Chip savings app

quirkydeptless

This is the last weekend for the +1% chip sign up bonus. After that it's gone. although you keep what you've got before then until a cut off date


Due to Chip wanting to get FSCS, they can't offer it anymore and will offer maybe a savings interest instead, but expect the days of 5% tax free to be over.

quirkydeptless

Here's the link to the Chip App bonus ending



https://www.getchip-community.uk/ending-bonus-rate?fbclid=IwAR3y4Zh8nIFKOE1USiwxgKp4YLJgpY_Q9bLukzgzd-rBUU0E4ZIkw3XzuPM

barnstar2077

I am confused as to what this app is supposed to do, is there an advantage to using it instead of doing it yourself?

I get paid on the 26th. On the 1st of the month a lump sum equivalent to the months direct debits is automatically transferred into an account labelled as "Debit account." My direct debits are all taken from that account.

Once that transfer is done, I then allow £150 food allowance and £200 spending money. So leaving £350 in my current account I transfer everything else into my pension/savings/investments. I can always put some money back at the end of the month if I really, really have to, but anything that I don't spend will just be scooped up the next time I leave £350 in my current account after the next months direct debits money has automatically transferred over.

Does this app do something I am missing, or am I just living a really simple life? :rotfl:

ozaz

@barnstar2077 - the app automates savings decisions. It decides how much to save based on bank balance (and I assume a prediction of future outgoings).

Lots of people seemingly don't have the foresight or discipline to do what you are doing (paying yourself first). Young people are often accused of this but I don't think this is just an age thing. I think this problem stretches across generations. Apps like Chip could potentially help them.

Also, lots of people nowadays are not paid once per month. Lots of people, particularly younger people employed in the gig economy have irregular and variable incomes. For these individuals it actually becomes quite tricky to do what you are doing. Apps like Chip could potentially help them.

Scutter_MK

I finally finished saving, and like many, others have experienced the problems relating to auto saves, change in payment methods and less than sparkling app. I attempted to withdraw my cash on Monday and experienced problems which may be of interest to folks:

1) No bonus paid on auto saves made in the final couple of weeks (the accrued bonus was unchanged over this period)
2) This will be of particular concern to all users, and is undocumented in the help pages on the app, but they will withhold any accrued bonus for 9 days before paying it - I hope they will actually pay this, as at £131 this is not an inconsiderable amount and the main point of saving with them!
3) The app failed when initiating the withdrawal, and it took several chats / emails to get most of it paid, eventually in 2 parts (ignoring the bonus in 2), despite telling them that I wanted to withdraw all funds from the outset. Thankfully I now have my capital back.

If they fail to pay the outstanding bonus as promised, this points to their continuing incompetence (at best), or more worryingly, a possible failure in their liquidity - from which you can draw your own conclusions! I will let you know which way it pans out!

DennisTenus

In older versions of the app you could see your interest rate, I can't find this anymore, is it still there somewhere hiding?

quirkydeptless

The app seemed to get a bit ropey after the updates to add Monzo and Starling.

An unintall and re-install got it working OK for me.

I assume the removal of the display of the interest rate, i.e. bonus rate is because of the ending of the bonus scheme, but then they should still show it for those of us with time remaining to earn bonus.

I assume this is in prep for them trying to get FSCS protection and launch a savings account with actual interest.

They also have removed the 6x£100 montly limit for manual saves in prep for this too, it seems. So I've taken a punt with £10K at 5% bonus. Just have to hope Barclays Bank doesn't go under in the coming year!

DennisTenus

Where is it shown for people with time remaining to earn bonus?

£10K at 5% where??

quirkydeptless

DennisTenus wrote: »

Where is it shown for people with time remaining to earn bonus?

£10K at 5% where??

The remaining time isn't shown in the app


I keep my own records

Scutter_MK

Further to my last post, Chip failed to pay the closing balance within the 9 days promised and they haven't responded to my message posted at about 1200 today. The app says "this is an invalid amount to withdraw" when I attempted to withdraw the closing balance again earlier this evening.

I'm very relieved that at least I've got my capital back, but starting to resign myself to the fact that I've lost a years interest / "bonus" of £131 - I'll take it to the ombudsman in 5 and a bit weeks, but I don't have the warm and fuzzy feeling that Chip will still be around by then to actually pay it out. Their silence speaks volumes.

Has anyone else experienced shocking customer service from Chip? I hope my bad experience with this shower is unique, and my concerns about Chip's longevity are unfounded, but fear a lot of people could be hurt if they do crash, and will not do the e-wallet industry's reputation any good!