Chip - guaranteed £25

BlueNoseChas

HardCoreProgrammer2 said:

Does anyone know when this £25 bonus was removed please?
Checking https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#chip now, I cannot find any reference to the £25, and I opened the account in late May and do not remember seeing the reference either.

I opened mine in late March and though I couldn't tell you for certain, for some reason I am thinking you had to open the account by April to get that bonus.

Don't quote me on it though, I know it makes no sense when bonus was paid on what you had in there in July but April just seems to be ringing a bell.

reubzen

I don't remember the exact date but you had to open the account by early April and despite doing so and only ever having £10k in the account, I've only received £20 bonus

sharkei

reubzen said:

I don't remember the exact date but you had to open the account by early April and despite doing so and only ever having £10k in the account, I've only received £20 bonus

The information sheet from MSE that promoted the Chip +1 account states that "To qualify (for the £5 bonus for every £2,000 you save) sign up via our link by 11:59pm on Thu 8 April.  The cashback's calculated on the amount in your account on 8 July 2021.  Then the bonus is added to your Chip+1 account by 22July 2021".

I received my £25 on 12th July 2021, and the first interest credit to the account on 29th June 2021.

BlueNoseChas

sharkei said:

reubzen said:

I don't remember the exact date but you had to open the account by early April and despite doing so and only ever having £10k in the account, I've only received £20 bonus

The information sheet from MSE that promoted the Chip +1 account states that "To qualify (for the £5 bonus for every £2,000 you save) sign up via our link by 11:59pm on Thu 8 April.  The cashback's calculated on the amount in your account on 8 July 2021.  Then the bonus is added to your Chip+1 account by 22July 2021".

I received my £25 on 12th July 2021, and the first interest credit to the account on 29th June 2021.

Good work for clearing that up geezer 

I definitely remember needing to open the account rather sharpish to secure the bonus which I did.

I can only assume that there must be an explanation, well specific reason, why some haven't received the full 25 quid.

reubzen

Okay so I messaged Chip and here's what happened to me. When I received my first bonus payment at the end of June for £28.80, I withdrew that money from my account. It turns out that behind the scenes, the bonus money is treated differently and the only way to actually withdraw it as to withdraw my total balance. So I had £10,000 + £28.80 but then by withdrawing £28.80, what actually happened was that I then had £9,971.20 + £28.80 and so I did not receive the full £25 MSE bonus. Chip have said they will be manually giving me the extra £5 as they said "this could have been made a lot clearer in the terms and conditions of the offer".

colsten

reubzen said:

Okay so I messaged Chip and here's what happened to me. When I received my first bonus payment at the end of June for £28.80, I withdrew that money from my account. It turns out that behind the scenes, the bonus money is treated differently and the only way to actually withdraw it as to withdraw my total balance. So I had £10,000 + £28.80 but then by withdrawing £28.80, what actually happened was that I then had £9,971.20 + £28.80 and so I did not receive the full £25 MSE bonus. Chip have said they will be manually giving me the extra £5 as they said "this could have been made a lot clearer in the terms and conditions of the offer".

Well done for figuring this out, and for getting the bonus regardless. It's quite cheeky that they don't point this out in the T&Cs and everyone in the same situation should politely complain.

This is similar to something Nationwide are doing with their Regular Saver, also without appropriate mention in their T&Cs. For accounts with minimum deposit amounts, it seems worth double-checking beforehand what will happen when any withdrawal is made.

BlueNoseChas

reubzen said:

Okay so I messaged Chip and here's what happened to me. When I received my first bonus payment at the end of June for £28.80, I withdrew that money from my account. It turns out that behind the scenes, the bonus money is treated differently and the only way to actually withdraw it as to withdraw my total balance. So I had £10,000 + £28.80 but then by withdrawing £28.80, what actually happened was that I then had £9,971.20 + £28.80 and so I did not receive the full £25 MSE bonus. Chip have said they will be manually giving me the extra £5 as they said "this could have been made a lot clearer in the terms and conditions of the offer".

I remember reading right from when the original offer first came on MSE it said the interest/bonus gets paid in somewhere else and you have to draw it out separately. 

I've got a feeling you might even have to withdraw everything to get your interest and then pay it all back in.

The thought of taking those odd bits hasn't even crossed my mind, surely no one can be that skint that they need to get their hands on 28 quid when they've got 10K in there?

BlueNoseChas

reubzen said:

Okay so I messaged Chip and here's what happened to me. When I received my first bonus payment at the end of June for £28.80, I withdrew that money from my account. It turns out that behind the scenes, the bonus money is treated differently and the only way to actually withdraw it as to withdraw my total balance. So I had £10,000 + £28.80 but then by withdrawing £28.80, what actually happened was that I then had £9,971.20 + £28.80 and so I did not receive the full £25 MSE bonus. Chip have said they will be manually giving me the extra £5 as they said "this could have been made a lot clearer in the terms and conditions of the offer".

I remember reading right from when this original offer first came up on MSE it said the interest/bonus gets paid in to somewhere else and so you have to draw it out separately. 

I've got a feeling you might even have to withdraw everything to get your interest and then pay it all back in.

The thought of taking those odd bits hasn't even crossed my mind, surely no one can be that skint that they need to get their hands on 28 quid when they've got 10K in there?

reubzen

BlueNoseChas said:

reubzen said:

Okay so I messaged Chip and here's what happened to me. When I received my first bonus payment at the end of June for £28.80, I withdrew that money from my account. It turns out that behind the scenes, the bonus money is treated differently and the only way to actually withdraw it as to withdraw my total balance. So I had £10,000 + £28.80 but then by withdrawing £28.80, what actually happened was that I then had £9,971.20 + £28.80 and so I did not receive the full £25 MSE bonus. Chip have said they will be manually giving me the extra £5 as they said "this could have been made a lot clearer in the terms and conditions of the offer".

I remember reading right from when this original offer first came up on MSE it said the interest/bonus gets paid in to somewhere else and so you have to draw it out separately. 

I've got a feeling you might even have to withdraw everything to get your interest and then pay it all back in.

The thought of taking those odd bits hasn't even crossed my mind, surely no one can be that skint that they need to get their hands on 28 quid when they've got 10K in there?

Yeah that's exactly how I was told it works. You have to withdraw everything and put it back in. It's not a question of being skint, it's that you don't earn interest on anything over £10k, so considering how low effort I thought it was to just tap withdraw and type in the excess, I just did that

pnb

anyone else still waiting for their bonus?