UK Savings Accounts and Silicon Valley Bank

DoneWorking

Are any UK Savings Accounts likely to be affected by the SVB

Is Chase UK ok in particular 

aaj123

Until last week if someone had asked which account is probably best to get a high interest rate and yet be able to safely stick a large amount over FSCS, I would have suggested Chase Bank 3% saver. Probably still the case.

MDMD

SVB UK had no retail customers.

Chase is not connected to SVB, being owned by JP Morgan, but never wise to have over £85k with anyone.

bostonerimus

No!           

Band7

aaj123 said:

Until last week if someone had asked which account is probably best to get a high interest rate and yet be able to safely stick a large amount over FSCS, I would have suggested Chase Bank 3% saver. Probably still the case.

More than £85k in any single financial institution is not a good idea, except if you can make use of the temporary high balance FSCS cover, or if it is NS&I.

DoneWorking

I was thinking of moving away from Chase anyway 
It's only 3% on easy access
Can get higher with Chip and Zopa

Which of these is more reliable 

I'm leaning towards Zopa 

GeoffTF

DoneWorking said:

I was thinking of moving away from Chase anyway 
It's only 3% on easy access
Can get higher with Chip and Zopa

Which of these is more reliable 

I'm leaning towards Zopa 

Chase is the safest of the three.

Band7

GeoffTF said:

DoneWorking said:

I was thinking of moving away from Chase anyway 
It's only 3% on easy access
Can get higher with Chip and Zopa

Which of these is more reliable 

I'm leaning towards Zopa 

Chase is the safest of the three.

They are all equally safe if you stick to the FSCS limit.

As to most reliable: do you mean which app has the fewest issues? I would say it‘s six in one and half a dozen in the other. Though Chase doesn‘t run on all Android devices. No such issues with the other two. Chase Saver can be used for SOs/DDs and scheduled payments, the other two can‘t. Zopa is by far slowest of the three with deposits and withdrawals.

The biggest difference remains the interest rate - Chase hasn‘t been tops for ages, and has been reliably (!) slow to react to rate increases.

DoneWorking

Chip currently has the best interest rate of the three.

What are your thoughts on its general service.
Is it easy to pay into and out of this account 

DoneWorking

Just looked up Chip

Not for me

I'm already banking with Clear Bank

Plus I don't like open banking or having to telephone to make transfers

I prefer faster payments 

arnoldy

Large US banks are being inundated with requests from customers trying to transfer funds from smaller lenders, the Financial Times is reporting.

Same is probably happening here. Smaller bank share prices are looking very very wobbly. Virgin Money is currently down another 3% today after a big drop yesterday. Other small UK listed banks have similar trends. Chase is part of a bigger US group. The trend is fleeing from small banks to larger banks that can't be allowed to fail.