The Top Easy Access Savings Discussion Area

PloughmansLunch

dekkard said:

What's the deal with Chip and FSCS protection these days?

Chip Instant Access is held with > Clearbank which has protection, so not directly protected AFAIK. It's a very attractive rate, but the fact that Chip is limited to one linked bank account in & out, and no actual personal account number / faster payment method rules it out for me as I don't want to have to funnel everything through a single current account first.

TisMeBill

infoadict said:

"Yes I got triggered & I just had to send a PDF from where the money is coming from."

How long did it take for them to contact after you submitted? I sent them some details almost a week ago and not heard anything since.

I sent a copy of my bank statement for the account I had used to move money to Chip on 23rd Feb, they replied on 1st March to say all was ok and no further information required,

flaneurs_lobster

TisMeBill said:

infoadict said:

"Yes I got triggered & I just had to send a PDF from where the money is coming from."

How long did it take for them to contact after you submitted? I sent them some details almost a week ago and not heard anything since.

I sent a copy of my bank statement for the account I had used to move money to Chip on 23rd Feb, they replied on 1st March to say all was ok and no further information required,

Presumably the two bank accounts were not linked by Open Banking?

pearl123

SeriousHoax said:

Chip 3.40% 😜

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/?utm_source=mseandroid&utm_medium=mobile_app&source=MOB_MSEANDROID&utm_campaign=mse_home

Perhaps, this will finally push other savings providers to push up their rates. 

SeriousHoax

infoadict said:

"Yes I got triggered & I just had to send a PDF from where the money is coming from."

How long did it take for them to contact after you submitted? I sent them some details almost a week ago and not heard anything since.

About 10-Days It never affected my account or anything it just functioned as normal then I got a Email saying you've passed our checks.

jaypers

I’m sure they are fine but CHIP not for me. Pleased they have upped their rate though as will hopefully start a bit of a competition war with Zopa and maybe Atom. 

pecunianonolet

Very attractive and would mean quite some consolidation work to benefit from it. Release on Tuesday, just in time for the MSE show tonight. Hoping others will follow.

Those with ML checks, were your funds blocked during the review? This would be a big fat no go for me, especially when we come to the end of the financial year sorting ISA, etc. I am not a friend of open banking either, well the convenience yes but snooping is a big fat no.

gt94sss2

pecunianonolet said:

Those with ML checks, were your funds blocked during the review? 

No, the account continued to operate while they requested proof of the source of your funds.

pecunianonolet

gt94sss2 said:

pecunianonolet said:

Those with ML checks, were your funds blocked during the review? 

No, the account continued to operate while they requested proof of the source of your funds.

Thanks for confirming. Nothing worse than having the account frozen until the review is finished and no access to the cash at all.

Band7

pecunianonolet said:

 

Those with ML checks, were your funds blocked during the review?  

Mine weren't blocked.

I have a substantial sum in CHIP, and even more now after the 3.4% news, but I would never rely on a single provider for all of my instant (and not instant) access funds. Therefore I still have some in Tandem and Zopa as well for now.