Digital Banking

KTF

The automatic transfer is determined by the app and is based on your spending habits.

camaj

KTF wrote: »

The automatic transfer is determined by the app and is based on your spending habits.

I realise that, the question is how much will they take and is it effected by how much you've manually withdrawn.

KTF

No idea. Will find out over the next month

Pollypaws

I love the Chip app. It takes about £10 a week from me but before every skim you get the option to cancel. I’ve had no issues with it and am thrilled by how much I’ve saved with no effort from me and I’ve not missed the money from my account. Highly recommend this app. ❤️❤️❤️

bub19

I have been using this now for just over a year and I love it, it's really useful when it comes to birthdays or if you want a little extra spending money on holiday or things like that. I used it recently to purchase a new iPad as mine had broken and the great thing about it is that it's money that you don't miss, give it 3-4 months and there's a substantial amount in there.

I have seen above some people have had problems with it I have had 3 of my friends start using it and they have never had an issue and all love it. I have had one problem with it, which was completely my fault, I contacted them with a single button press in the app and within half an hour, I'd got the save reversed and a tenner extra as an "apology". For a comparison, when I had a problem with Santander where money just disappeared from my account with no trace (they admitted fault) it took 3 months to get the issue rectified and I was still out of pocket.

In summary, from my experience: It's a great app that's incredibly useful and has allowed me to do things I might not have been able to do otherwise, it has saved me a lot of headaches. Add to that a great team behind it who will help you with any problems you might have, you can't go wrong.

fjnhunt

I’ve been using Chip for a couple of years now and loved saving with such ease. First time I’ve really saved and I’m earning good interest as well! I’m excited to see how the app grows.

sl2s

Chip's product is great on paper. The interest rate is obviously really attractive. But I would echo earlier comments that their treatment of customers is terrible. They seem to change their terms at will, without notice. In the past they have changed the amount and the number of manual saves you can make each month, without communicating the change to account holders. They have a minimum manual save amount but don't state this anywhere. Similarly their maximum savings balance is not publicised. You only ‘discover’ these terms via in-app error messages when your manual saves breach any of these amounts. Interest is payable quarterly, but increases are meant to be reflected weekly. However account holders are not automatically notified of these increases, and it is not obvious how to check these increases via the app. If you do make your own checks, you may well find that no additional interest is reflected over several weeks. This has happened to me on more than one occasion, despite being told that measures had been put in place to stop the issue recurring. If I hadn't spotted the issue myself, I am almost certain Chip would have done nothing about it. Getting issues resolved is a painful process. No timescales are given. Promised updates never materialise. If you do decide to put money into a Chip account, I would recommend monitoring your account extremely closely indeed. And don’t expect speedy resolutions when things go wrong.

atlantis187

why are majority of the comments about this from NEWBIES??

Have a question of my own can I use this to satisfy the co-op 4 Direct debit criteria, Can I just manually do 4 £1 DD across each month?

Voyager2002

I have just signed up...

The process was quick and easy, but:

It asked me to link my account (Nationwide) and requested my secure log-on details: both customer number and passnumber. Passnumber is so secure that when I log on to Nationwide I only give three digits, yet they took the whole number. With that and my personal details, they could help themselves to my money via Faster Payments: they don't need this just to set up a direct debit! And of course in case of fraud I would have no protection since I gave out my security details.

Anyway, I gave them all the information but while the app was processing I had second thoughts, so telephoned Nationwide and blocked my internet banking. A real nuisance.

Voyager2002

A minor concern about the sign-up process: we only get the higher interest by entering the referral code but there was no opportunity to do so. Do they get the code automatically when we enter a phone number on the MSE site?