait for those to arrive first. I really like the accounts that send an email when funds arrive, especially those that don’t do pretty much instant receipts and withdrawals. 

callum9999

Futuristic said:

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. 

The bonus was used to make a headline rate of 5% for a short period. You can't seriously believe it's a coincidence it just happened to be taken away now?

I have no idea why you keep telling me things I already know and haven't disputed? I'm well aware that Chip don't lend out their deposits to earn money, hence why I've never said otherwise. I was arguing against the hyperbole and ridiculous pronouncements like "there's an offer on so they must be in trouble", which you apparently agree with me on, so I'm not sure what exactly you're objecting to? Unless you still believe Chip lied to their shareholders and actually are experiencing significant outflows of cash?

The basic summary of my criticism is that the people who genuinely believe they know how to run/what is happening behind the scenes in a bank/savings product better than the actual people running it simply don't. There are an annoying number of armchair experts nowadays, who put less effort into researching things than ever before (at least people used to make a cursory effort to educate themselves before posting, now it's just posting gut feelings about things as if it's valuable knowledge!).

janusdesign

kjs31 said:

lcooper said

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.

Thanks. I can’t look at transactions yet (I think) as I don’t yet have the logon details. Maybe I’ll just wait for those to arrive first. I really like the accounts that send an email when funds arrive, especially those that don’t do pretty much instant receipts and withdrawals. 

Cahoot can send out alerts (email and/or sms), but you would need to enable the alerts feature to occur from the online banking site - which I appreciate you can't yet do as you can't login. 

it is worth noting that for these alerts (as with Santander), you need to set minimum amounts for them to be triggered - for deposits, the minimum is £100; for withdrawals, it's £50 - so even if the alerts had been enabled, your £1 test deposit (or a £1 withdrawal) wouldn't trigger any alert to be sent.


and not wishing to tempt fate, but Cahoot seem to be a little more flexible when it comes to blockages - in 23 years with them, I think it's only happened once... and i've moved serious amounts (and often £1 test payments) through them in that time.

BigBlueSky

I've just applied for the Cahoot Simple Saver account online.

How long does it normally take for the login details and account details to come through?

janusdesign

@soulsaver Oxbury EA Issue 1 increased from 4.80% to 4.85%

tg99

Cahoot payment limits - spoke to someone who advised that the simple saver has a payment limit that can vary from day to day and they don’t know what it is therefore if want to transfer out anything more than a few £k then best to call them to do it via telephone banking. 

For anyone who has experience of Cahoot - is this really how it works in practice?

refluxer

tg99 said:

Cahoot payment limits - spoke to someone who advised that the simple saver has a payment limit that can vary from day to day and they don’t know what it is therefore if want to transfer out anything more than a few £k then best to call them to do it via telephone banking. 

For anyone who has experience of Cahoot - is this really how it works in practice?

Sounds unlikely. Who did you speak to ? 

According to their own product page, the Simple Saver is an online account and this is the only option listed for managing the account.

pecunianonolet

callum9999 said:

Futuristic said:

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. 

The bonus was used to make a headline rate of 5% for a short period. You can't seriously believe it's a coincidence it just happened to be taken away now?

I have no idea why you keep telling me things I already know and haven't disputed? I'm well aware that Chip don't lend out their deposits to earn money, hence why I've never said otherwise. I was arguing against the hyperbole and ridiculous pronouncements like "there's an offer on so they must be in trouble", which you apparently agree with me on, so I'm not sure what exactly you're objecting to? Unless you still believe Chip lied to their shareholders and actually are experiencing significant outflows of cash?

The basic summary of my criticism is that the people who genuinely believe they know how to run/what is happening behind the scenes in a bank/savings product better than the actual people running it simply don't. There are an annoying number of armchair experts nowadays, who put less effort into researching things than ever before (at least people used to make a cursory effort to educate themselves before posting, now it's just posting gut feelings about things as if it's valuable knowledge!).

Insider...?

tg99

refluxer said:

tg99 said:

Cahoot payment limits - spoke to someone who advised that the simple saver has a payment limit that can vary from day to day and they don’t know what it is therefore if want to transfer out anything more than a few £k then best to call them to do it via telephone banking. 

For anyone who has experience of Cahoot - is this really how it works in practice?

Sounds unlikely. Who did you speak to ? 

According to their own product page, the Simple Saver is an online account and this is the only option listed for managing the account.

Cahoot customer service person.

boingy

pecunianonolet said:

callum9999 said:

Futuristic said:

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. 

The bonus was used to make a headline rate of 5% for a short period. You can't seriously believe it's a coincidence it just happened to be taken away now?

I have no idea why you keep telling me things I already know and haven't disputed? I'm well aware that Chip don't lend out their deposits to earn money, hence why I've never said otherwise. I was arguing against the hyperbole and ridiculous pronouncements like "there's an offer on so they must be in trouble", which you apparently agree with me on, so I'm not sure what exactly you're objecting to? Unless you still believe Chip lied to their shareholders and actually are experiencing significant outflows of cash?

The basic summary of my criticism is that the people who genuinely believe they know how to run/what is happening behind the scenes in a bank/savings product better than the actual people running it simply don't. There are an annoying number of armchair experts nowadays, who put less effort into researching things than ever before (at least people used to make a cursory effort to educate themselves before posting, now it's just posting gut feelings about things as if it's valuable knowledge!).

Insider...?

I wondered too.