Chase safe for larger deposits

flopsy1973

Hi
I need to empty my santander EA and was thinking about adding it to my chase saver which has the bonus. That will bring my balance to about 140k. Is anything likely to happen to chase in the short term ? Or the other alternative is put it in my partners name in something as she has not used her PSA any thoughts

la531983

If Chase went bust then the world would be in a spot of bother.

Bigwheels1111

I would never put more than say 81k in an account paying 5%.

85k is protected, but interest is not.

Putting in partners account is Ok.

If you trust them not to spend it or run off with it.

My wife would be off like a shot down to the shops with a bag full of cash .

Chip, easy access isa at 5.1% would be a good start.

Chase 5.1% looks good for a few months.

Lots of regular savers ?, maybe.

I have 13 on the go, between 5.5% and 8%.

That takes care of 36k a year.

Re tax, Are you a low rate or high rate tax payer.

Malthusian

flopsy1973 said:

Hi
I need to empty my santander EA and was thinking about adding it to my chase saver which has the bonus. That will bring my balance to about 140k. Is anything likely to happen to chase in the short term ?

Chase is as safe as Northern Rock and Halifax were in 2007; that is, nobody really knows how safe they actually are. That is why we have compensation schemes.

Or the other alternative is put it in my partners name in something as she has not used her PSA any thoughts

Are you married?

If you aren't, and you aren't feeling generous enough to make a gift to her of £65,000, put it in a different bank, or NS&I.

wmb194

flopsy1973 said:

Hi
I need to empty my santander EA and was thinking about adding it to my chase saver which has the bonus. That will bring my balance to about 140k. Is anything likely to happen to chase in the short term ? Or the other alternative is put it in my partners name in something as she has not used her PSA any thoughts

How short is, "short term"? Chase is part of JP Morgan Chase so personally I wouldn't worry too much but if you know being above the £85k FSCS limit will cause you anxiety don't do it. 

The other issue with having large sums in any bank is getting them out as quickly as you'd like - what is Chase's daily FP transfer limit? It also doesn't offer cheques or, IIRC, Chaps payments.

poseidon1

Malthusian said:

flopsy1973 said:

Hi
I need to empty my santander EA and was thinking about adding it to my chase saver which has the bonus. That will bring my balance to about 140k. Is anything likely to happen to chase in the short term ?

Chase is as safe as Northern Rock and Halifax were in 2007; that is, nobody really knows how safe they actually are. That is why we have compensation schemes.

Or the other alternative is put it in my partners name in something as she has not used her PSA any thoughts

Are you married?

If you aren't, and you aren't feeling generous enough to make a gift to her of £65,000, put it in a different bank, or NS&I.

Absolutely no comparisons between J P Morgan Chase, and those tiny insignificant british banks. 

The US bank tops the Forbes Global 2000 list of the most valuable business in the world, it is also the world's largest financial entity and looking at the global economy arguably the most economically important institution outside the world's central banks. At last count JPM Chase assets exceeded the entire nominal GDP of the UK!

As pointed out by la531983 above, in the event of the likes of  Chase going bust you probably looking at a real existential threat to the entire global banking system, an entity which can be truly defined as 'too big too fail'. 

 The likes of Halifax and Northern Rock ( or any British Bank for that matter ) could only dream of ever attaining the strength and security  status of Chase ( arguably an impossibility given the moribund nature of British banking).

I  personally would be more concerned of my Chase account being potentially hacked by criminals than losses occurring by virtue of the bank failing.

Wheres_My_Cashback

flopsy1973 said:

Hi
I need to empty my santander EA and was thinking about adding it to my chase saver which has the bonus. That will bring my balance to about 140k. Is anything likely to happen to chase in the short term ? Or the other alternative is put it in my partners name in something as she has not used her PSA any thoughts

Personally i wouldn't worry about exceeding £85k with Chase (I have) or lots of other UK banks. JPM are less likely to go bust than planet earth imploding anytime soon.
JPM Chase UK have invested 1 billion to set up in the UK and are already making profit 2/3 years earlier than expected.

masonic

One thing to be slightly concerned about is their faster payments daily limit. I don't recall what it is, but it caught some people out when it took them over a week to move their money back out. Should be able to find the details using a search of the main Chase thread.

ETA: now showing as £25k in the FAQ, but also allow for security delays when making large payments out on consecutive days.

Wheres_My_Cashback

masonic said:

One thing to be slightly concerned about is their faster payments daily limit. I don't recall what it is, but it caught some people out when it took them over a week to move their money back out. Should be able to find the details using a search of the main Chase thread.

£25k daily which can be increased to up to £250k via app chat/phone. Much easier on the phone as there will be a number of security check questions. Funds must already be in the account prior to making the request. I've moved in excess of £25k many times.

Over £250k is subject to much more rigorous security checks/timescales.

ColdIron

Wheres_My_Cashback said:

masonic said:

One thing to be slightly concerned about is their faster payments daily limit. I don't recall what it is, but it caught some people out when it took them over a week to move their money back out. Should be able to find the details using a search of the main Chase thread.

£25k daily which can be increased to up to £250k via app chat/phone.

It's not the same for everybody, my limit (daily/transaction) is £35,000

Wheres_My_Cashback

ColdIron said:

Wheres_My_Cashback said:

masonic said:

One thing to be slightly concerned about is their faster payments daily limit. I don't recall what it is, but it caught some people out when it took them over a week to move their money back out. Should be able to find the details using a search of the main Chase thread.

£25k daily which can be increased to up to £250k via app chat/phone.

It's not the same for everybody, my limit (daily/transaction) is £35,000

Yes, forgot that if you joined Chase in the first year? which they set up, limits were I believe up to £50K, but if you've joined in the past 2+ years its been £25K.