How to open chip instant saving?

Band7

yes you can deposit by debit card (may be, when I tried it, it never worked) but how do you register your debit card without registering your bank account? Have they tricked me again?

Band7

Also, as I have just found on the CHIP help, you lose 3 days of interest/bonus if you deposit by card. Glad now that my attempted card deposits never worked

Band7

 There is also this

flaneurs_lobster

You are quite right, my debit card deposit to Chip is "Processing" so not actually deposited/earing "bonus".

It does say here that linking my bank account is required, maybe that deposit will just hold until this is done. 

If it is required then Chip is going bye-bye. I really have a (probably irrational) problem with Open Banking, feels like a loss of control over what's getting access to my accounts and I really don't need it. 

flaneurs_lobster

@Band7 My last post crossed with yours. The hard to withdraw without an attached bank account I guess is a valid argument, although I suspect a lot of their motivation is the dreadful "robo-savings" malarky where their algorithm decides to mug your account of random amounts at random times because "intelligent saving". 

I wonder if I could attach one of my zombie accounts (different to the debit card's) that has exactly zero balance and let their robot try and rob that one.

mattywallace121

Or just do the easiest thing and turn the autosaves off?

Band7

I am happy that I can manage - quite easily - to turn off the silly autosave. What I am not happy about is that CHIP turn it on by default, without telling you, until the day they are actually about to pull the first lot of money within hours. You still have the chance to turn it off then, though.

I am also very happy with deposits via Open Banking, as they are much easier than the traditional method of sending money from your current account. I am using a spare current account for CHIP, so even if they snoop, they won’t find out much about my finances.

The other thing I am quite happy about is the 3% return as this is currently still tops for instant access. I don’t like that it’s paid as a non-FSCS protected bonus though, and that there are all sorts of hurdles before you can actually get at the bonus. My first bonus payment is due on Tuesday. Once I can see it in my account, I plan to withdraw my entire balance, incl the bonus. Depending on how quick this is, I will then deposit the lot back. Though I don’t know how long I would play this game for as I might do better overall with my 3.25% MonBS saver. This one also comes with its hurdles but I might be able to handle those easier.

Bottom line with CHIP for me is that I feel that they are out to make you trip up at every turn. You can mainly avoid getting caught out but you have to be 100% on top of their rules all the time. If they were to make the bonus proper FSCS protected interest, I would be a lot less concerned. I recall a single post here on MSE, saying they had this in plan but I haven’t seen this confirmed by CHIP, and there appear to be no timescales to it.

bazza55

What is the worry regarding snooping, it clearly states the data that Open Banking provides them, there is not much they can do with this information really, concerning impacting the user in a detrimental way I would not have thought, or am I overlooking something?

masonic

I wish they would just let you send money via FP. For me Open Banking keeps failing (a £1 test transfer went ok), guess my bank is blocking larger payments. Doesn't look like pushing a payment using the payee they set up works either (I'll await that £1 bouncing back). Another annoying thing is that I can't use an account nickname or reference field to tell which accounts the transactions are between. Not impressed so far.

masonic

bazza55 said:

What is the worry regarding snooping, it clearly states the data that Open Banking provides them, there is not much they can do with this information really, concerning impacting the user in a detrimental way I would not have thought, or am I overlooking something?

One thing they could do with the information that would impact the user in a detrimental way is to lose control of it.