We’re aware we’ve been hammering this point a bit, but we’re only doing it because;
A lot of you asked us to give you instant saves!
We want to improve our security and give you better visibility over your money
We want to make using Chip as simple as possible for you
So we can crack on with developing some new features that rely on instant saves
The original problem - ‘pending’ ⌚
Our community flagged that sometimes it could be complicated, slow and confusing to move your money in and out of Chip.
This was because of the way Direct Debits work, where there is a 2-3 day processing time between the money leaving your account and reaching Chip, and vice versa.
And at times this could be confusing, leaving some of our savers wondering where their money is, as we all waited for the banks to move their money (and doing whatever it is that banks do when it takes them 2-3 days to do something…) either in or out of Chip.
A few of you got annoyed. And fair enough, this wasn’t good enough.
Slowwwww banks 🐌
Banking in the UK has traditionally been a slow moving business - it’s only in the last few years that start-ups like Chip have been trying to inject some life into the sector.
So, the existing infrastructure (yes I’m writing about banking payment infrastructure, no it’s not dull) was slower than our ambitions.
The solution - card connection ⚡ 💳
We needed to get creative to solve the problem and came up with a neat solution.
You know what doesn’t take 2-3 days to process? Card transactions!
So, we did a lot of work to set ourselves up to be able to process your saves and withdrawals as a card transaction. We decided it made sense to deploy as part of our big Chip 2.0 update so all new savers can avoid the pain of ‘pending’ saves.
The result - instant saves and withdrawals
So now you can move your money in and out of Chip instantly.
🏃 Save faster - your saves will reach Chip instantly (you still have between 9am and 4pm to cancel an automatic save)
💸 Spend sooner - enjoy your money right away, not wait 2-3 days for it to hit your account
🕹️ More control - have your money right where you want it
🔒 Improved security - have complete visibility over your cash all the time
"Eh, didn't I already connect my card?"
If you set up Chip before 02 April 2019 you would have set up a direct debit mandate, but you wouldn't have given us your card details back then.
Which is why we're asking for them now.
And anyone who’s new to Chip now needs to connect their card to get set up.
It only takes a moment!
We’ve made it as easy as possible. We’re working on making it even easier (we’re trying to figure a way to be able to send you links that’ll take you to the right place in your app).
Just open Chip and head to: Account > Connected account > Bank card
And add the debit card linked to the bank account you've connected to Chip. You can also just take a picture of it instead of faffing around typing out your card details.
Why don’t you want to be able to move your money instantly?
There’s only a few of you left who haven’t connected your card and can’t instant save.
We could keep telling you why it’s better, faster, smoother, and something most of our community has been begging us to implement, but no one likes to have a one way conversation!
So tell us what’s stopping you from (or why you just don’t want to) connect your card to Chip.