Help with pending amount in account

Help & Support
#1

Hi Chip community,

I have an instant access account and considering making the jump to moneybox since the rates on one of their accounts is now 4%.

I haven’t been with chip long. Haven’t had a payout, but always considering other options where my money is better off.

My question being, if I withdraw my balance, will the pending balance still be there and pay me out next month? or does it disappear? Or how does it work?

So for example and to put it into context, if I have £1000, and I have say £5 in interest pending, if I withdraw the £1000, does the £5 still exist? Or does it go?

Thanks for all of your help

#2

It still exists and you can withdraw it once it gets paid.
I wouldn’t be surprised if chip didn’t increase their interest rates again soon though.

#3

That the 95 day notice one?

Bear in mind you can’t get money instantly compared to chip (instant), having to wait three months for that extra 0.29%, is it worth it? (unless you are happy to deposit & forget about). You can do better with a money market account, vanguard have one currently at 4.4%. (I’m split between chip, vanguard moneymarket & high rate savings notice account)

1 Like
#4

Have you got a link for the vanguard account you have mentioned please? Thanks

#5

Is there usually a date set in stone they tend to do this? A certain day of the month? Etc? Thanks

#6

Usually the 5th or 6th of each month (or next working day)

#7

When interest rates get changed? Is that what you mean?

#8

Here you go mate, this is the one I use in my isa & pension, the dividends I use I add to normal growth funds:

https://www.vanguardinvestor.co.uk/investments/vanguard-sterling-short-term-money-market-fund-investor-gbp-income-shares/overview

I don’t know whether I’m allowed to add external links, so putting it up in good faith

#9

No, when interest gets paid.

#10

You need to think long and hard about that fiver tho? Where’s it going? Seriously. Where’s it going?

#11

Yes, I am continuing to add to my account, as you say let’s hope a rise is imminent. A nice surprise!

1 Like
#12

Today is the day! (Rate increase incoming)

2 Likes
#13

Spot on! Are you clairvoyant :grinning:

1 Like
#14

@John Lives 12 hours ahead so he gets the news before us :rofl:

#15

Very good, :grinning:. Useful chap to know!

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#16

But the vanguard product carrys risks, costs and nothing is actually guaranteed. The old "past performance is no guarantee … " warning springs to mind. It’s an investment product rather than a savings account. It’s actually good shout as an alternative but newbies should be aware that they should be comfortable with the difference. I use vanguard products as they are generally good value.

#17

Risk 1 out of 6, yes, everything carries a risk - even depositing money at a bank carries a risk (Northern Rock anyone?). Banking with Chip carries a risk too. I would like to assume, the fact we are on here, we have slightly higher education to finances compared to the general group and know what we are getting into to.