Chip Instant Access goes to 3.55% as from tomorrow

nottsphil

Band7 said:

valiant24 said:

On the website it says "Your money may be protected up to £85,000 [by the FCS] .." (my emphasis).   Why only "may".   Is there something a bit "under the arms" about this organisation?

As has been mentioned several times before, they have accounts which are not FSCS protected, and others that are. The 3.4% (3.55% from tomorrow) instant access account definitely does have FSCS protection.

Sounds like wriggle room to me.
Would you mind directing us to where it's actually stated that each and every Chip instant access account holder has the £85000 protection? I'm worried Clearbank might have an account with millions of Chip money in it, but with no more than  £85000 of protection for the whole account. If you can, I'll gladly leave my £15,000 in Chip.

allegro120

valiant24 said:

VXman said:

Noted your preference for banking by app.   I prefer PC.  Each to their own ... but I don't like not being given the choice.

The fact is, in the past year or so the best instant access offers are app-only accounts and major banks are also pushing for their customers using apps.  Thats the way it goes and you either go with the flow or limit you chances for better return on your spare cash. It wasn't long ago when people were reluctant to use on-line banking.

alternate

valiant24 said:

Band7 said:

valiant24 said:

On the website it says "Your money may be protected up to £85,000 [by the FCS] .." (my emphasis).   Why only "may".   Is there something a bit "under the arms" about this organisation?

As has been mentioned several times before, they have accounts which are not FSCS protected, and others that are. The 3.4% (3.55% from tomorrow) instant access account definitely does have FSCS protection.

Thanks.  I hadn't seen threads prior to this one, so you've explained it.  Might take a look though it has two features off-puutting to me:

1. App only (I much prefer to use a PC)
2. Card deposit only (I much prefer to use bank transfer).

Cheers
V

Unlike some banking apps, Chip works with PC android emulators e.g. bluestacks.

Band7

valiant24 said:

Band7 said:

valiant24 said:

On the website it says "Your money may be protected up to £85,000 [by the FCS] .." (my emphasis).   Why only "may".   Is there something a bit "under the arms" about this organisation?

As has been mentioned several times before, they have accounts which are not FSCS protected, and others that are. The 3.4% (3.55% from tomorrow) instant access account definitely does have FSCS protection.

Thanks.  I hadn't seen threads prior to this one, so you've explained it.  Might take a look though it has two features off-puutting to me:

1. App only (I much prefer to use a PC)
2. Card deposit only (I much prefer to use bank transfer).

Cheers
V

Deposits into CHIP with cards are a bad idea, as mentioned before.

1. it takes 3 working days for the card deposits to clear
2. you get no interest on uncleared funds
3. uncleared funds are not FSCS protected

Band7

nottsphil said:

Band7 said:

valiant24 said:

On the website it says "Your money may be protected up to £85,000 [by the FCS] .." (my emphasis).   Why only "may".   Is there something a bit "under the arms" about this organisation?

As has been mentioned several times before, they have accounts which are not FSCS protected, and others that are. The 3.4% (3.55% from tomorrow) instant access account definitely does have FSCS protection.

Sounds like wriggle room to me.
Would you mind directing us to where it's actually stated that each and every Chip instant access account holder has the £85000 protection? I'm worried Clearbank might have an account with millions of Chip money in it, but with no more than  £85000 of protection for the whole account. If you can, I'll gladly leave my £15,000 in Chip.

All this has been discussed on this forum before, so if you are interested, please do some reading.

If you still don't like it and if you are worried, just don't do it. 

VXman

alternate said:

Unlike some banking apps, Chip works with PC android emulators e.g. bluestacks.

Never know this existed. Learn something everyday. Might be useful.

Band7

alternate said:

valiant24 said:

Band7 said:

valiant24 said:

On the website it says "Your money may be protected up to £85,000 [by the FCS] .." (my emphasis).   Why only "may".   Is there something a bit "under the arms" about this organisation?

As has been mentioned several times before, they have accounts which are not FSCS protected, and others that are. The 3.4% (3.55% from tomorrow) instant access account definitely does have FSCS protection.

Thanks.  I hadn't seen threads prior to this one, so you've explained it.  Might take a look though it has two features off-puutting to me:

1. App only (I much prefer to use a PC)
2. Card deposit only (I much prefer to use bank transfer).

Cheers
V

Unlike some banking apps, Chip works with PC android emulators e.g. bluestacks.

For the technically challenged like myself, can you tell me what to  do / where to find out what to do, and what if anything to watch out for?

jaypers

I think that the likes of Chip and Tandem will always be slightly ahead of the pack as the open banking concept tends to put some people off, including me. No idea why, especially as I worked in IT for a very large Bank for many years and understand it. Just don’t like the concept of data sharing. 

Band7

jaypers said:

I think that the likes of Chip and Tandem will always be slightly ahead of the pack as the open banking concept tends to put some people off, including me. No idea why, especially as I worked in IT for a very large Bank for many years and understand it. Just don’t like the concept of data sharing. 

It sounds like you have an emotional aversion rather than any factual reason for not wanting to use OB for depositing funds into a savings account.

I hope you don’t use Confirmation of Payee, as that uses data sharing. As do a whole lot of other financial processes, like the credit reference infomation. The financial world wouldn’t function if it wasn’t for data sharing.

If you want to prevent a savings provider from snooping on transactions in your current account, you can just set up a secondary current account which you use with the savings provider(s) only.

alternate

Band7 said:

alternate said:

valiant24 said:

Band7 said:

valiant24 said:

On the website it says "Your money may be protected up to £85,000 [by the FCS] .." (my emphasis).   Why only "may".   Is there something a bit "under the arms" about this organisation?

As has been mentioned several times before, they have accounts which are not FSCS protected, and others that are. The 3.4% (3.55% from tomorrow) instant access account definitely does have FSCS protection.

Thanks.  I hadn't seen threads prior to this one, so you've explained it.  Might take a look though it has two features off-puutting to me:

1. App only (I much prefer to use a PC)
2. Card deposit only (I much prefer to use bank transfer).

Cheers
V

Unlike some banking apps, Chip works with PC android emulators e.g. bluestacks.

For the technically challenged like myself, can you tell me what to  do / where to find out what to do, and what if anything to watch out for?

How to Use BlueStacks to Run Android Apps on Windows (lifewire.com)