Chip account - deposit by bank card only ?

Emmia

Band7 said:

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.

You just need to click on the link and scroll... all will be revealed.

carpy

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 !!!!!!.

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.

i'm forever getting blocked by Santander for payments to Chip, either pulling in from Chip side or pushing from Santander.....it drives me nuts!!!

more recently with Kroo too....

i've argued with them until blue in the face but don't get anywhere.....

i really wish you could opt out of fraud protection and sign a  waiver to say you accept any losses if incurred

Bigwheels1111

Santander There’s your problem.
I use FD to lessen these issues.
Never had a payment to Chip held, others yes.
Are you using open banking.

snowqueen555

I also quit Santander, it kept blocking my account, in some cases 3 times a week. Such a pain to have to phone up each time.

PixelPound

carpy 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 !!!!!!.

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.

i'm forever getting blocked by Santander for payments to Chip, either pulling in from Chip side or pushing from Santander.....it drives me nuts!!!

more recently with Kroo too....

i've argued with them until blue in the face but don't get anywhere.....

i really wish you could opt out of fraud protection and sign a  waiver to say you accept any losses if incurred

Or change banks. get a switching bonus. Otherwise why not have an account elsewhere, used for the transfers.

Faster payments between current accounts is very quick. I do it between 3 accounts on the 1st of each month to meet minimum pay ins. This month for a change I did it with just £100, cycling round all three five times to pass the £500 mark needed for my two reserve accounts - all done in less than an hour.

SAC2334

homi said:

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 ?

I don t know what's gone wrong with your opening of the Chip account but I now get three options when I click on transfer funds
..transfer direct from my bank ( recommended) transfer via bank debit or a credit  card ,and the last four digits of the card are given,and they say can take two days ,plus this new feature which has just appeared as a third option, which is a manual transfer using my main current acount  bank. 
I have only ever used transfer by bank( Santander ) and have never had any problems at all..
Santander did do a block once with Zopa .Chat with an advisor soon sorted it and he advised to just use Open Banking to avoid any other blocks .

Open the free Santander Everyday Account and when ready to move funds to Chip do a quick internal transfer  to the Everyday account from the savings account and you will have no problems with instant transfers every time using the current account with Santander

carpy

snowqueen555 said:

I also quit Santander, it kept blocking my account, in some cases 3 times a week. Such a pain to have to phone up each time.

i've had it literally 3 days running before!!!   Santander really are a joke