Chip account - deposit by bank card only ?

phillw

Murphy_The_Cat said:
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"

You're lucky then, I've never had a chip transaction blocked but I've had loads of transactions blocked to pretty bog standard savings accounts.

It's nothing to do with chip, the customer service agents might not have heard about it but I find they barely know about their own bank let alone any others.

It might be due to large debit card transactions, but you don't have to use debit card for funding chip. You can use open banking instead and they need to be licensed to be able to do that.

Murphy_The_Cat

phillw said:

Murphy_The_Cat said:
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"

You're lucky then, I've never had a chip transaction blocked but I've had loads of transactions blocked to pretty bog standard savings accounts.

It's nothing to do with chip, the customer service agents might not have heard about it but I find they barely know about their own bank let alone any others.

It might be due to large debit card transactions, but you don't have to use debit card for funding chip. You can use open banking instead and they need to be licensed to be able to do that.

It was Open Banking that I used.

No worries. It's all water under the bridge now.  My Chip account is no more and I've moved on to more traditional (& reliable ?) places to deposit my savings.

jimjames

Murphy_The_Cat said:

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"

Just made some large transfers to Chip from existing banks and although they did flag up needing 2FA rather than normal password it all went through fine. I do move money very regularly through a series of accounts though.

Emmia

k_man said:

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.

Thanks, as I also do regular savings into Chip too (I save into a few different accounts both app based and more traditional financial institutions) I have their £4.99 a month plan, so the autosave is "free".

I realise that some people may have just fallen off their chairs in shock at such a revelation, but I'm willing to pay the fee and use Chip in part for this feature.

Band7

Murphy_The_Cat said:

phillw said:

Murphy_The_Cat said:
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"

You're lucky then, I've never had a chip transaction blocked but I've had loads of transactions blocked to pretty bog standard savings accounts.

It's nothing to do with chip, the customer service agents might not have heard about it but I find they barely know about their own bank let alone any others.

It might be due to large debit card transactions, but you don't have to use debit card for funding chip. You can use open banking instead and they need to be licensed to be able to do that.

It was Open Banking that I used.

No worries. It's all water under the bridge now.  My Chip account is no more and I've moved on to more traditional (& reliable ?) places to deposit my savings.

Just because you had a payment to CHIP blocked doesn't mean they are not reliable. 

You have made what appears to be the right decision for you, so all is well.

Band7

Emmia said:

k_man said:

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.

Thanks, as I also do regular savings into Chip too (I save into a few different accounts both app based and more traditional financial institutions) I have their £4.99 a month plan, so the autosave is "free".

I realise that some people may have just fallen off their chairs in shock at such a revelation, but I'm willing to pay the fee and use Chip in part for this feature.

Don't mind me asking, what do you get for the £4.99/mth (apart from 'free' autosaves)?

Emmia

Band7 said:

Emmia said:

k_man said:

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.

Thanks, as I also do regular savings into Chip too (I save into a few different accounts both app based and more traditional financial institutions) I have their £4.99 a month plan, so the autosave is "free".

I realise that some people may have just fallen off their chairs in shock at such a revelation, but I'm willing to pay the fee and use Chip in part for this feature.

Don't mind me asking, what do you get for the £4.99/mth (apart from 'free' autosaves)?

https://www.getchip.uk//

Information on their tiers and pricing is there

Band7

Emmia said:

Band7 said:

Emmia said:

k_man said:

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.

Thanks, as I also do regular savings into Chip too (I save into a few different accounts both app based and more traditional financial institutions) I have their £4.99 a month plan, so the autosave is "free".

I realise that some people may have just fallen off their chairs in shock at such a revelation, but I'm willing to pay the fee and use Chip in part for this feature.

Don't mind me asking, what do you get for the £4.99/mth (apart from 'free' autosaves)?

https://www.getchip.uk//

Information on their tiers and pricing is there

Oh well, thanks. Sounds I shall never find out then what I am missing out on.

nottsphil

Murphy_The_Cat said:

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"

Which bank was that please? I won't try to put money into Chip with the risk of that happening.

Band7

nottsphil said:

Murphy_The_Cat said:

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"

Which bank was that please? I won't try to put money into Chip with the risk of that happening.

ANY bank could hold up your payments to CHIP. My first one was blocked by Santander. Once it had been resolved, there have been no further blocks.