The New Top Easy Access Savings Discussion Area

Bridlington1

MichaelAP said:

slinger2 said:

10_66 said:

Bridlington1 said:

10_66 said:

Bridlington1 said:

@soulsaver
Chip Easy Access Saver `Tri' 5% (up from 4.84%) (4.07% BOE BRT plus 0.93% 12 mth boost (up from 0.77%))

Is this available in the app now as I can't see it, please.  I had difficulty with the 4.84% issue, it wasn't available on the app on my old iPad, but was on my iPhone 13.  I'm wondering if the 5% isn't available on this one now.

I've managed to open it on my android 9 phone without any issues and my phone was rather cheap to start with and isn't compatible with a few of the other banking apps.

Though I've messaged them I've not received a reply, do you know if I need to close the 4.84% in order to have the 5% one become available?

I seem to remember that you can't close individual savings accounts with them. You can empty them but then you can't open a new one.

Chip need to change this to allow those who took up the offer earlier in Sep. By isolating their early opening customers and not giving them the same 5.00% access is downright wrong.

Personally I've no issues with Chip restricting the eligibility of the account if they wish.

It's no more wrong than when, say, HSBC decided to bring out the 7% version of their regular saver and not allow those who have their 5% version to open it unless they close the 5% version first (which would make them incur a large interest hit) or wait for it to mature.

Moreover some banks often restrict accounts to people who live in certain postcodes, is that also to be considered ``downright wrong"? 

They can and should be able to restrict eligibility if they wish. Quite often by doing so it allows them to offer higher rates to those customers they wish to gain or keep hold of which I would consider to be fair enough.

slinger2

Bridlington1 said:

MichaelAP said:

slinger2 said:

10_66 said:

Bridlington1 said:

10_66 said:

Bridlington1 said:

@soulsaver
Chip Easy Access Saver `Tri' 5% (up from 4.84%) (4.07% BOE BRT plus 0.93% 12 mth boost (up from 0.77%))

Is this available in the app now as I can't see it, please.  I had difficulty with the 4.84% issue, it wasn't available on the app on my old iPad, but was on my iPhone 13.  I'm wondering if the 5% isn't available on this one now.

I've managed to open it on my android 9 phone without any issues and my phone was rather cheap to start with and isn't compatible with a few of the other banking apps.

Though I've messaged them I've not received a reply, do you know if I need to close the 4.84% in order to have the 5% one become available?

I seem to remember that you can't close individual savings accounts with them. You can empty them but then you can't open a new one.

Chip need to change this to allow those who took up the offer earlier in Sep. By isolating their early opening customers and not giving them the same 5.00% access is downright wrong.

Personally I've no issues with Chip restricting the eligibility of the account if they wish.

It's no more wrong than when, say, HSBC decided to bring out the 7% version of their regular saver and not allow those who have their 5% version to open it unless they close the 5% version first (which would make them incur a large interest hit) or wait for it to mature.

Moreover some banks often restrict accounts to people who live in certain postcodes, is that also to be considered ``downright wrong"? 

They can and should be able to restrict eligibility if they wish. Quite often by doing so it allows them to offer higher rates to those customers they wish to gain or keep hold of which I would consider to be fair enough.

Yes. It's like the long-standing principle of insurance companies (and many others) of offering sweeteners to new customers while screwing existing clients. All perfectly legal I assume.

masonic

slinger2 said:

Bridlington1 said:

MichaelAP said:

slinger2 said:

10_66 said:

Bridlington1 said:

10_66 said:

Bridlington1 said:

@soulsaver
Chip Easy Access Saver `Tri' 5% (up from 4.84%) (4.07% BOE BRT plus 0.93% 12 mth boost (up from 0.77%))

Is this available in the app now as I can't see it, please.  I had difficulty with the 4.84% issue, it wasn't available on the app on my old iPad, but was on my iPhone 13.  I'm wondering if the 5% isn't available on this one now.

I've managed to open it on my android 9 phone without any issues and my phone was rather cheap to start with and isn't compatible with a few of the other banking apps.

Though I've messaged them I've not received a reply, do you know if I need to close the 4.84% in order to have the 5% one become available?

I seem to remember that you can't close individual savings accounts with them. You can empty them but then you can't open a new one.

Chip need to change this to allow those who took up the offer earlier in Sep. By isolating their early opening customers and not giving them the same 5.00% access is downright wrong.

Personally I've no issues with Chip restricting the eligibility of the account if they wish.

It's no more wrong than when, say, HSBC decided to bring out the 7% version of their regular saver and not allow those who have their 5% version to open it unless they close the 5% version first (which would make them incur a large interest hit) or wait for it to mature.

Moreover some banks often restrict accounts to people who live in certain postcodes, is that also to be considered ``downright wrong"? 

They can and should be able to restrict eligibility if they wish. Quite often by doing so it allows them to offer higher rates to those customers they wish to gain or keep hold of which I would consider to be fair enough.

Yes. It's like the long-standing principle of insurance companies (and many others) of offering sweeteners to new customers while screwing existing clients. All perfectly legal I assume.

The insurance dual pricing model has been stopped I believe. Resulting in higher costs for those who shop around.

Bridlington1

slinger2 said:

Bridlington1 said:

MichaelAP said:

slinger2 said:

10_66 said:

Bridlington1 said:

10_66 said:

Bridlington1 said:

@soulsaver
Chip Easy Access Saver `Tri' 5% (up from 4.84%) (4.07% BOE BRT plus 0.93% 12 mth boost (up from 0.77%))

Is this available in the app now as I can't see it, please.  I had difficulty with the 4.84% issue, it wasn't available on the app on my old iPad, but was on my iPhone 13.  I'm wondering if the 5% isn't available on this one now.

I've managed to open it on my android 9 phone without any issues and my phone was rather cheap to start with and isn't compatible with a few of the other banking apps.

Though I've messaged them I've not received a reply, do you know if I need to close the 4.84% in order to have the 5% one become available?

I seem to remember that you can't close individual savings accounts with them. You can empty them but then you can't open a new one.

Chip need to change this to allow those who took up the offer earlier in Sep. By isolating their early opening customers and not giving them the same 5.00% access is downright wrong.

Personally I've no issues with Chip restricting the eligibility of the account if they wish.

It's no more wrong than when, say, HSBC decided to bring out the 7% version of their regular saver and not allow those who have their 5% version to open it unless they close the 5% version first (which would make them incur a large interest hit) or wait for it to mature.

Moreover some banks often restrict accounts to people who live in certain postcodes, is that also to be considered ``downright wrong"? 

They can and should be able to restrict eligibility if they wish. Quite often by doing so it allows them to offer higher rates to those customers they wish to gain or keep hold of which I would consider to be fair enough.

Yes. It's like the long-standing principle of insurance companies (and many others) of offering sweeteners to new customers while screwing existing clients. All perfectly legal I assume.

And I've nothing against insurance companies offering better deals to new customers than existing customers either. Those who are proactive and are prepared to shop around for the best deals are rewarded by not having to pay as much as those who are can't be bothered to look for better deals elsewhere.

It reminds me of when the BOE base rate was rising and loads of people were wanting banks to be forced to pass on interest rate rises to all savers (I note the same people aren't calling for the banks to be forced to pass on the recent cut to the base rate onto savers though). Again the current system rewards those who are proactive at the expense of those who can't be bothered to look elsewhere for a better rate of interest.

All seems perfectly fair to me.

slinger2

Bridlington1 said:

slinger2 said:

Bridlington1 said:

MichaelAP said:

slinger2 said:

10_66 said:

Bridlington1 said:

10_66 said:

Bridlington1 said:

@soulsaver
Chip Easy Access Saver `Tri' 5% (up from 4.84%) (4.07% BOE BRT plus 0.93% 12 mth boost (up from 0.77%))

Is this available in the app now as I can't see it, please.  I had difficulty with the 4.84% issue, it wasn't available on the app on my old iPad, but was on my iPhone 13.  I'm wondering if the 5% isn't available on this one now.

I've managed to open it on my android 9 phone without any issues and my phone was rather cheap to start with and isn't compatible with a few of the other banking apps.

Though I've messaged them I've not received a reply, do you know if I need to close the 4.84% in order to have the 5% one become available?

I seem to remember that you can't close individual savings accounts with them. You can empty them but then you can't open a new one.

Chip need to change this to allow those who took up the offer earlier in Sep. By isolating their early opening customers and not giving them the same 5.00% access is downright wrong.

Personally I've no issues with Chip restricting the eligibility of the account if they wish.

It's no more wrong than when, say, HSBC decided to bring out the 7% version of their regular saver and not allow those who have their 5% version to open it unless they close the 5% version first (which would make them incur a large interest hit) or wait for it to mature.

Moreover some banks often restrict accounts to people who live in certain postcodes, is that also to be considered ``downright wrong"? 

They can and should be able to restrict eligibility if they wish. Quite often by doing so it allows them to offer higher rates to those customers they wish to gain or keep hold of which I would consider to be fair enough.

Yes. It's like the long-standing principle of insurance companies (and many others) of offering sweeteners to new customers while screwing existing clients. All perfectly legal I assume.

And I've nothing against insurance companies offering better deals to new customers than existing customers either. Those who are proactive and are prepared to shop around for the best deals are rewarded by not having to pay as much as those who are can't be bothered to look for better deals elsewhere.

It reminds me of when the BOE base rate was rising and loads of people were wanting banks to be forced to pass on interest rate rises to all savers (I note the same people aren't calling for the banks to be forced to pass on the recent cut to the base rate onto savers though). Again the current system rewards those who are proactive at the expense of those who can't be bothered to look elsewhere for a better rate of interest.

All seems perfectly fair to me.

Your right in that in many ways it not unlike the "issue" system that many providers use, offering different rates to new customers. Where Chip have stepped it up a level is by making it impossible for customers with an old "issue" to get the new one even if they're happy to close the old one. Your only option is to take your money elsewhere.

Bridlington1

slinger2 said:

Bridlington1 said:

slinger2 said:

Bridlington1 said:

MichaelAP said:

slinger2 said:

10_66 said:

Bridlington1 said:

10_66 said:

Bridlington1 said:

@soulsaver
Chip Easy Access Saver `Tri' 5% (up from 4.84%) (4.07% BOE BRT plus 0.93% 12 mth boost (up from 0.77%))

Is this available in the app now as I can't see it, please.  I had difficulty with the 4.84% issue, it wasn't available on the app on my old iPad, but was on my iPhone 13.  I'm wondering if the 5% isn't available on this one now.

I've managed to open it on my android 9 phone without any issues and my phone was rather cheap to start with and isn't compatible with a few of the other banking apps.

Though I've messaged them I've not received a reply, do you know if I need to close the 4.84% in order to have the 5% one become available?

I seem to remember that you can't close individual savings accounts with them. You can empty them but then you can't open a new one.

Chip need to change this to allow those who took up the offer earlier in Sep. By isolating their early opening customers and not giving them the same 5.00% access is downright wrong.

Personally I've no issues with Chip restricting the eligibility of the account if they wish.

It's no more wrong than when, say, HSBC decided to bring out the 7% version of their regular saver and not allow those who have their 5% version to open it unless they close the 5% version first (which would make them incur a large interest hit) or wait for it to mature.

Moreover some banks often restrict accounts to people who live in certain postcodes, is that also to be considered ``downright wrong"? 

They can and should be able to restrict eligibility if they wish. Quite often by doing so it allows them to offer higher rates to those customers they wish to gain or keep hold of which I would consider to be fair enough.

Yes. It's like the long-standing principle of insurance companies (and many others) of offering sweeteners to new customers while screwing existing clients. All perfectly legal I assume.

And I've nothing against insurance companies offering better deals to new customers than existing customers either. Those who are proactive and are prepared to shop around for the best deals are rewarded by not having to pay as much as those who are can't be bothered to look for better deals elsewhere.

It reminds me of when the BOE base rate was rising and loads of people were wanting banks to be forced to pass on interest rate rises to all savers (I note the same people aren't calling for the banks to be forced to pass on the recent cut to the base rate onto savers though). Again the current system rewards those who are proactive at the expense of those who can't be bothered to look elsewhere for a better rate of interest.

All seems perfectly fair to me.

Your right in that in many ways it not unlike the "issue" system that many providers use, offering different rates to new customers. Where Chip have stepped it up a level is by making it impossible for customers with an old "issue" to get the new one even if they're happy to close the old one. Your only option is to take your money elsewhere.

But then what Chip's doing isn't all that different to what other banks/building societies have been doing for years. 

Nationwide for example has offered a boosted rate on their FlexDirect account for those who have never had a FlexDirect account before. I remember benefitting from this offer when it was 2%. It was later boosted to 5% and there was no way for me to switch from getting 2% to getting 5%, even though I would've been happy to open a new FlexDirect account and close the old one.

There's nothing wrong with it, it's just a way to encourage new customers to move to them, akin to switching offers in that respect.

k12479

slinger2 said:

Your right in that in many ways it not unlike the "issue" system that many providers use, offering different rates to new customers. Where Chip have stepped it up a level is by making it impossible for customers with an old "issue" to get the new one even if they're happy to close the old one. Your only option is to take your money elsewhere.

Chip, and a few others nowadays, seem to have one account with a bonus for 12 months rather than multiple issues. Preemptively opening accounts with £1 or closing and reopening them are not necessarily going to be in bank's interests which Chip would seem to avoid by their approach.

KevinG

I have the existing Chip saver (with zero balance) and a Chip ISA and I have the option to open the 5% account in my app, assuming it's the one that's limited to three withdrawals (so not true easy/instant access).

Edit: I've opened it and the email confirmation says it's 4.84% AER (4.07+0.77 bonus) although it says 5.00% AER in the app.

AmityNeon

sv511 said:

JamesRobinson48 said:

sv511 said:

Any easy access savings recommendations for American expats with their tax home in the UK?

Cahoot appear to not support this. If I set my nationality to American on the application, I can't set my tax home to the UK.

We also want a joint account.

So far, the best I've found is Virgin Money Private Savings at 4.75%. You must hold their private current account which has a £15/month fee. The current account pays 4%.

If you live in the UK and are a US citizen, presumably you are deemed to have dual tax residence: both US and UK? AFAIK, every US citizen is obliged to file an annual US tax return.

Our tax home (residence) is in the UK. We declare this on our annual US tax return. We pay our taxes in the UK. There is a tax treaty between the US and the UK which allows this.

Indeed, but you still have US tax obligations considering you have to file US tax returns; a tax treaty between the two countries does not change or nullify your status as a tax resident of the US. For example, your ISA interest is subject to US tax, and the treaty does not cover that.

AmityNeon

friolento said:

Most UK providers shun American citizens due to their obligations and resulting costs under FATCA.

You could try one of international banks located in the Isle of Man or the Channel Islands. Skipton International might be an option.

Why do you think this? Do you believe US citizens resident in the UK cannot apply for an account with Skipton Building Society? Skipton's standard online application interface has provisions in place for those with foreign tax obligations, including a question specific to US citizens; applications are allowed to proceed as long as Tax Identification Numbers are provided.

Your tax details

Please confirm your tax and citizenship details below. Under legislation relating to tax reporting, we may need to report your account and interest details to HMRC for onward tax reporting.

It's sometimes necessary to do this if you're a citizen of the United States and/or tax resident outside the UK, depending on the countries in which you are tax resident.

• Are you tax resident only in the UK? Yes / NO
• Are you a citizen only of the UK? Yes / NO
• Are you a citizen of the USA? YES / No

Please select the country or countries in which you are a tax resident and add your tax identification number (TIN) for each. The TIN identifies you with the tax authority in each country.

If you do not have your TIN, call us on 0345 702 5026 to progress.

Many UK banks and building societies have no problems accepting US citizens, just like Skipton BS.