Chip easy access

System

This discussion was created from comments split from: Regular Savings Accounts: The Best Currently Available List!.

SmithySue

Martin is promoting Chip easy access acct by App only. They are part of Clear Bank and regulated. Check out Trust Pilot reviews of Clear Bank before deciding ClearBank® Reviews | Read Customer Service Reviews of clear.bank (trustpilot.com)

Band7

SmithySue said:

Martin is promoting Chip easy access acct by App only. They are part of Clear Bank and regulated. Check out Trust Pilot reviews of Clear Bank before deciding ClearBank® Reviews | Read Customer Service Reviews of clear.bank (trustpilot.com)

I’d never check Trustpilot about financial institutions as it is well known that disgruntled, often badly informed people are gathering there. As far as CHIP is concerned, it‘s not a Regular Saver but an instant access account, and has been discussed in the easy access thread. Spoiler: CHIP, who are not part of Clearbank, have a super instant access account.

ChewyyBacca

Band7 said:

SmithySue said:

Martin is promoting Chip easy access acct by App only. They are part of Clear Bank and regulated. Check out Trust Pilot reviews of Clear Bank before deciding ClearBank® Reviews | Read Customer Service Reviews of clear.bank (trustpilot.com)

I’d never check Trustpilot about financial institutions as it is well known that disgruntled, often badly informed people are gathering there. As far as CHIP is concerned, it‘s not a Regular Saver but an instant access account, and has been discussed in the easy access thread. Spoiler: CHIP, who are not part of Clearbank, have a super instant access account.

Hi Band7
Im still conflicted if I should open chip
3.4% is a great pull. Though im worried about the speed of transactions. This is what I found on one of the review websites

if money takes 2 days to reach its intended account from Chip, then higher interest rate advantage is just wiped off

Im still reading through threads here on chip, not able to find all the information i need.

How do you withdraw your money?

It’s easy to withdraw your money, with just a few clicks in the app to send the money to your conneted account. The speed depends on the account.

Sadly it isn’t instant for the easy access account. It’ll take two working days to reach your current account, though if you submit the withdrawal before 11am, it’ll move the next day.

Bear in mind that deposits take three working days to clear. So if you just put some money into the account and go to withdraw it on the same day, you’re looking at five working days. If that’s over a weekend you’ll need to add two days on top.

allegro120

In my experience all withdrawals and deposits are instant, unless you deposit by debit card.

AmityNeon

ChewyyBacca said:

Im still conflicted if I should open chip

3.4% is a great pull. Though im worried about the speed of transactions. This is what I found on one of the review websites

if money takes 2 days to reach its intended account from Chip, then higher interest rate advantage is just wiped off

Im still reading through threads here on chip, not able to find all the information i need.

Deposits via Open Banking (not debit card) are near instantaneous after confirmation, and withdrawals are even faster (fewer taps and less loading time involved), 24 hours a day, 7 days a week. You can test it yourself by opening an account; it's a free account so you have nothing to lose (just make sure to disable auto-save in the settings).

dcs34

All of my deposits and withdrawals have been near instantaneous so far (or at least, as long as it takes to close one app and open the other one)

grumbler

ChewyyBacca said:

Band7 said:

SmithySue said:

Martin is promoting Chip easy access acct by App only. They are part of Clear Bank and regulated. Check out Trust Pilot reviews of Clear Bank before deciding ClearBank® Reviews | Read Customer Service Reviews of clear.bank (trustpilot.com)

I’d never check Trustpilot about financial institutions as it is well known that disgruntled, often badly informed people are gathering there. As far as CHIP is concerned, it‘s not a Regular Saver but an instant access account, and has been discussed in the easy access thread. Spoiler: CHIP, who are not part of Clearbank, have a super instant access account.

How do you withdraw your money?

It’s easy to withdraw your money, with just a few clicks in the app to send the money to your conneted account. The speed depends on the account.

Sadly it isn’t instant for the easy access account. It’ll take two working days to reach your current account, though if you submit the withdrawal before 11am, it’ll move the next day.

Bear in mind that deposits take three working days to clear. So if you just put some money into the account and go to withdraw it on the same day, you’re looking at five working days. If that’s over a weekend you’ll need to add two days on top.

What is this?! Who are your quoting? This guy? I'm new to Chip, but I've never heard of any 5%, "two working days to reach your current account" and "three working days to clear".

https://www.getchip.uk/the-blog/how-to-withdraw-money

If you make the withdrawal before 5:00pm Monday to Friday, you should receive the money in your connected bank account the same day.

allegro120

grumbler said:

ChewyyBacca said:

Band7 said:

SmithySue said:

Martin is promoting Chip easy access acct by App only. They are part of Clear Bank and regulated. Check out Trust Pilot reviews of Clear Bank before deciding ClearBank® Reviews | Read Customer Service Reviews of clear.bank (trustpilot.com)

I’d never check Trustpilot about financial institutions as it is well known that disgruntled, often badly informed people are gathering there. As far as CHIP is concerned, it‘s not a Regular Saver but an instant access account, and has been discussed in the easy access thread. Spoiler: CHIP, who are not part of Clearbank, have a super instant access account.

How do you withdraw your money?

It’s easy to withdraw your money, with just a few clicks in the app to send the money to your conneted account. The speed depends on the account.

Sadly it isn’t instant for the easy access account. It’ll take two working days to reach your current account, though if you submit the withdrawal before 11am, it’ll move the next day.

Bear in mind that deposits take three working days to clear. So if you just put some money into the account and go to withdraw it on the same day, you’re looking at five working days. If that’s over a weekend you’ll need to add two days on top.

What is this?! Who are your quoting? This guy? I'm new to Chip, but I've never heard of any 5%, "two working days to reach your current account" and "three working days to clear".

https://www.getchip.uk/the-blog/how-to-withdraw-money

If you make the withdrawal before 5:00pm Monday to Friday, you should receive the money in your connected bank account the same day.

https://www.getchip.uk/the-blog/how-to-withdraw-money - Published on February 5, 2020.
Both articles are out of date.

Band7

ChewyyBacca said:

Band7 said:

SmithySue said:

Martin is promoting Chip easy access acct by App only. They are part of Clear Bank and regulated. Check out Trust Pilot reviews of Clear Bank before deciding ClearBank® Reviews | Read Customer Service Reviews of clear.bank (trustpilot.com)

I’d never check Trustpilot about financial institutions as it is well known that disgruntled, often badly informed people are gathering there. As far as CHIP is concerned, it‘s not a Regular Saver but an instant access account, and has been discussed in the easy access thread. Spoiler: CHIP, who are not part of Clearbank, have a super instant access account.

Hi Band7
Im still conflicted if I should open chip
3.4% is a great pull. Though im worried about the speed of transactions. This is what I found on one of the review websites

if money takes 2 days to reach its intended account from Chip, then higher interest rate advantage is just wiped off

Im still reading through threads here on chip, not able to find all the information i need.

How do you withdraw your money?

It’s easy to withdraw your money, with just a few clicks in the app to send the money to your conneted account. The speed depends on the account.

Sadly it isn’t instant for the easy access account. It’ll take two working days to reach your current account, though if you submit the withdrawal before 11am, it’ll move the next day.

Bear in mind that deposits take three working days to clear. So if you just put some money into the account and go to withdraw it on the same day, you’re looking at five working days. If that’s over a weekend you’ll need to add two days on top.

I guess this must be an old blog, or refer to  different CHIP account. Deposits (via OB) to, and withdrawals from, the CHIP instant access account are instant, 24 x 7.

Rather than routing round the Internet to find articles that may or may not be helpful, can I suggest you make some small test transactions to see for yourself how it works, and whether the account is for you. I believe the minimum deposit for the CHIP instant access saver is £1.

jimjames

SmithySue said:

Martin is promoting Chip easy access acct by App only. They are part of Clear Bank and regulated. Check out Trust Pilot reviews of Clear Bank before deciding ClearBank® Reviews | Read Customer Service Reviews of clear.bank (trustpilot.com)

Martin doesn't promote any accounts, the MSE website lists accounts that pay the best rates, it's down to you to decide if they are suitable.

BTW I'd really avoid using Trustpilot to make any financial decisions. London Capital & Finance had 5* reviews on there before they went bust because the people posting had no clue on the risks they were taking.