Notice Accounts

Burcot

My investec acc comes to an end in a few days. It offers 3.5% and is the best I have.  Any hopes of a better deal soon or I will have to sign on for another 90 days?  

sgog

Burcot said:

My investec acc comes to an end in a few days. It offers 3.5% and is the best I have.  Any hopes of a better deal soon or I will have to sign on for another 90 days?  

Up to you, of course, but it might be worth it to move the money to an easy-access account like Chip at this point since there's a chance that after the next 1-2 rate decisions EA will pay more than 3.5%.
(At least that's my reasoning.)

Bobblehat

SuzzleBumpkin said:

Oak North and DF Capital must be due rate rises soon. Unusually, they are really starting to lag behind the others now. 

OakNorth 90 Day lagging behind some Easy Access and equal to other EAs's .... not good!

SuzzleBumpkin

Bobblehat said:

SuzzleBumpkin said:

Oak North and DF Capital must be due rate rises soon. Unusually, they are really starting to lag behind the others now. 

OakNorth 90 Day lagging behind some Easy Access and equal to other EAs's .... not good!

I agree. No idea what’s happening with DF Capital. 3.15% is really poor for 90 days notice. I’ll be moving my money soon if there’s no improvement. Oak North were very good until recently. I expect they’ll do a raise soon. 

Burcot

Definitely considering CHIP, depositing money in seems ok just wondered if it is a bit more difficult to move out?

Minty33

sgog said:

Burcot said:

My investec acc comes to an end in a few days. It offers 3.5% and is the best I have.  Any hopes of a better deal soon or I will have to sign on for another 90 days?  

Up to you, of course, but it might be worth it to move the money to an easy-access account like Chip at this point since there's a chance that after the next 1-2 rate decisions EA will pay more than 3.5%.
(At least that's my reasoning.)

But investec may also raise it's 90 day rate, you get the increased rate from the day it goes up, regardless of whether you have it on notice of withdrawl or not.
so if you can wait a further 90 days it may be better to stay put?

( investc 90 day account rates normally only change on the 15th of the month ( and obviously some months they don't change at all) )

[I'm talking about the 90 day Notice saver here rather than any 90 day fixed account]

SuzzleBumpkin

Burcot said:

Definitely considering CHIP, depositing money in seems ok just wondered if it is a bit more difficult to move out?

I took a small sum out recently, using the in-app truelayer system, it went into my current account immediately. No problem whatsoever. I think it’s the same system Zopa uses.

SuzzleBumpkin

A bit of advice if anyone is opening an account with CHIP. Go into profile, then savings plans, then select auto save setting, then turn Autosave off. Otherwise it automatically takes money out of your current account every month and sticks it in a “prize draw account”. Unless, of course, you actually want to do that, which I didn’t. 😊

Band7

Burcot said:

Definitely considering CHIP, depositing money in seems ok just wondered if it is a bit more difficult to move out?

I have made numerous withdrawals from CHIP, size from a couple of hundreds to high 5-digit sums. All of them have always been near instant. No exaggeration.

SuzzleBumpkin said:

I think it’s the same system Zopa uses.

My Zopa withdrawals have been quick-ish, 20-30 minutes max usually, but much slower than CHIP.

sgog

Minty33 said:

sgog said:

Burcot said:

My investec acc comes to an end in a few days. It offers 3.5% and is the best I have.  Any hopes of a better deal soon or I will have to sign on for another 90 days?  

Up to you, of course, but it might be worth it to move the money to an easy-access account like Chip at this point since there's a chance that after the next 1-2 rate decisions EA will pay more than 3.5%.
(At least that's my reasoning.)

But investec may also raise it's 90 day rate, you get the increased rate from the day it goes up, regardless of whether you have it on notice of withdrawl or not.
so if you can wait a further 90 days it may be better to stay put?

( investc 90 day account rates normally only change on the 15th of the month ( and obviously some months they don't change at all) )

[I'm talking about the 90 day Notice saver here rather than any 90 day fixed account]

Of course, they may, at which point you can move back.
My point was that the difference between 3.5% and 3.4% doesn't compensate for the chance that they won't (and you'll have to keep the money there for 90 days) or that you could get a better notice account elsewhere.

I also have an Investec notice account, but I opened it when the difference between its rate and EA was much higher than 0.1%.