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The Top Easy Access Savings Discussion Area

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  • Band7
    Band7 Posts: 2,285 Forumite
    1,000 Posts Name Dropper
    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
    fletcher1985 Posts: 456 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    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
    pecunianonolet Posts: 1,777 Forumite
    1,000 Posts Second Anniversary Photogenic Name Dropper
    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  :p
  • 10_66
    10_66 Posts: 3,452 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    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
    oz0707 Posts: 918 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    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
    fletcher1985 Posts: 456 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    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  :p
    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
    jimexbox Posts: 12,481 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    edited 7 March 2023 at 7:07PM
    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
    masonic Posts: 27,273 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    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
    Rheumatoid Posts: 998 Forumite
    Part of the Furniture 500 Posts Photogenic Name Dropper
    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  :p
    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?
    16 Panel (250W JASolar) 4kWp, facing 170 degrees, 40 degree slope, Solis Inverter. Installed 29/9/2015 - £4700 (Norfolk Solar Together Scheme); 9.6kWh US2000C Pylontech batteries + Solis Inverter installed 12/4/2022 Year target (PVGIS-CMSAF) = 3880kWh - Installer estimate 3452 kWh:Average over 6 years = 4400 :j
  • Band7
    Band7 Posts: 2,285 Forumite
    1,000 Posts Name Dropper
    edited 7 March 2023 at 9:44PM
    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.
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