Chip App - When is interest paid?

darich

eskbanker wrote: »

If you wish to refer others, the approved method for doing so is to post on the dedicated referrers board, where there's already a Chip thread at https://forums.moneysavingexpert.com/discussion/5586709/chip-the-automatic-savings-app

Referrals via other boards aren't allowed under the forum rules....

Apologies....I wasn't aware of this.

gardner1

Supprised to see my chip savings is now 6% after 2 people used my code yesterday.....I thought the maximum was 5%

Jacobs

Ooh nice work
I thought the max was 5% too!

IsEveryNameInUse

I joined Chip in August. Interest should have been paid in November, being new to the app I am watching to see if it has been paid. It hasn't, and going to "savings" there is no mention of when the interest payment is due. Also, as I have been adding to the savings to the maximum of £600 per month I have been checking to see that it does go through. interesting... the money leaves my nominated account, but does not show up in chip for a day or so later. What happens to the money in this gap ... and who is getting the interest on it... this effectively reduces the interest that I might (eventually) receive on it...

ozaz

IsEveryNameInUse wrote: »

I joined Chip in August. Interest should have been paid in November, being new to the app I am watching to see if it has been paid.

Depends when in August you joined. Chip state

(Interest) is calculated weekly and paid into your account quarterly - that’s every 13 weeks from the week your first amount cleared into your Chip account.

So if made your first deposit on 31 Aug, that might not have cleared until week of 10 Sept (setting up the first DD takes a while), in which case you'd probably expect an interest payment in w/c 10 Dec.

That being said, my first interest payment was later than expected. I think I received it 14 or 15 weeks after my first deposit cleared, rather than 13 weeks after.

youngretired

When you click on savings under the app you should be able to click the arrow and it should show total of accrued interest to date (this should update Monday weekly) and there should be a date interest is due to be paid.

When I opened mine in December 2017 the first lot of interest wasn't due until 1st April and even then it was paid 6 days late.

My first deposit was taken at the end of December, my account was opened on the 14th December and matures on the 13th December, but final interest won't be paid until the 31st December.

I checked with Chip if any interest would be paid on the 17th December because my interest rate drops from 3% to 0% on the 13th December, so mid week and like many I have saved quite a bit. The response I got back was no, hence I'll be withdrawing most of it on the 10th December after interest has been added to the accrued amount and just leave a small amount in until the final accrued interest has been paid on the 31st December.

youngretired

Has anyone else not received their interest added onto their accrued interest for the 3rd Dec?

I contacted them on Monday and they said it should be added by end of day. It wasn't so I contacted them again and they said that they are aware of issue and the developers are trying to rectify.

I've had this problem twice before but my worry is that my last day for interest will be the 10th and so just want to know if the issue is with my interest or everyone's.

jimroy

I'm also confused as to when the interest is next paid.
Is the next quarterly pay out not the middle of January?
I got the impression that they pay out at the same quarterly intervals for everyone regardless of when you opened your account.
You may accrue interest weekly (it's saying I'm due a payout today), but its only actually applied to your account quarterly from my experience.
I also opened my account in December last year and my rate is due to drop from 6% to 1% shortly.
I was also wondering when to withdraw and how much to leave in until the next interest payout.

*Update*

My quarterly interest was applied as I'd hoped and expected earlier today. It also coincided with my first auto save for a month since their extended Christmas shutdown. And it was only in app that I noticed that it had been applied separately.

Also, my interest rate only went down to 3% in December not 1% as I was expecting and I notice in app today that it will go down again in April. I'm assuming that each percentage change corresponds with sign ups for 12 months each exactly.

Looks like I'll be spending a little more time with them....

thanks2them

I have been with Chip for over a year and they have been paying interest around 4 - 5 weeks after it is due and post on your savings when it's payed and how much,

El_Aguila_Calva

youngretired wrote: »

Has anyone else not received their interest added onto their accrued interest for the 3rd Dec?

As it happens, 3rd December was the date my quarterly interest should have been applied. On 3rd I therefore expected my accrued interest to be increased by another week's worth and then be added to my account.

But what actually happened was that "Interest owed due 3 Dec" has remained as the heading(which should have changed to March last week), with an amount of £0.00, which was a bit odd. I thought I'd give them a week to see what happened, but today it still says the same thing.

So I haven't had the last quarter's-worth of interest applied to my account, and one week into the new quarter it says I'm owed nothing to be applied last week!

I'm going to have to contact them.