Chase 1.5% Easy Access

[Deleted User]

I have kept my CHASE account for the 1% reward. £451.11 since March which is some going. I have around the world trip coming up, that will give me another £200 back. Free money I reckon. I guess I'll go back to the AMEX once my year is up. I've also managed to accrue £125 in the round-up feature now earning 5%.

One word of warning, they don't accept CHAPS. I sold my car last Monday, the dealer sent the money to CHASE via CHAPS. They refused it and for a while I didn't know where it was until 48 hours later, I found CHASE had stuck it in a holding account. God knows why. After a few choice words they sent it back from whence it came. The dealer's bank (HSBC) is now stalling, they have it in a holding account themselves. Be a week on Monday and I still haven't got hold of what I consider a substantial amount of money. Fingers crossed for tomorrow.

Daliah

FB13 said:

B0bbyEwing said:

Daliah said:

You can "stay with them" without - effectively - paying them for your custom by keeping your savings with them. They are perfectly good, and desirable, for their cashback, but that's really it, AFAIAC. I have moved my savings out of Chase on June 1 this year - a total of five months now that they have not been competitive for savings.

It's their savings account & the way it works that ticks a box for me I'm afraid. 

While I don't keep the vast bulk of my cash in Chase anymore, I do keep several hundred pounds in the savings account as I use the savings account effectively as a current account. Because of the speed and ease of moving money out of the Chase saving account (particularly to the Chase current account), I keep very little money in current accounts (my primary current account has less than £50 ATM) which earn no interest or interest less than 1.5%. While I could earn extra interest on part of the several hundreds, that would be offset by having more money in accounts which earn less or no interest and/or having more hassle moving money around. 

So I agree that the way the savings account works can still make sense for some people when the amount involved isn't that high. 

I understand the benefits of SOs/DDs in the Chase savings account but I get more than 1.5% cashback for my DDs. And whether I shift sufficient money for my DDs and SOs into a non-interest paying current account or into my Chase savings account makes no real difference for me, so I stick with what I did before Chase was a thing. In addition, the effort of shifting all my DDs and SOs to Chase savings doesn’t appear to be justified, plus I would have to change my ‘nominated account’ at quite a few savings providers. If I could reasonably rely on Chase interest rates moving with the market, I might reconsider but as it stands, it doesn’t look as if they will. YMMV. 

B0bbyEwing

Daliah said:

I am constantly amazed by people who jumped into the Chase savings account because it paid 0.5% more than other savings accounts but now they stick with the Chase account even if they can get at least 0.85%, and up to 3.5%, more elsewhere for instant access savings. I'd not consider them money saving experts but who knows, may be they themselves do.

Just because this website is called Money Saving Expert doesn't mean we all consider ourselves to be MSE's. I certainly don't. Far from it. 

I also grasped long ago that we're all individuals, have our own needs, our own wants. What suits one doesn't suit another. For some reason some people seem unable to grasp this. They seem to think that THEIR way is the ONLY way.

As I say, Chase ticks a box for me.

I can open multiple savings accounts offering the 1.5% - they're all lumped together in one. Not opening an account with one provider, then another with another provider, then another with another provider, having to log in and out of various if I want to tally or whatever.

I can also set up standing orders direct from these savings accounts to non-Chase accounts. Many savings accounts only let you transfer the money to a current account with that same provider.

Maybe there's a provider that offers these exact same features with a higher rate of interest and I'm just not aware of it because I haven't looked.

Or maybe Chase is the only one or the highest paying one that offers these features.

But the fact is, these tick a box for ME. Therefore the account is right FOR ME. It wont be for the next person but it is FOR ME.



Maybe if I had a billion quid like you where 0.01% difference in interest was worthwhile chasing .. but then you have a billion quid, so who cares.
But I don't have a billion quid. The differences in these amounts aren't worth it to me to give up the features of the account that I mentioned.

We've been here before though months ago. You didn't grasp it then & you still don't grasp it but understand this much - you don't need to grasp it, all you need to do is understand that the account doesn't suit you but it does suit me & you should just accept that.

Because we're all different.

jak22

No-one signs up for saving accounts for features - it was for the 1.5% back in March which is now history. Every 0.3% difference is £10 a month lost on each £40000 and the gap with some accounts is twice that and growing each week. The only feature that matters is that its Easy Access.