Chase UK discussion

Band7

User36750 said:

Band7 said:

IAAM said:

(I'm currently trying to save to pay off my mortgage early). 

You can get much better than 2.7%. There are many Regular Savers paying above 4% and as much as 7%. The easiest of them is probably the Coventry First Home Saver (which everybody can get), currently 2.95% and going to 5% from Jan 6.

The difference between 2.7% and 2.9% is barely worth the effort on moving money for many people I should think.

Where have I suggested a 2.9% account? BTW, the Coventry FHS is now sold out, as too many people were tempted by 5%. But way better than 2.7% is still available from various providers. Moving money is hardly an 'effort' with Faster Payment and/or SOs. Bear in mind, you are on a money saving expert forum, where people rarely recommend to ignore accounts that pay over twice the interest.

masonic

User36750 said:

Band7 said:

IAAM said:

(I'm currently trying to save to pay off my mortgage early). 

You can get much better than 2.7%. There are many Regular Savers paying above 4% and as much as 7%. The easiest of them is probably the Coventry First Home Saver (which everybody can get), currently 2.95% and going to 5% from Jan 6.

The difference between 2.7% and 2.9% is barely worth the effort on moving money for many people I should think.

If you only have £100 in a savings account, you might feel that a difference of 1% is hardly worth the effort, as it would only mean a difference of £1 for you. If you have £80,000, even a difference of 0.1% could prompt you into action, being a difference of £80 - far more than most people's hourly rate of income.

[Deleted User]

masonic said:

User36750 said:

Band7 said:

IAAM said:

(I'm currently trying to save to pay off my mortgage early). 

You can get much better than 2.7%. There are many Regular Savers paying above 4% and as much as 7%. The easiest of them is probably the Coventry First Home Saver (which everybody can get), currently 2.95% and going to 5% from Jan 6.

The difference between 2.7% and 2.9% is barely worth the effort on moving money for many people I should think.

If you only have £100 in a savings account, you might feel that a difference of 1% is hardly worth the effort, as it would only mean a difference of £1 for you. If you have £80,000, even a difference of 0.1% could prompt you into action, being a difference of £80 - far more than most people's hourly rate of income.

I understand what you are saying but that £80 is in a year and the way accounts keep beating each other the money is likely to only be there for a month or so, so less than £7? Better than nothing I agree but still on £80,000?

I'm sticking with ZOPA, unless easy access (and I mean easy access) accounts go to over 3.5%. I'm leaving £5,000 in CHASE for three months just for convenience (going round the world). I reckon that will cost me £7. Convenience definitely has a value.

masonic

Deleted_User said:

masonic said:

User36750 said:

Band7 said:

IAAM said:

(I'm currently trying to save to pay off my mortgage early). 

You can get much better than 2.7%. There are many Regular Savers paying above 4% and as much as 7%. The easiest of them is probably the Coventry First Home Saver (which everybody can get), currently 2.95% and going to 5% from Jan 6.

The difference between 2.7% and 2.9% is barely worth the effort on moving money for many people I should think.

If you only have £100 in a savings account, you might feel that a difference of 1% is hardly worth the effort, as it would only mean a difference of £1 for you. If you have £80,000, even a difference of 0.1% could prompt you into action, being a difference of £80 - far more than most people's hourly rate of income.

I understand what you are saying but that £80 is in a year and the way accounts keep beating each other the money is likely to only be there for a month or so, so less than £7? Better than nothing I agree but still on £80,000?

I'm sticking with ZOPA, unless easy access (and I mean easy access) accounts go to over 3.5%. I'm leaving £5,000 in CHASE for three months just for convenience (going round the world). I reckon that will cost me £7. Convenience definitely has a value.

In my experience you don't need to move your savings as frequently as every month, and it takes far less than an hour each time, so I'd stand by my previous estimates of hourly rates. They were for illustrative purposes only. Nobody is paying me £80 per hour to come up with accurate figures

dul50n

2.7% for effectively a current account is great, but I've never had to put so much effort into monitoring and maintaining an account as my Chase account

I opened mine in April and I doubt that a single month has gone by when I haven't had to complain about standing orders repeatedly being put on hold for security reasons, despite being cleared in previous months

Standing orders that were scheduled for 26th December were just cancelled outright by Chase without any warning, which is just reprehensible, despite the assurances of the woefully inadequate customer services that they would be made on 28th December

To top it all, I don't know if it's just me, but I can't type in more than a dozen words in the app live chat without it slowing down and crashing, not enough words for me to get my rant across. I have to type my message into another note taking app then copy and paste it into the live chat

I'm still with them, just, but if I could get that interest rate on another current account with a UK bank I would drop Chase in an instant

[Deleted User]

masonic said:

Deleted_User said:

masonic said:

User36750 said:

Band7 said:

IAAM said:

(I'm currently trying to save to pay off my mortgage early). 

You can get much better than 2.7%. There are many Regular Savers paying above 4% and as much as 7%. The easiest of them is probably the Coventry First Home Saver (which everybody can get), currently 2.95% and going to 5% from Jan 6.

The difference between 2.7% and 2.9% is barely worth the effort on moving money for many people I should think.

If you only have £100 in a savings account, you might feel that a difference of 1% is hardly worth the effort, as it would only mean a difference of £1 for you. If you have £80,000, even a difference of 0.1% could prompt you into action, being a difference of £80 - far more than most people's hourly rate of income.

I understand what you are saying but that £80 is in a year and the way accounts keep beating each other the money is likely to only be there for a month or so, so less than £7? Better than nothing I agree but still on £80,000?

I'm sticking with ZOPA, unless easy access (and I mean easy access) accounts go to over 3.5%. I'm leaving £5,000 in CHASE for three months just for convenience (going round the world). I reckon that will cost me £7. Convenience definitely has a value.

In my experience you don't need to move your savings as frequently as every month, and it takes far less than an hour each time, so I'd stand by my previous estimates of hourly rates. They were for illustrative purposes only. Nobody is paying me £80 per hour to come up with accurate figures

In the last 3 months I've swapped between (deep breath) CHASE, ZOPA, YORKSHIRE, CHIP, AL RAYAN, SANTANDER, VIRGIN, I think that's it. 

For me though, it's just a bit of fun. I'm 66. I've come to the conclusion that when I die I will still have money left in the bank (s). so my endeavours will all be for the benefit of others. Happy New Year.

masonic

Deleted_User said:

masonic said:

Deleted_User said:

masonic said:

User36750 said:

Band7 said:

IAAM said:

(I'm currently trying to save to pay off my mortgage early). 

You can get much better than 2.7%. There are many Regular Savers paying above 4% and as much as 7%. The easiest of them is probably the Coventry First Home Saver (which everybody can get), currently 2.95% and going to 5% from Jan 6.

The difference between 2.7% and 2.9% is barely worth the effort on moving money for many people I should think.

If you only have £100 in a savings account, you might feel that a difference of 1% is hardly worth the effort, as it would only mean a difference of £1 for you. If you have £80,000, even a difference of 0.1% could prompt you into action, being a difference of £80 - far more than most people's hourly rate of income.

I understand what you are saying but that £80 is in a year and the way accounts keep beating each other the money is likely to only be there for a month or so, so less than £7? Better than nothing I agree but still on £80,000?

I'm sticking with ZOPA, unless easy access (and I mean easy access) accounts go to over 3.5%. I'm leaving £5,000 in CHASE for three months just for convenience (going round the world). I reckon that will cost me £7. Convenience definitely has a value.

In my experience you don't need to move your savings as frequently as every month, and it takes far less than an hour each time, so I'd stand by my previous estimates of hourly rates. They were for illustrative purposes only. Nobody is paying me £80 per hour to come up with accurate figures

In the last 3 months I've swapped between (deep breath) CHASE, ZOPA, YORKSHIRE, CHIP, AL RAYAN, SANTANDER, VIRGIN, I think that's it. 

For me though, it's just a bit of fun. I'm 66. I've come to the conclusion that when I die I will still have money left in the bank (s). so my endeavours will all be for the benefit of others. Happy New Year.

Then you're moving your money around a lot more than me. My money has been with Al Rayan throughout October - December 2022 and it's been earning within 0.1% of the top rate available except for short periods of time when there was a lot of flux following MPC meetings. Before that it spent a couple of months at Virgin, and for the rest of the year at Chase. I expect I'll need to move again this month, but three moves per year, each one costing me less than 15 minutes of my time, seems a good balance for the relatively small sum (compared to others here) I keep in cash. The point that I was making is that the more money you have, the more incentive there is to ensure it is earning a top rate.

unclebatman

App revamp on the way, according to the notification just received. 
Interesting to see if they go down the Monzo/Starling appearance route. 

eastcorkram

unclebatman said:

App revamp on the way, according to the notification just received. 
Interesting to see if they go down the Monzo/Starling appearance route. 

I have not used Monzo or starling, but I hope chase don't mess this up. I love the app just the way it is.

AmityNeon

eastcorkram said:

unclebatman said:

App revamp on the way, according to the notification just received. 
Interesting to see if they go down the Monzo/Starling appearance route. 

I have not used Monzo or starling, but I hope chase don't mess this up. I love the app just the way it is.

It's slow. I may have an older phone, but the Chase UK app is the slowest of all my finance apps, even more so than Barclays. I hope their revamp is more optimisation than cosmetic.