CHIP and ClearBank

allegro120

Band7 said:

There is no need to panic just  because First Direct CS are clueless about Open Banking. Your funds in Clearbank via CHIP are as safe as your funds in First Direct. FSCS protection does not depend on a sort code and account number. There are countless Building Societies and smaller banks where you don't have a sort code and account number in your name, Yet nobody, not even First Direct CS, would raise red flags about that.

You can read up about Open Banking here: https://www.moneysavingexpert.com/banking/open-banking/

As an aside, I believe your Clearbank deposit account does actually have a sort code and account number BUT you cannot use this to make any deposits or withdrawals, and you don't need to know about it. You can probably see it, though, when you make a deposit. Truelayer displays a Clearbank sort code and account number when I make deposits in to CHIP. Though I make these from Santander, and I don't know whether Truelayer behaves the same with all banks.

Behaves the same with First Direct. Clearbank sort code and account number is displayed.

VXman

When does the interest get credited to the account on the instant access savings account?   Is it a month after opening or should it be at the end of the month?

n3ophyte

VXman said:

When does the interest get credited to the account on the instant access savings account?   Is it a month after opening or should it be at the end of the month?

4th working day of the month. See
https://www.getchip.uk/savings-accounts/instant-access-account

VXman

n3ophyte said:

VXman said:

When does the interest get credited to the account on the instant access savings account?   Is it a month after opening or should it be at the end of the month?

4th working day of the month. See
https://www.getchip.uk/savings-accounts/instant-access-account

Weird!  Thanks.

MichaelAP

For those who cannot find the Sort Code or Account Number for their Chip Instant Access Account, there is a way in obtaining this.
1. Open the App and go to the account.
2. Tap on Add Money.
3. Look at the bottom where it says ‘Manual deposit’ and tap on it.
4. At the bottom where it says “I confirm I will make the deposit from my (Bank account) linked to Chip”, Tap on the Green Box to accept this method and press ‘Continue’.
5. Once you have pressed Continue it will now display all the details for the account including Sort Code & Account Number.

masonic

Yes, the policy on faster payments has changed, so the information in this old thread has dated.

intalex

MichaelAP said:

For those who cannot find the Sort Code or Account Number for their Chip Instant Access Account, there is a way in obtaining this.
1. Open the App and go to the account.
2. Tap on Add Money.
3. Look at the bottom where it says ‘Manual deposit’ and tap on it.
4. At the bottom where it says “I confirm I will make the deposit from my (Bank account) linked to Chip”, Tap on the Green Box to accept this method and press ‘Continue’.
5. Once you have pressed Continue it will now display all the details for the account including Sort Code & Account Number.

I assume that the sort code and account number are not unique per customer, and that the reference to be included is what identifies each customer (together with a cross check of source of transfer vs linked account set up)?

One benefit of having this set up from your linked account as a "push" option is to avoid the OB "pull" option creating a new existing payee in your linked account each time you pay in using OB, which can quickly become cluttersome.

Doctor_Who

intalex said:

One benefit of having this set up from your linked account as a "push" option is to avoid the OB "pull" option creating a new existing payee in your linked account each time you pay in using OB, which can quickly become cluttersome.

I've used OB to pull money from my Santander account on several occasions and it has never setup a new payee. I wonder if it's dependent on the current account provider? I have used my Chip account details to pay in by FP since it's much less clunky than the OB/Truelayer setup.

intalex

Doctor_Who said:

intalex said:

One benefit of having this set up from your linked account as a "push" option is to avoid the OB "pull" option creating a new existing payee in your linked account each time you pay in using OB, which can quickly become cluttersome.

I've used OB to pull money from my Santander account on several occasions and it has never setup a new payee. I wonder if it's dependent on the current account provider? I have used my Chip account details to pay in by FP since it's much less clunky than the OB/Truelayer setup.

My linked account is with First Direct, and they do accumulate a new payee each time I "pull" using OB... but I guess that's hardly a surprise given how First Direct have been lacking in keeping up with modern banking automation lately...

MichaelAP

intalex said:

MichaelAP said:

For those who cannot find the Sort Code or Account Number for their Chip Instant Access Account, there is a way in obtaining this.
1. Open the App and go to the account.
2. Tap on Add Money.
3. Look at the bottom where it says ‘Manual deposit’ and tap on it.
4. At the bottom where it says “I confirm I will make the deposit from my (Bank account) linked to Chip”, Tap on the Green Box to accept this method and press ‘Continue’.
5. Once you have pressed Continue it will now display all the details for the account including Sort Code & Account Number.

I assume that the sort code and account number are not unique per customer, and that the reference to be included is what identifies each customer (together with a cross check of source of transfer vs linked account set up)?

One benefit of having this set up from your linked account as a "push" option is to avoid the OB "pull" option creating a new existing payee in your linked account each time you pay in using OB, which can quickly become cluttersome.

Correct…. The Unique Reference number is your personal identification.