Chip Savings

quirkydeptless

I keep £2000 in Chip for the £1.25% bonus. The £2000 can be held for free and is FSCS protected. The bonus is held seperately somewhere that isn't protected, but I'm happy to take the risk on a few quid for that for a bit of extra cash.

I've done well out of Chip bonues (espsecially when it was 5% ) and also won some of their prize promotions.

So I'm happy with Chip but not actually interested in their main products, i.e. auto-saving and the investments.

maxsteam

colsten said:

maxsteam said:

numbersrule said:

It seems funds are held with ClearBank which provides the FSCS protection.

There's a bloke in a pub near here who will promise to put your money into a bank with FSCS protection. He's offering 1.33%.

I don‘t personally use CHIP but I think there is no need to scaremonger. If you have reason to believe they are abusing their licence, you should inform the FCA without delay.

I don't know the bloke's name. I'm not even going to bother asking if he's registered with anyone. I'm simply not interested in trusting someone else to take my savings to a proper bank.

colsten

maxsteam said:

colsten said:

maxsteam said:

numbersrule said:

It seems funds are held with ClearBank which provides the FSCS protection.

There's a bloke in a pub near here who will promise to put your money into a bank with FSCS protection. He's offering 1.33%.

I don‘t personally use CHIP but I think there is no need to scaremonger. If you have reason to believe they are abusing their licence, you should inform the FCA without delay.

I don't know the bloke's name. I'm not even going to bother asking if he's registered with anyone. I'm simply not interested in trusting someone else to take my savings to a proper bank.

What bloke? Why, if you cannot even be bothered to check Chip’s registration, do you think you have the right to badmouth them on a public forum? If you have any evidence that there is something not right with their FSCS protection, please provide it, and alert the FCA. 

Like everyone else, you are perfectly within your rights not to deposit any money with Chip. You are not within your rights to make potentially libelous claims about them. You are also not within your rights to create unnecessary angst amongst those who already have money in Chip, or who are contemplating to do so.

maxsteam

colsten said:

What bloke? 

He's got an a team of representatives who cover the whole country. Just ask at your local for someone willing to take some cash to a bank for you.

numbersrule

quirkydeptless said:

I keep £2000 in Chip for the £1.25% bonus. The £2000 can be held for free and is FSCS protected. The bonus is held seperately somewhere that isn't protected, but I'm happy to take the risk on a few quid for that for a bit of extra cash.

I've done well out of Chip bonues (espsecially when it was 5% ) and also won some of their prize promotions.

So I'm happy with Chip but not actually interested in their main products, i.e. auto-saving and the investments.

Thanks quirkydeptless, you've summed up my thoughts on Chip perfectly.

Tonnison

Chip have just launched a new easy access savings account with Allica bank paying 0.7%, compounded daily. Looks like it's only available to customers on AI or ChipX plans (which cost £1.50 and £3.00 monthly), so might not be so great if you're not already using their products. It is a headline rate though, so I expect MSE to do some analysis. I'd really like to see a forensic examination of the THREE sets of T&Cs: one for Chip, one for Allica, and one for Flagstone, which seems to be be some kind of 'middleman' account deposits and withdrawals pass through.
Might look suspicious that this is my first post, but I'm not a shill for Chip, honest guv!

Daliah

Tonnison said:

Chip have just launched a new easy access savings account with Allica bank paying 0.7%, compounded daily. Looks like it's only available to customers on AI or ChipX plans (which cost £1.50 and £3.00 monthly), so might not be so great if you're not already using their products. It is a headline rate though, so I expect MSE to do some analysis. I'd really like to see a forensic examination of the THREE sets of T&Cs: one for Chip, one for Allica, and one for Flagstone, which seems to be be some kind of 'middleman' account deposits and withdrawals pass through.
Might look suspicious that this is my first post, but I'm not a shill for Chip, honest guv!

Add HL Active Savings and Raisin.

DireEmblem

Welcome Tonnison.  I think the first and most important question - how safe are your funds.  I believe the new account is covered by FSCS so it that should be fine.

Secondly - you are right for new users, they may have to pay £1.50 every 28 days, or £19.50 annually.

If you only plan to deposit £1,000, then that's equivalent of a 1.95% charge, so in reality you are paying them 1.25% to hold your money(0.7% interest less 1.95% account fee).

If you deposit £10,000 then the £19.50 is then equivalent of a 0.195% charge, so end of year you actually earn approximately 0.505% after expenses(0.7% less 0.195%).

For existing users, or those that would use the automatic savings, then yes it could be worth while.

brianpals

Yes, I like quirkydeptless' attitude and I've done a similar thing by putting in £1900 for the (hopefully) 1.25% expected interest account. I've turned off the automatic savings option but not before they took out £12 from my linked current account.
I'm a little confused about the two parts of this, though. Are the staked amount and the automatic amount values added together to then decide whether there is a monthly fee? Could I have upped my stake to £2000 without that affecting the 'free' aspect of this account, considering they had already taken the £12?
BTW, I note, now, that there is no mention of Chip on the Top Savings page in MSE. That seems like a quick u-turn. Maybe it's not such a good idea after all.

Tonnison

brianpals said:

Yes, I like quirkydeptless' attitude and I've done a similar thing by putting in £1900 for the (hopefully) 1.25% expected interest account. I've turned off the automatic savings option but not before they took out £12 from my linked current account.
I'm a little confused about the two parts of this, though. Are the staked amount and the automatic amount values added together to then decide whether there is a monthly fee? Could I have upped my stake to £2000 without that affecting the 'free' aspect of this account, considering they had already taken the £12?
BTW, I note, now, that there is no mention of Chip on the Top Savings page in MSE. That seems like a quick u-turn. Maybe it's not such a good idea after all.

The 1.25% rate doesn't seem to be available to new users, which may explain why there is no longer a  recommendation. As for depositing more than £2000 on the 'Lite' plan: I think the only penalty is zero interest paid on any balance above than 2k.