Best easy access - considering Chip

martyp

flaneurs_lobster said:

martyp said:

Thanks, I did message them as it's useful for me to access all my accounts with fingerprint on my phone but ok using the text message method.

Are you using a secure folder on a Samsung phone? I couldn't set up biometric security for Tandem app unless app was installed on "normal" space. Same for Barclays.

Thanks, not that I'm aware of. I've never used secure folder on there. I just installed it from the play store and did the same for the Halifax app just before that and he fingerprint biometrics work fine for that.

Qyburn

Just to correct my previous post, Tandem will link via OB and see both current accounts and savings accounts, but won't withdraw to anything except a current account.

I've still to test wheter it will accept payment in from a savings account.

martyp

I note that Chip is winning the race again now. I was a bit concerned about my first withdrawal from Tandem. It can take up to 2 days? How would that really be instant access?

wiseonesomeofthetime

martyp said:

I note that Chip is winning the race again now. I was a bit concerned about my first withdrawal from Tandem. It can take up to 2 days? How would that really be instant access?

That is the standard phrase used by many banking providers, however, in reality, Tandem transfers (for me) have normally appeared in the destination account in about 15 minutes.

Bigwheels1111

Never had a Tandem payment take 2 days, the most was 2 hours but that was 85k.
If you want instant deposits and instant withdrawals Chip is the account for you via open banking.
All my bank accounts state payment should be near instantaneous but please allow 2 hours and up to 2 days. Two days would be stuck at the fraud department.

jaceyboy

Tandem is quick, not instant like Chip but still within 10 mins or so

martyp

wiseonesomeofthetime said:

martyp said:

I note that Chip is winning the race again now. I was a bit concerned about my first withdrawal from Tandem. It can take up to 2 days? How would that really be instant access?

That is the standard phrase used by many banking providers, however, in reality, Tandem transfers (for me) have normally appeared in the destination account in about 15 minutes

Thanks yes that was the case, about 15 minutes. Thought it might have been. Not as instant as between Natwest and Nationwide so best to be prepared if needing the money on the spot. I literally keep just about enough money in my current account to cover spending and direct debits etc. Have to be hot on that of course as going into overdraft way wipes out the benefit of £100 extra in savings.

rabbituk

Incidentally I think even Chip are struggling to keep up with their own interest rate changes. See how the text below still mentions the old previous interest rate in a couple of places. From their app today,

The Chip Instant Access Account offers 4.21% AER (Variable), paid on the entire balance up to £250,000
Written by Ryan Updated yesterday
With near-instant deposits and withdrawals, our Chip Instant Access account is completely free to open and pays 4.51% AER.
Please note the funds you deposit are protected.... 

...blah blah...
...Returns
For the Chip Instant Account, we will be offering a rate of 4.21% AER. This account offers