The Top Easy Access Savings Discussion Area

Yellowman

I found the Chip app quick and easy to set up on my old Android phone.

With the open banking feature, deposit and withdrawal tests were almost immediate.

There is no account number or sort code with Chip. Is this normal?

allegro120

oz0707 said:

PloughmansLunch said:

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.

So are funds in there protected if less than 85k?

Yes, deposits to Clearbank are FSCS protected.

allegro120

ForumUser7 said:

For chip, if you pay in by debit card, when do the funds earn interest from please? Also, how do you withdraw if you don't want to use open banking with them please? I'm struggling to see this information in the Chip Instant Access Terms and Conditions. Thanks

Deposit by debit card will take 3 working days to clear and you will not start earning interest on your deposits until the funds have finished processing.  AFAIK open banking is the only option to withdraw.

Band7

oz0707 said:

PloughmansLunch said:

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.

So are funds in there protected if less than 85k?

FSCS protection is up to £85k per person and financial institution. No protection above this sum. The CHIP instant access saver has full ("direct") FSCS protection. 

ForumUser7 said:

For chip, if you pay in by debit card, when do the funds earn interest from please? Also, how do you withdraw if you don't want to use open banking with them please? I'm struggling to see this information in the Chip Instant Access Terms and Conditions. Thanks

I think it takes 3 days before you get interest on debit card deposits. Locate and check the CHIP FAQ.

When you withdraw, they send your money [instantly] to your linked current account. The only Open Banking involved is at the time of registering your linked account.

If you want to stop CHIP snooping in your current account, just open a second one which you use just for CHIP. It's what I have done. Though you (and I !!) can worry too much about what companies might do with your data.

allegro120

Yellowman said:

I found the Chip app quick and easy to set up on my old Android phone.

With the open banking feature, deposit and withdrawal tests were almost immediate.

There is no account number or sort code with Chip. Is this normal?

No, not normal.  I found sort code and account number on my payee list after making a deposit. Sort code is Clearbank, but I'm not sure if the account number is my personal one or just Chip account in Clearbank.

PloughmansLunch

allegro120 said:

ForumUser7 said:

For chip, if you pay in by debit card, when do the funds earn interest from please? Also, how do you withdraw if you don't want to use open banking with them please? I'm struggling to see this information in the Chip Instant Access Terms and Conditions. Thanks

Deposit by debit card will take 3 working days to clear and you will not start earning interest on your deposits until the funds have finished processing.  AFAIK open banking is the only option to withdraw.

I have the option to withdraw my high roller balance to my debit card

Band7

allegro120 said:

Yellowman said:

I found the Chip app quick and easy to set up on my old Android phone.

With the open banking feature, deposit and withdrawal tests were almost immediate.

There is no account number or sort code with Chip. Is this normal?

No, not normal.  I found sort code and account number on my payee list after making a deposit. Sort code is Clearbank, but I'm not sure if the account number is my personal one or just Chip account in Clearbank.

even if it was 'your' account number, you cannot send a Faster Payment to it as the only deposit methods are OB transfer, debit card or ApplePay in CHIP. 

I don't personally have any issue with OB transfers - in fact, wherever  they are offered, I used them in preference to Faster Payments or other deposit methods.

fletcher1985

not sure if anyone has posted this but if you use top cashback you get £25

Chip Instant Access

A new savings account from Chip built to move with the Bank of England and reward you faster than the banks. Earn a 3.40% return on your savings just deposit £5,000 or more to qualify for £20 cashback.

Exclusive Offer£25.00

pecunianonolet

fletcher1985 said:

not sure if anyone has posted this but if you use top cashback you get £25

Chip Instant Access

A new savings account from Chip built to move with the Bank of England and reward you faster than the banks. Earn a 3.40% return on your savings just deposit £5,000 or more to qualify for £20 cashback.

Exclusive Offer£25.00

Previous page, around 1h ago 

10_66

oz0707 said:

So are funds in there protected if less than 85k?

 Once money is with ClearBank, up to £85K is covered by FSCS.  But according to Chip's website (link below), any money that is "pending" is "not covered by FSCS, but is protected through the FCA's Safeguarding rules.   Your money is kept separately from our own company money in a safeguarded account with an approved bank (currently ClearBank Ltd) that creditors can't access.  There's no limit to the amount protected through safeguarding, but some costs could be taken by the administrator or liquidator if we were to fail.  This could impact the amount that you receive, and it could take longer to get your money back than if it were held directly with a bank"

https://www.getchip.uk/the-blog/how-we-protect-your-money

Only mentioning this as one or two have asked about the cover.