Best easy access - considering Chip

martyp

Hi all,

I currently have regular savers with Natwest, Nationwide and Halifax but my easy access is with Nationwide at 2.5%

I'm aiming to move the money to a better rate account of 4% at least.

I like Oxbury for its ethics or Ford Money but the downside is access to the money as both do the transfers by 1pm the same working day or the next working day after 1pm. At the moment I can transfer the money out of my Nationwide savings into another account within minutes at any time so if I need the money urgently at the weekend I have it there.

I'm considering Chip as the rate seems to be going up all the time and money seems to be available at any time(?)

I'm concerned about the possible fees which I believe are for the automatic top ups which I'd turn off as I prefer to transfer money in and out of my savings account to my current account as and when needed.

Does Chip sound like a good option for easy access?

jaceyboy

For easy access with Chip there are no fees, Tandem is very good also for putting money in and taking out quickly, Oxbury is slow for withdrawals like Shawbrook etc

Bigwheels1111

martyp said:

Hi all,

I currently have regular savers with Natwest, Nationwide and Halifax but my easy access is with Nationwide at 2.5%

I'm aiming to move the money to a better rate account of 4% at least.

I like Oxbury for its ethics or Ford Money but the downside is access to the money as both do the transfers by 1pm the same working day or the next working day after 1pm. At the moment I can transfer the money out of my Nationwide savings into another account within minutes at any time so if I need the money urgently at the weekend I have it there.

I'm considering Chip as the rate seems to be going up all the time and money seems to be available at any time(?)

I'm concerned about the possible fees which I believe are for the automatic top ups which I'd turn off as I prefer to transfer money in and out of my savings account to my current account as and when needed.

Does Chip sound like a good option for easy access?

No fees for the easy access account.
Deposits and withdrawals are near instant, if open banking is used.
Set up the account, do not add a debit card.
Once open go into the account and select add money, then you can set up open banking or 
the manual deposit is available.
On an iPad it opens my bank for a deposit, I confirm the amount and then it opens a safari page.
It’s blank and looks a bit wired, I think you click the small open box.
Money is in your account.

martyp

jaceyboy said:

For easy access with Chip there are no fees, Tandem is very good also for putting money in and taking out quickly, Oxbury is slow for withdrawals like Shawbrook etc

Thanks, I forgot about Tandem. I was thinking there was something about them that put me off such as annual interest instead of monthly or a minimum deposit or withdrawal amount or something but can't see anything at the moment. I recall some did have a minimum withdrawal amount of say £500 but need to be able to withdraw much smaller amounts as needed.

martyp

Bigwheels1111 said:

No fees for the easy access account.
Deposits and withdrawals are near instant, if open banking is used.
Set up the account, do not add a debit card.
Once open go into the account and select add money, then you can set up open banking or 
the manual deposit is available.
On an iPad it opens my bank for a deposit, I confirm the amount and then it opens a safari page.
It’s blank and looks a bit wired, I think you click the small open box.
Money is in your account.

Perfect, thanks for confirming.

Chip seems to have disappeared again from the suggestions on here, possibly due to being outdone by others?

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#easyaccess

martyp

Shawbrook I think I turned down as they seem to have the minimum withdrawal amount.

I was trying to see if there was an indication anywhere of which ones seem to be increasing their interest rate on the easy access savings most readily. I was thinking Chip was the best at increasing the rate with the BoE rate but wasn't sure about Tandem as their seems to win with the top up. Just thinking about going forward which one is likely to increase the most in line with BoE, hard to know but considering their historic increase trends as such.

Newbie_John

Chip increases rate frequently, and straight away unlike Kroo/Chase saying you're rate is going up.. on 1st of August 

martyp

Definitely poses a decision between Chip and Tandem I think, I did like Chip for what appears to be frequent rate increases but potentially could use both and switch between I guess?

jaceyboy

martyp said:

Definitely poses a decision between Chip and Tandem I think, I did like Chip for what appears to be frequent rate increases but potentially could use both and switch between I guess?

Tandem pay interest monthly and there is no minimum withdrawal amount like Chip...

martyp

jaceyboy said:

martyp said:

Definitely poses a decision between Chip and Tandem I think, I did like Chip for what appears to be frequent rate increases but potentially could use both and switch between I guess?

Tandem pay interest monthly and there is no minimum withdrawal amount like Chip...

Thanks, I thought there wasn't a minimum withdrawal amount for Chip according to their site? https://www.getchip.uk/savings-accounts/instant-access-account

friolento

martyp said:

jaceyboy said:

martyp said:

Definitely poses a decision between Chip and Tandem I think, I did like Chip for what appears to be frequent rate increases but potentially could use both and switch between I guess?

Tandem pay interest monthly and there is no minimum withdrawal amount like Chip...

Thanks, I thought there wasn't a minimum withdrawal amount for Chip according to their site? https://www.getchip.uk/savings-accounts/instant-access-account

You are right, there is no minimum withdrawal amount at Chip.