Pay Interest Monthly vs Yearly if withdrawing in 5 months time?

Bigwheels1111

Wotulookinat said:

Bigwheels1111 said:

Are we talking about 5k or 100k.
For almost no hassle go with Chip easy access 4.21%.
Near instant deposits and withdrawals.

This is interesting to me also as I am about to withdraw £120k from mine and my wifes s&s ISA's to pay for a property refurbishment and need somewhere to park the funds in the short term.

The money is currently invested 100% in equities and the builder has just started the job which will take around 5-6 months. I want to transfer the funds into cash savings this week to eliminate volatility which I will then draw on to pay for materials and labour as the work progresses. If we open an account each and split the pot we will stay within the £85k protection.

Chip easy access sounds perfect, if I've understood the details, but I've read a few posts on here where people have had problems transferring funds and ended up with money stuck in limbo etc and are then faced with hassle trying to sort it all out. Question is, does Chip work as it should or is it all very clunky?   

First things first never put 85k in one account.
As the interest of £3578.50 a year would be at risk.
In your case just put 60k in each of your accounts.
When I set up Chip, I did not add a card etc at that time.
I opened the account and the when it was up and running I only set up open banking.
Via the add money button.
Ive moved 50k at a time in and out, never taken more than 10 seconds to confirm payment.
Its normally instant, 
No limbo effect.
In the account.

Click add money.
Then deposit by Bank transfer 
Type amount £
Then Green deposit button 
Opens up my bank app and asks for authentication 
On an iPad it open a blank web page with a dodgy box, click open
Next it transfers the money and say confirmed.
Chip opens with the cash in your account.

Simple.