The Top Easy Access Savings Discussion Area

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. 

oz0707

I couldnt save the fscs fact sheet or the general chip terms and conditions. I did get the option to save the chip instant access account terms abd conditions

fletcher1985

pecunianonolet said:

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 

sorry i didnt spot it.

i have never used them before are the really trusted, i dont understand why they need access to your banking information.

jimexbox

10_66 said:

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. 

Interesting read. The money held in clearbanks safe guarding account, while deposits clear is not covered by the fscs. Unlikely they would collapse, but the financial crash taught us anything is possible. 

masonic

10_66 said:

oz0707 said:

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

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.

This will likely be relevant to debit card deposits. Another reason not to use them (in addition to the interest void period).