Chip +1 Account

Chlouie3

Hello MSE,
Before you continue to promote and support Chip Financial may I suggest that you read the relevant reviews on Trustpilot from people who followed the advice given by you in your last weekly email
As a starter they asked for my debit card details in order to verify my bank account and took £1.50 which I was assured would be returned in a few days.  This debit still awaits authorisation but in the meantime they’ve charged the same debit card £15.79 (why 15.79!!) and this has left my account.
My unauthorised new balance of £15.79 has been placed in a Chip Instant Access account and not the +1 Account that I applied for.
I have asked to withdraw my full balance and delete my account and have been told that this will not be possible until I connect my bank account.   This outfit appears to be very doubtful, to say the least,  and I will never ever give them the personal information that they’ve requested.
Through email and chat I’m in contact with them but remain less than confident that this will end happily.
Thought that you should know!

DireEmblem

It does seem a bit backwards, but the 'verification to withdraw' is unfortunately common across multiple service companies, it is there for your protection.  A lot of service providers work this way.

Chip is an app with a savings AI switched on by default.  What that AI does, is monitor your bank account and squirrel away what it thinks you can afford to save, in an account on their platform that you choose.

The £15.79 is not a 'charge', it is them saying "we do not think you will miss this £15.79, so let us place it in a cash account for you to help grow your savings".

I do get it though - they should place your money in the savings account you have chosen to save into by default, or the highest paying easy access account by default.

Similarly to avoid confusion with customers that do not check their T&C, all customers should need to Opt in to the ChipAI savings(autosaving with fees), and be placed on ChipLite(no fees/autosaving) by default.

Note, you can 'opt out' of the AI savings, so your Chip account is free, and be allowed to deposit manually up to 2k into the 1.25% bonus account.

If you opt into the AI savings, where they will charge a fee of £1.50 every 4 weeks, you can deposit up to £5k.

Also please do not take this the wrong way, however I would suggest you read the terms and conditions, and make sure you understand before you sign up to anything.  This is not a normal interest bearing account, nor is it presented that way.

ctdctd

Chip is not a normal savings account and, by default, it is set up to 'Autosave' to Chip Instant Access from your bank account.

If you don't want to Autosave, just switch it off in the App or you can change the destination to Chip+1 which offers the 1.25% marketing bonus.

You need to read the T&C's and act on them when signing up!

Chlouie3

PLEASE  read reviews posted by several others on Trustpilot to get a fuller understanding of the frustration suffered by those attracted to the 1.25% interest rate.
Why was the bizarre amount of £15.79 charged to my Debit Card without Chip having any knowledge of my financial status. They instigated the Auto Save arrangement, not me.  As hard as they try,  I will not give them my bank account details, never ever!
I am not alone in feeling somewhat dubious and sad that I went anywhere near this company and as for their customer support operation....try it and see.

DireEmblem

Once again, the AI is switched on by default when you sign up.  It is unfortunately yourself that has not read the T&C of what you signed up to as @ctdctd has also said.  Your frustrations are based on that.  You do not have to "Pay to save" as you put it.

I admit their customer service is not the best, but please before you complain about something you have signed up to, make sure you read the T&C - here is a link, please read price plans.

https://www.getchip.uk/faq

You do not need to cancel your debit card, you need to downgrade your plan from ChipAI, which is free for the first £100 automatically saved, to ChipLite.  You will then be able to deposit up to £2000, earn the 1.25%, and not pay any additional fees or have any auto savings as you have downgraded from those features.

Ed-1

Chlouie3 said:

PLEASE  read reviews posted by several others on Trustpilot to get a fuller understanding of the frustration suffered by those attracted to the 1.25% interest rate.
Why was the bizarre amount of £15.79 charged to my Debit Card without Chip having any knowledge of my financial status. They instigated the Auto Save arrangement, not me.  As hard as they try,  I will not give them my bank account details, never ever!
I am not alone in feeling somewhat dubious and sad that I went anywhere near this company and as for their customer support operation....try it and see.

If you link your debit card without linking your bank account, saves are calculated based on a rough level, the size of which varies from 1-5 (I'm not sure how the figure is determined).

You can pause autosaves though.

Alexland

While I agree the OP should have read what they signed up for - autosave would really annoy me.

wiseonesomeofthetime

OP will not have been the first, or likely to be the last, that has been caught out by jumping into an account for a headline rate, without understanding how the account works first!

I have not touched this account with a bargepole as I do not believe in the auto-save AI mantra.

I like total control of what I save. Just like on what I spend.

Paulus237

I echo the frustration with the Chip +1 App. I think of myself as a savvy investor and customer. I have opened dozens of bank and savings accounts just in the last 12 months. But the Chip App was not self-explanatory and I ended up on the £1.50 per 4 weeks version AND the automatic payments were going into the 0% interest account and not my 1.25% account.
Too complicated for the customer and so you don't get the headline interest advertised and end up being charged too. Not impressed at all. Other App only accounts are much easier to use!!

DireEmblem

Paulus237 said:

I echo the frustration with the Chip +1 App. I think of myself as a savvy investor and customer. I have opened dozens of bank and savings accounts just in the last 12 months. But the Chip App was not self-explanatory and I ended up on the £1.50 per 4 weeks version AND the automatic payments were going into the 0% interest account and not my 1.25% account.
Too complicated for the customer and so you don't get the headline interest advertised and end up being charged too. Not impressed at all. Other App only accounts are much easier to use!!

Your first £100 saved should be free - claim it back - refer them to their own price plan - https://www.getchip.uk/faq

StevieandSonya

On the general safety and security of this provider, can we assume that it is an OK site to be using for savings. Opened an account about a week ago. Seemed fine at the start but have been trying to query a few things via on-line chat over the past couple of days and not getting any replies?