Chip Feedback

allegro120

dont_use_vistaprint said:

When I google chip reviews the summary says most refer to experiencing technical issues when it comes to withdrawing and withdrawals  take on average 3-5 working days. This should have been stated on the savings page it’s clearly not a true instant access account like banks and building societies 

My withdrawals were always instant.

boingy

You can also now make a direct deposit from the source account using the sort code and account number. That's the method I use because it is less clicking and typing once you have the Chip account in the list of payees.

Qyburn

Seems you can only link one bank account, is that correct?  As opposed to Zopa where I have two current accounts linked by OB and can also transfer to and from a savings account by FP.

CheekyMikey

I opened a Chip account yesterday..had to open it with a small deposit via Santander debit card. I then was able to link my Santander current account with OB with an initial deposit of £100. All good, and £125 showing in my account this morning. However, I thought I’d test moving money back to my Santander account and the only option I have is to transfer £100 back to my debit card. Surely I should also see my linked Santander account as an option to withdraw money to?

AmityNeon

CheekyMikey said:

I opened a Chip account yesterday..had to open it with a small deposit via Santander debit card. I then was able to link my Santander current account with OB with an initial deposit of £100. All good, and £125 showing in my account this morning. However, I thought I’d test moving money back to my Santander account and the only option I have is to transfer £100 back to my debit card. Surely I should also see my linked Santander account as an option to withdraw money to?

I only see my debit card as well, but withdrawals have always been instant.

allegro120

Qyburn said:

Seems you can only link one bank account, is that correct?  As opposed to Zopa where I have two current accounts linked by OB and can also transfer to and from a savings account by FP.

Yes, this is correct. Only one linked account at a time. 

allegro120

CheekyMikey said:

I opened a Chip account yesterday..had to open it with a small deposit via Santander debit card. I then was able to link my Santander current account with OB with an initial deposit of £100. All good, and £125 showing in my account this morning. However, I thought I’d test moving money back to my Santander account and the only option I have is to transfer £100 back to my debit card. Surely I should also see my linked Santander account as an option to withdraw money to?

This is because your £25 are still in the process to be credited. Debit card transactions take a few days for money to arrive, so your £25 , although showing on your balance, is not really there yet.

CheekyMikey

allegro120 said:

CheekyMikey said:

I opened a Chip account yesterday..had to open it with a small deposit via Santander debit card. I then was able to link my Santander current account with OB with an initial deposit of £100. All good, and £125 showing in my account this morning. However, I thought I’d test moving money back to my Santander account and the only option I have is to transfer £100 back to my debit card. Surely I should also see my linked Santander account as an option to withdraw money to?

This is because your £25 are still in the process to be credited. Debit card transactions take a few days for money to arrive, so your £25 , although showing on your balance, is not really there yet.

I understand why the £25 isn’t really there yet and why I can’t withdraw that, but as I’ve now linked a current account and made a payment from it to Chip, I don’t quite get why the bank account isn’t showing as a withdrawal option? Anyway, I withdrew the £100 to my debit card and it seems to have gone into my bank account straight away so the two way process works but I’m still a bit wary of moving all my Zopa funds over

Doctor_Who

CheekyMikey said:

I don’t quite get why the bank account isn’t showing as a withdrawal option?

It is a bit odd that Chip show your debit card as the withdrawal option and not the bank account, but since the two are linked it's not a problem. I've had no issues withdrawing funds to my Santander account.

Whenever I make an OB deposit into Chip the app takes me back to the 'making a deposit' page, which I found odd since the deposit had gone through. Would be much better if it went to a confirmation of transaction page.

AmityNeon

Doctor_Who said:

Whenever I make an OB deposit into Chip the app takes me back to the 'making a deposit' page, which I found odd since the deposit had gone through. Would be much better if it went to a confirmation of transaction page.

Deposits into Chip via Open Banking are routed through TrueLayer, which involves app-switching and multiple redirections. During this multi-layered process, your bank can authorise and send the payment (as you receive their notifications of confirmation), but the final stage of the process involves being redirected back to the Chip app; at this point, there have been previous reports of 'deposit failed'. For this reason, I prefer standard Faster Payment transfers initiated from the sending institution (which Chip recently allowed), as fewer steps/layers are involved and thus fewer possible points of failure.

That's not to suggest standard FP transfers cannot go wayward, but it's a terrible user experience to be told by Chip your bank account has not been charged because the deposit failed, only for your bank to say the payment was successfully sent.