Chip Savings - Adding Money Issue

allegro120

PloughmansLunch said:

Band7 said:

How quickly or otherwise do deposits via ApplePay clear? 

I’d guess ~3 days as per debit card, still showing as pending in the 2 originating banks from the weekend. 

Band7 said:

PloughmansLunch said:

Bog standard Barclays is £2k max no matter what. I couldn’t seem to add Chip as a payee due to the way Chip allocated funds - the payment is cleared through Clearbank and then filtered by a dynamic payment reference rather than sent direct to a dedicated personal account. 

I haven't tried it with Barclays but when I try it with Santander, I get the same sort code and account number for every CHIP deposit. Sort code and account number should be sufficient for Barclays, as per the Truelayer support article?

I have a feeling the account number you have obscured would be the same on anyone elses, or at least done in bulk batches (say several thousand customers per account), which would explain why they can’t accept Faster Payments.

This is easy to find out. Mine ends on 59, so if it's the same for everyone else then it's not a personal account, but just Chip account in Clearbank.

Band7

jaceyboy said:

Is it really worth it? Chip seems like a top rate but the hassle of transferring seems to outweigh the pro's, I was going to transfer in £86,000 but would of taken me forever, so will stick with Tandem or Zopa for now

There is no hassle. Just use one of the banks which doesn't have ridiculous OB restrictions.

Band7

allegro120 said:

PloughmansLunch said:

Band7 said:

How quickly or otherwise do deposits via ApplePay clear? 

I’d guess ~3 days as per debit card, still showing as pending in the 2 originating banks from the weekend. 

Band7 said:

PloughmansLunch said:

Bog standard Barclays is £2k max no matter what. I couldn’t seem to add Chip as a payee due to the way Chip allocated funds - the payment is cleared through Clearbank and then filtered by a dynamic payment reference rather than sent direct to a dedicated personal account. 

I haven't tried it with Barclays but when I try it with Santander, I get the same sort code and account number for every CHIP deposit. Sort code and account number should be sufficient for Barclays, as per the Truelayer support article?

I have a feeling the account number you have obscured would be the same on anyone elses, or at least done in bulk batches (say several thousand customers per account), which would explain why they can’t accept Faster Payments.

This is easy to find out. Mine ends on 59, so if it's the same for everyone else then it's not a personal account, but just Chip account in Clearbank.

Mine ends in 08

PloughmansLunch

allegro120 said:

This is easy to find out. Mine ends on 59, so if it's the same for everyone else then it's not a personal account, but just Chip account in Clearbank.

xxxxxx54 for me - the account was opened in early December (in case that should make a difference). Clearbank should be signed up to CoP but I get a "We couldn't check those details" message when trying to set up the account and sort code as a payee in other banks. Has anyone's small payment test arrived or bounced back?

Band7

My test payment bounced back within 24 hours.

allegro120

PloughmansLunch said:

allegro120 said:

This is easy to find out. Mine ends on 59, so if it's the same for everyone else then it's not a personal account, but just Chip account in Clearbank.

xxxxxx54 for me - the account was opened in early December (in case that should make a difference). Clearbank should be signed up to CoP but I get a "We couldn't check those details" message when trying to set up the account and sort code as a payee in other banks. Has anyone's small payment test arrived or bounced back?

I opened my account on 9th Dec 2022, so no difference. It looks like the account numbers are individual.

allegro120

Band7 said:

My test payment bounced back within 24 hours.

Could it be because you sent 20p (below their £1 minimum requirement)?

Band7

allegro120 said:

Band7 said:

My test payment bounced back within 24 hours.

Could it be because you sent 20p (below their £1 minimum requirement)?

Could well be. Or it could be because the payment didn't come from my linked account. I shall never know, and as I am very happy with my £100k/day limit at Santander I have abandoned further tests. I reckon someone else will shortly report their experience with Barclays.

jaceyboy

boomish said:

jaceyboy said:

Is it really worth it? Chip seems like a top rate but the hassle of transferring seems to outweigh the pro's, I was going to transfer in £86,000 but would of taken me forever, so will stick with Tandem or Zopa for now

I thought the same but  that difference of percentage add's up to quite a bit each month for us. It was tricky going from Barclays via the Chip app & open banking, it can do the first 10k of the day then it hits it's limit the rest we did in 5k chunks via Debit card, switching apps to authorise, actually a bit quicker than open banking, didn't take long to finish off the transfer this way, ten mins max.

Im with Barclays too and could only do £5k per day at a time, I gave up

andyhicks88

Has anyone had any issues depositing via bank transfer lately? I tried last night and this morning and it just keeps going round in circles, I get to the bank page to authorize it, which seems to happen but then when it transfers back to the app it's just back on the page that leads you to go to the bank app again to authorize, and no deposit has been made?  I've ended up doing it via debit card now and that's gone through fine.