Chip Interest accounts

Hi, I’m receiving comms from Chip about opening an Interest Account. I haven’t done it yet because I’m not sure how it all works…

You open the account via the Chip App, I get that… then what happens?

Do my Chip savings get moved into the new account?

What happens to my goals?

Where do auto and manual saves get put? Into my Chip account (as normal) or into the new Interest Account?

How is the Interest Account managed? E.g., withdrawals or closing it down?

Sorry if these are really obvious questions but I can’t find the answers to them?

Can someone help? Thanks!

@andrewwalker3181 When you open an interest account you have to add the funds manually from your linked bank account, there’s not the ability to transfer between your auto-savings account yet.
Auto-savings won’t go into the interest account and you can choose where manual saves go.
Funds take around 3 working days to reach your account.
As for closing down an account I’m unsure but withdrawals you just execute by going into the account and clicking the withdrawal button.

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So, a bit of a waste of time if auto-saves won’t go into the interest savings account. It’s just like anyone else savings account where you have to manually add money.

They said they’re working on the ability to auto-save directly into the interest account. Among other features.

I’m going to wait to be able to transfer from my auto saves rather than moving money across manually. I’ve been told it’s available soon

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Hi all, just to say that we are currently working on an updated version where this will become possible, but don’t have a date for the update as of yet.

Thanks for answering my Q’s. Think I’m gonna hold off as I already have savings accounts with better interest linked to my current account.

Hi Krish

I know internal moves to the interest account is being worked on, but until such point as it is possible, might it be possible to address the AML limits I’ve mentioned in the linked post?

https://community.getchip.uk/t/aml-limits-too-easy-to-hit/3873?u=mde1982

Thanks for flagging Mark, will check today.