Chip savings 23 February at 12:07PM edited 23 February at 12:10PM in Savings & investments 23 replies 5.7K views

mynameisboba

I opened a Chip Instant Access Account on Wednesday for savings (3.15% easy access) and my main bank account (Santander) hit all the security flags when trying to transfer in £12k.  I got it resolved though.  I've checked the FSC register and it all stacks up. Chip Financial Ltd (fca.org.uk)

A couple of things:

• that AI auto save is naughty and has charges associated with it - cancel those in the app immediately.
• Chip seems to be some sort of investment platform and the savings account facility is actually "powered by ClearBank". Be careful not to accidently buy some sort of investment product or service you don't necessarily want.

cwep2

First day I opened Chip account and got the autosave notification - it would have taken me overdrawn.
It only gives you a few hours to undo it.
So 45p for the autosave plus >£10 for going overdrawn if I hadn't stopped it.

I actually think this is pretty bad, and although I was able to stop it, it caused undue stress at the time. 1st autosave should be slow with lots of warning (at least 24hrs, preferably more), after the 4th or 5th time maybe a few hours is OK as you will have seen some transactions already.

Almost made me want to close the account completely, but able to turn it off and change settings. Still think it's a bit naughty and will trip people up and trick people into doing something they don't really intend or want to do.

RJames

Thank you for these posts. Collectively I think I now understand far more about how it's working!  

housebuyer143

Can anyone explain why it says your membership will refresh every 28 days and the linked account every 90?
Do I need to do anything at this point?

allegro120

housebuyer143 said:

Can anyone explain why it says your membership will refresh every 28 days and the linked account every 90?
Do I need to do anything at this point?

I can't see anything about membership on my app.
Linked account authorisation lasts for only 90 days - you will need to update it in 90 days or earlier.  It's very easy, just a couple of clicks.

flaneurs_lobster

allegro120 said:

housebuyer143 said:

Can anyone explain why it says your membership will refresh every 28 days and the linked account every 90?
Do I need to do anything at this point?

I can't see anything about membership on my app.

The website describes Chip usage as having two levels of "membership", paid-for (ChipX) and "basic" which is free. The membership lasts 28 days and enrolment/renewal is automatic. If you have a Chip account then you are a member.

https://www.getchip.uk/pricing

SickGroove

Can someone please confirm what the daily limits are transferring into and out of Chip using open banking. Thanks

masonic

SickGroove said:

Can someone please confirm what the daily limits are transferring into and out of Chip using open banking. Thanks

For transfers in, the limits are imposed by the sending bank and are not necessarily disclosed. Transfers out do not use open banking. You may be better off using the new Faster Payment system for transfers in, as these limits are usually higher.

flaneurs_lobster

SickGroove said:

Can someone please confirm what the daily limits are transferring into and out of Chip using open banking. Thanks

TrueLayer (provide Chip's open banking interface) give some indications here https://support.truelayer.com/hc/en-us/articles/360016130173--UK-Providers-What-are-the-payment-limits-

fwdrew

Was tempted to give Chip a go so I downloaded the app and set up account. I was about to link my account to open banking and thought nope this is not for me. So followed the details to delete the account, it crashed every time I clicked on delete account. Even the contact us link did not work. Had to resort to sending them an email to request to close account, that's if they bother to get back. Not for me !