Chip ISA and bank access permissions

King_Drax_I

I've had a Chip ISA for some months now (run through an app on my phone), and while I am satisfied with the interest rates and account features, I noticed something a bit odd.

Periodically, the app asks me to renew permissions for Ship to look into my bank account. Or at least, that's what it appears to say. It seems that every so often it needs me to 'link' - a connection that seems to expire every 90 days - and it has something to do with Open Banking. Part of the 'agreement' says that I '…agree to continue securely sharing [my] account information with Chip'. It also explains that ' [my] main account information is shared with Chip. Data such as transactions or standing orders….This helps Chip…tailor our services to you'.

I'm wondering if I should be suspicious; I don't really want people looking into my account to see what I'm spending my money on and getting 'targeted ads' because of that. But of course I may be completely misunderstanding what it's all about!

Does anyone have some advice on this, please?

flaneurs_lobster

Chip is doing exactly as you suspect, snooping over the account that you have given access to. It's able (if you give further permissions) to syphon off "spare" funds into savings products, having regard for things like paydays or other debits.

Apparently some people find this functionality very useful and an aid to successful savings.

What I and others have done is connect Chip to a current account that is less than important (as in nothing goes in or out) where it can ferret about as much as it likes.

King_Drax_I

https://forums.moneysavingexpert.com/discussion/comment/81918783#Comment_81918783

Wow, thanks so much for that. Fortunately, out of habit, I never give those siphoning permissions - but I have also just contacted them with regard to extending their bonus rate, and they won't. So maybe it's time to ditch and switch; there are better products out there. Thanks again!

[Edit]: I have switched my bank account to one like yours, where nothing much happens there. Just two direct debits per month and a £2000 in/out per month maintenance cycle. Nothing to see here, folks! Once the bonus rate expires, I will pull the ejection seat handle 😉