Chip account - deposit by bank card only ?

homi

Opened a Chip bank account today using the app , when I click on the add funds option it only allows me to transfer money into my account by card , is this correct ?

 All my funds are in a Sanander savings account and I do not have any bank cards linked to it ?

sgog

Deposit by bank transfer works for me.

Jmc85

You need to add a linked account - think you can do it from the profile section on the app

homi

I click on the section which says link your bank account but says that I need to add a  debit card to be able to transfer funds , it does not allow me to go to the next page . My santander account does not have one .  

Neither the help or contact section works on the app which is worrying . 

baser999

And I believe a bank transfer is ‘immediate’ whereas a card payment takes a couple of days to clear? You just need to link an account

Band7

You need to register a current account with CHIP, with an organisation that supports Open Banking. Most banks do support this. Notable exceptions are Chase, Kroo and Virgin Money.

Please don't let this turn into another Club-Lloyds-Monthly-Saver type debate.......just open a Santander Everyday current account if you don't have a current account with them already. Then transfer your Santander savings to the Santander current account, which you can link to CHIP.

homi

baser999 said:

And I believe a bank transfer is ‘immediate’ whereas a card payment takes a couple of days to clear? You just need to link an account

so you did not need to link an debit card  ?

Band7

homi said:

baser999 said:

And I believe a bank transfer is ‘immediate’ whereas a card payment takes a couple of days to clear? You just need to link an account

so you did not need to link an debit account ?

Not sure what you mean by debit account but you need to link a current account.

Murphy_The_Cat

Chip account opened 18.30.

Long and involced conversation with the security / fraud department of my current account bank (who were going to fund my Chip account). 19.00-19.45.

Chip account closed 20.00

Not for me and I'm happy that the money I deposited got back in one piece.

allegro120

homi said:

I click on the section which says link your bank account but says that I need to add a  debit card to be able to transfer funds , it does not allow me to go to the next page . My santander account does not have one .  

Neither the help or contact section works on the app which is worrying . 

The same happened to me.  When I opened this account, the only option I could see was debit card so I just followed it. Chip is a bit confusing because it is not a straight forward bank account.  After I deposited my test £1 by debit card I discovered that you can link your bank account for OB payments... Also the account automatically enrols you on their "saving" scheme, puts away a proportion of your money into some kind of pot (they also charge for this service).  You need to manually turn them off unless you want this thing - go to profile/savings plans and turn off "autosave settings". 

Band7

Murphy_The_Cat said:

Chip account opened 18.30.

Long and involced conversation with the security / fraud department of my current account bank (who were going to fund my Chip account). 19.00-19.45.

Chip account closed 20.00

Not for me and I'm happy that the money I deposited got back in one piece.

Seems to cut off your nose to spite your face because your current account provider behaved like an !!!!!!.

As it happens, my first deposit into CHIP also resulted in in an instant block of my current account, like it seems happened to you. In fact, my entire app and online access to my Santander account got revoked. Yes, it did take 45 minutes on the phone with Santander CS to have the blocks removed but no current account provider will stop me from moving my money to whatever savings provider I choose. I got a small amount of compensation from Santander because their Security operative was entirely unreasonable (e.g. claimed "we don't support Open Banking") but more importantly, Santander have since not blocked any further Open Banking transfers I initiated, and I have done loads of them, not just to CHIP.

Seems it's down to us as users / early adopters to educate banks, particularly their CS but also their IT folk responsible for the AI which puts blocks on accounts.

I have no doubt that Open Banking transfers, and Open Banking payments, will be at least as common as Faster Payments within a couple of years.