Savings Accounts

Soldato
Joined
14 Jan 2018
Posts
11,181
Location
Hampshire
Get the details of your account sort code/number via the chase app and then do a bank transfer from your existing account. You'll get a crapload of warnings about fraud etc probably just do a small token amount first to ensure you have the details right.
 
Soldato
OP
Joined
18 May 2010
Posts
12,416
Get the details of your account sort code/number via the chase app and then do a bank transfer from your existing account. You'll get a crapload of warnings about fraud etc probably just do a small token amount first to ensure you have the details right.

That's the thing, I think I'm being really thick and a bit nervous about transferring a fair amount of money but I'm on my phone so kind of difficult to get the details of one account from one app and add it to another because the apps auto sign out

I could just write them down but yeah, I'm paranoid
 
Soldato
Joined
13 Sep 2005
Posts
3,872
That's the thing, I think I'm being really thick and a bit nervous about transferring a fair amount of money but I'm on my phone so kind of difficult to get the details of one account from one app and add it to another because the apps auto sign out

I could just write them down but yeah, I'm paranoid
Transfer £1 to start.
 
Soldato
Joined
14 Jan 2018
Posts
11,181
Location
Hampshire
That's the thing, I think I'm being really thick and a bit nervous about transferring a fair amount of money but I'm on my phone so kind of difficult to get the details of one account from one app and add it to another because the apps auto sign out

I could just write them down but yeah, I'm paranoid

Just write them down, they arent sensitive information like passwords or secure keys.
 
Soldato
OP
Joined
18 May 2010
Posts
12,416
I know sorry I'm being daft, I just transferred £1 all good

Just need to decide how much to put into this account for my easy access savings and what to do with the rest, I need to find another account now with a better rate that I can lock some money into so I'm off to read up on money saving expert again. Thanks for the help all it's been emotional, any tips on Regular Savings accounts also appreciated!

Edit - just transferred all of it, absolutely bricked myself seems odd sending my life savings to a bank account I never heard of based on the advice of people on the internet but I trust my fellow OCUKers, to an extent :)

No point keeping it in a lower interest account so it's all in the Chase savings account now
 
Last edited:
Soldato
Joined
14 Jan 2018
Posts
11,181
Location
Hampshire
I know sorry I'm being daft, I just transferred £1 all good

Just need to decide how much to put into this account for my easy access savings and what to do with the rest, I need to find another account now with a better rate that I can lock some money into so I'm off to read up on money saving expert again. Thanks for the help all it's been emotional, any tips on Regular Savings accounts also appreciated!

Edit - just transferred all of it, absolutely bricked myself seems odd sending my life savings to a bank account I never heard of based on the advice of people on the internet but I trust my fellow OCUKers, to an extent :)

No point keeping it in a lower interest account so it's all in the Chase savings account now
Bank rates are rising all the time and with a potential bigger hike to the base rate coming in August it may pay to just wait for a month and see how high things go.
 
Soldato
OP
Joined
18 May 2010
Posts
12,416
Bank rates are rising all the time and with a potential bigger hike to the base rate coming in August it may pay to just wait for a month and see how high things go.

Ah ok I didn't know that, where do you get updates on this kind of thing, I don't really watch the news or anything so will probably just keep visiting money saving expert for general info and other things I'm missing out on
 
Soldato
Joined
24 Sep 2007
Posts
3,721
Are there any trackers up this year? I'm very naive with stocks but seeing how down some companies are this year if that were my house deposit that I was saving for I'd feel sick seeing half of it disappear.

To consider investing in an index tracker, you really need to have a minimum of a five year timeframe, otherwise the risk of loss is too high. An index tracker is more of a long term investment and not suitable for the short term.
 
Soldato
Joined
10 Jan 2012
Posts
3,374
Location
UK
Edit - just transferred all of it, absolutely bricked myself seems odd sending my life savings to a bank account I never heard of based on the advice of people on the internet but I trust my fellow OCUKers, to an extent :)

No point keeping it in a lower interest account so it's all in the Chase savings account now
Also activate the 1% current account cashback (1 year) may aswell :p put £50 in your car and there is 50p..pays for a snack haha. I've made about £20 over the past few months from it although I'm not a big spender.
You will also get your blue Chase mastercard in a few days whether or not you choose to use it (money has to be in the current account)
The sinking feeling you get when you are waiting for it to appear in the other account...its horrible

Also yes you may as-well have it all in Chase until you figure out what you want to do with whatever chunk you separating to better solutions.
 
Last edited:
Soldato
Joined
14 Jan 2018
Posts
11,181
Location
Hampshire
The sinking feeling you get when you are waiting for it to appear in the other account...its horrible

And when you're still waiting 3 hours later and only then does the bank decide to send you a text telling you its held for fraud checks. Yep HSBC did that to me 3 days in row despite me telling them 3 large payments would be made.

When I said more charges I meant more than if you selected and bought the stocks yourself, as then you would have no fund fees.
But the all world index trackers have thousands of holdings.
 
Soldato
Joined
10 Jan 2012
Posts
3,374
Location
UK
And when you're still waiting 3 hours later and only then does the bank decide to send you a text telling you its held for fraud checks. Yep HSBC did that to me 3 days in row despite me telling them 3 large payments would be made.
They did that to me as I had to transfer my money over in £25k chunks, my previous bank (Santander) blocked every single one of them, took about a week to get my money transferred as I had to call them every time go through LOADS of security and confirm multiple times I AM ME JUST BLOODY TRANSFER IT. Had to call after every attempted transfer to make them do it, took like 30min+ each time. My intention was to just use Chase as a savings account but I switched to using the the Chase current account as my main bank after that fiasco.
 
Soldato
Joined
14 Jan 2018
Posts
11,181
Location
Hampshire
They did that to me as I had to transfer my money over in £25k chunks, my previous bank (Santander) blocked every single one of them, took about a week to get my money transferred as I had to call them every time go through LOADS of security and confirm 4 times I AM ME JUST BLOODY TRANSFER IT.
I even went into the branch to do it and they told me I can only transfer 10k in branch vs 25k on the app which made zero sense, of course they will do up to 1 million in one go if you pay them £30 :cry:
 
Soldato
Joined
10 Jan 2012
Posts
3,374
Location
UK
I even went into the branch to do it and they told me I can only transfer 10k in branch vs 25k on the app which made zero sense, of course they will do up to 1 million in one go if you pay them £30 :cry:
I get the security concerns but it should only take one short conversation with some security questions to confirm your identity, its almost as if they are trying to force you to stay, but they wouldn't do that would they? :rolleyes:
Chase has been rock solid for any transactions since then with nice notification pop-ups of any money going in and out which Santander didn't do. I'm one of those weirdo's who checks my bank every day even though I haven't spent anything...just encase :D
 
Soldato
Joined
24 Sep 2007
Posts
3,721
But the all world index trackers have thousands of holdings.

Just to clarify, I am saying if you are a skilled investor then you would be able to select a small number of stocks with reliable high dividends, pay less in charges/fees, and maybe outperform an index tracker. However, I agree an index tracker would be more suitable for an inexperienced investor, particularly if they don't have an interest in stocks.
 
Caporegime
Joined
20 Oct 2002
Posts
70,128
Location
Wish i was in a Ramen Shop Counter
Just to clarify, I am saying if you are a skilled investor then you would be able to select a small number of stocks with reliable high dividends, pay less in charges/fees, and maybe outperform an index tracker. However, I agree an index tracker would be more suitable for an inexperienced investor, particularly if they don't have an interest in stocks.

That takes a lot of reading, work, keeping up with the market, almost a full time job, and a HUGE amount of luck.

For the 0.001% it might be worth it but for the other majority, Index fund is where the smart money goes.
 
Soldato
Joined
24 Sep 2007
Posts
3,721
That takes a lot of reading, work, keeping up with the market, almost a full time job, and a HUGE amount of luck.

For the 0.001% it might be worth it but for the other majority, Index fund is where the smart money goes.

Yes I agree, it's a lot of work picking individual stocks, because there is a lot of things that can go wrong with a particular company. However, an issue I have with index trackers is that you may be investing in some companies that you find unethical.

The other thing I will say to the OP is it is currently very difficult times to be an investor. Some (myself included) are predicting another 2008 style crisis in the not too distant future, although this time a lot bigger. Leave your money in the bank and you have loss of real value because of inflation, and perhaps even a risk to (large) cash balances if there is a banking crisis. Think about investing in shares and there is the risk of further slowdown in the general economy and a recession. Some think about physical gold and silver, but the small investor is at the mercy of bigger players in these markets, and it could be argued that performance has been lacklustre. Then there is Bitcoin, which might offer high return possibilities, but is highly volatile and high risk, and not suitable for beginner investors. The current investment climate is really difficult, and there's even an argument for non-standard investments like antiques and collectibles.

I'm probably saying too much to a beginner, but what I will add is some important lessons. The more you educate yourself, and the more decisions you can make for yourself, the better your results are likely to be. Don't put all your eggs in one basket, but have a variety of assets, i.e. spread the risk a bit across different asset classes. That way, when one asset class is underperforming, you may get a little consolation from another asset class which is fairing better.
 
Soldato
Joined
17 Nov 2003
Posts
4,456
Location
St Breward Cornwall
yes these rates are pretty much annually that a decent tracker can make daily. unfortunately can lose that as well ,but i am not dead yet ,my all world is over 4000 shares funded in dollars and unhedged ,this benefit has been doubted in another thread but i see it all the time ,the index it tracks will be down half a percent but a weak gpb/usd sends it positive .(obviously this could reverse )
My ftse tracker should get a boost with the new chancellor announcing stimulus next week but dont forget the power of dca over time if it doesn't
Its pretty pants that we have to see our savings eroded in real terms by rates like the ones discussed
 
Man of Honour
Joined
5 Jun 2003
Posts
88,948
Location
Falling...
I've rushed my post and not provided enough info, sorry about that.

I need to be able to access the money without notice because I'm paranoid that if I lost my job I would need the money, maybe that's something I need to get over or only lock away some of it I don't know.

I have a pension, really don't understand it and need to invest some time to understand it better but I'm between jobs at the moment so that will also change and no idea how that works.

I'm 41 if age is a factor, I don't want to work until 65 and trying to imagine ways of retiring early so in terms of what it's for its not a retirement plan but could possibly help with paying off the mortgage when the time comes or buying a second property to rent out or just covering a few years until pensions can be claimed I'm not sure yet

Terms like LISA, ISA and SIPP only make me go cross eyed I don't know anything about them but if they are worth reading into I'll do that so thanks

I was in a lot of debt in my 20's and managed to turn that around which I'm pretty proud of that but the lasting effect is savings and understanding financial planning has never really been considered previously so I'm trying to figure it all out now

I was initially just thinking of getting a better easy access savings account seeing as though my current one pays so little at .25 and there are others paying 1.5
If you want security from redundancy, you potentially can take out insurance or you can save enough for emergency (aim for 3-6 months income) once that's achieved you can then start putting the rest into pensions or other saving schemes.

At 41 I'd be focusing on maximising your pension contributions personally. Have you spoken to an expert to workout what you need to have in your pot to live comfortably after retirement? That's what gave me the kick up my arse to do it.

I'd employ a wealth manager or an IFA to give you some proper advice as you can share honestly your accounts and finances and they can help provide you with advice.
 
Top Bottom