Best savings account?

Raymond Lin · 9 Mar 2023 at 13:55

tom_e said:
Takes a couple of days to actually show up as a confirmed balance and yes withdraw through the website.

A couple of days?

dlockers · 9 Mar 2023 at 13:56

Raymond Lin said:
A couple of days?

Yes

Raymond Lin · 9 Mar 2023 at 13:57

dLockers said:
Yes

I thought it said up to 2 hours.

So i guess it will show up in the balance here then move to General Investments?

I forgot...when is the deadline again?

dlockers · 9 Mar 2023 at 14:00

Raymond Lin said:
I thought it said up to 2 hours.

So i guess it will show up in the balance here then move to General Investments?

I forgot...when is the deadline again?

I think there is some detail/ambiguity ('available balance' versus 'invested in....' but it says as follows:

Drinks on me, as I am 0.13% up already bois.

Maccy · 9 Mar 2023 at 14:02

It's a couple of days as per the messages they send you @Raymond Lin

Raymond Lin · 9 Mar 2023 at 14:03

I did it from the Chase account, did it like sending money to someone, obviously that someone is me.

Raymond Lin · 9 Mar 2023 at 14:04

Maccy said:
It's a couple of days as per the messages they send you @Raymond Lin

Okay, i can relax a bit then and check back on the weekend.

tom_e · 9 Mar 2023 at 14:05

2 hours is just the standard wording when doing a quick transfer from your bank isn't it? Nothing to do with when it'll actually be processed by the receiver.

Maccy · 9 Mar 2023 at 14:06

Raymond Lin said:
I did it from the Chase account, did it like sending money to someone, obviously that someone is me.

Yup I did exactly the same, I'll wait until Monday and see if it's there - not stressing about it though.

@tom_e yup correct.

Raymond Lin · 9 Mar 2023 at 14:09

tom_e said:
2 hours is just the standard wording when doing a quick transfer from your bank isn't it? Nothing to do with when it'll actually be processed by the receiver.

Guess i am used to it appearing instantly...although like on Vanguard, it will take a few days anyway.

Feek · 9 Mar 2023 at 14:12

Raymond Lin said:
So i guess it will show up in the balance here then move to General Investments?

Mine shows the same, except the Risk is 'cautious'.

It is a little disconcerting when a fast transfer can take two days, especially as it's gone from Chase but I'm confident it'll arrive safely.

413x · 9 Mar 2023 at 14:12

If I was starting a fund for my non existent kids (man, I'd have loved one).
I'd like to have say 20pc in cash isa and 80pc in markets . Maybe more in funds actually.

Imagine the leg up even 50 a month would be on even modest returns

Getting a deposit when I was 23 would have made my life completely different. I'd rather zero inheritance and 20k at 23 than 100k at 50.

Maccy · 9 Mar 2023 at 14:22

@413x I'll plan to do the same if/when it happens!

Raymond Lin · 9 Mar 2023 at 14:25

Feek said:
Mine shows the same, except the Risk is 'cautious'.

It is a little disconcerting when a fast transfer can take two days, especially as it's gone from Chase but I'm confident it'll arrive safely.

I honestly had not idea when i set it up, i just just clicking Next, Next...yes, yes, selected the lowest risk one. :cry:

Feek · 9 Mar 2023 at 14:29

That's what I thought I did as well!

visibleman · 9 Mar 2023 at 14:40

With the Nutmeg deal, did you guys just select the Fully Managed General Investment "pot" and then just smashing a grand in it?

Edit - Also, for those that are treating Chase as a payment type card (and possibly savings) for the 1% reward, are you just standing order (or similar) £500 in and out of the account every month to keep the 1% going?

Dirk Diggler · 9 Mar 2023 at 14:40

EvilRob said:
I would say compounding interest in a savings count is quite bad unless you are getting interest rates higher than inflation. Instead of the investment you are making in your children's future growing over time in real terms, it is decreasing.
Exactly the same principle as your retirement planning and pension investments.

I would do what platinum87 suggests. That said, I probably wouldn't move the whole lot of existing cash into a fund tomorrow. I would probably drip feed it in over a year or so to average out the price I'm buying in at and avoid accidentally buying in at the top of the market.

I don't think I can transfer cash JISA to S&S JISA can I?

What I'm probably going to do is switch her monthly contribution to 100% S&S and just leave the cash JISA as it is with no further contributions.

Maccy · 9 Mar 2023 at 14:43

visibleman said:
With the Nutmeg deal, did you guys just select the Fully Managed General Investment "pot" and then just smashing a grand in it?

I selected the bottom one which had the lowest annual charge, can't remember the name but it was 0.45% vs the 0.65% for the fully managed.

Raymond Lin · 9 Mar 2023 at 14:55

visibleman said:
With the Nutmeg deal, did you guys just select the Fully Managed General Investment "pot" and then just smashing a grand in it?

Edit - Also, for those that are treating Chase as a payment type card (and possibly savings) for the 1% reward, are you just standing order (or similar) £500 in and out of the account every month to keep the 1% going?

Personally I wouldn't use the Chase 1% as a permanent fixture to get that 1% back. I rather get a credit card with 1% cashback instead for the same value + protection. (Although i can only find Amex who does the 1% cashback and you need to spend £10k+, under £10k it's 0.5%, but the first 3 months it's 5% up to £100.)

I did use the Chase 1% card when my mechanic doesn't take Amex though.

200sols · 9 Mar 2023 at 15:19

OCUK piling into investments thinking its a free £100 is an omen for a market crash :cry: