The Top Easy Access Savings Discussion Area

MiserlyMartin

Mr._H_2 said:

pearl123 said:

Pompeydave1967 said:

I was hoping to see 1.75 / 1.8 % on my chase app this morning but no luck. Love the app etc but could do with higher rate .

I just pulled nearly all my money out of Chase. 

To everyone hoping/wanting Chase to raise rates: this is what you need to do. There is no incentive for Chase to raise their rates if people don't move their capital away once the rates are uncompetitive.

 I asked Chase CS to ask them if they plan to raise rates and the reply back was they are not linking the accounts interest rate with the BofE bank rate. So no. I replied that they will find I and everyone else will mass withdraw all their money so it's fine by me if they don't want our money anymore.

MiserlyMartin

Olinda99 said:

I doubt if Chase care if you move money out of your savings account just as long as you keep your current account open.

Chase savings were offering 1.5% in March 2022. The Bank of England base rate has been raised 3 times since then by a total of 1%. So to maintain the chase bank savings accounts competitive advantage, the account should now be offering 2.5% by now.

I don't know if Chase need savers money now or they have enough funny money from the FED to use.

Lynsey89

If I opened a Gatehouse account do I have to wait for a letter in the post to be able to access my online account? Thanks 

BigBlueSky

Lynsey89 said:

If I opened a Gatehouse account do I have to wait for a letter in the post to be able to access my online account? Thanks 

No.  I've just opened an account this afternoon and all the required information came through within about 10 minutes by e-mail.  Maybe if there is an issue verifying your details they may post something out, but didn't for me.

AndyTh_2

MiserlyMartin said:

Mr._H_2 said:

pearl123 said:

Pompeydave1967 said:

I was hoping to see 1.75 / 1.8 % on my chase app this morning but no luck. Love the app etc but could do with higher rate .

I just pulled nearly all my money out of Chase. 

To everyone hoping/wanting Chase to raise rates: this is what you need to do. There is no incentive for Chase to raise their rates if people don't move their capital away once the rates are uncompetitive.

 I asked Chase CS to ask them if they plan to raise rates and the reply back was they are not linking the accounts interest rate with the BofE bank rate. So no. I replied that they will find I and everyone else will mass withdraw all their money so it's fine by me if they don't want our money anymore.

technically banks and BS don't "link" to rate rises anyway, it's just supply and demand capitalism. Just Chase meeting their goals for amount of deposits, and if that drops below what they think acceptable then they'll consider a rate rise. Those at the top end want more deposits, those at the bottom need fewer/dropping deposits, or their brand recognition is enough that they maintain them.

isasmurf

MiserlyMartin said:

Mr._H_2 said:

pearl123 said:

Pompeydave1967 said:

I was hoping to see 1.75 / 1.8 % on my chase app this morning but no luck. Love the app etc but could do with higher rate .

I just pulled nearly all my money out of Chase. 

To everyone hoping/wanting Chase to raise rates: this is what you need to do. There is no incentive for Chase to raise their rates if people don't move their capital away once the rates are uncompetitive.

 I asked Chase CS to ask them if they plan to raise rates and the reply back was they are not linking the accounts interest rate with the BofE bank rate. So no. I replied that they will find I and everyone else will mass withdraw all their money so it's fine by me if they don't want our money anymore.

They are not interested in savings balances as they are not a savings bank.  The purpose was to get you to sign up to the current account to try it and keep a set percentage of customers who signed up off the back of the savings rate.  Unless there is a mass closing of current accounts beyond the level they have set they won't particularly care if you withdraw all your savings.  

jimexbox

isasmurf said:

MiserlyMartin said:

Mr._H_2 said:

pearl123 said:

Pompeydave1967 said:

I was hoping to see 1.75 / 1.8 % on my chase app this morning but no luck. Love the app etc but could do with higher rate .

I just pulled nearly all my money out of Chase. 

To everyone hoping/wanting Chase to raise rates: this is what you need to do. There is no incentive for Chase to raise their rates if people don't move their capital away once the rates are uncompetitive.

 I asked Chase CS to ask them if they plan to raise rates and the reply back was they are not linking the accounts interest rate with the BofE bank rate. So no. I replied that they will find I and everyone else will mass withdraw all their money so it's fine by me if they don't want our money anymore.

They are not interested in savings balances as they are not a savings bank.  The purpose was to get you to sign up to the current account to try it and keep a set percentage of customers who signed up off the back of the savings rate.  Unless there is a mass closing of current accounts beyond the level they have set they won't particularly care if you withdraw all your savings.  

As soon as my Chase cashback ends, I'll only use them holidays. Zero balance with zero use. 

jak22

The marketing worked - many must have gone to the effort of signing up because of the 1.5% even though an app based account would be new for them. The card cashback is a useful bonus but no reason not to keep up with rate changes - you need to spend £1000 to get £10 and you'd get that in a month by moving £40K into an account paying 0.3% more. 

MiserlyMartin

isasmurf said:

MiserlyMartin said:

Mr._H_2 said:

pearl123 said:

Pompeydave1967 said:

I was hoping to see 1.75 / 1.8 % on my chase app this morning but no luck. Love the app etc but could do with higher rate .

I just pulled nearly all my money out of Chase. 

To everyone hoping/wanting Chase to raise rates: this is what you need to do. There is no incentive for Chase to raise their rates if people don't move their capital away once the rates are uncompetitive.

 I asked Chase CS to ask them if they plan to raise rates and the reply back was they are not linking the accounts interest rate with the BofE bank rate. So no. I replied that they will find I and everyone else will mass withdraw all their money so it's fine by me if they don't want our money anymore.

They are not interested in savings balances as they are not a savings bank.  The purpose was to get you to sign up to the current account to try it and keep a set percentage of customers who signed up off the back of the savings rate.  Unless there is a mass closing of current accounts beyond the level they have set they won't particularly care if you withdraw all your savings.  

Well I'l close my current account as well then. Stick it to them (after the 1% cashback runs out)

Nick_C

MiserlyMartin said:

Well I'l close my current account as well then. Stick it to them (after the 1% cashback runs out)

If you ever buy anything outside of the UK, presumably you have other cards which give you a perfect exchange rate on foreign currency transactions.

And I presume you never need cash from an ATM in the US.