The Top Easy Access Savings Discussion Area

OceanSound

worriednoob said:

Let's leave the pronoun business to a different topic/different day  .  

As a saver, I'm extremely worried with what @wmb194 has recently posted on THIS THREAD about Chip's finances on Companies House.  The company is making colossal losses according to their full accounts (upto Dec 2022) released at end of April 2023.

Isn't this a cause for concern for other savers?  I thought as a bank, they would have been financially stress-tested to ensure that they wouldn't go bust and leave customers out of pocket? 

Let's leave the pronoun business to a different topic/different day  .  

There is really no need. As i've said in my previous post I wouldn't have called him/her/them using a 'personal pronoun' when replying to one of his/her/their posts or sending them a personal message (PM).

If I did I would've had to start the PM...'Hello He, I was wondering ...'. See my point?

Also, Chip may not be a bank as others have said, but they claim to have FSCS protection. I beleive your post should've said 'I thought as a bank financial institution that is covered by FSCS, they would've been financially stress-tested.....'.

Others replying also should've picked up on this, rather than repeating parrot fashion 'x is not a bank' if/when they are aware that you mean a financial institution protected by FSCS.

edit: I've some saving in Chip, so not part of any anti-chip campaign.

wmb194

worriednoob said:

Let's leave the pronoun business to a different topic/different day  .  

As a saver, I'm extremely worried with what @wmb194 has recently posted on THIS THREAD about Chip's finances on Companies House.  The company is making colossal losses according to their full accounts (upto Dec 2022) released at end of April 2023.

Isn't this a cause for concern for other savers?  I thought as a bank, they would have been financially stress-tested to ensure that they wouldn't go bust and leave customers out of pocket? 

Chip isn't a bank, it's an intermediary. IIRC deposits are held with ClearBank. If Chip goes '!!!!!!' it shouldn't be a problem, the biggest danger is probably that you might lose access for a week or two whilst the returning of deposits is being sorted out.

OceanSound

wmb194 said:

worriednoob said:

Let's leave the pronoun business to a different topic/different day  .  

As a saver, I'm extremely worried with what @wmb194 has recently posted on THIS THREAD about Chip's finances on Companies House.  The company is making colossal losses according to their full accounts (upto Dec 2022) released at end of April 2023.

Isn't this a cause for concern for other savers?  I thought as a bank, they would have been financially stress-tested to ensure that they wouldn't go bust and leave customers out of pocket? 

Chip isn't a bank, it's an intermediary. IIRC deposits are held with ClearBank. If Chip goes '!!!!!!' it shouldn't be a problem, the biggest danger is probably that you might lose access for a week or two whilst the returning of deposits is being sorted out.

Shouldn't be a problem?

worriednoob

Thanks for clarifying this guys.  Unless I'm looking at this wrong, I've gone onto the FSCS website and it's showing that Chip is NOT PROTECTED:-

wmb194

OceanSound said:

wmb194 said:

worriednoob said:

Let's leave the pronoun business to a different topic/different day  .  

As a saver, I'm extremely worried with what @wmb194 has recently posted on THIS THREAD about Chip's finances on Companies House.  The company is making colossal losses according to their full accounts (upto Dec 2022) released at end of April 2023.

Isn't this a cause for concern for other savers?  I thought as a bank, they would have been financially stress-tested to ensure that they wouldn't go bust and leave customers out of pocket? 

Chip isn't a bank, it's an intermediary. IIRC deposits are held with ClearBank. If Chip goes '!!!!!!' it shouldn't be a problem, the biggest danger is probably that you might lose access for a week or two whilst the returning of deposits is being sorted out.

Shouldn't be a problem?

A turn of phrase. Won't be a problem if you prefer.

wmb194

worriednoob said:

Thanks for clarifying this guys.  Unless I'm looking at this wrong, I've gone onto the FSCS website and it's showing that Chip is NOT PROTECTED:-

Chip isn't a bank/deposit taker. You should be looking at ClearBank:

Band7

@worriednoob, please don't post the same stuff in multiple threads. I have just commented on your latest post in the other thread.

jimexbox

I don't use chip myself, but I'm at a loss as to why it's so hard for some to understand their business model. They are fully regulated by the FCA, they don't claim to be a bank or have FSCS protection. That is not their business model.

Bigwheels1111

loo Looks safe to me.

https://moneytothemasses.com/banking/chip-app-review-is-it-the-best-way-to-save#:~:text=£119.87-,Is%20Chip%20safe%20to%20use%3F,Services%20Compensation%20Scheme%20(FSCS).

OceanSound

jimexbox said:

I don't use chip myself, but I'm at a loss as to why it's so hard for some to understand their business model. They are fully regulated by the FCA, they don't claim to be a bank or have FSCS protection. That is not their business model.

Their website says this:

FSCS Eligible

Eligible deposits in our savings accounts are protected under the Financial Services Compensation Scheme.

If that doesn't scream 'have FSCS protection ' then what will?