Chip +1 Account

Emmia

Fletchasketch said:

Emmia said:

Fletchasketch said:

Thanks for the feedback. On reflection I should have done a bit more research, just so used to every bank having pretty much instant transfers (even cross bank and internationally!) and don't understand why any bank would do things differently. 

I've now had to take out a loan to cover the payments I won't have funds with. Luckily if repaid within 14 days no interest will be charged, so no issue there other than the faff!! 

Chip is a platform, rather than a bank...

To quote them

"Chip is not a bank. We provide access to savings accounts with UK authorised partner banks that are covered by the Financial Services Compensation Scheme (FSCS), and an e-money wallet with a UK authorised e-money provider."

Excuse my ignorance, but why would being a platform rather than a bank make transferring money slower?

They're not directly responsible for the transfer...

Money going in also takes a day or two to land properly. 

Fletchasketch

Emmia said:

Excuse my ignorance, but why would being a platform rather than a bank make transferring money slower?

They're not directly responsible for the transfer...

Money going in also takes a day or two to land properly. 

Okay, thanks. Still not really clear on why that is and there's nothing on the website to explain why it takes longer than a bank transfer would. I'm sure this will catch more people out than me and as most are accustomed to instant transfers in 2021- I really think this should be much much clearer.

Time consuming lesson learned! 

Ed-1

Fletchasketch said:

Emmia said:

Excuse my ignorance, but why would being a platform rather than a bank make transferring money slower?

They're not directly responsible for the transfer...

Money going in also takes a day or two to land properly. 

Okay, thanks. Still not really clear on why that is and there's nothing on the website to explain why it takes longer than a bank transfer would. I'm sure this will catch more people out than me and as most are accustomed to instant transfers in 2021- I really think this should be much much clearer.

Time consuming lesson learned! 

Because you're not instructing the Bank directly. Chip are. So there's extra processing time.

Fletchasketch

Ed-1 said:

Because you're not instructing the Bank directly. Chip are. So there's extra processing time.

So Chip sit on a request for 3 days before calling their friends at the bank to ask them to do a transfer that takes 30 seconds? Still doesn't make any sense to me.

Regardless, have closed the account- I'm clearly not alone in thinking it's dreadful based on the Trust Pilot reviews!

Emmia

Fletchasketch said:

Ed-1 said:

Because you're not instructing the Bank directly. Chip are. So there's extra processing time.

So Chip sit on a request for 3 days before calling their friends at the bank to ask them to do a transfer that takes 30 seconds? Still doesn't make any sense to me.

Regardless, have closed the account- I'm clearly not alone in thinking it's dreadful based on the Trust Pilot reviews!

I've just looked at the Trustpilot reviews. Chip scores 4.2 overall and - 73% positive (Excellent). The negatives are mostly from people who didn't understand how Chip works, or didn't read the T&Cs. 

Rates for other providers are...
Barclays 1.2,
HSBC, 1.3,
Lloyds 1.8

Nutmeg 4.3
Moneybox 4.3

Ed-1

Fletchasketch said:

Ed-1 said:

Because you're not instructing the Bank directly. Chip are. So there's extra processing time.

So Chip sit on a request for 3 days before calling their friends at the bank to ask them to do a transfer that takes 30 seconds? Still doesn't make any sense to me.

Regardless, have closed the account- I'm clearly not alone in thinking it's dreadful based on the Trust Pilot reviews!

Withdrawals from Chip+1 have always been in my linked account by 6pm on the next working day in my experience.

OceanSound

Fletchasketch said:

Emmia said:

Fletchasketch said:

Thanks for the feedback. On reflection I should have done a bit more research, just so used to every bank having pretty much instant transfers (even cross bank and internationally!) and don't understand why any bank would do things differently. 

I've now had to take out a loan to cover the payments I won't have funds with. Luckily if repaid within 14 days no interest will be charged, so no issue there other than the faff!! 

Chip is a platform, rather than a bank...

To quote them

"Chip is not a bank. We provide access to savings accounts with UK authorised partner banks that are covered by the Financial Services Compensation Scheme (FSCS), and an e-money wallet with a UK authorised e-money provider."

Excuse my ignorance, but why would being a platform rather than a bank make transferring money slower?

Some folks on here latch on to fintech's not being a 'bank' to cover up their poor performance.  Emmia said: Fletchasketch said: Ed-1 said:
Because you're not instructing the Bank directly. Chip are. So there's extra processing time. So Chip sit on a request for 3 days before calling their friends at the bank to ask them to do a transfer that takes 30 seconds? Still doesn't make any sense to me.

Regardless, have closed the account- I'm clearly not alone in thinking it's dreadful based on the Trust Pilot reviews! I've just looked at the Trustpilot reviews. Chip scores 4.2 overall and - 73% positive (Excellent). The negatives are mostly from people who didn't understand how Chip works, or didn't read the T&Cs. 

Rates for other providers are...
Barclays 1.2,
HSBC, 1.3,
Lloyds 1.8

Nutmeg 4.3
Moneybox 4.3 Trustpilot is no measure of how good a business is unless one is aware of how to weed out the chaff. Take for example the business ExpressVPN. Has a good Trustpilot record, but I recently found that they charged my PayPal account even when the auto-renew was cancelled. When I contacted ExpressVpn they said it was still active. Once I told them I have screenshots they changed their tune and refunded the incorrectly (unlawfully) charged yearly fee and cancelled subscription. 

OceanSound

quirkydeptless said:

OceanSound said:
yep, it must be my fault for not reading the terms and conditions of the account (not just the terms and conditions of the prize draw). 

Exactly. Read the T&Cs

Have a look at the Advertising Standards Authority (ASA) Website:

Chip should have mentioned:

how to participate, including any costs or factors likely to influence consumers’ understanding of the promotion;

I may report Chip to ASA. 

OceanSound

quirkydeptless said:

A nice little bonus for me from Chip. I got a free £25 prize a while back too.

We're giving you £15! You've qualified. We're delighted to tell you that you've qualified for our special offer to get £15 for depositing into your Chip+1 account last week!

Hi Quirky, your savings journey starts here. The £15 will be paid as a bonus into your Chip account in two months' time (between 18 and 30 July 2021), provided you still have a positive balance in Chip+1 on that date.

Have you or anyone else received the bonus yet?

I haven't. 

Could it be because they are not a bank and have a poor understanding of how an offer works?

quirkydeptless

OceanSound said:

quirkydeptless said:

A nice little bonus for me from Chip. I got a free £25 prize a while back too.

We're giving you £15! You've qualified. We're delighted to tell you that you've qualified for our special offer to get £15 for depositing into your Chip+1 account last week!

Hi Quirky, your savings journey starts here. The £15 will be paid as a bonus into your Chip account in two months' time (between 18 and 30 July 2021), provided you still have a positive balance in Chip+1 on that date.

Have you or anyone else received the bonus yet?

I haven't. 

Could it be because they are not a bank and have a poor understanding of how an offer works?

"between 18 and 30 July 2021"

Could it be because you are not a bank and have a poor understanding of how a calendar works?