About TrueLayer
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Written by James
Updated over a week ago

What is TrueLayer?

TrueLayer is our trusted payment provider. Their services allow us to use Open Banking to securely connect to your bank account and help you manage your money. TrueLayer itself is an award-winning finance platform that’s already being used by some of the biggest names in the industry. We’ve been working alongside TrueLayer for several years and hope to build on our successful partnership.

As with any provider that uses Open Banking to offer products and services, TrueLayer is regulated by the Financial Conduct Authority (License Number 793171) and you’re always in control of which providers can access your information.

Can I deposit via bank transfer?

By partnering with TrueLayer, Chip can now offer deposits via Faster Payments Scheme: a direct transfer from your bank account into Chip without using your debit card.

Depositing via bank transfer is one of the easiest ways to move money into Chip from your bank connected account. When adding funds, simply select Deposit by bank transfer, the amount you’d like to invest and you’ll automatically be taken to your mobile banking app to approve the payment. You’ll then be returned to Chip, where your investment will be confirmed.

Not only are deposits via bank transfer more secure, but customers also benefit from faster processing times, meaning your money can arrive in your Chip account sooner. Please note that deposits via bank transfer are currently available for our investment products, as well as the Prize Savings Account, Allica Easy Access and OakNorth 90-day savings accounts.

Having trouble depositing via bank transfer?

Your bank may have a maximum payment limit in place which will be dependent upon the specific bank account type and conditions such as the current balance or how many payments have been made recently. Please follow the bank-specific instructions below if you are experiencing issues depositing.



Lloyds Banking Group (Lloyds, Halifax and Bank of Scotland) and NatWest Group (RBS, NatWest and Ulster)

Please try depositing under £5,000


If this is your first bank transfer payment, please try depositing under £2,000. If not, please get in touch with us for further troubleshooting.

HSBC, First Direct, Santander, AIB UK, Danske Bank, Revolut and Starling

Current deposit limits are above the £15,000 limit put in place by Chip. Please get in touch with us for further troubleshooting.

Nationwide, Monzo and TSB

Please try depositing under £10,000

More information on bank-specific payment limits can be found here.

If after reading this you're still unable to resolve the issue, please get in touch either using the Contact Us section on the profile tab or by emailing hello@getchip.uk.

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