Best savings account?

Ultimately winds up being what works best for you then I think, though I don't really have a problem with how T212 do it, it's just not as instant as Chip.

I think all of us here are doing good work either way by trying to deposit in places where the % returns are better, so many people just throw cash into current account and ignore it, earning 0.1% or w/e the banks pay without being in savings!
 
HungryHippos said:
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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Zopa also works well.

I'm not sure what mattys strategy is but it sounds a bit similar to mine. I don't do a regular save, I basically dump as much free cashflow as possible into Zopa. Then if I miscalculate (sometimes childcare comes in higher or my work expenses are out of sync with my CC) then tapping in without the days notice is a really critical feature.
 
Dont understand the Chase thing. Received the email but just went to open one and it all it shows is 4.1%. Does it get boosted come interest time or is it supposed to show up on your account?
 
Zatoichi.uK said:
Yes just this morning. I was pretty surprised myself as I didn't realise they were still allowing them. Took me 30 secs to open.
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Ok, thats weird. I got the email back at the end of April, but it didnt have a time limit. If they are still letting people open it, im not sure why i can't :confused:
 
Jono8 said:
Ok, thats weird. I got the email back at the end of April, but it didnt have a time limit. If they are still letting people open it, im not sure why i can't :confused:
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Honestly I'm not sure if I was randomly selected or it's just open to anyone. It used to be people with sub £500 to encourage saving. If it helps I got the prompt within the app itself.

It's running until Jan it seems so I get 6 months at the boosted rate.
 
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Zatoichi.uK said:
Honestly I'm not sure if I was randomly selected or it's just open to anyone. It used to be people with sub £500 to encourage saving.

It's running until Jan it seems to I get 6 months at the boosted rate.
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Just got it sorted through support. Spoke to someone on chat and they seemed to make it appear and ive signed up to it.

Also, yeh, till January 25 too!

Result.

Edit: the support guy said the original eligibility still applies, but i do meet the criteria.
 
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dlockers said:
Zopa also works well.

I'm not sure what mattys strategy is but it sounds a bit similar to mine. I don't do a regular save, I basically dump as much free cashflow as possible into Zopa. Then if I miscalculate (sometimes childcare comes in higher or my work expenses are out of sync with my CC) then tapping in without the days notice is a really critical feature.
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For me it's along the lines of this, let's say for example I have £20K in my cash Savings pot.

I don't typically spend more than £2K, £3K in a month at a push, and that would be unusual.

So I could safely park £16K~ in a Cash ISA elsewhere that was slightly slower access, as I know I won't need to draw on it basically at all.

I could then keep £4K in a quicker one if I really needed it fast. But even then it's sort of rare that I wind up in that scenario, as all my DD's go out by the 7th of the month, so I know that I won't have random bills leaving after that date but before I get paid.

I value having access to my cash when I need it but have to weigh up that requirement and have some acceptable delay. I don't think I'd put the £16K into like a 2 year fixed ISA though as you never know when something comes up. A handful of days to withdraw any funds I need is typically fine for me.
 
Can anyone reccomend somewhere I can start filtering some of my funds from premium bonds in to ? I have £50k.

Towards the end of the last year and start of this year I was winning ok but the last 2 months have been £50 win and £25 win

Not sure if i should keep all or move some.


My cash ISA in 2 months will be near the tax limit for this year.
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I'm looking for over 4.8 to 5.0+ % return on investment if possible.. I doubt there is anything tax free I could do ?
 
Anyone seen the fall out in the collapse of Synapse?

From what I understand, a middleware fintech company goes down and the two online banks no longer have access to their customers funds, freezing millions of users bank accounts.

Only in the US, but it does make me wonder what cut costing corners the online banks take to offer better rates than the traditional banks.
 
slinxy said:
Anyone seen the fall out in the collapse of Synapse?

From what I understand, a middleware fintech company goes down and the two online banks no longer have access to their customers funds, freezing millions of users bank accounts.

Only in the US, but it does make me wonder what cut costing corners the online banks take to offer better rates than the traditional banks.
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I saw the Coffeezilla video last night, and since it's not the bank that collapsed there is nothing the government can do about it either. Which does make you think twice about some of these newer platforms like Chips or 212? Are they the bank or the go-between?
 
Raymond Lin said:
I saw the Coffeezilla video last night, and since it's not the bank that collapsed there is nothing the government can do about it either. Which does make you think twice about some of these newer platforms like Chips or 212? Are they the bank or the go-between?
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According to MSE:

"Chip isn't a bank, but has partnered with ClearBank to offer its 5.1% cash ISA account, so once your money's in there, it has the usual £85,000 UK savings safety protection."
 
Who else was Synapse running?

That Yotta thing looked dodgy as hell, and given it's probably a US thing not sure they'd have rules around it the same way we do.

Trading 212 are using JP Morgan for their banking services.
 
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