It’s their standard spin to make it sound like they are actually processing things quickly instead of much more slowly than other banks!
The scheme rules allow for up to 24 hours, but they will do it by 6am tomorrow.
That’s what she is saying.
The bit about the scheme rules is true, but very few banks actually take that long.
My deposits were in after 30 minutes, though you do not get a notification to say when they actually landed.
Test withdrawal was something like 5-10 minutes. Way swifter than Coventry BS or Skipton BS.
With Skipton you can’t withdraw on the weekend which is a bit of a pain, beyond these times the agent mentioned (4pm sat to 6am sun) I’m assuming you can with tesco?
A lot of building societies work on a batch processing model where, although they send funds by Faster Payment, they don’t send each payment individually.
Instead, they send payments at intervals throughout the day in batches.
Tesco don’t really seem to do this, or if they do then the batches are processed relatively frequently, but they are slower than most banks as they don’t seem to send in real-time.
However, Tesco clearly do do this at the weekend.
I’ve opened an account with Chip to take advantage of the 1.25% rate.
Having looked at their forum after joining:
The new 0.7% account is only available to Chip customers on one of their 2 paid tiers;
They don’t seem to have a great record in following FCA regulations - and seem to think moving their customers on to a paid plan without consent is acceptable and in line with FCA rules…!
It gets unnecessarily complicated…
Saving £10k
£25 on first £2k
£70 on whole £10k
Minus £18 annual fees
£77 on £10k or 0.77%
Less than £10k, and you only break even on fees at £2572
It’s not worth the hassle over old-school easy access
That’s assuming you already have a Chip+1 (1.25%) account.
This account will be closed to new users by the time the 0.7% account launches.
£19.55 annual fee. The £1.50 fee is per 28 days, not per month.
If you already have the Chip+1 account and are paying the 1.50 per 28 day fee it would make more sense to deposit the full 10K in the Chip+1 account.
For those without access to Chip+1 and who don’t need the autosaving tool, paying to access Chip’s 0.70% account would only make sense in comparison to next best easy access account (Tandem’s 0.65% account) if you were able to deposit more than £39k. But Chip limits deposits on this account to £30k so that’s not even possible.
Interest earned on £39k at 0.70% = £273
Account fee = £19.55
Net interest ~ £253
Effective rate = 0.65%
Yeah, every time I look at chip I find more and more complexity I’ve missed… Why have they made it quite so complicated? It just totally undermines their pitch
Poor from Tesco today. Stated maintenance between 3.30-8, any payments between to go at 8.
Sent money at noon. Still not received, they stated its within 24h ‘so not of concern to us at this stage’. It’s of concern to me, poor. The agents on the phone sounded incredibly depressed.
They are probably facing a twin hammering today of people calling panicking about their uncredited payments and the regular callers complaining about how they’ve handled the closure of their current accounts and their failure to properly process switches.
Tesco now offering 24/7 instant faster payments according to their online banking
The complexity is never in your favour. It’s always get out clauses for them,
To be brutally honest, for the few (and it is a few) quid extra on offer from Chip, it is simply not worth the faff. You’d be better off buying Swiss Francs.
Just had this pop up as an email from Moneyfacts. Not a bad summary of a lot of data, I think.
Maybe already knew this but I had a bonus rate if 0.1% from Marcus which makes it 0.60% for the year.
I’ve got mine currently sat with Tandem at 0.65%. Rates seem to be lifting a bit now, though, so keep your eyes peeled! 
You can keep renewing the bonus for another year, too.
I like Marcus. I’ll keep an eye out for them.
Don’t have a tandem account at present.
The 90s are calling and want their site back …
