The Top Easy Access Savings Discussion Area

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).

Rheumatoid

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 

What is the procedure for doing this. I am familiar with TCB but the Chip link only takes you to a page with a QR to download the Chip app. How will TCB know you have set up the app and opened the account via them if you scan the QR on a laptop using your phone? Or is it necessary to do everything on your phone?

Band7

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. 

There is never any pending money when you deposit by OB into, or withdraw from, the CHIP Instant Access account.

There might be pending money if you deposit by card as it takes 3 days to clear card deposits, and you don't get any interest until it's cleared, either.

grumbler

Rheumatoid said:

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 

What is the procedure for doing this. I am familiar with TCB but the Chip link only takes you to a page with a QR to download the Chip app. How will TCB know you have set up the app and opened the account via them if you scan the QR on a laptop using your phone? Or is it necessary to do everything on your phone?

My cashback wasn't tracked and that was exactly my thought - how on earth can they track it? Claim submitted, but "this process is likely to take from four weeks to several months (often longer)". I wish I used RAF route instead (TCB was £20 that time and RAF is £20+£20 now, but was £25 2-3 weeks ago).

Steve_xx

grumbler said:

Rheumatoid said:

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 

What is the procedure for doing this. I am familiar with TCB but the Chip link only takes you to a page with a QR to download the Chip app. How will TCB know you have set up the app and opened the account via them if you scan the QR on a laptop using your phone? Or is it necessary to do everything on your phone?

My cashback wasn't tracked and that was exactly my thought - how on earth can they track it? Claim submitted, but "this process is likely to take from four weeks to several months (often longer)". I wish I used RAF route instead (TCB was £20 that time and RAF is £20+£20 now, but was £25 2-3 weeks ago).

grumbler said:

Rheumatoid said:

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 

What is the procedure for doing this. I am familiar with TCB but the Chip link only takes you to a page with a QR to download the Chip app. How will TCB know you have set up the app and opened the account via them if you scan the QR on a laptop using your phone? Or is it necessary to do everything on your phone?

My cashback wasn't tracked and that was exactly my thought - how on earth can they track it? Claim submitted, but "this process is likely to take from four weeks to several months (often longer)". I wish I used RAF route instead (TCB was £20 that time and RAF is £20+£20 now, but was £25 2-3 weeks ago).

"RAF route". What is it?

Steve_xx

Band7 said:

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. 

There is never any pending money when you deposit by OB into, or withdraw from, the CHIP Instant Access account.

There might be pending money if you deposit by card as it takes 3 days to clear card deposits, and you don't get any interest until it's cleared, either.

Can you make debit card deposits to Chip using any debit card account, as opposed to the linked account?

Also, do you know whether Chip charges £1 per withdrawal if you make more than two withdrawals within a 28 day period? 

ForumUser7

Sainsbury's Bank Defined Access Saver - Issue 40 @3.07% between 1k and 500k showing on Moneyfacts