The Top Easy Access Savings Discussion Area

infoadict

Regarding Charter, it does seem you lose a days interest.

From their T&C's

11.5 We normally take payments by Electronic Transfer from your Account on the Working Day that we receive your Payment Instruction...............The cut-off time for Electronic Transfers is 3pm on a Working Day..........The payment will reach your Nominated Account no later than the end of the Working Day following the Working Day on which we receive your Payment Instruction

From my experience it always arrives the following day, no matter how early you request the withdrawal.

13.4 You will stop earning interest on amounts you withdraw from your Account at the end of the day before the Working Day you make the withdrawal

SeriousHoax

pecunianonolet said:

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.

No my account Just functioned as normal.

oz0707

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?

ForumUser7

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

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