The New Top Easy Access Savings Discussion Area

masonic

allegro120 said:

Bridlington1 said:

The only issue that I can see is that the Chase bonus rate is for new customers only, if you're not an existing customer yet I'd be cautious of burning through the new customer rate too soon if you're not going to be using it for a couple of months.

Delaying Chase can result in missing on this offer, they don't usually stay available for very long.  It's always a bit of a gamble with delaying the account opening. 

I had an email notifying me they're pulling the existing customer offer on the 10th. Perhaps they will change or pull the new customer offer at the same time.

ircE

True EA accounts are easy access savings accounts which can be opened, and the headline interest rate earned, with a minimum balance of no more than £10. These accounts allow unlimited withdrawals. This table excludes fee-charging accounts, accounts limited to smaller balances, and accounts only available through savings marketplaces. Instant True EA accounts are those True EA accounts which advertise immediate deposit and withdrawal times, 24/7. Highlighted entries show changes in the respective table since last time: blue for new entries, green for rate increases, red for rate reductions.

Chip takes a big tumble. Hodge makes a big jump. Elsewhere, Skipton launches an account albeit limited to balances up to £50k, with incremental increases at Tesco and Charter. 

The top accounts are now Chase, Snoop and cahoot depending on whether you are an existing customer of Chase.

allegro120

20122013 said:

mon3ysav3r said:

20122013 said:

With the 'Chase Boostd Rate Svr 5.00% inc.fixed 2.25% 1yr bonus for new customers only AO (09/06)' 

I have opened this account, and it reads:

'You've opened a Chase saver with a boosted rate'  5%. (great.)

I would like to know whether  there is another account I need to open with CHASE to get this rate? For some reason I have also ordered a 'Chase debit card '  must have opened a second CHASE account (in error) as it has different  CHASE account number. 

Yes you need their "Current Account" which comes with a debit card to be able to open the Saver. I took the default name for the current account and when I view it in the list of current accounts in the app it is called something daft like "New Account" !

As  My 'Chase Boostd Rate Svr 5% account is showing the funds I have paid in. With my CHASE current account the one with the CHASE debit card, In order to keep the Saver account,  do I also need to have some transaction going with this current account, or can I leave it open with no transactions? 

You can leave it open with no transactions.  There's no minimum balance or requirement to transact.  

I personally use Chase current account for shopping because they pay 1% cash back, so have no experience of no transactions for very long.  Some banks (VM, FD and Santander in my experience) issue a warning after an account has been idle for a year or two, I don't know if Chase does this, most banks don't.  

allegro120

Bridlington1 said:

allegro120 said:

Bridlington1 said:

20122013 said:

Are there any risks of applying to all the 7+  accounts above? So I can have more to choices in two months time? As I have already opened a few since April?

The only issue that I can see is that the Chase bonus rate is for new customers only, if you're not an existing customer yet I'd be cautious of burning through the new customer rate too soon if you're not going to be using it for a couple of months.

Additionally with Snoop it's worth noting they do have a refer-a-friend offer so it may be worth waiting till you know someone who can refer you before opening this account. Remember though referrals are prohibited on this forum so you'd need to look elsewhere for a referral.

Delaying Chase can result in missing on this offer, they don't usually stay available for very long.  It's always a bit of a gamble with delaying the account opening. 

It could do but then again by jumping too soon you could end up opening an account to secure the bonus now only to find it is no longer the top rate by the time you come to fund it, in which case you've deprived yourself of a future new customer offer for nothing.

FWIW Chase has ended up being one of the few banks I am yet to use. The reason being that the app wasn't compatible with my smartphone when they had the 1.5% EA account when that was competitive and the extra interest I could've gained by having the app was less than the cost of buying a new phone. 

Earlier this week I did buy a new phone, this was solely because I wanted to get the Chip app again because I could get more out of referring people to Chip than the cost of the new phone and the Chase app is compatible with it. I've still not opened the Chase account despite being eligible for it because most of my non-ISA savings are in regular savers so Cahoot at 5% meets all my short-term EA needs. There doesn't seem much point in opening the account with Chase now when I'd likely never get any extra interest from opening it and they could come up with an account opening offer in the future that I could benefit more from.

I see. In your circumstances it wouldn't make any sense to jeopardise any possible offers for first-timers in the future.  

I remember 1.5% EA as a revolutionary jump .  At the time I had all my EA money in Al Rayan's 0.7%, and that was the best EA rate available.  I had a fairly old phone, but the app worked... can't believe they couldn't make their app compatible to all smart phones, they clearly wanted to gain as many customers as possible at the launch.  Another flaw was their unpreparedness to deal with large amount of applications.  I've opened it in minutes (did it as soon as the product was launched), but a friend I referred had to wait for about two months.  Probably the longest EA account opening process in recent history

Sherbertfizz

Anyone else receive an email from Snoop advising that they've been paying the wrong interest?  It's a tiny difference (4.59% instead of 4.6%) but seems rather odd.  No explanation.  Accounts with annual interest are easy to verify but my maths isn't up to confirming whether monthly/daily interest rates are being applied accurately.  I'm sure the more expert savers here will have wisdom to impart!

Our regular checks have spotted that since 28 May we’ve slightly underpaid you the interest you’re due. The interest rate on your Snoop savings account is 4.60% AER (variable), but we’ve paid 4.59% AER (variable).

Given this, we’re topping up your interest earned and will make this payment alongside your next regular interest payment. And we’ll make sure you earn the correct amount going forwards.

allegro120

Sherbertfizz said:

Anyone else receive an email from Snoop advising that they've been paying the wrong interest?  It's a tiny difference (4.59% instead of 4.6%) but seems rather odd.  No explanation.  Accounts with annual interest are easy to verify but my maths isn't up to confirming whether monthly/daily interest rates are being applied accurately.  I'm sure the more expert savers here will have wisdom to impart!

Our regular checks have spotted that since 28 May we’ve slightly underpaid you the interest you’re due. The interest rate on your Snoop savings account is 4.60% AER (variable), but we’ve paid 4.59% AER (variable).

Given this, we’re topping up your interest earned and will make this payment alongside your next regular interest payment. And we’ll make sure you earn the correct amount going forwards.

Yes, I've received the same message yesterday.

darren72

With regards to Snoop, I see the maximum balance is £85,000.  Is it OK to go over once interest has been added, or must the interest be withdrawn to keep the balance at £85,000 ?

KevinG

darren72 said:

With regards to Snoop, I see the maximum balance is £85,000.  Is it OK to go over once interest has been added, or must the interest be withdrawn to keep the balance at £85,000 ?

Normally interest is allowed on top as long as you don't make any further deposits. This is how Atom works anyway.

allegro120

darren72 said:

With regards to Snoop, I see the maximum balance is £85,000.  Is it OK to go over once interest has been added, or must the interest be withdrawn to keep the balance at £85,000 ?

I don't know for sure, but normally it means including the interest you have earned unless specified otherwise.

Kim_13

KevinG said:

darren72 said:

With regards to Snoop, I see the maximum balance is £85,000.  Is it OK to go over once interest has been added, or must the interest be withdrawn to keep the balance at £85,000 ?

Normally interest is allowed on top as long as you don't make any further deposits. This is how Atom works anyway.

As £85,000 is the FSCS compensation limit, Snoop may be doing customers a favour with that limit and I would withdraw the interest regardless of whether they would allow it or not.