CHIP Weirdness?

pantaiema

Turn off Auto Savings. 
I am aware you could still deposit via Debitcard. Could you still pull small amount of money, say £1 manually and in the link account appear as DD ? E.g to be used as manual DD without DD guarantee which might not be necessary for a small amount.

masonic

pantaiema said:

Turn off Auto Savings. 
I am aware you could still deposit via Debitcard. Could you still pull small amount of money, say £1 manually and in the link account appear as DD ? E.g to be used as manual DD without DD guarantee which might not be necessary for a small amount.

No, debit card transactions are not the same as Direct Debits (just as Faster Payments are not Direct Debits, not relevant here as Chip doesn't accept FP or DD). Card payments aren't covered by the DD guarantee, but there are circumstances where a chargeback could be carried out by the card issuer. Of course none of this is relevant when the transaction is a push via Open Banking, as is the case with Auto Savings.

drodd

I installed CHIP today as I need a high interest, instant access savings account. All seemed fine but when linking to my bank it wants access to all my transaction details and details of my direct debits and standing orders. Might be useful to some but no way am I giving CHIP access to these so the CHIP app is now being deleted. Shame as it was a nice, easy experience signing up.

Band7

drodd said:

I installed CHIP today as I need a high interest, instant access savings account. All seemed fine but when linking to my bank it wants access to all my transaction details and details of my direct debits and standing orders. Might be useful to some but no way am I giving CHIP access to these so the CHIP app is now being deleted. Shame as it was a nice, easy experience signing up.

All banks you make a deposit into would know your name and the sending sort code and account number, so it's just the balance and the transactions/SOs/DDs that you might not want to share. If you set up another current account with your existing bank, for the sole purpose of linking it to CHIP, CHIP will never know what DDs and SOs you have, and the only transactions they can see are deposits to / withdrawals from them (which they know about anyway), and any transactions in and out of the secondary account. So you'd only share a very minor set of information. Don't cut off your nose to spite your face.

In addition, you can cancel the authorisation for CHIP with your current account provider after every deposit into CHIP. Though this seems overkill IMO.

BTW, get used to Open Banking, it's the future

hellopaul

My partner just opened a Chip savings account (because it was recommended by MSE), and it uses Open Banking and it's dreadful. It seems impossible to find your Chip account's sort code and account number, so the only way to put money in is to allow Chip to rummage through your linked (normal bank) account, and help itself to your data/funds. How on earth this markets itself as any better than the far simpler Faster Payments service is beyond me. It's obviously just a data harvesting scheme (scam). Oh yes - and the amount of faffing to actually do one of these transfers is way beyond what's required for a simple "make a payment" Faster Payments service from a bank, where you bung in the sort code, account number and amount, and hey presto, the money almost instantly transfers. Open Banking seems to be a major step backwards for customers, and a major step forward for data harvesting. I'm sure my partner will shortly be on the receiving end of endless marketing junk, knowing that she spent £20 in Boots on cosmetics or something. I'm so glad none of my bank accounts use this awful open banking. I see Coventry Building Society support open banking, but it's optional, so I'd recommend using them instead of the awful Chip "bank".

Rollinghome

So it's a "no" from you then?

Try "Tap to deposit"

"Add money"

"Manual deposit"

to find your Sort and Account nos.

TisMeBill

I’ve just given up on Chip, I had been putting up with their quirkiness on paying interest and using clearbank for the best rate, but after my 3rd source of wealth check I’m in the process of leaving them. First check was after depositing 25k, second was after depositing another 60k, then a couple of weeks ago when they were no longer top rate, I withdrew all but £1, when they upped their rates I moved the money back, only to get another source of wealth check.

jimjames

hellopaul said:

My partner just opened a Chip savings account (because it was recommended by MSE), and it uses Open Banking and it's dreadful. It seems impossible to find your Chip account's sort code and account number, so the only way to put money in is to allow Chip to rummage through your linked (normal bank) account, and help itself to your data/funds. H

That's nonsense. There is no "helping themselves" as you have to enter the amount you want to pay in and then authorise it. Use a separate bank account if you're that worried.

Now updated from comments below
You'll never fund a sort code and account as Chip isn't setup that way to allow you to pay in via those details.

friolento

jimjames said:

  .

You'll never fund a sort code and account as Chip isn't setup that way to allow you to pay in via those details.

FP has been an option for a few months now. It’s the manual deposit option at the bottom

TiVo_Lad

jimjames said:

You'll never fund a sort code and account as Chip isn't setup that way to allow you to pay in via those details.

That's the only way I've funded my CHIP account. Send an FP and you get an instant eMail confirmation that they've received the deposit.