Chip savings app - is it worth it?

phillw

PloughmansLunch said:
Chip CS explicitly say they do not recommend using FP - it is only funded via Open Banking or debit card. Faster payments will fail to be deposited and will eventually skulk back to the originating account.

Open banking uses faster payment, that is what I was referring to.

In the app they call it "Deposit by bank transfer" "Get faster deposits using your bank".

There isn't a "Faster Payment" button on any app or web page on any of my current accounts, it's an underlying mechanism.

kev1744

got to admit i love the chip app. the only issue i ever had was when i tried to move a larger amount of money and natwests app wouldnt let me as it had limits as to how much you can move in 24 hours ( since found out i can alter this on the app) but chip itself is i find very easy to use.
the complaints i see from people about chip are often about them saying they dont understand how chip can do this or that...well i dont understand how my high street bank can charge me for a letter that is automatically printed and sent out...but there you go

stambridge

I liked the sound of this and great interest rate so I downloaded the app yesterday and opened a savings account. That part was very easy but cannot do anything else now. To deposit it says I have to link a card, there is no other option. I try to link a card and bank but my bank is not listed so it cannot be done. I know my bank (virgin money) support open banking but are not listed by chip so I cannot proceed. Also I cannot see any account number or sort code so cannot deposit any other way. I have contacted customer services but no response so far after almost 24 hours. 

grumbler

stambridge said:

I have to link a card, there is no other option. I try to link a card and bank but my bank is not listed so it cannot be done.

Have you linked your card? I don't think that there is any list to chose from for linking a card. I wanted to change my linked account recently and ATM have only the new card linked (Halifax). And the bank is already pre-defined if I try to link the new account.

I hope you haven't missed £20 RAF bonus.

flaneurs_lobster

stambridge said:

I liked the sound of this and great interest rate so I downloaded the app yesterday and opened a savings account. That part was very easy but cannot do anything else now. To deposit it says I have to link a card, there is no other option. I try to link a card and bank but my bank is not listed so it cannot be done. I know my bank (virgin money) support open banking but are not listed by chip so I cannot proceed. Also I cannot see any account number or sort code so cannot deposit any other way. I have contacted customer services but no response so far after almost 24 hours. 

From Chip's support pages:

We support the following banks through our Open Banking system:

• Bank of Scotland

• Barclays

• Danske

• First Direct

• HSBC

• Halifax

• Lloyds Bank

• Monzo

• Nationwide

• Natwest

• RBS

• Revolut

• Santander

• Starling

• TSB

• Ulster Bank

Which banks we can connect to is determined Truelayer's capability to provide a stable and secure connection, and whether the bank itself has an Open Banking API.

Don't try to deposit by bank transfer, it won't work and it'll take a day or so to get your money refunded.

stambridge

grumbler said:

stambridge said:

I have to link a card, there is no other option. I try to link a card and bank but my bank is not listed so it cannot be done.

Have you linked your card? I don't think that there is any least to chose from for linking a card. I wanted to change my linked account recently and ATM have only the new card linked (Halifax). And the bank is already pre-defined if I try to link the new account.

I hope you haven't missed £20 RAF bonus.

When I clicked on link “deposit with card” (this is the only option shown for adding money) it takes you to a list of banks and if yours isn't there then you cannot link your account. 

stambridge

flaneurs_lobster said:

stambridge said:

I liked the sound of this and great interest rate so I downloaded the app yesterday and opened a savings account. That part was very easy but cannot do anything else now. To deposit it says I have to link a card, there is no other option. I try to link a card and bank but my bank is not listed so it cannot be done. I know my bank (virgin money) support open banking but are not listed by chip so I cannot proceed. Also I cannot see any account number or sort code so cannot deposit any other way. I have contacted customer services but no response so far after almost 24 hours. 

From Chip's support pages:

We support the following banks through our Open Banking system:

• Bank of Scotland

• Barclays

• Danske

• First Direct

• HSBC

• Halifax

• Lloyds Bank

• Monzo

• Nationwide

• Natwest

• RBS

• Revolut

• Santander

• Starling

• TSB

• Ulster Bank

Which banks we can connect to is determined Truelayer's capability to provide a stable and secure connection, and whether the bank itself has an Open Banking API.

Don't try to deposit by bank transfer, it won't work and it'll take a day or so to get your money refunded.

Thanks for that but I cant anyway as cannot find any account number or sort code to transfer to. 

stambridge

stambridge said:

flaneurs_lobster said:

stambridge said:

I liked the sound of this and great interest rate so I downloaded the app yesterday and opened a savings account. That part was very easy but cannot do anything else now. To deposit it says I have to link a card, there is no other option. I try to link a card and bank but my bank is not listed so it cannot be done. I know my bank (virgin money) support open banking but are not listed by chip so I cannot proceed. Also I cannot see any account number or sort code so cannot deposit any other way. I have contacted customer services but no response so far after almost 24 hours. 

From Chip's support pages:

We support the following banks through our Open Banking system:

• Bank of Scotland

• Barclays

• Danske

• First Direct

• HSBC

• Halifax

• Lloyds Bank

• Monzo

• Nationwide

• Natwest

• RBS

• Revolut

• Santander

• Starling

• TSB

• Ulster Bank

Which banks we can connect to is determined Truelayer's capability to provide a stable and secure connection, and whether the bank itself has an Open Banking API.

Don't try to deposit by bank transfer, it won't work and it'll take a day or so to get your money refunded.

Thanks for that but I cant anyway as cannot find any account number or sort code to transfer to. 

Finally heard back from customer service and they confirm they do not work with Virgin Money (my bank) so I have asked them to close the account. Perhaps things will change when they become more established but very limited appeal at the moment despite the good interest rates. 

Band7

stambridge said:

stambridge said:

flaneurs_lobster said:

stambridge said:

I liked the sound of this and great interest rate so I downloaded the app yesterday and opened a savings account. That part was very easy but cannot do anything else now. To deposit it says I have to link a card, there is no other option. I try to link a card and bank but my bank is not listed so it cannot be done. I know my bank (virgin money) support open banking but are not listed by chip so I cannot proceed. Also I cannot see any account number or sort code so cannot deposit any other way. I have contacted customer services but no response so far after almost 24 hours. 

From Chip's support pages:

We support the following banks through our Open Banking system:

• Bank of Scotland

• Barclays

• Danske

• First Direct

• HSBC

• Halifax

• Lloyds Bank

• Monzo

• Nationwide

• Natwest

• RBS

• Revolut

• Santander

• Starling

• TSB

• Ulster Bank

Which banks we can connect to is determined Truelayer's capability to provide a stable and secure connection, and whether the bank itself has an Open Banking API.

Don't try to deposit by bank transfer, it won't work and it'll take a day or so to get your money refunded.

Thanks for that but I cant anyway as cannot find any account number or sort code to transfer to. 

Finally heard back from customer service and they confirm they do not work with Virgin Money (my bank) so I have asked them to close the account. Perhaps things will change when they become more established but very limited appeal at the moment despite the good interest rates. 

It's nothing to do with how established CHIP are, and everything to do with Virgin's melange (to be kind) of IT systems. As soon as Virgin will properly enable their current account systems to work with Truelayer, Virgin can join the other 16 that happily work with Truelayer. It could be a long wait.

If Virgin is your only current account, you could consider opening a second account with one of the supported banks on the list. Having a second current account is a sensible precaution against problems with your main bank, anyway.

AmityNeon

stambridge said

Finally heard back from customer service and they confirm they do not work with Virgin Money (my bank) so I have asked them to close the account. Perhaps things will change when they become more established but very limited appeal at the moment despite the good interest rates.

You could open an account with another bank to use with Chip, which would have the added benefit of being segregated from your main banking activity if you were ever concerned with being forced to share your ongoing account history just for a savings account. Monzo/Starling would be the simplest and fastest for setup, and then just use standard faster payment transfers to/from your Virgin Money account.