Chip with Barclays account 9 January at 2:44PM in Savings & investments 9 replies 292 views

thegentleway

Trying to deposit savings into Chip from my Barclays account but it only lets me pull £2,000 a day!? Is this the same with other banks?

flaneurs_lobster

thegentleway said:

Trying to deposit savings into Chip from my Barclays account but it only lets me pull £2,000 a day!? Is this the same with other banks?

Shifted £2.5K in a oner from Monzo last week

Band7

thegentleway said:

Trying to deposit savings into Chip from my Barclays account but it only lets me pull £2,000 a day!? Is this the same with other banks?

I have done £40k+ with Santander, in 3 lots, as the CHIP (?) limit is £15k per transaction.

I wasn't aware that there are different limits for different banks. Have you tried depositing with debit card? Though careful, it takes 3 days before you begin to get interest on debit card deposits

AmityNeon

Halifax apparently has a daily limit of £9,999.

Open Banking limits don't appear to be published and can vary wildly between the banks, and they're generally lower than standard online Faster Payment limits.

thegentleway

Band7 said:

thegentleway said:

Trying to deposit savings into Chip from my Barclays account but it only lets me pull £2,000 a day!? Is this the same with other banks?

I have done £40k+ with Santander, in 3 lots, as the CHIP (?) limit is £15k per transaction.

I wasn't aware that there are different limits for different banks. Have you tried depositing with debit card? Though careful, it takes 3 days before you begin to get interest on debit card deposits

Great I’ve got a Santander account so I’ll just link that instead.

Haven’t tried with debit card as can’t be doing with waiting 3 days. 

Band7

thegentleway said:

Band7 said:

thegentleway said:

Trying to deposit savings into Chip from my Barclays account but it only lets me pull £2,000 a day!? Is this the same with other banks?

I have done £40k+ with Santander, in 3 lots, as the CHIP (?) limit is £15k per transaction.

I wasn't aware that there are different limits for different banks. Have you tried depositing with debit card? Though careful, it takes 3 days before you begin to get interest on debit card deposits

Great I’ve got a Santander account so I’ll just link that instead.

Haven’t tried with debit card as can’t be doing with waiting 3 days. 

Prepare yourself for your first or second deposit from Santander to result in your account getting blocked. Once you have managed to get the block lifted, you should be fine with subsequent deposits. But may be you are lucky and they let you off entirely.

PloughmansLunch

I’m having this same trouble - £2k max a day through Barclays. It appears to be limited because Chip pulls through Open Banking without being listed as a payee. Otherwise Barclays open banking limit is much higher. I can add the sort code and account manually but without the app’s reference (which is dynamically generated each time) the deposit will probably just end sitting up in Chip’s Clearbank account. Maybe time for me to move to Kroo from tomorrow for ~the same interest rate but with a unique account number for ease.

Jmc85

I’ve moved £5k Barclays to Chip with no trouble - although I have a Premier current account so possibly have increased limits?

Band7

PloughmansLunch said:

I’m having this same trouble - £2k max a day through Barclays. It appears to be limited because Chip pulls through Open Banking without being listed as a payee. Otherwise Barclays open banking limit is much higher. I can add the sort code and account manually but without the app’s reference (which is dynamically generated each time) the deposit will probably just end sitting up in Chip’s Clearbank account. Maybe time for me to move to Kroo from tomorrow for ~the same interest rate but with a unique account number for ease.

CHIP doesn't process incoming traditional Faster Payments, and there are different limits for different banks for the OB bank transfers. With Kroo, you can use traditional Faster Payments. Not sure whether Kroo has limits for OB bank transfers but I know they don't do Starling at all.

 

jaypers

Probably just me but there is nothing about CHIP that appeals to be. Perhaps I need to look into it a bit more as I’m obviously put off by the fact it’s not a traditional savings institution.