MSE Martin Lewis recommended savings account

klondike · April 06, 2022, 09:16:07 AM

Sick of 0.1% savings interest?
Willing to use smartphone banking to manage it?
This may be for you.

https://www.moneysavingexpert.com/latesttip/?anchor=chase&utm_source=MSE_Newsletter&utm_medium=email&utm_term=06-Apr-22-138c0a576244b46906f-624d3cefeca904b7c81a0f90026c3a48&source=CRM-MSETIP-138c0a576244b46906f&utm_campaign=nt-highlights&utm_content=2#chase

https://www.chase.co.uk/gb/en/download/?shortlink=affiliatesmse&pid=mse&af_channel=affiliates-mse&af_ad=mse

Chase Manhatten Bank. Debit card account and linked instant access savings account paying 1.5% interest (variable) on up to £250,000. FS protection up to £85,000 https://www.chase.co.uk/gb/en/support/fscs-protection/#:~:text=Your%20eligible%20deposits%20held%20by,are%20unlikely%20to%20be%20covered.

The debit card pays 1% cashback for the first year.

Their home page https://www.chase.co.uk/gb/en/

Opening the account is quick and easy - you will need a photoid - I used my driving licence and it wants a selfie - time to brush your hair first and put on a bit of lippy etc. I decided not to bother with mascara but it's down to you.

Scrumpy · April 06, 2022, 12:33:12 PM

Right.. I've got my lippy on..
Now to look for some money to open up account..
This is when the 'Life Changing Win' of 99,999. would come in handy..

Alex · April 06, 2022, 01:57:32 PM

I read about Chase Bank too and I think their advert had been on telly, I just don't fancy doing banking on a phone, dunno why a lot of people do !

klondike · April 06, 2022, 02:10:10 PM

I've used a phone for banking for ages and computer banking longer still. I virtually never enter a bank or even use a cashpoint these days. It was the decent interest rate on an easy access account that I liked. I'm in the process of moving everything over. I'll keep my current account but phase out using the recently acquired cashback credit card as that pays less in cashback. I won't close the account though as the debit card cashback is apparently only for a year.

I had money in a cash ISA paying next to nothing so that has been moved across already. As I don't hail from Brum I didn't have £5m in there so don't need to spread it around for the FSA protection.

Alex · April 06, 2022, 02:16:30 PM

I use on line banking on my computer to pay bills, transfer money etc, I just don't fancy doing it on a phone. I've also got an ISA which pays nothing and wondering if I should put the money elsewhere.

klondike · April 06, 2022, 03:46:50 PM

Check https://www.moneysavingexpert.com/banking/ to find better options. If they are protected by the Financial Services Compensation Scheme £85k of it is safe or £170k for joint accounts. Put any excesses in the next best choices.

Flying Bomb · April 06, 2022, 03:54:36 PM

I still have money in National Savings Index Linked accounts .
Pays out CPI which was recently 5.5 %. Due to be changed again on 13th April so should be even higher. Whoopee.

One is allowed to renew when they expire getting CPI again.
No longer on general sale though. :-(

Michael Rolls · April 06, 2022, 03:55:45 PM

Good choice!

Jacqueline · April 07, 2022, 06:51:40 PM

I refuse to tie my money up in a crap interest saving account, 1.5% is an insult, so I have Premium Bonds. Small chance of winning big money, I have had a few £25 wins probably as good as the lousy interest rates. Not as if I have a fortune to save anyway, and as my friend said to me recently, at our age we can't take it with us time to spend it.

klondike · April 07, 2022, 06:57:17 PM

Quote from: Jacqueline on April 07, 2022, 06:51:40 PMat our age we can't take it with us time to spend it.

You can't spend Premium Bonds.

Jacqueline · April 07, 2022, 09:13:37 PM

Quote from: klondike on April 07, 2022, 06:57:17 PM
You can't spend Premium Bonds.

I do know that but I could decide to draw it out and have a spend up. My mother in law saved and wouldn't spend very much money on herself, she landed up leaving it to her kids to spend instead.

Sheila · April 08, 2022, 08:13:14 AM

We've been spending money too. In the last year we've had a new bathroom and kitchen. I can't say I am very impressed with the Neff things that were installed. I thought they were supposed to be good quality.

GrannyMac · April 08, 2022, 09:02:38 AM

We had the outside of the house repainted in the Autumn. I had a fabulous (and expensive!) spa break earlier this year. We're going to Center Parcs in a few weeks. Proportionally we're spending. Not touched the Premium Bonds yet. OH only has a few hundred, but he's had two prizes this year, £50 and £25. We might as well hang on and hope for the big one!

klondike · April 08, 2022, 09:04:32 AM

I checked the current "interest rate" for premium bonds (the amount that goes into the monthly prize fund and it is 1%. Certainly you could get lucky but many don't and get no return at all.

I cashed in all my bonds when they were the only reason I had to go through the probate process when acting as executor for my fathers will. My mother did the same but I still had to go through probate for her to get the house sorted out. I had held one of my bonds which I'd been given as a birthday present for over 40 years and never got a penny back. My father swore by them (although the payout would have been more back then) while I just swore about them over the probate requirement.