The Top Easy Access Savings Discussion Area

masonic

nic_c said:
I get the debit card deposit risks (IIRC you are told about it on application), and surely the same would apply to YBS or Skipton that allow deposits by debit card. I've opened a TSB account, so doing some low value transfers across and finding they are quite quick (usually showing as cleared after a day, whilst TSB still showing as pending).

The debit card risk applies to any provider that outsources its payment processing to a firm that doesn't have a banking licence. Some savings providers will be using their own infrastructure or the infrastructure of a clearing bank. They wouldn't be impacted, whereas a provider using a firm without a banking licence would be in the same position as Chip. I don't know who processes the debit card payments of most providers who accept them, and I doubt I am in the minority.

KevinG

jaypers said:

I have avoided Chip as I simply don’t like the concept of Open Banking…….just a personal view here but I find it a faff, especially having to renew the handshake every 3 months too. Other niggly little things keep cropping up in conversations on here too so although their rates seem very good, for me it’s a no. 

It's not a faff at all, it's very straightforward, as is the renewal.

MoneySaver16

Any Investec users able to comment on transfer speed? All previous transfers I’ve made have been near enough instant but ones from this evening are not processed yet a few hours later - might be because these were far later on in the day?

kjs31

lcooper said:

Chip savings, except those deposited by card, are in principle no different to savings via Raisin, Monzo or HL Active Savings. Any money deposited into Chip by OB or Faster Payment goes into Clearbank in seconds and is then FSCS protected, up to £85k total deposits across all your Clearbank accounts.

If you deposit by card, directly or via ApplePay or Google Wallet, your money goes into pending status and takes 3 working days to clear. Whilst it is pending, you have no FSCS protection on it, and you also don’t get interest on it.

Bottom line is therefore that your Chip deposits by OB or FP are as safe as your deposits into other savings accounts with FSCS protection. We simply have to watch we don’t exceed the FSCS limit - again, that’s the same for all savings accounts.

It would help if Chip did make this clearer on their website.

I tried endless times to deposit into Chip via OB but my bank just wouldn’t allow it. I spent more time with my account locked out or on the phone to the fraud team than was worth the effort that week. So I ended up using my debit card to deposit the money not realising that there was any risk involved. That said the money arrived ok but I would probably think twice about doing it again. 

tg99

MoneySaver16 said:

Any Investec users able to comment on transfer speed? All previous transfers I’ve made have been near enough instant but ones from this evening are not processed yet a few hours later - might be because these were far later on in the day?

Yep I had exact same thing on a Saturday evening a few weeks ago…..usually instant but this one didn’t arrive till Sunday morning (was in my account when I woke up).

boingy

kjs31 said:

lcooper said:

Chip savings, except those deposited by card, are in principle no different to savings via Raisin, Monzo or HL Active Savings. Any money deposited into Chip by OB or Faster Payment goes into Clearbank in seconds and is then FSCS protected, up to £85k total deposits across all your Clearbank accounts.

If you deposit by card, directly or via ApplePay or Google Wallet, your money goes into pending status and takes 3 working days to clear. Whilst it is pending, you have no FSCS protection on it, and you also don’t get interest on it.

Bottom line is therefore that your Chip deposits by OB or FP are as safe as your deposits into other savings accounts with FSCS protection. We simply have to watch we don’t exceed the FSCS limit - again, that’s the same for all savings accounts.

It would help if Chip did make this clearer on their website.

I tried endless times to deposit into Chip via OB but my bank just wouldn’t allow it. I spent more time with my account locked out or on the phone to the fraud team than was worth the effort that week. So I ended up using my debit card to deposit the money not realising that there was any risk involved. That said the money arrived ok but I would probably think twice about doing it again. 

You can now deposit with faster payments, a fairly recent addition to the options. From the sending end just add the Chip account as a payee with account number and sort code and send the money direct, no Open Banking involved. I think you can only do this from the linked account but I might be wrong.

Bigwheels1111

kjs31 said:

lcooper said:

Chip savings, except those deposited by card, are in principle no different to savings via Raisin, Monzo or HL Active Savings. Any money deposited into Chip by OB or Faster Payment goes into Clearbank in seconds and is then FSCS protected, up to £85k total deposits across all your Clearbank accounts.

If you deposit by card, directly or via ApplePay or Google Wallet, your money goes into pending status and takes 3 working days to clear. Whilst it is pending, you have no FSCS protection on it, and you also don’t get interest on it.

Bottom line is therefore that your Chip deposits by OB or FP are as safe as your deposits into other savings accounts with FSCS protection. We simply have to watch we don’t exceed the FSCS limit - again, that’s the same for all savings accounts.

It would help if Chip did make this clearer on their website.

I tried endless times to deposit into Chip via OB but my bank just wouldn’t allow it. I spent more time with my account locked out or on the phone to the fraud team than was worth the effort that week. So I ended up using my debit card to deposit the money not realising that there was any risk involved. That said the money arrived ok but I would probably think twice about doing it again. 

So not Chips fault but your bank.
Ive used open banking 3 times now, Chip, Tandem and can’t remember the third.
All worked seamlessly.

MoneySaver16

tg99 said:

MoneySaver16 said:

Any Investec users able to comment on transfer speed? All previous transfers I’ve made have been near enough instant but ones from this evening are not processed yet a few hours later - might be because these were far later on in the day?

Yep I had exact same thing on a Saturday evening a few weeks ago…..usually instant but this one didn’t arrive till Sunday morning (was in my account when I woke up).

Thanks - looks to be the same here as it arrives first thing this morning!

kjs31

boingy said:

You can now deposit with faster payments, a fairly recent addition to the options. From the sending end just add the Chip account as a payee with account number and sort code and send the money direct, no Open Banking involved. I think you can only do this from the linked account but I might be wrong.

Thanks! Have to admit I haven’t looked at Chip for a while and you couldn’t do that when I opened the account last year. Since then I’ve just left the Chip money well alone and messaged them when they were only at 4.26% to say that I would be withdrawing if they didn’t make the rate more competitive. They replied back ‘thanks for the feedback’ and then not long after the rate went up. Now obviously it wasn’t my message that caused the increase but they do seem quite keen to keep at the top of the table currently (or in the top 3 at least). I’ve got a few accounts and drop the bottom couple when they get too far behind. Chip hasn’t been there as yet. 

allegro120

boingy said:

kjs31 said:

lcooper said:

Chip savings, except those deposited by card, are in principle no different to savings via Raisin, Monzo or HL Active Savings. Any money deposited into Chip by OB or Faster Payment goes into Clearbank in seconds and is then FSCS protected, up to £85k total deposits across all your Clearbank accounts.

If you deposit by card, directly or via ApplePay or Google Wallet, your money goes into pending status and takes 3 working days to clear. Whilst it is pending, you have no FSCS protection on it, and you also don’t get interest on it.

Bottom line is therefore that your Chip deposits by OB or FP are as safe as your deposits into other savings accounts with FSCS protection. We simply have to watch we don’t exceed the FSCS limit - again, that’s the same for all savings accounts.

It would help if Chip did make this clearer on their website.

I tried endless times to deposit into Chip via OB but my bank just wouldn’t allow it. I spent more time with my account locked out or on the phone to the fraud team than was worth the effort that week. So I ended up using my debit card to deposit the money not realising that there was any risk involved. That said the money arrived ok but I would probably think twice about doing it again. 

You can now deposit with faster payments, a fairly recent addition to the options. From the sending end just add the Chip account as a payee with account number and sort code and send the money direct, no Open Banking involved. I think you can only do this from the linked account but I might be wrong.

I've tried faster payments option, deposited £1 from my linked account.  It worked, but took about 2 hours to arrive so I will stick with Open Banking.