Chip easy access

ChewyyBacca

allegro120 said:

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Both articles are out of date.

Yes, its that guy
I got the link for the website, from MSE forum posts
Im aware that review is dated, however Im reading aas much as I can, before I transfer my funds

Incidentally reading on here on the forum, helped me make a lot of financial decisions this year

Thank you all for your inputs

ChewyyBacca

Band7 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.

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.

Thanks Band7
There is lot of contradictory info here on this forum about chip account. Also the mother of all EA rate threads, asks to DYOR
It made me wonder why add such a qualifier to only one product - CHIP, which clearly is market leader in rate, is a free product (granted some underhanded auto-save by default opt ins)

Thanks to all the inputs- I now know it's an instant access account, with instant money transfers & there are transfer-in limits depending on the Linked source account.
Anything else I should be aware of, in the spirit of dyor?

Band7

ChewyyBacca said:

Thanks Band7
There is lot of contradictory info here on this forum about chip account. Also the mother of all EA rate threads, asks to DYOR

I think that's probably a now redundant remnant from when CHIP only paid a bonus, not proper interest, which they have been doing since Feb 11. Though of course, everybody should always DYOR when deciding where to put their money!

ChewyyBacca said:

 
Anything else I should be aware of, in the spirit of dyor?

Three remaining peculiarities, none of which are an issue IMO:

1. deposits made by debit card or ApplePay/GooglePay are not FSCS-protected whilst they clear (3 working days). They also don't earn interest until cleared. For me, this means the only acceptable deposit method is OB - which works fantastically well in my experience, though I use a bank which doesn't have silly OB limits (looking at you, Barclays)
   
   
2. by default, they cheekily turn on autosaving. Unless you really want that, and pay for it, you need to turn it off in your settings. They do warn you before they take the first payment but you don't have to wait for the warning to turn it off.
   
   
3. interest is only paid on the 6th working day of a month. If you close your account before then, you will lose the entire interest for the previous and the current month. So if you want to close the account for some reason, withdraw your balance on the 1st of a month, and then the interest on the 6th, or sometime after the 6th working day. Then close the account, or just let it sit there. They'll probably close it if it's been dormant with a £0 balance for 6 months.

As I said before, test it for yourself so you know how it works, and whether it's right for you. Or should I say: DYOR 

ChewyyBacca

Band7 said:

Three remaining peculiarities, none of which are an issue IMO:

1. deposits made by debit card or ApplePay/GooglePay are not FSCS-protected whilst they clear (3 working days). They also don't earn interest until cleared. For me, this means the only acceptable deposit method is OB - which works fantastically well in my experience, though I use a bank which doesn't have silly OB limits (looking at you, Barclays)
   
   
2. by default, they cheekily turn on autosaving. Unless you really want that, and pay for it, you need to turn it off in your settings. They do warn you before they take the first payment but you don't have to wait for the warning to turn it off.
   
   
3. interest is only paid on the 6th working day of a month. If you close your account before then, you will lose the entire interest for the previous and the current month. So if you want to close the account for some reason, withdraw your balance on the 1st of a month, and then the interest on the 6th, or sometime after the 6th working day. Then close the account, or just let it sit there. They'll probably close it if it's been dormant with a £0 balance for 6 months.

As I said before, test it for yourself so you know how it works, and whether it's right for you. Or should I say: DYOR 

Thanks Band7 
Especially for Point 3
Cheeky, appropriating clients' interest money for more than a month, unless clients know the specific shortcuts

I downloaded the app & I must say its different from all the others.
There is a lot on the screen thats not applicable.
Im trying to Link my bank account, & the app asks for debit card details. Shouldnt it ask for my account details?
  I do not wish to do dc transactions especially since they are not FCFS protected & come with lag time of 3 days

Thanks

allegro120

Band7 said:

ChewyyBacca said:

Thanks Band7
There is lot of contradictory info here on this forum about chip account. Also the mother of all EA rate threads, asks to DYOR

I think that's probably a now redundant remnant from when CHIP only paid a bonus, not proper interest, which they have been doing since Feb 11. Though of course, everybody should always DYOR when deciding where to put their money!

ChewyyBacca said:

 
Anything else I should be aware of, in the spirit of dyor?

Three remaining peculiarities, none of which are an issue IMO:

1. deposits made by debit card or ApplePay/GooglePay are not FSCS-protected whilst they clear (3 working days). They also don't earn interest until cleared. For me, this means the only acceptable deposit method is OB - which works fantastically well in my experience, though I use a bank which doesn't have silly OB limits (looking at you, Barclays)
   
   
2. by default, they cheekily turn on autosaving. Unless you really want that, and pay for it, you need to turn it off in your settings. They do warn you before they take the first payment but you don't have to wait for the warning to turn it off.
   
   
3. interest is only paid on the 6th working day of a month. If you close your account before then, you will lose the entire interest for the previous and the current month. So if you want to close the account for some reason, withdraw your balance on the 1st of a month, and then the interest on the 6th, or sometime after the 6th working day. Then close the account, or just let it sit there. They'll probably close it if it's been dormant with a £0 balance for 6 months.

As I said before, test it for yourself so you know how it works, and whether it's right for you. Or should I say: DYOR 

Interest is paid on 4th working day of the month.   They also say if you close the account you won't be able to open it again, but I can't see the reason why one would want to close it

allegro120

ChewyyBacca said:

Band7 said:

Three remaining peculiarities, none of which are an issue IMO:

1. deposits made by debit card or ApplePay/GooglePay are not FSCS-protected whilst they clear (3 working days). They also don't earn interest until cleared. For me, this means the only acceptable deposit method is OB - which works fantastically well in my experience, though I use a bank which doesn't have silly OB limits (looking at you, Barclays)
   
   
2. by default, they cheekily turn on autosaving. Unless you really want that, and pay for it, you need to turn it off in your settings. They do warn you before they take the first payment but you don't have to wait for the warning to turn it off.
   
   
3. interest is only paid on the 6th working day of a month. If you close your account before then, you will lose the entire interest for the previous and the current month. So if you want to close the account for some reason, withdraw your balance on the 1st of a month, and then the interest on the 6th, or sometime after the 6th working day. Then close the account, or just let it sit there. They'll probably close it if it's been dormant with a £0 balance for 6 months.

As I said before, test it for yourself so you know how it works, and whether it's right for you. Or should I say: DYOR 

Thanks Band7 
Especially for Point 3
Cheeky, appropriating clients' interest money for more than a month, unless clients know the specific shortcuts

I downloaded the app & I must say its different from all the others.
There is a lot on the screen thats not applicable.
Im trying to Link my bank account, & the app asks for debit card details. Shouldnt it ask for my account details?
  I do not wish to do dc transactions especially since they are not FCFS protected & come with lag time of 3 days

Thanks

It is different because it's not a bank, it is a money management tool.  IA account is just part of the package.