Savings products on apps

Mike_from_Croydon

I notice that the best savings rates only seem to be available via an app.  Some others have an app as an option.  With the spate of phone thefts, it's bad enough risking a theif being able to access one's bank account, but who wants to risk their savings like that?

eskbanker

Nobody is going to force anyone to use a phone app if they don't want to, but there are many mitigations against the risks you're evidently concerned about, including biometric security, withdrawals only being permitted to one nominated account, and even just installing apps on devices that don't leave the house!

Middle_of_the_Road

1) apps are the only way to effectively navigate multiple savings accounts.

2) app security is superior to online.

3) no need to carry a phone with your 20-30 banking apps in public.

4) Outlay to make your account admin fast and secure £80-100. 

Phone stays indoors, no contract necessary, connection via WiFi 

wmb194

Mike_from_Croydon said:

I notice that the best savings rates only seem to be available via an app.  Some others have an app as an option.  With the spate of phone thefts, it's bad enough risking a theif being able to access one's bank account, but who wants to risk their savings like that?

They'll work on tablets as well. My iPad never leaves the house.

poseidon1

wmb194 said:

Mike_from_Croydon said:

I notice that the best savings rates only seem to be available via an app.  Some others have an app as an option.  With the spate of phone thefts, it's bad enough risking a theif being able to access one's bank account, but who wants to risk their savings like that?

They'll work on tablets as well. My iPad never leaves the house.

I second that, although mine is a Samsung tablet, other brands are of course available. Much easier to navigate on the larger 10 inch screen compared to a phone.

Having said that Chase Bank's app is mobile phone only.

Bigwheels1111

poseidon1 said:

wmb194 said:

Mike_from_Croydon said:

I notice that the best savings rates only seem to be available via an app.  Some others have an app as an option.  With the spate of phone thefts, it's bad enough risking a theif being able to access one's bank account, but who wants to risk their savings like that?

They'll work on tablets as well. My iPad never leaves the house.

I second that, although mine is a Samsung tablet, other brands are of course available. Much easier to navigate on the larger 10 inch screen compared to a phone.

Having said that Chase Bank's app is mobile phone only.

I use Chase on my iPad only.

incus432

This was a problem when my phone stopped working and my spare was too old to run the Chip app. I was unable to access my accounts until the phone was repaired. I now would always have some savings somewhere other than on apps

Albermarle

I just checked on Moneyfacts.
Of the top 20 best interest rates for a one year fix,  only one provider was 'mobile only' 

masonic

poseidon1 said:

Having said that Chase Bank's app is mobile phone only.

As well as iPads, the Chase app will work fine on Android tablets. All devices must be running a 64-bit OS.

MarkFromCornwall

Mike_from_Croydon said:

who wants to risk their savings like that?

Me.  A few years ago I was thinking about getting my first smartphone, but I didn't like the expense.  Then I worked out that if I used it to open an app-only savings account with Atom, the extra interest in the first year would cover the cost of the phone.  I've never looked back!

poseidon1

masonic said:

poseidon1 said:

Having said that Chase Bank's app is mobile phone only.

As well as iPads, the Chase app will work fine on Android tablets. All devices must be running a 64-bit OS.

Sadly the app is not compatible with my Samsung Tab s7 ( released 2020 ) despite it running Android 13 and a 64 bit OS.

Curiously runs OK on my Samsung galaxy note 10 plus 5g phone, released 2019 running Android 12.