Chip App - When is interest paid?

ozaz

I had interest credited to my account on 24 Dec (exactly 3 months after receiving my previous interest payment. However, this didn't show up in the app until today.

youngretired

My final quarterly interest was finally applied this afternoon and I got the missing week of interest applied after my complaint being received. Requested my last withdrawal and once received account will be closed.

Alexland

It often fails to suprise me how these user experience focused FinTech companies who tell us how they are reinventing the old banking and investment products prove themselves incapable of even doing the basics properly. Seems a classic case of having the wrong priorities, underestimating the task and launching products before being ready.

Alex

moiraf2020

I joined Chip last December (2017) and as I had 3% I topped up frequently. After I received my final interest payment yesterday which was due on 31st December I messaged them a little while ago to close my account.
Got a payment into my bank almost immediately and it was £139 and some pennies short of the amount that was in my account.
They've shut the app down now and I foolishly never took a screenshot - although I did write the full amount down.
I've dropped them an email asking for an explanation, and I'm wondering if it's the interest that they're holding onto.
Has anyone else closed down their account and never got the full amount due?
I wish now I'd withdrawn all but a tenner and then closed it.

youngretired

As mentioned on a previous post interest is classed as a bonus and withdrawals can take up to 7 working days (as advised by Chip when queried today) to be processed. That's why I'm waiting until I know the funds have reached my account before closing the Chip account. You may be lucky and the interest will reach your account later.

Nardge

Hi all,

A couple of quick queries...

- My interest rate is still showing as 5% despite us having passed the 31st of December 2018.

That suits me fine evidently, but has anyone else's interest rate dropped to 1%?

- Also, reading the above, the interest is a 'Bonus' is it therefore taxable?

I look forward to hearing from you,


With Kind Regards

moiraf2020

I finally received my interest from Chip today. I closed the account on 31st December 2018 and I must admit I was getting worried that I would get it.
Many emails back and forth, the first 2 of which didn't go to their main email account ........
I never got an apology as such but I have the money.
Surprised that they delayed in giving the whole years' interest as they say it is calculated 3 monthly. Foolish me think it would be added too the account 3 monthly. Hey ho! But £139 for doing nothing.

Nardge

moiraf2020 wrote: »

I finally received my interest from Chip today. I closed the account on 31st December 2018 and I must admit I was getting worried that I would get it.
Many emails back and forth, the first 2 of which didn't go to their main email account ........
I never got an apology as such but I have the money.
Surprised that they delayed in giving the whole years' interest as they say it is calculated 3 monthly. Foolish me think it would be added too the account 3 monthly. Hey ho! But £139 for doing nothing.

As for me, my experience with CHIP has been exemplary. I ultimately clocked up £10,000 of savings with them over the course of the last year, and have received 5% interest on a 3-monthly basis without issue. I have since gone on to invest directly in their Crowdfund, and look forward to 7% interest on savings, and 8% interest on future investments in their fledgling CHIP X peer-to-peer scheme. Hopefully they'll be the next 'Monzo' or 'Revolut'! Fingers-crossed x

With Kind regards