Notice Accounts

Burcot

Have opened the CHIP acc.  Thanks for help guys.  Liked the additional tip SB re Autosave.  I would have missed that.  

SuzzleBumpkin

Burcot said:

Have opened the CHIP acc.  Thanks for help guys.  Liked the additional tip SB re Autosave.  I would have missed that.  

You’re very welcome. Glad it helped. I learned the hard way. I was scratching my head wondering why money had gone out of my current account, and where to. 😊

intalex

I think my autosave was disabled by default, as I don't remember opting in/out during the sign-up and I definitely didn't go to my profile to disable it. I did start off with just a £1 "pipework setup" transfer (followed by larger amounts a couple of days later), not sure if it's something else that triggers the autosave after sign-up / initial transfer??

SuzzleBumpkin

intalex said:

I think my autosave was disabled by default, as I don't remember opting in/out during the sign-up and I definitely didn't go to my profile to disable it. I did start off with just a £1 "pipework setup" transfer (followed by larger amounts a couple of days later), not sure if it's something else that triggers the autosave after sign-up / initial transfer??

I think it works like this… When you sign up you may give permission for it to rifle through your current account transactions. Then it uses an algorithm to decide how much you can afford to save a month. Then on the designated day it takes out that amount and sticks it in their prize draw saving account. This is what happened automatically to me. Maybe I missed something in the sign up process, but I thought it was worth saving others the trouble if their autosave was also switched on without their knowledge.

allegro120

SuzzleBumpkin said:

Burcot said:

Have opened the CHIP acc.  Thanks for help guys.  Liked the additional tip SB re Autosave.  I would have missed that.  

You’re very welcome. Glad it helped. I learned the hard way. I was scratching my head wondering why money had gone out of my current account, and where to. 😊

I didn't know about this, but they've sent a warning e-mail few hours before "auto-saving" so I had time to figure out that it is and how to turn it off.

Burcot

Are there any concerns regarding any of our Banks given the American bank failure.  Might be sensible to look at any of our savings that have slipped over the protected £85k.  

SuzzleBumpkin

Burcot said:

Are there any concerns regarding any of our Banks given the American bank failure.  Might be sensible to look at any of our savings that have slipped over the protected £85k.  

I’ve been through the list of companies potentially affected. Mostly tech & biotech companies. No challenger banks whatsoever, that I can see. This is direct result of deregulation by the Trump administration because of lobbying. House democrats are currently working on a fix so it doesn’t happen again. I don’t think any UK banks will be affected. As you said, the best thing to do is to keep accounts within the £85k FSCS protection limit.

Burcot

SB - thanks for sharing - appreciated. 

SuzzleBumpkin

Burcot said:

SB - thanks for sharing - appreciated. 

You’re very welcome, for what it’s worth. 😊

Burcot

Oh well, no upward movement on interest - maybe next week. My ZOPA 31 day closes tomorrow.  Intending to move to CHIP easy access (about same interest) in hope a better rate happens in next week or two.   Did notice this on CHIP web site.'..The compensation limit is £85,000 of eligible deposits per banking licence. If you have money with different banks and building societies who share the same licence, you’ll only have a total of £85,000 protection through the FSCS.'  ....Hope they are not associated with the other popular high interest providers.