CHIP - not so great after all....

RiojaDave

I was attracted to CHIP by the 3.4% obviously -  it was only later I realised all the downsides. The app has a very confusing interface. I was not happy having to give them the security number as well as the full number of my bank card. It is impossible to find them they do not provide a number. Their chat bot, apart from being useless, is not available at weekends!! So basically there is no support whatsoever at weekends. I do not answer emails. I was unhappy that you are not given an account number, so I could have thousands of pounds in an account with no reference other than the fingerprint on my phone. I also wasn't impressed that it automatically tries to sign you into its prize draw account. All in all it was a rubbish experience and I immediately drew all my money out. I had told my son about the good right and he put many thousands in also, but has also now close the account. We just don't feel happy having six-figure sums in an account that seems to be totally devoid of any customer service or security.

RiojaDave

My post should've said it is impossible to phone them as I do not provide a telephone number or even a decent email

masonic

You would need to give a merchant your 16 digit card number and 3 digit security number whenever you make an online purchase. This is completely normal.

However, it is not advisable to make a deposit into Chip by debit card, as it will take several days to clear and start to earn interest. You'd be better off using open banking to deposit funds.

An account number may not uniquely identify an individual account, especially in the case of savings accounts. You will have signed up with an email address and mobile phone number, either of which can be used as a reference to your accounts.

The Prize Saver account is rubbish, so you have done well to avoid that at least.

As for customer service, I've had to contact them a couple of times and have found it to be good. No issues about security either, although I did need to turn on 'secure login' in order to be prompted for biometrics or PIN each time the app is opened. The main security feature is that money can only be sent or received to/from a single nominated account.

Middle_of_the_Road

RiojaDave said:

I was attracted to CHIP by the 3.4% obviously -  it was only later I realised all the downsides. The app has a very confusing interface. I was not happy having to give them the security number as well as the full number of my bank card. It is impossible to find them they do not provide a number. Their chat bot, apart from being useless, is not available at weekends!! So basically there is no support whatsoever at weekends. I do not answer emails. I was unhappy that you are not given an account number, so I could have thousands of pounds in an account with no reference other than the fingerprint on my phone. I also wasn't impressed that it automatically tries to sign you into its prize draw account. All in all it was a rubbish experience and I immediately drew all my money out. I had told my son about the good right and he put many thousands in also, but has also now close the account. We just don't feel happy having six-figure sums in an account that seems to be totally devoid of any customer service or security.

This would be my feeling too. I wouldn't hold over 85K in any account. With regard to Chip, many are using them for the negligible rate benefit. I would rather stick with a traditional account, for the reasons you mention.

Band7

I would never have a 6-figure sum with ANY provider as none would give me more than £85,000 FSCS protection.

I have, however, been a satisfied CHIP Instant Access account holder since last December. None of the reasons the OP lists are of any concern to me as the CHIP app works flawlessly, my dozens of deposits and withdrawals have always been instant, and I have no security concerns whatsoever with CHIP. I currently have a high 5-figure sum deposited with them, and I will continue to have an account with them for as long as they are offering the leading easy access interest rate. As and if I get a better rate elsewhere, all of my money will move to that better rate (with the exception of Kroo, who will never see any of my money again).

Middle_of_the_Road

Band7 said:

I would never have a 6-figure sum with ANY provider as none would give me more than £85,000 FSCS protection.

I have, however, been a satisfied CHIP Instant Access account holder since last December. None of the reasons the OP lists are of any concern to me as the CHIP app works flawlessly, my dozens of deposits and withdrawals have always been instant, and I have no security concerns whatsoever with CHIP. I currently have a high 5-figure sum deposited with them, and I will continue to have an account with them for as long as they are offering the leading easy access interest rate. As and if I get a better rate elsewhere, all of my money will move to that better rate (with the exception of Kroo, who will never see any of my money again).

It's good to hear all feedback on newer providers, either positive or negative. Whilst I'm not at the point of feeling comfortable with the app only accounts, maybe that could change. I just need to hear more positive than negative inputs before I trust any significant amounts with them.  

Band7

Middle_of_the_Road said:

Band7 said:

I would never have a 6-figure sum with ANY provider as none would give me more than £85,000 FSCS protection.

I have, however, been a satisfied CHIP Instant Access account holder since last December. None of the reasons the OP lists are of any concern to me as the CHIP app works flawlessly, my dozens of deposits and withdrawals have always been instant, and I have no security concerns whatsoever with CHIP. I currently have a high 5-figure sum deposited with them, and I will continue to have an account with them for as long as they are offering the leading easy access interest rate. As and if I get a better rate elsewhere, all of my money will move to that better rate (with the exception of Kroo, who will never see any of my money again).

It's good to hear all feedback on newer providers, either positive or negative. Whilst I'm not at the point of feeling comfortable with the app only accounts, maybe that could change. I just need to hear more positive than negative inputs before I trust any significant amounts with them.  

I am almost certain that you will read more negative than positive comments - for the single reason that people are prone to complain / express dissatisfaction much more freely than praising a given provider. Positive reviews also often attract the suspicion of an ulterior motive (nb. beyond being a CHIP account holder, I have no relationship with them or Clearbank).

My usual recommendation is that people try for themselves whether a given account suits their needs and expectations. You don't have to throw your entire savings in - just a few quid will be enough for a trial. Though if you want the £20 cashback available via Topcashback*, you would need to make a far larger commitment.

*with whom I also don't have a relationship beyond being an account holder

allegro120

Middle_of_the_Road said:

Band7 said:

I would never have a 6-figure sum with ANY provider as none would give me more than £85,000 FSCS protection.

I have, however, been a satisfied CHIP Instant Access account holder since last December. None of the reasons the OP lists are of any concern to me as the CHIP app works flawlessly, my dozens of deposits and withdrawals have always been instant, and I have no security concerns whatsoever with CHIP. I currently have a high 5-figure sum deposited with them, and I will continue to have an account with them for as long as they are offering the leading easy access interest rate. As and if I get a better rate elsewhere, all of my money will move to that better rate (with the exception of Kroo, who will never see any of my money again).

It's good to hear all feedback on newer providers, either positive or negative. Whilst I'm not at the point of feeling comfortable with the app only accounts, maybe that could change. I just need to hear more positive than negative inputs before I trust any significant amounts with them.  

I was "forced" into this when Al Rayan changed to "the app only" a couple of year ago.  Next one was Chase in February 2022 - I couldn't resist the offer... Since then I've opened few more "app only" accounts and no longer feel reluctant to use them.

AndyW79

No probs with Chip at all and haven’t had any issues.

The discussion of app only versus web is better rates as they only build one time and maintain one.

Security wise you can only transfer to connected Open Banking accounts to your name so no risk!