The Top Easy Access Savings Discussion Area

Stargunner

BigBlueSky said:

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) ?

I would keep them open if I was you.

If you no longer own a Santander Edge current account, we reserve the right to change your account to an Everyday Saver​. 

Foxhouse

pecunianonolet said:

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. 

Apologies.

Now you've elaborated, I understand your point.

Alex.T

BigBlueSky said:

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) ?

Thanks, sorry by instant I meant is it instant opening/approving like the current account is? 

BigBlueSky

Alex.T said:

BigBlueSky said:

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) ?

Thanks, sorry by instant I meant is it instant opening/approving like the current account is? 

Yes, it was for me.

flykiller

Do you have to live at the same address to open a joint account? I've already an Edge account in my name x

SJMALBA

I didn't notice it on the Santander Edge summary box, but as others have pointed out earlier in this thread, it says 'You can only pay money into your account online from your Santander Edge current account'. Having not noticed this originally, I filled up my ES last week from an external account, and the money arrived and remains there, apparently without issue, but, trouble ahead for not using the Edge Current account for the payments?

mattywallace121

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.

Yes of course lying to shareholders would be fantastic PR for a company.

friolento

SJMALBA said:

I didn't notice it on the Santander Edge summary box, but as others have pointed out earlier in this thread, it says 'You can only pay money into your account online from your Santander Edge current account'. Having not noticed this originally, I filled up my ES last week from an external account, and the money arrived and remains there, apparently without issue, but, trouble ahead for not using the Edge Current account for the payments?

Technically, you can pay money into the Edge Saver from any number of Santander and non-Santander accounts. I doubt they will enforce the restrictive term but to satisfy the Santander T&Cs, just move some money out of the Edge Saver, and then back in via the Edge current account.

janusdesign

SJMALBA said:

I didn't notice it on the Santander Edge summary box, but as others have pointed out earlier in this thread, it says 'You can only pay money into your account online from your Santander Edge current account'. Having not noticed this originally, I filled up my ES last week from an external account, and the money arrived and remains there, apparently without issue, but, trouble ahead for not using the Edge Current account for the payments?

time will tell, but I doubt it... I opened one on Saturday, but funded both accounts directly from Cahoot (which admittedly is Santander) via Faster Payments (saver first, then current) and the app is giving the impression that I could withdraw from either without issue.

boingy

mattywallace121 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.

Yes of course lying to shareholders would be fantastic PR for a company.

You seem to be confusing lying with only reporting the positives. All statements to shareholders are designed to present the company in the best possible light without being untrue. Check the exact wording of their statement and ask yourself what they are leaving out of that statement. The statement is not precise but it is entirely truthful as far as it goes. The wonders of spin.