The Top Easy Access Savings Discussion Area

Foxhouse

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...?

Oh come on, let's not let the poison that infects social media get in here. Maybe it's just someone with a different point of view to you?

Not everything is a conspiracy. 

(And no, I don't work for Chip, the govt., or any part of the financial services industry)

Malchester

tg99 said:

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.

There is a customer services number as I rang it about this account and they were very helpful. Answered quickly

2010

I had a Cahoot account when they first came out, launched around 2000 by Abbey Nat.
Over time the account got closed.
Santander took over AN and I didn`t hear about Cahoot anymore until this past week.
In fact I thought it had been quietly closed at some point after their takeover.
Can`t say I`ve even seen Cahoot mentioned anywhere for years.
Now suddenly Cahoot reappears almost at the top of the table with a simple saver.
"flash in the pan"?

Think I`ll give it a miss.

jaypers

That’s my Zopa finally emptied today! Definitely gone off the idea of notice accounts too. Stashed some money into Tandem at 5% and also have an Atom 1 year maturing on Friday so will fix some of that back into possibly a 2 year fix somewhere. Think we are in a bit of limbo now with interest rates until the next inflation figures and BOE decisions. 

pecunianonolet

Foxhouse said:

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...?

Oh come on, let's not let the poison that infects social media get in here. Maybe it's just someone with a different point of view to you?

Not everything is a conspiracy. 

(And no, I don't work for Chip, the govt., or any part of the financial services industry)

Why this negative connotation? Knowing somebody is an insider would only help to substantiate things with facts rather than opinion. Was not meant in a negative way at all. 

janusdesign

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?

i've never heard of this - from my Cahoot experience, the limits for withdrawals from Cahoot is £25k (actually £24,999.99) per transaction  and I think a daily limit of £100k - so similar to Santander (before Santander reduced the limit in their app).
now to be fair, when i'm withdrawing from the Saver, i'm doing an internal transfer to my Cahoot current account (no £25k limit between internal transfers) and then moving the money away from the current to the external account... I could make a new payee from my saver account to the external account direct, but all the payees already exist in the current account (and can't be accessed directly from the saver account), so it's easier to do it that way for me... I cannot imagine Cahoot limiting withdrawals in a random way from the saver account - unless they're being extremely cautious with new customers.

janusdesign

2010 said:

I had a Cahoot account when they first came out, launched around 2000 by Abbey Nat.
Over time the account got closed.
Santander took over AN and I didn`t hear about Cahoot anymore until this past week.
In fact I thought it had been quietly closed at some point after their takeover.
Can`t say I`ve even seen Cahoot mentioned anywhere for years.
Now suddenly Cahoot reappears almost at the top of the table with a simple saver.
"flash in the pan"?

Think I`ll give it a miss.

they never went away, it's just that at some point (can't remember when), Cahoot stopped accepting new current account customers (or maybe new customers full stop), but services to existing customers continued with no issues (they have a helpful uk call centre).
then this time last year, the brand got revived when Santander used it to offer fixed-year bonds; and then this year, they've used it to launch a high interest savings account.

snnexus6

jaypers said:

That’s my Zopa finally emptied today! Definitely gone off the idea of notice accounts too. Stashed some money into Tandem at 5% and also have an Atom 1 year maturing on Friday so will fix some of that back into possibly a 2 year fix somewhere. Think we are in a bit of limbo now with interest rates until the next inflation figures and BOE decisions. 

I’ve done that, majority of easy access money in Tandem 5% and just got a 2yr fix a couple of weeks ago.

I’ve been checking the top fixed rates being offered for a few months now and even with the last BoE rate rise they all have plateaued out. 

5 year fix was 6% beginning of July but has been hovering around at 5.8% recently.
Similarly with 3, 2 and 1 fixed, they all topped out a few weeks ago, with 6.2% being offered from Vanquis last month.

Keeping an eye on rates when we get the next BoE rate announcement but I’m not expecting many (if any)fixed saver rates to go above 6.25%. 

Alex.T

Thanks all, regarding responses to my Santander Edge questions. We’ve just opened personal accounts for each of us, and also a joint account. So hopefully this means we can open four Edge Savers. 

Does anyone know if these are instant like the Edge current account? As I’d like to wait til the 1st Sept to deposit/make anniversary date due to interest paying on Lump Sum elsewhere. 

BigBlueSky

Yes, the Edge Saver works just like the current account - Transfers in and out are instant.

Once the Edge saver accounts have been opened is there any reason to keep the Edge current account open, or can it just be closed (or used as a switching account) ?