The Top Easy Access Savings Discussion Area

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

10_66

Band7 said:

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

Is this also the case for any open banking money that is put in suspense if they do money laundering checks?

Band7

Steve_xx said:

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? 

You can use a debit card but it takes 3 days fir your money to be credited. Not exactly good. 

There is no charge for or limit on number of withdrawals

Band7

10_66 said:

Band7 said:

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

Is this also the case for any open banking money that is put in suspense if they do money laundering checks?

No idea. You could ask CHIP.

10_66

Band7 said:

10_66 said:

Band7 said:

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

Is this also the case for any open banking money that is put in suspense if they do money laundering checks?

No idea. You could ask CHIP.

I did try to ask them a couple of weeks' ago, and after numerous emails backwards and forwards I lost the will to live when all they did was to keep directing me to the page I listed in my earlier post, despite the fact that I'd made it clear in each of my emails, that I'd already read that but that it didn't answer my question.

Chadsman

"RAF route". What is it?

Steve_xx Refer A Friend

PloughmansLunch

Steve_xx said:

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

I asked Chip CS this a while ago and their response was "We would not advise using other banks to deposit money into Chip, only the one currently connected", which makes me think it's technically possible but I'd rather not risk it.