Chip -125

missymouse

Does anyone use this ap. is it worthwhile 

eskbanker

Don't know what the '-125' means or how you measure what's worthwhile to you, but if you're referring to Chip as a company, there are plenty of threads on here about them and their products, a recent one (after mention in the weekly MSE email) being:

https://forums.moneysavingexpert.com/discussion/6223477/chip-is-this-company-fca-regulated-and-safe-to-use-for-savings/p1

missymouse

Thanks, it was in this weeks’ email😅

Alexland

eskbanker said:

Don't know what the '-125' means or how you measure what's worthwhile to you

The interest rate is 1.25% on the bring a friend or MSE code offer. Personally I am avoiding Chip as the luddite in me doesn't want to do Open Banking and I don't believe that I need the help of AI algorithms to meet my goals.

missymouse

I think I will give it a miss reading the other thread

rajv31

I did sign up to Chip+1 with a regular saving of £50p.m. (or any amount you choose).  I also use their autosave feature which their AI estimates and puts aside from time to time. All of this is done at the point of signing up via the app; however, you are unable to withdraw until their verification procedures are complete. This means that you are putting aside your savings until Chip confirms that your verification has been successful. I have submitted my documents via the app and I am still awaiting approval for almost a week now! Verification is sub-contracted to '.... their providers Onfido'.  My queries via Live Chat remain unanswered. Their customer support is probably the worst that I have ever encountered of any fintech institution. I can foresee that Chip will be blaming the delay on Christmas, covid19, or Onfido, or all three for this delay. This will be a lame excuse anyway since other organisations have responded within 48 hours during rush periods. So by comparison, Chip do leave much to be desired. Curve, Monzo, Revolut & Staring truly leave Chip for dust in this regard! Please be warned!