Advice to boost savings

NurseMoneySaver1122

Hi

Currently have around £140,000 in savings which I am earmarking for a first time house purchase.  Historically been quite good at switching to chase the best interest rates, but lagging lately and hoping for some ideas on how best to spread it around/move it.

Current position:

- Chase easy access savings account ££63,000 (3%).
- Shawbrook easy access ISA £43,000 (3.70%).
- Leeds BS easy access ISA (4.25%).

Note:
- Not yet added anything to this tax year ISA allowance.
- Currently pay tax on savings interest.
- Hoping to buy ?this year although could be later, so locking in is not preferred (at least not for long).

Any advice from savvy savers is highly welcomed!! :-)

Thanks in advance

wmb194

NurseMoneySaver1122 said:

Hi

Currently have around £140,000 in savings which I am earmarking for a first time house purchase.  Historically been quite good at switching to chase the best interest rates, but lagging lately and hoping for some ideas on how best to spread it around/move it.

Current position:

- Chase easy access savings account ££63,000 (3%).
- Shawbrook easy access ISA £43,000 (3.70%).
- Leeds BS easy access ISA (4.25%).

Note:
- Not yet added anything to this tax year ISA allowance.
- Currently pay tax on savings interest.
- Hoping to buy ?this year although could be later, so locking in is not preferred (at least not for long).

Any advice from savvy savers is highly welcomed!! :-)

Thanks in advance

The first thing to do is login to your Chase app and see whether it's offering you the new 4.85% AER boosted for six months savings account. It appears to be new today.

RunsFromRobots

I agree with wmb194. I had the email from Chase today and now moving savings into this new account - 'Chase Saver' by default.

I'd also recommend moving £20k into an easy access ISA to avoid paying tax on any interest you earn. You can choose from the best paying providers here.

Eyeful

Just the standard:

1.Use tax shelters where possible.
2. Any money needed within 5 years should be either in:
(a) NS&I where you are loaning money to the UK Government so is 100% protected.
(b) In a Bank or Building Society on the FSCS Savings Protection List, protected up to £85k.

3. Look for the best savings rates:
https://moneyfactscompare.co.uk/savings-accounts/
4. Check the money is protected:  https://www.fscs.org.uk/check/

5. You may want to consider:
(a) Regular savings accounts, if they pay good interest rates:
https://www.moneysavingexpert.com/savings/best-regular-savings-accounts/
(b) Bank switching incentives:
https://www.moneysavingexpert.com/banking/multiple-bank-switching/
(c) Credit card stoozing:
https://forums.moneysavingexpert.com/discussion/6288253/stoozing-free-cash-from-credit-cards-sticky?utm_source=community-search&utm_medium=organic-search&utm_term=credit+card+stooz

NurseMoneySaver1122

Thanks for they heads up guys. But I just checked and no offer for me.

I chatted with Chase, who state that there is eligibility criteria and I "already had applied offer before and you can only have one Chase Saver with Boosted rate at a time".  This appears to be nonsense, as my partner opened account at the same time, applied for the same Boosted rate as I did previously at the same time, yet has received the offer.  So identical circumstances, yet seemingly different criteria/treatment?! 

The only difference; I have £63,000 saved with them and my partner who's savings fluctuates up and down, but never more than a couple hundred.

I feel like I want to raise a complaint (although I know it wont achieve anything). Just frustrating when the reason I am being given is clearly nonsense.

Anyway, back to the drawing board on where to put savings...and will be definitely moving them out of Chase now!!!

Middle_of_the_Road

NurseMoneySaver1122 said:

Thanks for they heads up guys. But I just checked and no offer for me.

I chatted with Chase, who state that there is eligibility criteria and I "already had applied offer before and you can only have one Chase Saver with Boosted rate at a time".  This appears to be nonsense, as my partner opened account at the same time, applied for the same Boosted rate as I did previously at the same time, yet has received the offer.  So identical circumstances, yet seemingly different criteria/treatment?! 

The only difference; I have £63,000 saved with them and my partner who's savings fluctuates up and down, but never more than a couple hundred.

I feel like I want to raise a complaint (although I know it wont achieve anything). Just frustrating when the reason I am being given is clearly nonsense.

Anyway, back to the drawing board on where to put savings...and will be definitely moving them out of Chase now!!!

That is annoying. Are you only getting 3% on that?
I seem to remember when they first offered a boosted saver, (around a year ago IIRC) those with over 50k were excluded from the offer.

NurseMoneySaver1122

Yep just 3%. 

If she told me that was the reason, fair enough, that's the inclusion criteria.

But her first answer was regarding what I said above. Yet, when I raised the issue of my partner being in the exact same position having had the boosted rate before, she then gave me a "whishy-washy" generic answer that "this can be one of the reasons".

UPDATE: Just been told " eligibility criteria is not publicly available and only disclosed to customers who are eligible" 😕

Why can't they give me an account-specific answer?!?  Very frustrating, especially given I've rather liked banking with them!

Middle_of_the_Road

NurseMoneySaver1122 said:

Yep just 3%. 

If she told me that was the reason, fair enough, that's the inclusion criteria.

But her first answer was regarding what I said above. Yet, when I raised the issue of my partner being in the exact same position having had the boosted rate before, she then gave me a "whishy-washy" generic answer that "this can be one of the reasons".

UPDATE: Just been told " eligibility criteria is not publicly available and only disclosed to customers who are eligible" 😕

Why can't they give me an account-specific answer?!?  Very frustrating, especially given I've rather liked banking with them!

I opened the account earlier, but no eligibility criteria was revealed, other than what was linked to in the easy access thread earlier today.

NurseMoneySaver1122

Thank you @Middle_of_the_Road  Can't seem to see any reason there either then.

Checked both our "Save and Invest" tab, and we both have "Chase Saver 3%" and "Boosted Savings Account 3%". And he now has the additional one from this promo offer "Chase Saver 4.8%".

Just don't understand the secrecy. If I'm not eligible, just clarify the reason and job done.

Is this something I can raise with the ombudsman? Never been to the ombudsman before so no idea, but feeling really frustrated!

Middle_of_the_Road

NurseMoneySaver1122 said:

Thank you @Middle_of_the_Road  Can't seem to see any reason there either then.

Checked both our "Save and Invest" tab, and we both have "Chase Saver 3%" and "Boosted Savings Account 3%". And he now has the additional one from this promo offer "Chase Saver 4.8%".

Just don't understand the secrecy. If I'm not eligible, just clarify the reason and job done.

Is this something I can raise with the ombudsman? Never been to the ombudsman before so no idea, but feeling really frustrated!

I would think not. Whilst it feels very discrimitaty, I don't think they have acted in a way that the ombudsman would be of any help.
I do think they should clarify why only one of you is eligible, being that you say you both operated your accounts identically.
Again, I presume, your high balance, might be a factor.

Slinky

It's fairly obviously a marketing tactic to increase the amount of money people with lower balances hold with them. In the past I had much more with them than I do now, but shifted it to Marcus when Chase dropped their rate. On checking and finding the new offer of 4.8% in my app, I've now opened a new account and shifted the money back.

They are quite happy to pay you 3% on £63K, why would they want to pay you 4.8%? They aren't obliged to offer the same deals to everyone.