Chip +1 Account

OceanSound

quirkydeptless said:

OceanSound said:

quirkydeptless said:

A nice little bonus for me from Chip. I got a free £25 prize a while back too.

We're giving you £15! You've qualified. We're delighted to tell you that you've qualified for our special offer to get £15 for depositing into your Chip+1 account last week!

Hi Quirky, your savings journey starts here. The £15 will be paid as a bonus into your Chip account in two months' time (between 18 and 30 July 2021), provided you still have a positive balance in Chip+1 on that date.

Have you or anyone else received the bonus yet?

I haven't. 

Could it be because they are not a bank and have a poor understanding of how an offer works?

"between 18 and 30 July 2021"

Could it be because you are not a bank and have a poor understanding of how a calendar works?

I'm asking 'have you received it yet?', because I'm aware of the 'between'.

'Could it be because you are not a bank...' doesn't even make sense here. Definitely not a bank or anything resembling one 

Emmia

OceanSound said:

Fletchasketch said:

Emmia said:

Fletchasketch said:

Thanks for the feedback. On reflection I should have done a bit more research, just so used to every bank having pretty much instant transfers (even cross bank and internationally!) and don't understand why any bank would do things differently. 

I've now had to take out a loan to cover the payments I won't have funds with. Luckily if repaid within 14 days no interest will be charged, so no issue there other than the faff!! 

Chip is a platform, rather than a bank...

To quote them

"Chip is not a bank. We provide access to savings accounts with UK authorised partner banks that are covered by the Financial Services Compensation Scheme (FSCS), and an e-money wallet with a UK authorised e-money provider."

Excuse my ignorance, but why would being a platform rather than a bank make transferring money slower?

Some folks on here latch on to fintech's not being a 'bank' to cover up their poor performance. 

Emmia said:

Fletchasketch said:

Ed-1 said:

Because you're not instructing the Bank directly. Chip are. So there's extra processing time.

So Chip sit on a request for 3 days before calling their friends at the bank to ask them to do a transfer that takes 30 seconds? Still doesn't make any sense to me.

Regardless, have closed the account- I'm clearly not alone in thinking it's dreadful based on the Trust Pilot reviews!

I've just looked at the Trustpilot reviews. Chip scores 4.2 overall and - 73% positive (Excellent). The negatives are mostly from people who didn't understand how Chip works, or didn't read the T&Cs. 

Rates for other providers are...
Barclays 1.2,
HSBC, 1.3,
Lloyds 1.8

Nutmeg 4.3
Moneybox 4.3

Trustpilot is no measure of how good a business is unless one is aware of how to weed out the chaff. Take for example the business ExpressVPN. Has a good Trustpilot record, but I recently found that they charged my PayPal account even when the auto-renew was cancelled. When I contacted ExpressVpn they said it was still active. Once I told them I have screenshots they changed their tune and refunded the incorrectly (unlawfully) charged yearly fee and cancelled subscription. 

Whatever the flaws of trustpilot, all the data/scores comes from a single survey - I'm not trying to use different datasets.

eskbanker

Emmia said:

Whatever the flaws of trustpilot, all the data/scores comes from a single survey - I'm not trying to use different datasets.

What do you mean by 'a single survey'?  Surely the essence of review sites is that anyone can post anything at any time, with no quality control or structure, so there is nothing connecting them other than the site that happens to host them?  A survey would typically entail asking a controlled audience structured questions over a defined timescale, in order to have some sort of objective validity....

Emmia

eskbanker said:

Emmia said:

Whatever the flaws of trustpilot, all the data/scores comes from a single survey - I'm not trying to use different datasets.

What do you mean by 'a single survey'?  Surely the essence of review sites is that anyone can post anything at any time, with no quality control or structure, so there is nothing connecting them other than the site that happens to host them?  A survey would typically entail asking a controlled audience structured questions over a defined timescale, in order to have some sort of objective validity....

They've asked the same questions of all customers who have filled in the scores, and the star markings are also on the same scale.

I'm not comparing a site that marks out of 10 or 100 with one that marks out of 5.

eskbanker

Emmia said:

eskbanker said:

Emmia said:

Whatever the flaws of trustpilot, all the data/scores comes from a single survey - I'm not trying to use different datasets.

What do you mean by 'a single survey'?  Surely the essence of review sites is that anyone can post anything at any time, with no quality control or structure, so there is nothing connecting them other than the site that happens to host them?  A survey would typically entail asking a controlled audience structured questions over a defined timescale, in order to have some sort of objective validity....

They've asked the same questions of all customers who have filled in the scores, and the star markings are also on the same scale.

I'm not comparing a site that marks out of 10 or 100 with one that marks out of 5.

What are those questions?  My understanding is that the process is essentially just 'give a mark from 1 to 5 and write what you like' rather than anything with any meaningful structure, so still don't see Trustpilot as a survey in any real sense - companies being scored on the same scale is the bare minimum to be expected on such sites, but that hardly constitutes a single survey as such!

quirkydeptless

quirkydeptless said:

A nice little bonus for me from Chip. I got a free £25 prize a while back too.

We're giving you £15! You've qualified. We're delighted to tell you that you've qualified for our special offer to get £15 for depositing into your Chip+1 account last week!

Hi Quirky, your savings journey starts here. The £15 will be paid as a bonus into your Chip account in two months' time (between 18 and 30 July 2021), provided you still have a positive balance in Chip+1 on that date.

My £15 bonus arrived Today

OceanSound

quirkydeptless said:

quirkydeptless said:

A nice little bonus for me from Chip. I got a free £25 prize a while back too.

We're giving you £15! You've qualified. We're delighted to tell you that you've qualified for our special offer to get £15 for depositing into your Chip+1 account last week!

Hi Quirky, your savings journey starts here. The £15 will be paid as a bonus into your Chip account in two months' time (between 18 and 30 July 2021), provided you still have a positive balance in Chip+1 on that date.

My £15 bonus arrived Today

Mine arrived the same day as yours (29 July). Noticed this was just after the monthly charge of £1.50 was billed (that was on 27 July) to bank account.

Transferred out the bonus (£15) + balance (£1) to bank account yesterday (30 July) and it had arrived at bank account same day.

Profit = £10.50 (£15.00 - (£1.50 x 3 months monthly charge))