Chip account - deposit by bank card only ?

Band7

allegro120 said:

 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". 

The cheeky automatic enrolment into autosaving is really out of order. They should not do this.

But they do notify you a few hours before they take any money from your current account, and it is very easy to turn off autosaving. You can do it right away, you don't have to wait for them to notify you of an imminent debit.

Though even if you miss the warning, the worst that can happen is that some of your money gets transferred from one of your accounts to another one of yours. You can withdraw it again from CHIP to your current account, within seconds.

Emmia

Band7 said:

allegro120 said:

 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". 

The cheeky automatic enrolment into autosaving is really out of order. They should not do this.

But they do notify you a few hours before they take any money from your current account, and it is very easy to turn off autosaving. You can do it right away, you don't have to wait for them to notify you of an imminent debit.

Though even if you miss the warning, the worst that can happen is that some of your money gets transferred from one of your accounts to another one of yours. You can withdraw it again from CHIP to your current account, within seconds.

Personally I find the little amounts tucked away by Chip autosaves a useful extra top up to my normal monthly deposits into my savings /ISAs.

I have it set to level 1 or 2 usually, so the amounts autosaved are quite small individually - but they do add up. 

Murphy_The_Cat

Band7 said:

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 !!!!!!.

You pays your money, you takes your choice. I've checked in the mirror and my lovely nose is still sat in the middle of my lovely face.

I'm happy that my current account was cautious and even happier that I got my money back in one piece & I'm now utilising a "traditional" account at a "traditional" BS for my savings - not as good as Chip, but not going to give me any heebie geebies either.

Kudos to the people who are prepared to be guinea pigs and take the risks, so that the rest of the herd can reap the benefits in years to come.

Emmia

Murphy_The_Cat said:

Band7 said:

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 !!!!!!.

You pays your money, you takes your choice. I've checked in the mirror and my lovely nose is still sat in the middle of my lovely face.

I'm happy that my current account was cautious and even happier that I got my money back in one piece & I'm now utilising a "traditional" account at a "traditional" BS for my savings - not as good as Chip, but not going to give me any heebie geebies either.

Kudos to the people who are prepared to be guinea pigs and take the risks, so that the rest of the herd can reap the benefits in years to come.

I've been using Chip for a few years, not had a problem - they're not really at the guinea pig stage now.

grumbler

I didn't have my account blocked, but my first £5K transfer was blocked by Santander and I had to persuade them over a phone that I wasn't a victim of some scam. However, this happened before with transfers to other institutions, e.g. YBS, Tandem.

phillw

Murphy_The_Cat said:
I'm happy that my current account was cautious and even happier that I got my money back in one piece & I'm now utilising a "traditional" account at a "traditional" BS for my savings - not as good as Chip, but not going to give me any heebie geebies either.

Kudos to the people who are prepared to be guinea pigs and take the risks, so that the rest of the herd can reap the benefits in years to come.

If having transfers/accounts blocked gives you the heebie geebies then you're in for a wild ride on this board.

k_man

Emmia said:

Band7 said:

allegro120 said:

 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". 

The cheeky automatic enrolment into autosaving is really out of order. They should not do this.

But they do notify you a few hours before they take any money from your current account, and it is very easy to turn off autosaving. You can do it right away, you don't have to wait for them to notify you of an imminent debit.

Though even if you miss the warning, the worst that can happen is that some of your money gets transferred from one of your accounts to another one of yours. You can withdraw it again from CHIP to your current account, within seconds.

Personally I find the little amounts tucked away by Chip autosaves a useful extra top up to my normal monthly deposits into my savings /ISAs.

I have it set to level 1 or 2 usually, so the amounts autosaved are quite small individually - but they do add up. 

Remember you also get charged 45p for each autosave.

This usually makes autosaves a very expensive option, especially if the autosave amounts are small.

Murphy_The_Cat

phillw said:

Murphy_The_Cat said:
I'm happy that my current account was cautious and even happier that I got my money back in one piece & I'm now utilising a "traditional" account at a "traditional" BS for my savings - not as good as Chip, but not going to give me any heebie geebies either.

Kudos to the people who are prepared to be guinea pigs and take the risks, so that the rest of the herd can reap the benefits in years to come.

If having transfers/accounts blocked gives you the heebie geebies then you're in for a wild ride on this board.

I have much to much going on in my life to waste 45 mins with my bank, trying to persuade them that Chip is a legitimate place to send my savings - i've never been grilled in the same way about transferring to any other bank/building society/investment platform.

phillw

Murphy_The_Cat said:
I have much, much to much going on in my life to waste 25 mins with my bank, trying to persuade them that Chip is a legitimate place to send my savings - i've never been grilled in the same way about transferring to any other bank/building society/investment platform.

You're either new here or very lucky, I found Virgin and Santander to be pretty cautious about me sending large amounts of money anywhere. Both of which I'm sure was because they wanted to put me off transferring my savings away from them.

Murphy_The_Cat

phillw said:

Murphy_The_Cat said:
I have much, much to much going on in my life to waste 25 mins with my bank, trying to persuade them that Chip is a legitimate place to send my savings - i've never been grilled in the same way about transferring to any other bank/building society/investment platform.

You're either new here or very lucky, I found Virgin and Santander to be pretty cautious about me sending large amounts of money anywhere. Both of which I'm sure was because they wanted to put me off transferring my savings away from them.

20 years on MSE and have been moving my savings around "chasing the rates" for over a decade. In that time, Chip is the only organisation that my bank has blocked me from moving money to, due to "concerns"