Instant access money pending

Hello can anyone help I have instance access saving with chip and I had over £150 pending amount! When I checked today it has turned to £7 ! Is this and error or have they taken the internet pending to me ?? I’m confused

I’m confused by your post. It doesn’t make sense…


Hi I have an easy access chip account ! I have over 80k in there . Each day it shows you the interest pending which has accumulated daily and reached over £150 ! I check daily! When I looked this morning the interest pending is now £7 ! Can you explain where the rest has disappeard please ! ?

It resets on the 1st of the month and then you’ll get paid what was accrued as pending the previous month around the middle of the first week of the current month

If you’ve only just opened it then fair enough but it’s been doing this since inception so if you haven’t noticed it before then you clearly haven’t been checking everyday….

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Ok so this is normal? I was abit scared thought somethings happened that’s all Iv had this now my second month and the first month didn’t have anything in hardly . Is it meant to show me the amount going to be deposited? Because I can’t see that anywhere ? And again thanks if this is normal

Yes it’s 100% normal. It just shows you total interest earned and pending. Chip
Will send you an email saying what you’ve earned the previous month and deposit it

Ok because I haven’t received the email but it’ has only turned 1-4-23 so I might need to give a little time

Yeah it takes a couple of days. You won’t get it on the 1st of the month

Thanks I’ll wait and see what they put in thanks

Well you can work it out can’t you? Total amount interest earned minus pending amount minus anything you got last month……

Yes your correct but I’ll have to wait till they put into my account because I can’t see what will be put into the account

Does this mean i will not earn interest on accruals until 4 days later has passed? this is not the case with other banks like Monzo. E.g. with 10% interest, I earn £10 per month on a £1,000 balance. On 1st April, the £10 will be credited, and I will start earning 10% interest on £1,010 as soon as it’s 1st of April. But in Chip, e.g. 10% interest, I would be waiting to start earning a 10% interest on a £1,010 balance after 4th of April? 3 days of missing compounding interest?

I share this concern. April has been 6 days before interest email arrives and even though I have the email nothing shows on account activity. If you do miss out on compounding interest the headline rate of interest is slightly deceiving. If other banks can pay interest on the 1st of the month why cannot Chip do the same?

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Yeah exactly it’s strange idk if they’re doing this to save money on interest it’s slightly deceiving isn’t it if it’s missing on a bit of compounding interest. Might have to switch to Zopa

Hey, that’s not the case. The interest payment on Thursday 6 April was for all interest accrued from March 1 to March 31. Similarly, when interest is paid on the 4th business day next month, it will account for all interest accrued from April 1 to April 30.

The time between the 1st of the month and the pay-out date is part of an agreement with our banking partner, ClearBank. This time is used to ensure that all the requirements for FSCS reporting, reconciliation and all the other behind-the-scenes work are completed with full accuracy. However it doesn’t affect the calculation of your interest.

We appreciate that this is currently unclear in the app - the product team are working on a fix right now that will, in future months, make it clearer that your interest doesn’t disappear in the first days of the month.