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Chip Savings Deposit Warning!



  • grumblergrumbler Forumite
    57.3K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    pantaiema said:
    Does Chip Instant Access Saving Account have a Saving AC number?
    ... Is it possible to deposit using Direct Debit? 
    NO - to both questions. It's either a card deposit or a bank transfer ('pull' via open banking) from the linked current account.

    We are born naked, wet and hungry...Then things get worse. :(

    .withdrawal, NOT withdrawel ..bear with me, NOT bare with me
    .definitely, NOT definately ......separate, NOT seperate
    should have, NOT should of
    .....guaranteed, NOT guarenteed
  • adamshimaadamshima Forumite
    2 Posts
    Ninth Anniversary Name Dropper First Post Combo Breaker
    This appears to have happened to me today. I made a transfer to Chip using truelayer via the app which came up with a pop up message in the Chip app saying the transfer had failed and my bank account would not be charged. However a check of my account showed the amount had been taken. The Chip app shows the transfer in as ‘cancelled’. I’ve sent messages on their app and haven’t had a response yet and cannot find a telephone number. I contacted my bank and they have confirmed the transfer was successfully paid across so I need to speak to Chip. Will obviously wait and see what they say or if the money comes back in the next 24 hours as it only happened today however this post doesn’t fill me with confidence and looks like I’ll be waiting a little bit of time to get my money back! It’s not a small value either. 

    @[email protected] have you had your money returned to you yet?

  • surreysaversurreysaver Forumite
    3.7K Posts
    Part of the Furniture 1,000 Posts Name Dropper
    I've been having problems with the Chip app today - it won't let me make deposits. It did this the other day as well 
    I consider myself to be a male feminist. Is that allowed?
  • eastmidsavereastmidsaver Forumite
    251 Posts
    Sixth Anniversary 100 Posts Name Dropper
    it was tempting to move to them when i saw the 3.4% rate advertised a few weeks ago,   but,  it seemed too complex for me so i gave it a miss.
  • Band7Band7 Forumite
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    There's really nothing complex about the CHIP instant access saver - quite the contrary. It's as simple as it gets for a 3rd party savings account, and it's close to as fast as keeping your savings with a current account provider.

    It is, of course, highly concerning if a deposit doesn't work, and I look forward to the OP posting the resolution of this issue. I myself have made dozens of deposits, and withdrawals from, CHIP over the last nearly 4 months,  without any issues*, and I am not deterred in any way by one or two reports about problems. If I was, I couldn't have an account with ANY provider, as all of them do have occasional problems.

    * for completeness I should mention that Santander did block my first attempt to deposit into CHIP. This is, however, no different to Santander occasionally holding up payments to a new payee.
  • piker57piker57 Forumite
    69 Posts
    Third Anniversary 10 Posts
    I’d appreciate some advice from more seasoned users of CHIP.

    When I set up my account I linked my HSBC current account & as required by CHIP, my debit card for the same account. I made my deposit without any hassle using OB. 

    I almost got caught out by the auto saves which would have been ridiculous, a deposit for £458 and 9 other deposits varying in value from £4.08 to £5.96, all of which were going to be collected on the same day. Thankfully I received 10 texts advising me of the intended deposits & I was able to cancel them before they happened & I immediately turned off the auto save feature.

    Now to my request for advice. I wanted to make a withdrawal today & after specifying the amount I was asked to confirm my account, as it said HSBC followed by a series of * and 4 digits, I clicked to confirm that was correct.  I waited a couple of hours but no deposit reached HSBC & when I went back to CHIP the withdrawal was showing as processing. 

    I then delved a bit further & discovered that although both the current account which was used to make an OB faster payment deposit, & my debit card show under the linked bank details, the withdrawal option which automatically appeared was for the debit card with no option to choose the current account. Thus my withdrawal from CHIP isn’t going to get back to my HSBC account for at least 3 days. How can I change this so future withdrawals  go via OB direct to my HSBC account which as I said above was the method used for the deposit?

     I have to say that although the 3.4% is a very attractive rate of interest some of CHIP’s unethical practices, like excessive auto saves to a non-interest paying account & the debit card trick are putting me off.
  • Band7Band7 Forumite
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    I don’t know why they use the debit card info for withdrawals but mine (to Santander) have always been instant, and I have made dozens of withdrawals. You need to ask CHIP why your withdrawal is pending.

    I agree that autosave is cheeky and annoying -  though we wouldn’t lose any money, they warn before taking any money, and most importanly, it is easy to turn off.
  • flaneurs_lobsterflaneurs_lobster Forumite
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    piker57 said:

    Thus my withdrawal from CHIP isn’t going to get back to my HSBC account for at least 3 days. How can I change this so future withdrawals  go via OB direct to my HSBC account which as I said above was the method used for the deposit?
    You've made an assumption there that withdrawal is via your debit card and will therefore take 3 days. It does show your card number (and account number) on the withdrawal screen but don't think it's relevant. Believe that all withdrawals will be to your current account and should be immediate. Need to ask why there's a delay.
  • piker57piker57 Forumite
    69 Posts
    Third Anniversary 10 Posts
    Thanks Band 7 & FL for the replies. I’ll try to contact CHIP today.
  • StockportSavereeStockportSaveree Forumite
    10 Posts
    10 Posts First Anniversary
    Can I ask if anyone has checked whether the interest is calculated correctly by CHIP?  It states that interest is calculated daily, but the interest amount isn't credited to the account until a few days into the following month (which is strange as other easy access does this last day of the month).  So am I missing a few days compound interest whilst Chip takes its time to credit my account balance?  Or isn't this affected and it uses the modified daily balance to calculate the interest?  I presume that the credit delay is because of the open banking system.  Thanks
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