Money - Making it and saving it

[Genie]

1 minute ago, tomav84 said:

got a chase account myself. yes the 1% cashback doesn't sound a lot, but wait till you book a holiday or something. it quickly adds up and has earnt me loads

the roundup also doesn't sound like it will add up quickly but i've got nearly £150 in my roundup account now just from a few months use.

and the 1.5% savings rate is brilliant - even if it is to get people in the door before they reduce it in a year or something

couple of points to note: the card is numberless on the front and does have an underlying number, HOWEVER - that number is different to your online card number. this becomes an issue if you buy foreign currency to go abroad online for pick up at tesco or something. they need verify the last 4 digits with the number you purchased the currency with but they can't because the numbers don't match. was a right palaver when i tried it...so worth bearing that in mind

the cashback offer is only for your first year

and as they're new, not all banks have them set up to verify payment details if you need someone to transfer money to you. to the point that some mates have not been able to transfer money to me as their bank wont let them

i use mine for day to day spending and i've moved all my savings over to it, but i'd advise you to keep a secondary account at one of the high street banks too.

I noticed this morning I got a warning when I transferred from my Lloyds bank to the chase one.

It seems like a great account, at least for a year then I’ll decide whether to abort or stay.

[tomav84]

1 hour ago, Davkaus said:

Although if you do try and use it to pay off your credit card in 1p installments, to get 99p per time earning that interest, they do call you and ask you to stop doing it or they'll close your account  

had to look this up and it does seem that it's possible - nothing in the T&Cs to stop this!

however you do need to transfer the full balance of this account into another account annually though

[Davkaus]

3 minutes ago, tomav84 said:

had to look this up and it does seem that it's possible - nothing in the T&Cs to stop this!

however you do need to transfer the full balance of this account into another account annually though

I guarantee you they'll call you within a couple of days and politely tell you to stop, or they'll close your account. Talking from experience  

[Rds1983]

1 hour ago, tomav84 said:

got a chase account myself. yes the 1% cashback doesn't sound a lot, but wait till you book a holiday or something. it quickly adds up and has earnt me loads

the roundup also doesn't sound like it will add up quickly but i've got nearly £150 in my roundup account now just from a few months use.

and the 1.5% savings rate is brilliant - even if it is to get people in the door before they reduce it in a year or something

couple of points to note: the card is numberless on the front and does have an underlying number, HOWEVER - that number is different to your online card number. this becomes an issue if you buy foreign currency to go abroad online for pick up at tesco or something. they need verify the last 4 digits with the number you purchased the currency with but they can't because the numbers don't match. was a right palaver when i tried it...so worth bearing that in mind

the cashback offer is only for your first year

and as they're new, not all banks have them set up to verify payment details if you need someone to transfer money to you. to the point that some mates have not been able to transfer money to me as their bank wont let them

i use mine for day to day spending and i've moved all my savings over to it, but i'd advise you to keep a secondary account at one of the high street banks too.

I was tempted by Chase for the 1.5% savings rate for my instant access savings but decided I'd be better off just getting the free £150 other banks were offering for switching accounts. To make £150 interest from it I'd have to put way more in then is worthwhile as it might as well be invested somewhere that'll hopefully perform better. 

Edited April 8, 2022 by Rds1983

[tomav84]

7 hours ago, Rds1983 said:

I was tempted by Chase for the 1.5% savings rate for my instant access savings but decided I'd be better off just getting the free £150 other banks were offering for switching accounts. To make £150 interest from it I'd have to put way more in then is worthwhile as it might as well be invested somewhere that'll hopefully perform better. 

to be fair 1.5% is ISA territory. very good for a current account savings account. investing elsewhere that'll perform better and you're going down the fund manager route surely? and that comes with risk

[tomav84]

Chase bank have started a referral system. Refer 20 friends and you get £20 for each one that signs up...and they get £20 too! no catch, they need to just deposit £20 within 30 days of opening the account

Please dm me for my referral link as cannot post it publicly 

Edited May 12, 2022 by tomav84

[blandy]

On 08/04/2022 at 12:45, Rds1983 said:

I was tempted by Chase for the 1.5% savings rate for my instant access savings but decided I'd be better off just getting the free £150 other banks were offering for switching accounts. To make £150 interest from it I'd have to put way more in then is worthwhile as it might as well be invested somewhere that'll hopefully perform better. 

There's nothing to stop you doing both, is there?.

[Rds1983]

3 minutes ago, blandy said:

There's nothing to stop you doing both, is there?.

There is a limit on how often you can switch accounts to take advantage of new offers and I wouldn't want to have too many at once to then not be able to have one in future (if that makes sense). 

I'm not overly keen on having too much cash as savings at the moment as I'd rather have it invested somewhere I'd (hopefully) get a better rate of return. However, as you say there's nothing stopping me setting up with Chase as well. I've considered doing it once the £150 comes in and then reducing the amount in there to the minimum requirements (could do it now but got too much else going on). 

[blandy]

17 minutes ago, Rds1983 said:

There is a limit on how often you can switch accounts to take advantage of new offers and I wouldn't want to have too many at once to then not be able to have one in future (if that makes sense). 

I'm not overly keen on having too much cash as savings at the moment as I'd rather have it invested somewhere I'd (hopefully) get a better rate of return. However, as you say there's nothing stopping me setting up with Chase as well. I've considered doing it once the £150 comes in and then reducing the amount in there to the minimum requirements (could do it now but got too much else going on). 

You can have 2 accounts though - so you open up (say) a new account switching from your previous old bank, to get the 150 quid. Then you open (without switching) a chase account, and pay into it from the 150 quid account. The chase account also gives you cashback on every purchase - so if you use that to pay for your shopping or lecky or whatever, then quids in.

[Mandy Lifeboats]

You don’t have to “switch” to Chase.  Nor do you have to have any direct debits.  I opened mine, put a small amount of spending money into the current account and opened the savings account.  
 

Edited May 12, 2022 by Mandy Lifeboats
Spelling mishsteaks

[Rds1983]

1 hour ago, blandy said:

You can have 2 accounts though - so you open up (say) a new account switching from your previous old bank, to get the 150 quid. Then you open (without switching) a chase account, and pay into it from the 150 quid account. The chase account also gives you cashback on every purchase - so if you use that to pay for your shopping or lecky or whatever, then quids in.

I know. As I said I'll likely do it once the £150 lands. I've got too many other distractions right now. 

[Genie]

The upside of higher interest rates, better savings returns.

Barclays new Rainy Day Saver For Barclays Blue Rewards members only.

Pays 5.12% on up to £5000. Unfortunately you have to have a Barclays current account with blue rewards, which charges £5/month but you get back as long as you have two direct debits.

Only available to Barclays Blue Rewards members

5% gross/5.12% AER on balances up to £5,000

0.15% gross/AER on balances over £5,000

Access and manage your savings using our app, Online Banking, by phone or in a branch

Barclays

[foreveryoung]

My mobile phone is up for a upgrade, but i'm not ready yet as I can't find a phone I like. So I contacted EE to tell them I'm not upgrading and now officially own the phone I have due to the contract ending, so can they reduce the bill. I used to pay £52 a month on contract, I now pay £21 a month on a rolling 6 month contract saving me £372 a year. Minter!

[Vive_La_Villa]

22 minutes ago, foreveryoung said:

My mobile phone is up for a upgrade, but i'm not ready yet as I can't find a phone I like. So I contacted EE to tell them I'm not upgrading and now officially own the phone I have due to the contract ending, so can they reduce the bill. I used to pay £52 a month on contract, I now pay £21 a month on a rolling 6 month contract saving me £372 a year. Minter!

That’s a decent deal as EE have good coverage but if you switched to ID you can pay £10 a month on a monthly rolling contract. That’s if 20gb was enough for you. 

[markavfc40]

39 minutes ago, foreveryoung said:

I used to pay £52 a month on contract, I now pay £21 a month on a rolling 6 month contract saving me £372 a year. Minter!

£52 a month? how long was that for and what phone did you end up owning at the end of it?

[foreveryoung]

19 minutes ago, markavfc40 said:

£52 a month? how long was that for and what phone did you end up owning at the end of it?

18 months Samsung S22 5g with 100g data.

Check out the standard upgrade deals now, they are around £60+ for anything decent.

[StanBalaban]

Credit Suisse could well be on the brink, which would have huge ramifications across the banking world.

 

[Rds1983]

3 hours ago, StanBalaban said:

Credit Suisse could well be on the brink, which would have huge ramifications across the banking world.

 

Would presume that regulators wouldn't let them completely collapse as someone would step in (like with Halifax and others) and banks are much better capitalised now than in 2008 but would still have some major implications worldwide. 

[StanBalaban]

13 minutes ago, Rds1983 said:

Would presume that regulators wouldn't let them completely collapse as someone would step in (like with Halifax and others) and banks are much better capitalised now than in 2008 but would still have some major implications worldwide. 

It's the value of their default swaps that causes issues with other investment funds and banking groups. You're probably right, as they're a 'big boy' and will probably get incorporated. 

[ender4]

On 12/05/2022 at 09:49, tomav84 said:

Chase bank have started a referral system. Refer 20 friends and you get £20 for each one that signs up...and they get £20 too! no catch, they need to just deposit £20 within 30 days of opening the account

Please dm me for my referral link as cannot post it publicly 

Is this Chase referral offer still a thing?  I need to open a random bank account to try this switching malarky to the big offers, so might as well start with Chase as my starter account if they still offer £20 for opening it.