ChipX

MittMonkey

I have no idea about investments, not that I'm rolling in money, but I wondered what people's thoughts are on the new ChipX?

Thanks
Chris 

Linton

 - It seems to have a very limited range of investments.  Other investment platforms have 1000s
 - it is not very cheap at 0.25% annual chartge.  It is easy to find an investment platform significantly cheaper
 - Having carefully looked at the website I am still baffled as to what it actually does.

Eyeful

Never heard of them and cannot find them.Whats their website address?

MittMonkey

Eyeful said:

Never heard of them and cannot find them.Whats their website address?

https://www.getchip.uk/investments

Eyeful

Company is too new for me. Their systems may or not work well, only time will tell.

No search function so you have to go looking for information such as charges.

They appear to be acting as middle men between you, banks and investment fund managers. Should something go wrong, who will shoulder the  blame? Does it become a pass the buck around situation. 

No phone contact number. So contact is only via the internet. This is not what I like in this day & age from companies which are holding or dealing with my money. 

tomla

Chip are well known now for automated savings but have not been around long enough to be thoroughly tested.  BlackRock are very well known investment managers. Certainly legit. But not sure good value.

MittMonkey

tomla said:

Chip are well known now for automated savings but have not been around long enough to be thoroughly tested.  BlackRock are very well known investment managers. Certainly legit. But not sure good value.

Yes, I'm a Chip customer, so have been seeing the emails about ChipX coming up.

This is the reason why I asked the question, as it seems a no-hassle way to get into investing. 

Emmia

MittMonkey said:

tomla said:

Chip are well known now for automated savings but have not been around long enough to be thoroughly tested.  BlackRock are very well known investment managers. Certainly legit. But not sure good value.

Yes, I'm a Chip customer, so have been seeing the emails about ChipX coming up.

This is the reason why I asked the question, as it seems a no-hassle way to get into investing. 

I'm a happy Chip customer, but I'll not be doing ChipX - The ChipAI comes with a General Investment account option, but not a S&S ISA which seems to be the point of difference for ChipX.

ChipAI is fine for me as I've already got a S&S ISA with Moneybox, which I like as it's geared up to regular deposits via round ups, and weekly contributions - Moneybox also has a great tool that projects/estimates "future value" in 10 years if you alter your weekly contributions.

If you're looking to get into investing via funds etc. there are plenty of providers out there.

njminoruk

Emmia said:

MittMonkey said:

tomla said:

Chip are well known now for automated savings but have not been around long enough to be thoroughly tested.  BlackRock are very well known investment managers. Certainly legit. But not sure good value.

Yes, I'm a Chip customer, so have been seeing the emails about ChipX coming up.

This is the reason why I asked the question, as it seems a no-hassle way to get into investing. 

I'm a happy Chip customer, but I'll not be doing ChipX - The ChipAI comes with a General Investment account option, but not a S&S ISA which seems to be the point of difference for ChipX).

ChipAI is fine for me as I've already got a S&S ISA with Moneybox, which I like as it's geared up to regular deposits via round ups, and weekly contributions - Moneybox also has a great tool that projects/estimates "future value" in 10 years if you alter your weekly contributions.

If you're looking to get into investing via funds etc. there are plenty of providers out there.

They do SS ISA's.  If you select an Investment option then bang in your NI number it asked at end if you want it saving via an SS ISA or GIA.  I've opened one as a GIA because I got an SS ISA and cancelled it after April (was not aware of rules), but you'd need to be shoveling 10k in to make enough interest to pay any tax assuming it did well so alright for now and can move it about next year / have a few on go at once in different investments which seems wise.

I think fees will always be a bit higher if they make it all pretty and do it for you.  I'm taking 50 quid here and there so playing at it with money I'd not get stressed about losing in the most extreme of cases.

Emmia

njminoruk said:

Emmia said:

MittMonkey said:

tomla said:

Chip are well known now for automated savings but have not been around long enough to be thoroughly tested.  BlackRock are very well known investment managers. Certainly legit. But not sure good value.

Yes, I'm a Chip customer, so have been seeing the emails about ChipX coming up.

This is the reason why I asked the question, as it seems a no-hassle way to get into investing. 

I'm a happy Chip customer, but I'll not be doing ChipX - The ChipAI comes with a General Investment account option, but not a S&S ISA which seems to be the point of difference for ChipX).

ChipAI is fine for me as I've already got a S&S ISA with Moneybox, which I like as it's geared up to regular deposits via round ups, and weekly contributions - Moneybox also has a great tool that projects/estimates "future value" in 10 years if you alter your weekly contributions.

If you're looking to get into investing via funds etc. there are plenty of providers out there.

They do SS ISA's.  If you select an Investment option then bang in your NI number it asked at end if you want it saving via an SS ISA or GIA.  I've opened one as a GIA because I got an SS ISA and cancelled it after April (was not aware of rules), but you'd need to be shoveling 10k in to make enough interest to pay any tax assuming it did well so alright for now and can move it about next year / have a few on go at once in different investments which seems wise.

I think fees will always be a bit higher if they make it all pretty and do it for you.  I'm taking 50 quid here and there so playing at it with money I'd not get stressed about losing in the most extreme of cases.

I know they do, but I already have a S&S ISA - and I'm aware of the rules.

As it's the differentiator between ChipAi  and ChipX there is no point in me paying more money for a service I can't use.

njminoruk

Emmia said:

njminoruk said:

Emmia said:

MittMonkey said:

tomla said:

Chip are well known now for automated savings but have not been around long enough to be thoroughly tested.  BlackRock are very well known investment managers. Certainly legit. But not sure good value.

Yes, I'm a Chip customer, so have been seeing the emails about ChipX coming up.

This is the reason why I asked the question, as it seems a no-hassle way to get into investing. 

I'm a happy Chip customer, but I'll not be doing ChipX - The ChipAI comes with a General Investment account option, but not a S&S ISA which seems to be the point of difference for ChipX).

ChipAI is fine for me as I've already got a S&S ISA with Moneybox, which I like as it's geared up to regular deposits via round ups, and weekly contributions - Moneybox also has a great tool that projects/estimates "future value" in 10 years if you alter your weekly contributions.

If you're looking to get into investing via funds etc. there are plenty of providers out there.

They do SS ISA's.  If you select an Investment option then bang in your NI number it asked at end if you want it saving via an SS ISA or GIA.  I've opened one as a GIA because I got an SS ISA and cancelled it after April (was not aware of rules), but you'd need to be shoveling 10k in to make enough interest to pay any tax assuming it did well so alright for now and can move it about next year / have a few on go at once in different investments which seems wise.

I think fees will always be a bit higher if they make it all pretty and do it for you.  I'm taking 50 quid here and there so playing at it with money I'd not get stressed about losing in the most extreme of cases.

I know they do, but I already have a S&S ISA - and I'm aware of the rules.

As it's the differentiator between ChipAi  and ChipX there is no point in me paying more money for a service I can't use.

Aye fair do's misread you was differentiating between ChipAi and ChipX so all good. Never said you wern't aware of the rules (unlike me until yesterday!)