Want to withdraw. Not sharing my transactions with chip

I signed up for chip, they’ve not paid the correct interest, I want to leave.

I had no idea when I signed up that I’d have to connect my bank to them with open banking and share my transactions with them. This is my private information, and I have no desire to share this with chip. I want to take my money out and close the account, but the automated help system keeps telling me to withdraw the money, and when I try to do that it says the only way is by connecting via open bank.

You cannot hold my money hostage like this, give us your transaction history or you can’t have your money. This isn’t right. I want my money back. How can I do this, without handing over my private banking information to chip?

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Did you manage to deposit money into your Chip account without connecting via open banking?

If so, it doesn’t seem appropriate to me that Chip allow customers to deposit without open banking and then require open banking for withdrawal.

In this scenario I’d consider raising a formal complaint and then taking it to the ombudsman if not happy with Chip’s final response: Complaints Policy | Chip

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Yes I deposited the money without open banking. Withdrawal requires connecting the bank account via open banking. It’s a scam. I have contacted Chip (they have not replied) I will be taking it to the FCA yes if they don’t give me my money back.

I read on another forum I can request a manual withdrawal. This is what I want them to do, but they’re another faceless internet bank with no / poor support. Banking with chip was a big mistake and now my money is being held hostage.

I think if you’ve deposited via Apple Pay it takes a couple of days to process, so you will not earn interest on any money deposited while it’s being processed.

Deposited via bank transfer I don’t have an iPhone or use apple pay.

But I just want to withdraw. No reply to email or support messages.

The terms and conditions are very clear that you have to connect a nominated bank account via open banking.

I suggest you link your bank account, withdraw your funds and then close your account and email hello@getchip.uk and dpo@getchip.uk to ensure your data is deleted as soon as possible.


I initially had that concern, but I’ve come to see that it’s really minimally invasive. It is anonymous. I get no calls or emails about it from Chip or other parties. I think that it’s just a way of Chip making some money which enables them to keep Savings Rates even higher. Plus, I let it expire and only add it again when I want to withdraw - and that adds an additionally layer of security. When you think about it, other organisations always have our accounts connected to our bank accounts. With Chip we can let that be disconnected for long periods if we want to. But as I said, above, even when Open Banking is connected, the other safe organisations only get anonymous data from me and you.

it also gives them the ability to withdraw from your account. it’s just not for me. no where does it mention that they required a transaction list and the ability to withdraw from your account, until you go to withdraw your money and have to link it and connect to open banking and see what permissions they want.

I have used open banking before. I use it with my trading account, but they only want to use it for adding money to an account, not having a list of transactions.

however, they’ve now responded to me, and will do a manual withdrawal, but i’ve had to give them ID and a statement, which I don’t fully understand either as why can’t they just refund back to the same source, and it’s £5k so under the limits for reporting. But I’m just glad to be getting my money back … well, when they actually go ahead and do it because they haven’t yet.