Chip Savings

thevoid69

Hi, my Chase boosted rate is about to end so I needed somewhere to put my funds whilst hoping Chase send me a boosted offer again.

I've seen Chip offer 4.8% for 3 months which would do for now. Are they reliable? Any restrictions on instant transfers?

Thanks

Ch1ll1Phlakes

thevoid69 said:

Hi, my Chase boosted rate is about to end so I needed somewhere to put my funds whilst hoping Chase send me a boosted offer again.

I've seen Chip offer 4.8% for 3 months which would do for now. Are they reliable? Any restrictions on instant transfers?

Thanks

I've used them for over a year with different savings accounts and dabbled with their S&S ISA and couldn't fault anything. Had an ISA transfer go through really quickly too.

Instant transfers from Chip are great and I don't think there are really any restrictions. The 3 month bonus means you probably will be looking for a new account again in three months time.

The only thing that may bother some people is Chip requires an Open Banking connection. This is fine for me but might not be for others.

n15h

I used Chip from 2017-23 when I moved other banks that offered higher interest accounts. I found Chip's app to be easy to use, never had any issues with transferring in/out monies between Chip and my linked account, and their customer service chat via the app was quick. I don't know what things are now like with Chip but I rate them highly based on my past experience with them. They certainly got the customer experience right compared to many other firms/banks.

thevoid69

Thanks. If Chip FSCA protected? I've heard Chip isn't as they are not a bank?

Are transfers instant from Chip to your connected bank?

Ch1ll1Phlakes

"All money deposited into a savings or investment account through the Chip app is eligible for cover by the Financial Services Compensation Scheme (FSCS) subject to the Scheme’s conditions." See following link. These funds are held with Clearbank. It's not as straight forward as normal banks as they do not have their own license. To fully understand this protection I suggest you check out the following link on Chip's website How we protect your money | Saving with Chip

And yes I would say transfers from Chip to my connected bank account are pretty much instant. 

thevoid69

Thanks, so they are safe to use then?

I thought it was a good idea to move it from Chase into something like this for 3 months whilst I wait for Chase to send me another offer, hopefully.

Ch1ll1Phlakes

Again, I would suggest you use the link to understand the protection. I am happy with their setup and protection as theres very limited time where the money is not held with Clearbank.

I would suggest also that MSE's "Best Savings Accounts" page gives an overview of this protection so I've provided a link you'll just need to scroll to the bottom of the easy access table and click on Chip
Best savings accounts: 4.5% easy access or 4.53% fixed rate

There's probably someone else on the forum who is better at explaining this protection, than myself.