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The Top Easy Access Savings Discussion Area
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simoncorkswill1 said:CHIP FSCS number 911255
this comes up as in protected
chip say their Instant savings and prize savings account are covered , yet their reference number using the FSCS website clearly indicates not protected .
anyone checked this by other means ?
Money in the CHIP instant access account is held by Clearbank, not by CHIP. So you need to check the FSCS Register for Clearbank.
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Of course it makes sense to keep a certain amount in an account that can be instantly transferred to current - whether that's with the same bank or one with instant transfers like Chase - but there's no real justification to maintain significant savings in accounts so far behind the best like Santander at 2.75% - with no signs of change - or Marcus.
A year ago many might only have had a few active savings accounts but after a year of rate changes I'd have thought visitors to this site would by now have a good selection of accounts to shuffle between.
Ford generally keep up with rates, they arent instant to transfer, but they're not app only.2 -
Re Chip and protection , thanks all for replies .0
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Thank you all for your replies. I will look and digest it all tomorrow ... OMG it is already tomorrow !!!! (Good night).
Thank you for reading this message.0 -
allegro120 said:simoncorkswill1 said:CHIP FSCS number 911255
this comes up as in protected
chip say their Instant savings and prize savings account are covered , yet their reference number using the FSCS website clearly indicates not protected .
anyone checked this by other means ?Band7 said:simoncorkswill1 said:CHIP FSCS number 911255
this comes up as in protected
chip say their Instant savings and prize savings account are covered , yet their reference number using the FSCS website clearly indicates not protected .
anyone checked this by other means ?
Money in the CHIP instant access account is held by Clearbank, not by CHIP. So you need to check the FSCS Register for Clearbank.
AFAR it will not cover the saver if Chip goes under.
I remember a while ago a Fintech was offering similar service to Chip and they would promote it by saying your savings are safe because it is ringfenced' (as it is held at Barclays - which has FSCS protection), but they were kind of hazy about what would happen if they themselves went under.0 -
OceanSound said:allegro120 said:simoncorkswill1 said:CHIP FSCS number 911255
this comes up as in protected
chip say their Instant savings and prize savings account are covered , yet their reference number using the FSCS website clearly indicates not protected .
anyone checked this by other means ?Band7 said:simoncorkswill1 said:CHIP FSCS number 911255
this comes up as in protected
chip say their Instant savings and prize savings account are covered , yet their reference number using the FSCS website clearly indicates not protected .
anyone checked this by other means ?
Money in the CHIP instant access account is held by Clearbank, not by CHIP. So you need to check the FSCS Register for Clearbank.
AFAR it will not cover the saver if Chip goes under.
I remember a while ago a Fintech was offering similar service to Chip and they would promote it by saying your savings are safe because it is ringfenced' (as it is held at Barclays - which has FSCS protection), but they were kind of hazy about what would happen if they themselves went under.Out of interest, who was the Fintech you mention?0 -
Just had an email. Gatehouse easy access account rising to 3.15% today.1
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Band7 said:OceanSound said:allegro120 said:simoncorkswill1 said:CHIP FSCS number 911255
this comes up as in protected
chip say their Instant savings and prize savings account are covered , yet their reference number using the FSCS website clearly indicates not protected .
anyone checked this by other means ?Band7 said:simoncorkswill1 said:CHIP FSCS number 911255
this comes up as in protected
chip say their Instant savings and prize savings account are covered , yet their reference number using the FSCS website clearly indicates not protected .
anyone checked this by other means ?
Money in the CHIP instant access account is held by Clearbank, not by CHIP. So you need to check the FSCS Register for Clearbank.
AFAR it will not cover the saver if Chip goes under.
I remember a while ago a Fintech was offering similar service to Chip and they would promote it by saying your savings are safe because it is ringfenced' (as it is held at Barclays - which has FSCS protection), but they were kind of hazy about what would happen if they themselves went under.Out of interest, who was the Fintech you mention?
https://jasoren.com/plum-chip-trim-cleo-how-do-these-money-saving-chatbots-work-behind-the-scenes/
They mention plum saves (saved?) in a Barclays account. I used to use Plum so it may well be them. (Edit: article also mentions Chip, and I used to use Chip so it could be them too!)As your money isn’t held by CHIP, it wouldn’t matter if they went under. Perhaps some admin effort to move account access to elsewhere, such as Raisin or HL Active Savings, but nothing else, and certainly no loss of funds.
Do you have a reliable source to confirm?
The info on Chip website (https://www.getchip.uk/the-blog/how-we-protect-your-money) says this:How FSCS cover works for money held in trust accountsNote that when it talks about ClearBank it says 'trust account'. On the FSCS website (https://www.fscs.org.uk/industry-resources/deposit-protection-banks/) I found this:
For all savings accounts other than the Chip Prize Savings Account and Chip Instant Access Account, both powered by ClearBank, your money is held in a ‘segregated client trust account’ with other Chip savers’ money. By pooling all Chip savers’ money our partner (Flagstone) can negotiate better interest rates for you from the banks.
A trust account is held in the name of one of our partners, ClearBank or Flagstone, depending on the product and its terms. Once you deposit into your savings account, you are an individual beneficiary of this trust for the amount of money you have deposited (plus your interest) - you are absolutely entitled to this money.What is a Segregated Client Trust Account?
This refers to an account of individuals’ (clients) money that has been combined together, and is held in trust by a business and managed on behalf of those individuals.
What deposit protection is there for wealth management companies or other online platforms that allow customers to spread funds across different banks?The question is is Chip an online platform? if not, what is it?
If the wealth management company is authorised and regulated (which it is likely to be) its own funds wouldn't be covered for deposit protection.
However, if the customer holds deposits in a bank via the wealth management company or online platform, their eligibility for deposit protection would be dependent on how the funds are held with the bank.
FSCS wouldn’t be able to confirm eligibility of specific deposits until the point of the firm failing. However, if the funds held via the wealth management company or online platform have been set up under a ’bare trust’ arrangement, we may be able to look through the named account holder to regard each eligible underlying beneficiary as having a separate claim for up to £85,000.
If the customer’s funds are held via the wealth management company or online platform under a non-bare trust arrangement, a maximum of £85,000 only applies irrespective of the number of eligible beneficiaries or separate accounts held.
If it is an online platform, then looking at the Chip website, there is no mention of a 'bare trust', so how will the FSCS protection work in that case?
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Bridlington1 said:Just had an email. Gatehouse easy access account rising to 3.15% today.0
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ab56 said:Bridlington1 said:Just had an email. Gatehouse easy access account rising to 3.15% today.3.20% if paid yearly
They work out the same if monthly profit is left in the account to compound.2
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