Best savings account?
- Thread starter Merlin5
- Start date
I'd imagine 3 or 4 working days is pretty standard? not really a problem as long as you are aware.
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Soldato
Trading 212 quote up to 3 working days for withdrawals, not all providers process weekend payments.
helpcentre.trading212.com
If they quoted they did them same day then you'd be fair to say it's delayed, in this case I think your expectations are incorrect.
This wasn't any different to how my Shawbrook account worked when I used them, they'd issue the withdrawal only on the next working day as well.
I did a test withdrawal from T212 and it arrived the following working day, so the up to 3 working day quote may be to cover outlying scenarios, my one and only test so far was received in a relatively timely manner.
Up to 3 working days I can operate with, as I can usually just spend on a credit card anyway to cover lack of funds in my main current account. But if the ability to instantly move money is important, you'd need to keep some funds in an account that quotes they'll do this.
How long does it take to withdraw?
We process withdrawals within up to 3 business days. You will receive an email and an in-app notification as soon as your request is executed. Once the amount is issued from our end, the allocation...
If they quoted they did them same day then you'd be fair to say it's delayed, in this case I think your expectations are incorrect.
This wasn't any different to how my Shawbrook account worked when I used them, they'd issue the withdrawal only on the next working day as well.
I did a test withdrawal from T212 and it arrived the following working day, so the up to 3 working day quote may be to cover outlying scenarios, my one and only test so far was received in a relatively timely manner.
Up to 3 working days I can operate with, as I can usually just spend on a credit card anyway to cover lack of funds in my main current account. But if the ability to instantly move money is important, you'd need to keep some funds in an account that quotes they'll do this.
Soldato
Feels like you're trying to find problems/holes with how T212 works here, if Chip works for you with instant access and slightly lower rates, just carry on using them instead?
This is not just related to your delay expectation but the fact you used a debit card you spun up for your previous deposit as well, something most people probably would not do!
No one has a gun to your head saying you need to move over to someone else. Rates at Chip seem fairly competitive still, so 0.1% interest lost to T212 is unlikely to matter much in the short term.
T212 - better rates but longer access times
Chip - less good rates but instant access times
Simple as that really! I'm sure if Chip offered better rates I'd look at shifting over to them as well, the website looks good and by your own account, they offer instant access which is a nice benefit to have, if not something I would personally need.
This is not just related to your delay expectation but the fact you used a debit card you spun up for your previous deposit as well, something most people probably would not do!
No one has a gun to your head saying you need to move over to someone else. Rates at Chip seem fairly competitive still, so 0.1% interest lost to T212 is unlikely to matter much in the short term.
T212 - better rates but longer access times
Chip - less good rates but instant access times
Simple as that really! I'm sure if Chip offered better rates I'd look at shifting over to them as well, the website looks good and by your own account, they offer instant access which is a nice benefit to have, if not something I would personally need.
But surely you'd keep a cash float in your current account, and just transfer into it once a month or something? or do you transfer from saving for every individual purchase, like putting petrol in the car or buying a packet of chewing gum or something/ seems a faf!
Soldato
I try and keep some cash in the bank but I can cover most daily costs with my credit card anyway.
When I get paid I then have to pay it off in the next DD run, but I know what I'm left over with after that more or less.
Cashback on the purchases as well with the CC! This works for basically everything except for the odd thing I need to buy like insurance or car tax where they don't take the Amex.
- Get paid towards the end of the month
- All DD's for bills and costs come out early in the following month
- Transfer spare capital to my reg saver and my Cash ISA leaving some cash in the current account
- Credit card statement date around when I get paid the next month, and then DD to pay the balance in full a week or so after I get paid.
When I get paid I then have to pay it off in the next DD run, but I know what I'm left over with after that more or less.
Cashback on the purchases as well with the CC! This works for basically everything except for the odd thing I need to buy like insurance or car tax where they don't take the Amex.
I keep around £20 in my current account for general spending. I transfer money if I need more.
Creates a barrier to not spend money that I find useful. No credit cards.
When I get paid (26) I transfer it all into savings then transfer what I need back in the day before DD's are due.
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I do a similar thing except I don't really have any DDs - I prefer to do it myself.
Soldato
I think it's more the principle of it. Sounds like they just added an arbitrary 3 day time frame to profit from it. But maybe that's me being cynical.
Surely you're gonna spend a hell of a lot more than £20 per month on random stuff like shopping etc...seems crazy to be doing manual transfers all the time, but each to thier own...can't you just set a limit on your debit card, like max per day, or max individual purchase price?
T212 is usually next working day when I've withdrawn from my S&S ISA. I'd be surprised if the cash ISA is different.
Soldato
I don't think it is, it's just people making a big deal out of it not being instant, when in reality it's probably next working day, but if it's somehow not, it's like a max of 3 working days.
I've only withdrawn once so far but it was next working day on mine at least.
Yeah sure but I just top it up now and again, not a massive deal. Gives me a barrier to overspending.
Having any kind of delay on using my money is a big no no.
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Soldato
What if the Chip system is down? you just can't spend anything if you can't send it?
Do you churn through your entire saving balance monthly as well?
I assume not, and there are portions of your funds you do not touch for long periods of time, if almost at all.
I've put some funds into a 6 month fixed saver with Atom as it's paying 5.25% (this was before the T212 5.2% offering) but it was also money I knew I wouldn't need within that 6 months, as I had plenty of cash in the normal ISA I'd draw down first.
Depositing funds to practice just in time banking is definitely too much faff for me, I know what my monthly DD's are and ensure I leave that much in the main current AC until it's taken them, I can cut the remainder pretty fine due to credit card overlapping things majority of the time.
I do see some value in having a short term savings account you can get money from instantly in a pinch though, but there is not really anything stopping you keeping a float in Chip that does that.
Do you churn through your entire saving balance monthly as well?
I assume not, and there are portions of your funds you do not touch for long periods of time, if almost at all.
I've put some funds into a 6 month fixed saver with Atom as it's paying 5.25% (this was before the T212 5.2% offering) but it was also money I knew I wouldn't need within that 6 months, as I had plenty of cash in the normal ISA I'd draw down first.
Depositing funds to practice just in time banking is definitely too much faff for me, I know what my monthly DD's are and ensure I leave that much in the main current AC until it's taken them, I can cut the remainder pretty fine due to credit card overlapping things majority of the time.
I do see some value in having a short term savings account you can get money from instantly in a pinch though, but there is not really anything stopping you keeping a float in Chip that does that.
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I have a credit card if needed with up to £2500 spend.
Although chip has never went down for me. There have been the odd day since they opened I guess but never effected me.
Also no I don't go through my savings each month. I put away £1000 or more and don't touch it. The rest of my wage is just for DD/general spending etc
I like the restriction I guess haha
Do I need that thing? Is it worth transferring money? No? Then you don't need it or want it enough
Although chip has never went down for me. There have been the odd day since they opened I guess but never effected me.
Also no I don't go through my savings each month. I put away £1000 or more and don't touch it. The rest of my wage is just for DD/general spending etc
I like the restriction I guess haha
Do I need that thing? Is it worth transferring money? No? Then you don't need it or want it enough
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