Is anyone using Chip instant access savings account?

[IamwhoIsayIam]

Chip instant access savings account is 3.4% and it keeps getting flagged on MSE and other places as 'market leading'. I've downloaded the app and it all seems simple but I want to put a fair whack in and something about it makes me nervous. No 'real' people to speak to - I'm probably a bit more traditional than I realised.

Anyone had experience with it? Good or bad.

It’s still there, when you create a new pot it’s at the very bottom

Santander Edge Current Account holders get a Santander’s Edge Saver at 7% for balances up to £4000 we’ve learnt and use this for emergency savings easy access

Can you deposit 4k and make the 7% straight away?

Info is here : Santander Edge saver

Thanks. So it seems like yes? Usually it’s a transfer x amount each month.

@IusedToBeYoung1 Thanks for that.

Because of comments on this thread, I went with Chip and love the simplicity of it, it's just a joy to use.

It is isn’t it.

Yes it's brilliant, so easy. And it shows how much interest you've earned so you can keep track and not go over your tax free allowance.

I'm reviving this thread to ask if the terms update they've emailed us about - that from Feb 14th the gross rate will track the Bank of England base rate less 0.51% is good or bad? I was thinking for a while the 4.84% interest for the instant access account was too good for last, or am I being cynical?

Presumably yes. It says it’s always been closely in line but now it’s going to link to it. I’ve been wondering how long it would last.

Oh no, I didn’t read the email 🙈. Bummer. Bet the others will follow too.

Yes, I was wondering the same..seems like they’re pre-empting a drop in the base rate. Quite annoying.

I've always assumed that would happen to savings accounts in general if Bank of England starts reducing the base rate again. There's only one way they'll move now.

Maybe it's time to look for longer fixed rate products again to secure a rate if a drop is expected soon. 🤔