Is Chip a bonifide company to use for ISA?

Royoftherovers2024

Hi,

I'm trying to transfer £20k into Chips app in small amounts of £3 and 4k and Lloyd's have blocked my last try and are asking me have I been given Clearbanks sort code and account number from Clearbank direct( their website) as opposed to getting it from Chips app.

I got the details of Chip from Martin Lewis Money Saving Expert site and then just downloaded the Chip app from playstore straight onto my Samsung phone. 

How trusted is Chip? I spent 30 minutes on to Fraud at Lloyd's today and in the end I had to leave it because I ran out of time at work on my lunch.

Anyone know if there is a set sort code and account number for Clearbank just so I can go back to Lloyd's and confirm.



Thanks in advance.

gravel_2

Chip is legitimate but is not a bank. They use ClearBank for their accounts. ClearBank is regulated by the FCA and savings are protected like any other bank up to £85,000 in case of failure.

You can read more here: https://www.getchip.uk/how-we-protect-your-money

amanda1024

Yes Chip are a bona fide company, but with a few quirks in how you pay in and out. I had most of my savings for a while (until other bank's rates overtook them)

Royoftherovers2024

Thank you @gravel_2 and @amanda1024 for confirmation of Chip, I'm not sure why I was unsure, I guess I prefer the big names but found this was a decent rate. I've now managed to get the 20k into my chip ISA at 5.1%. 

Royoftherovers2024

Thanks @Beddie, that's how I transferred it in the end.