Chip App - When is interest paid?

youngretired

I contacted them this morning and they are still trying to rectify the error and hope this will be resolved soon, there actual words were "please hang in there for us!".

youngretired

Received 1 lot of interest on 13/12 (3rd or 10th?) and still awaiting remaining 1. Had chat today regarding this as Chip is closing for Xmas on Friday and just told that they are still trying to resolve issue.

Anyone else still missing interest? This doesn't look good for us that are expecting our interest due on the 31st Dec.

El_Aguila_Calva

youngretired wrote: »

Received 1 lot of interest on 13/12 (3rd or 10th?) and still awaiting remaining 1. Had chat today regarding this as Chip is closing for Xmas on Friday and just told that they are still trying to resolve issue.

Anyone else still missing interest? This doesn't look good for us that are expecting our interest due on the 31st Dec.

Yes, I am. As with you I, last week I experienced 1 weekly update to interest "owed", it says it happened "6 days ago", so that might have been 12th Dec, but don't know whether it was for the one missing on 3rd or the one on 10th. Then this week, the usual Monday update happened yesterday. So I expected 3 updates in December, on 3rd, 10th and 17th. I had an update on 12th (say) and 17th, but am missing one or the other of the first two.
I also didn't get the "owed" interest actually credited to my account which was due to me on 3rd Dec. Contacted Chip last week, and they manually applied a "Promo Bonus" for the missing interest as it stood the previous week, but I am still missing one weekly "owed" update (I think it's only one, but looking back, I think the same sort of thing might have happened in one week during the previous quarter). I highlighted that issue and they told me, twice, that they "have notified our developers". But I haven't heard anything back since then, which was 5 days ago. Sigh.

youngretired

Just to let people know that haven't withdrawn any money yet, if the money is what you have saved then this is paid into your account on the same day if requested before 2pm, but if this is interest that has been added to your balance then this is classed as a bonus and can take up to a week to be processed and shows as pending.

gardner1

gardner1 wrote: »

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

mine has been as high as 8% this year

Zanderman

fehig wrote: »

I am pretty late to the show lol, but hoping someone will use my referral code please

Lol. As this thread is about interest, not about referrals and, more importantly, as referrals are not allowed outside the referrals board I would suggest you edit your post accordingly.

And re-post in the right place: https://forums.moneysavingexpert.com/discussion/5586709/chip-the-automatic-savings-app

youngretired

Anyone else missing their expected quarterly interest today? Mine has gone to £0 but I haven't received the normal message saying amount earned and it hasn't been added to my account balance.

The quarterly interest has always been received on the interest owed day, except if it fell on the weekend and April when there system had problems due to the Easter Bank Holiday, Hopefully this isn't a repeat of December's problems.

Once this is received I am complaining about the missing 3rd December's payment and once this has been received and withdrawn closing my Chip account.

I can understand this App being good for people that can't normally save, but since joining last December I have had to contact them numerous times about interest not being added and saves not being able to be made manually due to the system not updating and recognising funds.

Ed-1

youngretired wrote: »

Anyone else missing their expected quarterly interest today?

Yes but it's nothing i didn't expect as I haven't been paid interest on time since I joined last year...

El_Aguila_Calva

youngretired wrote: »

Anyone else missing their expected quarterly interest today? Mine has gone to £0 but I haven't received the normal message saying amount earned and it hasn't been added to my account balance.

The quarterly interest has always been received on the interest owed day, except if it fell on the weekend and April when there system had problems due to the Easter Bank Holiday, Hopefully this isn't a repeat of December's problems.

Once this is received I am complaining about the missing 3rd December's payment and once this has been received and withdrawn closing my Chip account.

I can understand this App being good for people that can't normally save, but since joining last December I have had to contact them numerous times about interest not being added and saves not being able to be made manually due to the system not updating and recognising funds.

That is exactly the same as what happened to me on 3rd December, as per our earlier posts in this thread. Eventually, after contacting support, they manually credited my quarterly interest as a Promo Bonus, but I never got that week's worth of owed interest updated. I have been waiting for them to get back to me about that for about 3 weeks now. As it happens, my weekly owed interest didn't get updated on Monday 31st Dec either, so that's now 2 weekly updates that are missing, although maybe this week's will be slightly delayed because of the time of year. I do find it beyond odd that, if the weekly interest update has a problem, it doesn't get automatically corrected next time around. It doesn't inspire confidence.

gardner1

Just been on live chat as mine is missing as well.........got following reply

"Our developers are aware of this issue and are working hard on resolving it for you "

Trouble is I've had to chase them every quarter which is becoming a pain in the ar5e only consolation is my interest rate has been as high as 8%