Money Saving Expert Chip App Comment

I think it’s fantastic that Chip have been topping the table for its easy-access rate, but I wanted to share the latest MSE comment regarding the Chip app.: “ Top easy-access savings now 3.55% - highest since 2009. App-only is top payer though it can be fiddly to operate”. MSE is extremely influential and that criticism will definitely put some prospective newcomers off. Food for thought for the app. development team…


I wonder what they mean by “fiddly to operate”? Did they say more about it?

I fully agree that MSE is very influential and that their article will have a big impact - as is Martin Lewis personally. I don’t personally find the Chip app fiddly to use, though. Can you reply to that MSE article and ask what they mean by “fiddly”? Or perhaps Chip should do that officially behind the scenes to find out. The only things I can think that they will label “fiddly” are the processes of signing up to open banking occasionally to allow withdrawals to happen, and the process of securely paying in from your bank… But when each has been done once you become ok with both processes.


I have transferred some funds into the high interest account and found it quite straightforward, an di am certainly not “IT technical”.
what was your issue

I’m not sure fiddly is the right word for the open banking requirement, but I do think MSE should make its readers aware of the atypical approach Chip takes.

I personally think Chip’s approach is poor when it comes to the use of open banking. At the moment you can deposit funds into Chip without open banking but then to withdraw you need an open banking connection in place, which leads to annoyance. If there is a requirement to use open banking to withdraw then Chip shouldn’t be allowing customers to deposit without the customer creating an open banking connection in the first place.

Alternatively (and this is my preference) Chip should make it possible to withdraw without open banking connection in place, like at any other savings provider. Open banking should only be a requirement for customers who want to use the automation features.

OB is the future. You can argue that there should be an option not to share transactions and balances but all the rest is great IMO because it makes life easier for the account holder.

I don’t believe it is possible to make deposits into the IA account if there is no linked account. Therefore there is no issue when it comes to withdrawing.

Privacy is one reason for not wanting to use an open banking connection, but not the only reason.

If you don’t want the app for your bank installed on the same device as the Chip app, then the requirement for an open banking connection makes things harder, not easier. “Fiddly” is actually an apt term in this scenario.

It is possible. You can deposit by debit card or Apple/Google Pay.

You’d be silly to deposit by Apple/GooglePay because you get no FSCS protection or interest whilst the deposit is pending, which it will, for 3 (working?) days. I appreciate that some people are / want to be silly.

That’s irrelevant. My point is Chip is creating a problem by allowing people to deposit without opening banking whilst forcing them to have open banking in place to withdraw.

Squirrel, I’d not do it myself, but I think £500 at a time is all that can be paid in via Apple or Android Pay. I’m sure that those services would operate Chargeback. And Chip is very safe to pay into anyway.

Chip are protecting the customer’s money by ensuring that it can only be withdrawn to the linked account in the customer’s name. The verification of that account is helpfully done with modern technology and doesn’t involve sending and checking bank statements etc