UK Savings Accounts and Silicon Valley Bank

Band7

DoneWorking said:

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 

Excellent service. Instant deposits and withdrawals.

DoneWorking said:

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 

What existing accounts do you have with Clearbank?

CHIP don’t offer telephone banking.

OB uses Faster Payments under the covers. It’s just much easier than initiating the Faster Payment yourself and the user can’t send their money to the wrong destination.

Band7

arnoldy said:

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.

All banks have seen their share prices dive. 

Some depositors are panicking for no reason. A big bank is no safer than a small bank if you stay within the FSCS limit. But hey, emotions and herd mentality…..🙄

DoneWorking

Band7 said:

DoneWorking said:

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 

Excellent service. Instant deposits and withdrawals.

DoneWorking said:

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 

What existing accounts do you have with Clearbank?

An account via Raisin which now uses Clearbank

CHIP don’t offer telephone banking.

If you don't want to use open banking you have to call them to go through fraud  clearance process

OB uses Faster Payments under the covers. It’s just much easier than initiating the Faster Payment yourself and the user can’t send their money to the wrong destination.

I don't like this 

See comments above