Chase 1.5% Easy Access

masonic

Confirmation of Payee has been significant in shaping the rules around which payments are held. Lack of CoP support by the receiving bank seems to make it much more likely a payment is held.

cookster

Catplan said:

kuepper said:

is interest paid monthly or yearly or a certain date?

Paid monthly, got it today.

Is it paid on a fixed date?

Thanks

sebtomato

cookster said:

Catplan said:

kuepper said:

is interest paid monthly or yearly or a certain date?

Paid monthly, got it today.

Is it paid on a fixed date?

Thanks

1st of the month, but calculated daily, so doesn't make much difference.

eskbanker

masonic said:

Confirmation of Payee has been significant in shaping the rules around which payments are held. Lack of CoP support by the receiving bank seems to make it much more likely a payment is held.

Yes, that makes sense - the voluntary reimbursement code was introduced with (subsequent) CoP implementation in mind, as this provides a clear and specific warning if someone tries to send to an unexpected account, thereby absolving the sending bank of any liability if choosing to proceed, so banks could effectively ignore those CoP-validated transactions and focus their fraud prevention/detection efforts on the ones that they could still be held liable for....

jaypers

I’ve opened a lot of accounts really and only thing stopping me from getting this one is the fact that I’ve opened so many plus the horror stories here of all the payment delays. Was hoping some of the other Easy Access would match Chase but seeing as Investec only increased to 0.93% guess it’s not going to happen. Maybe a no brainer but not sure what to do……a 6th Current Account seems overkill. 

RedImp_2

Well after being a bit tardy going for this (secretly hoping Marcus might respond) I've gone ahead this morning.  All went very smooth and quick (despite my selfie not looking like my drivers license imho). Account approved within 5 minutes, savings account added and two test payments made with almost immediate notifications money arrived in Chase account.

As well as moving savings from Marcus across have to think about how to change my spending habits.  Currently put nearly everything on Santander credit card with 0.5% cashback (plus retailer offers) and transfer from Marcus to current account couple of days before payment is due.  To get the 1% cashback from Chase will need to keep a bit more money in that current account., so will be a bit more juggling of money to make sure the right money is in the right place at tthe right time !

Daliah

jaypers said:

I’ve opened a lot of accounts really and only thing stopping me from getting this one is the fact that I’ve opened so many plus the horror stories here of all the payment delays. Was hoping some of the other Easy Access would match Chase but seeing as Investec only increased to 0.93% guess it’s not going to happen. Maybe a no brainer but not sure what to do……a 6th Current Account seems overkill. 

As Chase do not carry out a hard search, there's really no reason why you shouldn't apply for a Chase account. 6 current accounts is nothing - many MSE forumites have substantially more.

As to the payment delays: as annoying as they may be, they can hardly be described as horror. We may be spoilt by most Faster Payments arriving within seconds these days, but let's not forget that the officially committed turnaround is by end of next business day. Nobody has lost their money by the hold ups.

Don't cut your nose off to spite your face 

masonic

jaypers said:

I’ve opened a lot of accounts really and only thing stopping me from getting this one is the fact that I’ve opened so many plus the horror stories here of all the payment delays. Was hoping some of the other Easy Access would match Chase but seeing as Investec only increased to 0.93% guess it’s not going to happen. Maybe a no brainer but not sure what to do……a 6th Current Account seems overkill. 

I wouldn't sweat a 6th. I've cut down from double figures over the past year, mainly due to the perks of several major banks seeming not worth it any more.

For Chase, there's no credit search, and it isn't reported to the CRAs, so not really treated like a conventional current account. Payments in won't be any more difficult than any other savings account provided by a non-mainstream bank. My experience of withdrawals is that large payments are reviewed, but once you've called the freephone number and confirmed it is just a transfer to another of your accounts, there is no further interrogation and payment is let through to arrive within minutes. Entire call for me lasted 7 minutes including holding for a couple of minutes them to confirm the money was transferred, at one of their busiest times.

Daliah

RedImp_2 said:

As well as moving savings from Marcus across have to think about how to change my spending habits.  Currently put nearly everything on Santander credit card with 0.5% cashback (plus retailer offers) and transfer from Marcus to current account couple of days before payment is due.  To get the 1% cashback from Chase will need to keep a bit more money in that current account., so will be a bit more juggling of money to make sure the right money is in the right place at tthe right time !

I agree, it is a bit of a pain to ensure you have enough funds in your Chase current account if you are used to paying with credit card. But the 1% cashback on most (not all) purchases seems worth the hassle.

You can make life a bit easier for yourself if you use the free Curve card. You would register both, the Chase and the Santander card in Curve, with Chase being your default card. You then make all your purchases with the Curve card.

Here come the clever bits:

1. Curve has an "anti-embarrassment" feature, which, if switched on, will make your payment automatically from your Santander CC  if you have run out of cash in Chase. The switch happens in a fraction of a second and the retailer won't know anything about it. Curve keeps a clear record of your payments so you know what went on which card
   
   
2. Once you have topped up your Chase account again at your leisure, you can then move the payment from your Santander CC to your Chase card, using Curve's "Go Back In Time" function. You have 30 days from purchase to do this
   
   
3. You can also use "Go Back In Time" to do the reverse shifting, from Chase to Santander, if you find Chase haven't given you any cashback for a given transaction. Your Chase account shows instantly whether your purchase has qualified for cashback

Also, don't forget, if you want Section 75 protection, you ned to pay at least some of the purchase price with the credit card.


EDIT: if you are a cashback site user, check for a £10 or so cashback for taking out a Curve card

masonic

RedImp_2 said:

As well as moving savings from Marcus across have to think about how to change my spending habits.  Currently put nearly everything on Santander credit card with 0.5% cashback (plus retailer offers) and transfer from Marcus to current account couple of days before payment is due.  To get the 1% cashback from Chase will need to keep a bit more money in that current account., so will be a bit more juggling of money to make sure the right money is in the right place at tthe right time !

A balance alert feature would certainly be handy (where balance drops below a specified amount). Offered by one or two other banks, and quite useful. Worth suggesting I think.