Chip savings app

ozaz

@stevec59, the bonus offered when you joined was always for 1 year only. You were told this when you signed up. Chip have used the bonus as a marketing tool to attract attention and customers in lieu of advertising.

I believe Chip are now in a position to offer proper FSCS-protected accounts with normal bank interest (i.e. not marketing bonuses). However this has not yet been implemented and I suspect when it does get implemented the rates will be more in line with what we can get at normal banks, rather than 3-5%.

WRT "what is the point of a so called savings account if it doesn't pay intrest?", remember Chip isn't a typical savings account. It's main feature is automatic algorithm driven saving, something banks don't offer. It seems for some people this really helps them save something instead of nothing (although obviously not something needed by people who frequent the MSE savings forum). So there is some value in a 0% interest savings account for them.

stevec59

Thanks for that.
They said on Chat that they are working on FACS and some kind of bonus system, so I’ll close my account and see what happens

Nardge

CHIP are most definitely going places...

For those with worries, queries, or reservations: perhaps try voicing them on the CHIP Forum via the link below:

https://community.getchip.uk/

Many issues have been flagged up there and are usually resolved in good time too...

With Kind Regards

Nardge

DennisTenus wrote: »

Doesn't have interest rate there, at least, not for me anyway

Well it certainly shows mine, and a tasty percentage at that...

Assuming you have the latest version of the app (the % is where I detailed), maybe try asking on the above forum link why it's not displaying there for you too...

With Kind Regards

quirkydeptless

quirkydeptless wrote: »

I've just withdrawn mine down to the £12.24 bonus, or 'invalid amount' as it seems to be called now.

Let's see if anyone can get their bonus payment.

I noticed this morning that my £12.24, which was marked as pending Yesterday when I got the invalid amount message was marked as done and had arrived in my account on a date marked 12th Aug.

So the full amount of my savings plus bonus paid so far got to me at faster payments rate.

Question now is whether to put 10K back into non-FSCS protected Chip to get 5% on it until April when my bonus runs out and hope they don't burn through all their investor money by then, or leave it in a FSCS account earning a dismal 1.5% :think:

quirkydeptless

cloud_dog wrote: »

That's nice, although ever so slightly, and not subtly, spam perhaps.

Best to report spam rather than quote it

cloud_dog

quirkydeptless wrote: »

Best to report spam rather than quote it

Oh, is that what the buttons for....;)

InvestingNow

I am very worried i was obliged to update the app, all the data was gone and i had to register again and reconnect my account, but all my money is gone, the interest, the history of saving.... and the live chat is not working .... what is going on?

Nardge

InvestingNow wrote: »

I am very worried i was obliged to update the app, all the data was gone and i had to register again and reconnect my account, but all my money is gone, the interest, the history of saving.... and the live chat is not working .... what is going on?

The Chip Team are actually very good; though difficult, try not to panic!

As described above: contact them directly on the forum link below

"CHIP are most definitely going places...

For those with worries, queries, or reservations: perhaps try voicing them on the CHIP Forum via the link below:

https://community.getchip.uk/

Many issues have been flagged up there and are usually resolved in good time too...

With Kind Regards"

OceanSound

Scutter_MK wrote: »

It was the mind-blowing sum of £131 - the interest / bonus earned in my year with Chip.

They did actually get back to me on Thur and promised it would be paid within 48 hours.

Guess what? still no money!

tbh I'll just let the ombudsman sort them out in a couple of weeks time.

They're still grappling with a system issue to do with bonus payouts. i.e. bonus does not payout on the date mentioned on app. When i logged in to app in Early November, it said payout of £37.05, payout date: 25/11/2019. I checked app on 27/11. Balance was the same (no bonus had been added).

Contacted support. Was told it will be resolved 'as soon as possible'. A vague reply (similar to the question 'how long is a piece of string?)
When asked to be specific, and if he means next week or next year, was told 'Technically it could mean 2021, however in this case it will be in the coming week or so'.

Suffice to say, they should really proactively inform customer about this issue, rather than wasting our time to contact them then giving vague/shoddy answers.

I may actually move to Zeux. Heard good things about it.