A little clarification with chip please

gc747

Hello, 

last night I signed up for a chip account. I used the VIP code that Martin Lewis said (MSE25) to get 1.25% interest on my savings.. I just want to clarify a few things with you clever lot if that’s ok? I have the chip+1 account active only. 

1. How easy is it to access my money? 

2. I read somewhere that every £100 the app auto saves from my account is charged £1. Is this only on the savings it automatically transfers from my bank account for me? 

3. I’ve turned off the auto saving feature for 2 weeks, as I don’t really want to use that, I just want a lump sum (under £2000) that’s getting 1.25% interest on. Can I manually deposits say £1000 and get 1.25% interest and I won’t get charged a penny? 

Thanks for any help 

Ed-1

gc747 said:

Hello, 

last night I signed up for a chip account. I used the VIP code that Martin Lewis said (MSE25) to get 1.25% interest on my savings.. I just want to clarify a few things with you clever lot if that’s ok? I have the chip+1 account active only. 

1. How easy is it to access my money? 

2. I read somewhere that every £100 the app auto saves from my account is charged £1. Is this only on the savings it automatically transfers from my bank account for me? 

3. I’ve turned off the auto saving feature for 2 weeks, as I don’t really want to use that, I just want a lump sum (under £2000) that’s getting 1.25% interest on. Can I manually deposits say £1000 and get 1.25% interest and I won’t get charged a penny? 

Thanks for any help 

You can withdraw from Chip+1 account any time and if before 5pm on a working day it will be back in your linked current account usually the next working day.

There are 2 payment plans. There's ChipAI which gives you access to a 1.25% bonus on up to £10k in Chip+1 but costs £1.50 every 28 days (first 28 days are free).

You can also change to the ChipLite plan which gives you 1.25% on up to £2k in Chip+1 and autosaves are disabled with no £1.50 fee.

gc747

Ed-1 said:

gc747 said:

Hello, 

last night I signed up for a chip account. I used the VIP code that Martin Lewis said (MSE25) to get 1.25% interest on my savings.. I just want to clarify a few things with you clever lot if that’s ok? I have the chip+1 account active only. 

1. How easy is it to access my money? 

2. I read somewhere that every £100 the app auto saves from my account is charged £1. Is this only on the savings it automatically transfers from my bank account for me? 

3. I’ve turned off the auto saving feature for 2 weeks, as I don’t really want to use that, I just want a lump sum (under £2000) that’s getting 1.25% interest on. Can I manually deposits say £1000 and get 1.25% interest and I won’t get charged a penny? 

Thanks for any help 

You can withdraw from Chip+1 account any time and if before 5pm on a working day it will be back in your linked current account usually the next working day.

There are 2 payment plans. There's ChipAI which gives you access to a 1.25% bonus on up to £10k in Chip+1 but costs £1.50 every 28 days (first 28 days are free).

You can also change to the ChipLite plan which gives you 1.25% on up to £2k in Chip+1 and autosaves are disabled with no £1.50 fee.

Absolutely bang on! Thank you for clarifying! Why everyone hasn’t jumped on board the chip+1  deal is a mystery! Thanks again 

someone

gc747 said:

Ed-1 said:

gc747 said:

Hello, 

last night I signed up for a chip account. I used the VIP code that Martin Lewis said (MSE25) to get 1.25% interest on my savings.. I just want to clarify a few things with you clever lot if that’s ok? I have the chip+1 account active only. 

1. How easy is it to access my money? 

2. I read somewhere that every £100 the app auto saves from my account is charged £1. Is this only on the savings it automatically transfers from my bank account for me? 

3. I’ve turned off the auto saving feature for 2 weeks, as I don’t really want to use that, I just want a lump sum (under £2000) that’s getting 1.25% interest on. Can I manually deposits say £1000 and get 1.25% interest and I won’t get charged a penny? 

Thanks for any help 

You can withdraw from Chip+1 account any time and if before 5pm on a working day it will be back in your linked current account usually the next working day.

There are 2 payment plans. There's ChipAI which gives you access to a 1.25% bonus on up to £10k in Chip+1 but costs £1.50 every 28 days (first 28 days are free).

You can also change to the ChipLite plan which gives you 1.25% on up to £2k in Chip+1 and autosaves are disabled with no £1.50 fee.

Absolutely bang on! Thank you for clarifying! Why everyone hasn’t jumped on board the chip+1  deal is a mystery! Thanks again 

I took a good look at it earlier, the structuring of interest underneath the principle, very high mentions of FSCS on the site, this site's details of it been lengthy, and explaining why they can offer such rate due to referral saving marketing budget all smell a bit too much like a pyramid scheme (all be it pyramid scheme lite) to me.

gc747

someone said:

gc747 said:

Ed-1 said:

gc747 said:

Hello, 

last night I signed up for a chip account. I used the VIP code that Martin Lewis said (MSE25) to get 1.25% interest on my savings.. I just want to clarify a few things with you clever lot if that’s ok? I have the chip+1 account active only. 

1. How easy is it to access my money? 

2. I read somewhere that every £100 the app auto saves from my account is charged £1. Is this only on the savings it automatically transfers from my bank account for me? 

3. I’ve turned off the auto saving feature for 2 weeks, as I don’t really want to use that, I just want a lump sum (under £2000) that’s getting 1.25% interest on. Can I manually deposits say £1000 and get 1.25% interest and I won’t get charged a penny? 

Thanks for any help 

You can withdraw from Chip+1 account any time and if before 5pm on a working day it will be back in your linked current account usually the next working day.

There are 2 payment plans. There's ChipAI which gives you access to a 1.25% bonus on up to £10k in Chip+1 but costs £1.50 every 28 days (first 28 days are free).

You can also change to the ChipLite plan which gives you 1.25% on up to £2k in Chip+1 and autosaves are disabled with no £1.50 fee.

Absolutely bang on! Thank you for clarifying! Why everyone hasn’t jumped on board the chip+1  deal is a mystery! Thanks again 

I took a good look at it earlier, the structuring of interest underneath the principle, very high mentions of FSCS on the site, this site's details of it been lengthy, and explaining why they can offer such rate due to referral saving marketing budget all smell a bit too much like a pyramid scheme (all be it pyramid scheme lite) to me.

I’m intrigued.. I know very little about pyramid schemes.. (in fact just had to google!) by mentioning the FSCS so much, is this basically saying to users of the app like me.. enjoy while you can but any moment we will go bankrupt and you’ll be left fighting for your money? 

someone

It's more they are placing an undue emphasis on FSCS protection, in 4 different areas excluding the small print, in the main copy. Given they clearly think its a key selling point so why would they not structure the product in such a way that the protection would extend to the paid interest? Answer could be they are reliant on doing something that they can't do with the cash if it was in fact structured that way and/or they want it "outside regulations".

In a way I'm treating them as would an insurance company when they see boy racer with a car with loads of modification. Higher risk. Don't get me wrong FSCS protection will protect your deposit but based on the above I would assume there is a bigger risk of that interest rate ending up been 0% retrospectively.

DireEmblem

It is an overly complicated savings account that should be relatively safe.

They're trying to entice users in now with the savings accounts, in the hope they convert to the 'invest' account.

gc747

someone said:

It's more they are placing an undue emphasis on FSCS protection, in 4 different areas excluding the small print, in the main copy. Given they clearly think its a key selling point so why would they not structure the product in such a way that the protection would extend to the paid interest? Answer could be they are reliant on doing something that they can't do with the cash if it was in fact structured that way and/or they want it "outside regulations".

In a way I'm treating them as would an insurance company when they see boy racer with a car with loads of modification. Higher risk. Don't get me wrong FSCS protection will protect your deposit but based on the above I would assume there is a bigger risk of that interest rate ending up been 0% retrospectively.

Thanks for your input, you’ve clearly researched company and your perspective is very informative thank you 👍. 

To be honest, Even if I just get one or two interest payments at 1.25% it’s better than my money sat there doing nothing 

gc747

DireEmblem said:

It is an overly complicated savings account that should be relatively safe.

They're trying to entice users in now with the savings accounts, in the hope they convert to the 'invest' account.

Thank you for your reply, I think your bang on the money it’s a cheap gimmick to get new customers to potentially invest in the long run, for me not having to pay anything and get 1.25% on £2000 I’m fairly happy. As soon as things start changing I take my money and run, no harm done and maybe a few quid better off 😂 

drphila

Ed-1 said:

You can also change to the ChipLite plan which gives you 1.25% on up to £2k in Chip+1 and autosaves are disabled with no £1.50 fee.

For those who don't know, change to ChipLite via profile (bottom right) > your plan > view plans > swipe to see other plans > select plan

arealhighlander

Would someone confirm, if you have the Chip-AI account you only get charged the £1.50 if you use the AI bit to autosave money, if you just bang in £10k and switch off the AI bit you get a 1.25% savings account with no monthly fee?