Direct Debit is how we collect contributions from your bank account. Here's what you need to know.
What is a Direct Debit mandate?
A Direct Debit mandate is your authorisation for Chest to collect payments from your bank account. It's required to make contributions and use saving rules. Without it, we can't add money to your pension on your behalf.
How it's set up
You set up your Direct Debit mandate during SIPP creation, after connecting your bank account. The process is quick and happens within the app – you'll be asked to authorise the mandate with your bank.
The Direct Debit Guarantee
All Direct Debits in the UK are protected by the Direct Debit Guarantee. This means:
If the date or amount changes, you'll be notified in advance
If an error is made, you're entitled to a full and immediate refund from your bank
You can cancel a Direct Debit at any time by contacting your bank
Cancelling your Direct Debit
You can cancel your Direct Debit mandate at any time through your bank. However, be aware that cancelling will mean:
You won't be able to make contributions
Your saving rules will stop running
Any pending contributions may fail
If you want to start contributing again after cancelling, you'll need to set up a new Direct Debit mandate in the app.
What happens if a Direct Debit fails?
If we can't collect a payment (for example, due to insufficient funds), we'll notify you. You can then make a manual contribution or ensure funds are available for the next attempt. See our article on failed Direct Debits for more details.
Security
We can only collect amounts you've authorised through contributions or saving rules. We cannot access your bank account for any other purpose, and you're always protected by the Direct Debit Guarantee.
Still need help?
If you have questions about your Direct Debit, contact us at hello@joinchest.com.