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Chip Savings Deposit Warning!
in Savings & investments
38 replies 6.1K views
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.withdrawal, NOT withdrawel ..bear with me, NOT bare with me
.definitely, NOT definately ......separate, NOT seperate
should have, NOT should of .....guaranteed, NOT guarenteed
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.
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.
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 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.
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.