Chase interest rate rise

CheekyMikey

Personally I gave up on Chase as a savings vehicle ages ago and have used the Zopa ladder for the best easyish access rates…the 1% cash back isn’t better for me than using my credit card but the fee free card use for payments and cash abroad at good exchange rates is well worth keeping it for imo…

TomJ

jaypers said:

Stargunner said:

There is no sign of them extending it after the 12 month period, which you accepted when you opened the account, so who would you bin them for?

Not decided as yet but my spending habits are currently focussed around using Chase as a secondary account and taking advantage of the cashback. Once that is gone, my motivation to use them is gone. Savings wise they are no better or worse than many others so it’s just a case of how I manage my money and day to day spending. If the cashback goes, so does my motivation to stick with them. 

It remains a good feeder account for regular savers - the fact you can set up standing order from the savings account saves a lot of faff.

Fujis

I use my chase as a secondary account, have already got my interest on my savings with my normal bank . My question is , if u transfer all over to chase acc can I transfer all back out within a couple of weeks without any issues or fees? As we have just bought a house & this is the deposit money , so need to be sure I’m doing the right thing !

Bigwheels1111

Fujis said:

I use my chase as a secondary account, have already got my interest on my savings with my normal bank . My question is , if u transfer all over to chase acc can I transfer all back out within a couple of weeks without any issues or fees? As we have just bought a house & this is the deposit money , so need to be sure I’m doing the right thing !

I moved 80k at a time from chase to FD to fund fixed rate savings.
Then when my next plan matured I put it in chase and moved out again when I opened a new fixed.
Not sure what the daily limit is but 80k was ok.

dealyboy

Bigwheels1111 said:

Fujis said:

I use my chase as a secondary account, have already got my interest on my savings with my normal bank . My question is , if u transfer all over to chase acc can I transfer all back out within a couple of weeks without any issues or fees? As we have just bought a house & this is the deposit money , so need to be sure I’m doing the right thing !

I moved 80k at a time from chase to FD to fund fixed rate savings.
Then when my next plan matured I put it in chase and moved out again when I opened a new fixed.
Not sure what the daily limit is but 80k was ok.

@Bigwheels1111 £25k ... they must like you!

Band7

Bigwheels1111 said:

Fujis said:

I use my chase as a secondary account, have already got my interest on my savings with my normal bank . My question is , if u transfer all over to chase acc can I transfer all back out within a couple of weeks without any issues or fees? As we have just bought a house & this is the deposit money , so need to be sure I’m doing the right thing !

I moved 80k at a time from chase to FD to fund fixed rate savings.
Then when my next plan matured I put it in chase and moved out again when I opened a new fixed.
Not sure what the daily limit is but 80k was ok.

How many days did it take you to move £80k out of Chase? And why did you move £80k into FD - what FD fixed rate market leading deal did I miss in the last several years?

Bigwheels1111

Band7 said:

Bigwheels1111 said:

Fujis said:

I use my chase as a secondary account, have already got my interest on my savings with my normal bank . My question is , if u transfer all over to chase acc can I transfer all back out within a couple of weeks without any issues or fees? As we have just bought a house & this is the deposit money , so need to be sure I’m doing the right thing !

I moved 80k at a time from chase to FD to fund fixed rate savings.
Then when my next plan matured I put it in chase and moved out again when I opened a new fixed.
Not sure what the daily limit is but 80k was ok.

How many days did it take you to move £80k out of Chase? And why did you move £80k into FD - what FD fixed rate market leading deal did I miss in the last several years?

Moved it out in one go, took about 10 minutes to arrive.
I use FD as my main account and then fund savings elsewhere.

Tandem 5% fixed for 5 years.
Gatehouse bank 4.85% fir 5 years.
Isbank 4.5% for 7 years fixed.

The best I can see today is Al Rayan 4.68% for 3 years.
Tandem 4.6% for 5 years.

Band7

Bigwheels1111 said:

Band7 said:

Bigwheels1111 said:

Fujis said:

I use my chase as a secondary account, have already got my interest on my savings with my normal bank . My question is , if u transfer all over to chase acc can I transfer all back out within a couple of weeks without any issues or fees? As we have just bought a house & this is the deposit money , so need to be sure I’m doing the right thing !

I moved 80k at a time from chase to FD to fund fixed rate savings.
Then when my next plan matured I put it in chase and moved out again when I opened a new fixed.
Not sure what the daily limit is but 80k was ok.

How many days did it take you to move £80k out of Chase? And why did you move £80k into FD - what FD fixed rate market leading deal did I miss in the last several years?

Moved it out in one go, took about 10 minutes to arrive.
I use FD as my main account and then fund savings elsewhere.

Tandem 5% fixed for 5 years.
Gatehouse bank 4.85% fir 5 years.
Isbank 4.5% for 7 years fixed.

The best I can see today is Al Rayan 4.68% for 3 years.
Tandem 4.6% for 5 years.

You moved £80k in one go out of Chase  which has a £25k limit/day for everyone? What do we need to do to get the same  exemption from their limits?

Fujis

Thank you Bigwheela1111 😊 but Still unsure of what to do!! Is it worth the risk putting all of my deposit for the home into Chase for a few hundred pounds? We are only a month or so off completing so need to be sure!

refluxer

Fujis said:

Thank you Bigwheela1111 😊 but Still unsure of what to do!! Is it worth the risk putting all of my deposit for the home into Chase for a few hundred pounds? We are only a month or so off completing so need to be sure!

The official daily limit for withdrawals from Chase is £25k but some people have a higher limit - mine is £35k, which is confirmed in the app.

If you're likely to need to move more than £25k in a single day then you'd need to plan ahead but if that's not possible, I would look elsewhere. In my experience, the majority of banks and building societies have some kind of daily limit though but there are exceptions - for example, the Atom Instant Saver (3.20%, app only) doesn't have a daily limit (and payments in and out are instant). Just be aware that payments out of many of the higher interest savings accounts (like Atom or Zopa) have to be made to linked (nominated) accounts, so you would then be subject to that particular bank's limits when making the final payment.