Chip - Interest can be paid away or compounded

DuncanB123

Chip and interest - no interest has been paid on my savings with Chips’ Instant Access account. I began saving in February and have two monthly statements for each month (February and March). However the statements show no interest has been earned, despite each day seeing my ‘pending this month total’ climb daily. Where does the interest go? When will it be paid? I see the 4th working day of each month is the target date for interest payment, which, you’ve guessed it, is today (6th April). Can anyone help? I’m losing trust in Chip as customer communication with them via the app is very slow.

huw01

yes I dont seem to have any interest added yet either. I m considering moving the money back to my Santander e-saver. At least they pay each month. Seems a bit hit an miss with chip

PloughmansLunch

I just checked mine and the last time I had anything incoming was one of their 'bonuses' (pre-interest) on 7th Feb.

valiant24

Band7 said:

Don't use the debit card or ApplePay/Google Wallet to deposit

1. you don't get interest until the deposit is cleared, which takes 3 working days
2. your deposit is not FSCS protected until it's cleared

Interestingly my bank (First Direct) blocked a fairly meaty (£16k) transfer to Chip yesterday until I had responded to their demand to call them, and they had asked me lots of questions and generally treated me like a half-wit.

One of the things that the bank agent told me was that it is much, much safer to pay by card than by Open Banking.

Band7

The interest always appears late pm on the 4th working day

Check back after 5 or 6 today

Mogster85

According to another thread, Chip interest gets paid late in the day. One user got theirs around 17:00 last month:

https://forums.moneysavingexpert.com/discussion/6437814/chip-instant-access-goes-to-3-55-as-from-tomorrow/p3

Band7

valiant24 said:

Band7 said:

Don't use the debit card or ApplePay/Google Wallet to deposit

1. you don't get interest until the deposit is cleared, which takes 3 working days
2. your deposit is not FSCS protected until it's cleared

Interestingly my bank (First Direct) blocked a fairly meaty (£16k) transfer to Chip yesterday until I had responded to their demand to call them, and they had asked me lots of questions and generally treated me like a half-wit.

One of the things that the bank agent told me was that it is much, much safer to pay by card than by Open Banking.

Goodness me. That agent needs serious education! And does clearly not have the first clue about card deposits into CHIP.

It’s obviously up to you who you believe but I am 100% certain that you neither get interest nor FSCS protection until your debit card deposit has cleared into CHIP. You can verify this with CHIP, on their support pages.

As to FD holding up your deposit and treating you like a half-wit: I had exactly the same experience at Santander when I made my first meaty deposit into CHIP. Since then, I have made numerous large deposits with no further issues. Just one of those things we have to endure whilst some of the banks and their CS get dragged into the 21st century……

SickGroove

I transferred 5K at 7am into Chip this morning via faster payments using Starling...it's showing as settled but yet to appear in my Chip account. Usually takes 2 hours max I believe ...I've transferred into it from the same account before using open banking from the Chip app but the transfer this morning I sent directly from my Starling Account into Chip...could this be the reason for the delay?

PloughmansLunch

SickGroove said:

I transferred 5K at 7am into Chip this morning via faster payments using Starling...it's showing as settled but yet to appear in my Chip account. Usually takes 2 hours max I believe ...I've transferred into it from the same account before using open banking from the Chip app but the transfer this morning I sent directly from my Starling Account into Chip...could this be the reason for the delay?

Almost certainly the reason, as deposits should be initiated from the Chip side. I'd be very interested to know if this actually goes through and doesn't get bounced back to your Starling account

zxspeccy

I am waiting for about £160 interest from last month to be applied (hopefully later today). What is not clear is whether this amount accrues interest whilst waiting to be applied to the account. I know it works out to only a few pence, but I am confused why they work this way (i.e. the opposite way to most other banks).