The New Top Easy Access Savings Discussion Area

ni_saver

1spiral said:

How do chip calculate their interest? Their T&Cs state "Interest will be calculated daily and paid monthly on the fourth business day of each month" . I opened their Easy Access account on 26/9 and appear to have been paid 4 days interest but if paid till the end of month, should I not expect 5 days (26,27,28,29 & 30) or are chip one of this organisations that don't pay interest on the date funds are received?

It doesn't mention it anywhere in their documentation but the interest from the last day of a month is always paid with the next months interest for some reason. So interest earned from 31st August - 29th September was paid 4th working day of Oct, interest earned from 30th September - 30th October will be paid 4th working day of November and so on.

pecunianonolet said:

So basically if I have a balance of £1000 in my account and make an additional deposit of £100 by 10pm and it is cleared after a few min with Clearbank I won't receive interest for the £100 until the next day? I thought they check what is the balance at 23:59.59 and calculate based on this and that's what the interest calculation is based on and what I accrue at 00:00

You are correct, you get interest based on your balance around midnight. I often use Chip for late evening deposits when I haven't had time to move money during banking hours as I know I'll get interest on it overnight there before moving on to somewhere better paying the next day.

1spiral said:

Thanks, that explains it. Must make a note to avoid Friday deposits then.

No need to avoid Friday deposits. You can credit money any day, including weekends and bank holidays, and they'll pay interest on the balance you have around midnight.

1spiral

ni_saver said:

1spiral said:

How do chip calculate their interest? Their T&Cs state "Interest will be calculated daily and paid monthly on the fourth business day of each month" . I opened their Easy Access account on 26/9 and appear to have been paid 4 days interest but if paid till the end of month, should I not expect 5 days (26,27,28,29 & 30) or are chip one of this organisations that don't pay interest on the date funds are received?

It doesn't mention it anywhere in their documentation but the interest from the last day of a month is always paid with the next months interest for some reason. So interest earned from 31st August - 29th September was paid 4th working day of Oct, interest earned from 30th September - 30th October will be paid 4th working day of November and so on.

pecunianonolet said:

So basically if I have a balance of £1000 in my account and make an additional deposit of £100 by 10pm and it is cleared after a few min with Clearbank I won't receive interest for the £100 until the next day? I thought they check what is the balance at 23:59.59 and calculate based on this and that's what the interest calculation is based on and what I accrue at 00:00

You are correct, you get interest based on your balance around midnight. I often use Chip for late evening deposits when I haven't had time to move money during banking hours as I know I'll get interest on it overnight there before moving on to somewhere better paying the next day.

1spiral said:

Thanks, that explains it. Must make a note to avoid Friday deposits then.

No need to avoid Friday deposits. You can credit money any day, including weekends and bank holidays, and they'll pay interest on the balance you have around midnight.

Oh the joy of T&Cs. Let's do something and not tell them we're doing it and also tell them we'll do something that we won't.

SaveTheEuro

Another cut by Hampshire Trust Bank:

"As an existing customer, we will keep your current rate of 4.65% AER gross variable on your Easy Access account until 8 November 2024. After this date, the rate on your account will be reduced to 4.40% AER gross variable."

mebu60

SaveTheEuro said:

Another cut by Hampshire Trust Bank:

"As an existing customer, we will keep your current rate of 4.65% AER gross variable on your Easy Access account until 8 November 2024. After this date, the rate on your account will be reduced to 4.40% AER gross variable."

The 4.4% matches the rate on offer to new customers.

The 4.65% came into play on 03:10. This latest email reminded me to login to HTB and reduce the modest sum still in there to £1. Online the rate was still showing as 4.9%!! Those funds will definitely be 4.9% shortly (at least for now) when they are in West Brom. 

SeriousHoax

Hi, has anyone gone for Sidekick?

Includes 1yr 0.55% bonus

Sidekick, 4.89%

- Min £1,000, max £250,000

- Open via app

- Interest paid: underlying 4.34% paid daily, 0.55% bonus paid monthly 

- No joint accounts

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

allegro120

SeriousHoax said:

Hi, has anyone gone for Sidekick?

Includes 1yr 0.55% bonus

Sidekick, 4.89%

- Min £1,000, max £250,000

- Open via app

- Interest paid: underlying 4.34% paid daily, 0.55% bonus paid monthly 

- No joint accounts

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

I've downloaded the app, but didn't open the account yet. I still have a number of accounts that pay more than 4.89% so decided to delay it for some time.  Delaying the end of bonus date can be an advantage, but there is always a chance that the product will become NLA any time soon.  If the rate was more competitive I would jump into it straight away.

KevinG

SeriousHoax said:

Hi, has anyone gone for Sidekick?

Includes 1yr 0.55% bonus

Sidekick, 4.89%

- Min £1,000, max £250,000

- Open via app

- Interest paid: underlying 4.34% paid daily, 0.55% bonus paid monthly 

- No joint accounts

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

What a palaver opening that account! It wouldn't send a verification email to the first address I used (accepted the address but it never arrived) so I had to try another one, interminable questions to answer and after finally getting to uploading both sides of my driving licence and taking a selfie it will still take one business day to verify my application. Other accounts I have opened through an app have taken a couple of minutes before I could start using them.

Bridlington1

@soulsaver

It appears Principality BS Online Bonus Tri Iss3 4.75% inc bonus shall go NLA shortly.

I don't yet know exactly when but the application link for issue 4 has now appeared which implies issue 3 is not going to be around for much more than a week at most if their past behaviour with application links is repeated.

As of yet I have no further details on issue 4, I expect these will most likely appear on moneyfacts shortly before it goes live.

gt94sss2

Sorry if this should be a separate thread but where are others thinking of moving balances held in the Ulster Bank loyalty saver account given their interest rate cut next week?

I thought I had a 5.12% Cahoot account but apparently that has reverted to 1.2%..

Am ideally looking for true instant access accounts.

chris_the_bee

gt94sss2 said:

Sorry if this should be a separate thread but where are others thinking of moving balances held in the Ulster Bank loyalty saver account given their interest rate cut next week?

I thought I had a 5.12% Cahoot account but apparently that has reverted to 1.2%..

Am ideally looking for true instant access accounts.

Cahoot

• 4.57% AER/gross variable rate interest for 1 year. Cahoot Simple Saver is still available.