The New Top Easy Access Savings Discussion Area

10_66

friolento said:

MichaelAP said:

Bridlington1 said:

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.

Just because other money providers do it does not make it alright. It “feels” (not is) very wrong when Chip offer a rate and advertise we should change from the Instant Access to Easy Access and get 4.84%. Then less than a fortnight later change it to 5.00% but not offer it to the early adopters which Chip wanted….. Now rub it in and not allow you to close the account and reopen at 5.00% just adds to a negative feeling towards Chip.
I personally have left a comment with Chip and have to wait until tomorrow for a ‘human’ to reply but I know the answer and it will only make me move my entire monies with Chip elsewhere.

Are you sure you can't open the 5% account? It took me 3 seconds. I am not planning to use it as I don't like the extreme penalty that comes with mutliple withdrawals.

Possibly because you didn't already have the Easy Access 4.84%.  From your screen shot it looks like you only had the Instant Access and the Cash ISA before you applied for the Easy Access 5%.

ChewyyBacca

Why do I not have 5% offer?
What am I missing?
My chip is £0 for months now.

GetRichOrDieSaving

ChewyyBacca said:

Why do I not have 5% offer?
What am I missing?
My chip is £0 for months now.

Update the app and it should show. It worked when I did it on my misses phone last night. 

ChewyyBacca

GetRichOrDieSaving said:

ChewyyBacca said:

Why do I not have 5% offer?
What am I missing?
My chip is £0 for months now

Update the app and it should show. It worked when I did it on my misses phone last night. 

Such an obvious thing, didnt occur to me! Brain freeze!
Thanks GetRichOrDieSaving

allegro120

Chip 5%.
Added it to my "backup portfolio". Took about 30 seconds to open and it immediately appeared on the app.  I'm not too keen on access restrictions, but it might become useful at some point in the next 12 months.  

pookey

allegro120 said:

Chip 5%.
Added it to my "backup portfolio". Took about 30 seconds to open and it immediately appeared on the app.  I'm not too keen on access restrictions, but it might become useful at some point in the next 12 months.  

That's a good point, I might open it myself. Does it needed to have a minimum balance? 

masonic

@pookey said:

soulsaver said:

Chip Easy Access Saver `Tri' 5.00% (up from 4.84%) (4.07% BOE BRT plus 0.93% 12 mth boost (up from 0.77%))

Thanks @Bridlington1

This has limited access, Is it allowed on this thread? 

It's easy access until after the third withdrawal, so you use the third to move your money elsewhere. There are several rated limited access savers.

allegro120

pookey said:

allegro120 said:

Chip 5%.
Added it to my "backup portfolio". Took about 30 seconds to open and it immediately appeared on the app.  I'm not too keen on access restrictions, but it might become useful at some point in the next 12 months.  

That's a good point, I might open it myself. Does it needed to have a minimum balance? 

Don't think so.  I've read trough t&c and didn't see any minimum balance requirement.

pookey

This account is in the "new top easy access thread."
I was thinking easy access ment no restrictions, or is it as long as its easy to withdraw money from? 

allegro120

pookey said:

This account is in the "new top easy access thread."
I was thinking easy access ment no restrictions, or is it as long as its easy to withdraw money from? 

Easy access means you can access your money at any time without notice.