Chase 1.5% Easy Access

masonic

If the council will accept card payment, then a cashback credit card might be the better option anyway, since council tax is unlikely to earn any cashback with your Chase card.

Daliah

masonic said:

If the council will accept card payment, then a cashback credit card might be the better option anyway, since council tax is unlikely to earn any cashback with your Chase card.

...unless the credit card would consider it a cash transaction and charge you a minor fortune for it

masonic

Daliah said:

masonic said:

If the council will accept card payment, then a cashback credit card might be the better option anyway, since council tax is unlikely to earn any cashback with your Chase card.

...unless the credit card would consider it a cash transaction and charge you a minor fortune for it

I've paid my council tax by credit card for years, using a variety of different credit cards and never come across this.

VKE

soulsaver said:

VKE said:

refluxer said:

Zerforax said:

I did not know about the temporary high balance rules so appreciate the information. It would apply I believe but unfortunately we are almost at the end of the 6 month limit.

There are many who would argue that Chase (JP Morgan) are unlikely to be going anywhere anytime soon but I wouldn't be comfortable about holding more than £85k with any one institution, personally. Hopefully it's only a matter of time before the competition catches up to their leading rate.

We've put £85k into our Chase saving accounts; we are not risk takers so all of the accounts we have or open will have a limit of £85k ~ it would give us sleepless nights.
What I do spend my time doing is tracking interest rates and we're more than happy to move £ as and when there is % increases which has kept  me occupied in recent weeks 

Unless you're certain the FSCS will cover interest accrued taking total deposits above £85k, maybe consider leaving a year at interest rate headroom and review after 12 months?

And, whilst Chase don't yet offer them, FSCS covers £170k on joint accounts...

As the interest is paid on 1st of each month we will both transfer out the interest paid amount into our separate Zopa or Cynergy accounts meaning our Chase accounts only exceed £85k for short amount of time 

cymruchris

trainboy said:

Sudden flurry of positive posts about this bank....

Suspicious. ..me....never...

What would you expect when they currently have the highest rate easy access savings rate in the uk at the moment? If Virgin upped their rate to 2 percent next week - there'd be a flurry of positive posts about that too... 

jimexbox

I'm using chase purely for the 1.5%. I will also transfer in funds as and when to take advantage of the 1% cashback. I don't think I'd use it as my DD account. 

Its been painless. I've asked cs a number of questions and they have always answered promptly. 

CheekyMikey

where_are_we said:

For those with large cash savings, remember that with increasing interest rates you may go over your personal savings allowance of £1000 interest for basic rate tax payers and £500 for higher rate tax payers for this tax year. Even with no other savings accounts, holding £85K in your Chace Savings account will mean you have to pay back 20% of the interest on £85000 - £66667 = £18333. The £18333 part will in effect earn 1.2%. To avoid this your spouse could open their own Chace Savings account and spread your savings.

On this issue of my spouse opening up an account, am I right in assuming she will need to do this via a separate device to the iPad I’ve used to set mine up as I can see no option to set up another individual’s account within the app. So if her phone isn’t compatible with the app, and I don’t think it will be, we can’t do it without getting another device which can download the app and set it up in her name?

Daliah

CheekyMikey said:

On this issue of my spouse opening up an account, am I right in assuming she will need to do this via a separate device to the iPad I’ve used to set mine up as I can see no option to set up another individual’s account within the app. So if her phone isn’t compatible with the app, and I don’t think it will be, we can’t do it without getting another device which can download the app and set it up in her name?

Correct, she needs her own physical 64-bit device (and passport/DL). As discussed in other threads, such a device can be had for around £200 or less. Chase pays £1,275 interest on £85K, the next nearest, Cynergy, £1,020 (before any tax that might be due).

MK62

Daliah said:

CheekyMikey said:

On this issue of my spouse opening up an account, am I right in assuming she will need to do this via a separate device to the iPad I’ve used to set mine up as I can see no option to set up another individual’s account within the app. So if her phone isn’t compatible with the app, and I don’t think it will be, we can’t do it without getting another device which can download the app and set it up in her name?

Correct, she needs her own physical 64-bit device (and passport/DL). As discussed in other threads, such a device can be had for around £200 or less. Chase pays £275 interest on £85K, the next nearest, Cynergy, £1,020 (before any tax that might be due).

Typo alert - £1275

Daliah

MK62 said:

Daliah said:

CheekyMikey said:

On this issue of my spouse opening up an account, am I right in assuming she will need to do this via a separate device to the iPad I’ve used to set mine up as I can see no option to set up another individual’s account within the app. So if her phone isn’t compatible with the app, and I don’t think it will be, we can’t do it without getting another device which can download the app and set it up in her name?

Correct, she needs her own physical 64-bit device (and passport/DL). As discussed in other threads, such a device can be had for around £200 or less. Chase pays £275 interest on £85K, the next nearest, Cynergy, £1,020 (before any tax that might be due).

Typo alert - £1275

Thank you, corrected