Chip Savings

brianpals

I'm even more confused now. They seem to have taken another £10 out of my current account, even though I thought I told the app to not autosave.
I wish I'd saved the MSE page all this was on, for reference. I thought I'd just pay in the £2000 for 1.25% and not autosave but the app is now predicting another £200 or so saved in 50 days.
I like the idea of using AI at times but I prefer to keep control of my money, so I'll have to withdraw my funds.

DireEmblem

brianpals said:

I'm even more confused now. They seem to have taken another £10 out of my current account, even though I thought I told the app to not autosave.

Speak to their in app support.  Are you sure you are on Chip Lite(free and no AI)?

The only way they can improve the app, is to let them know.

These links might also help:
https://www.getchip.uk/chip-pricing
https://intercom.help/get-chip/en/articles/5076598-how-do-i-view-change-my-plan

maxsteam

colsten said:

you cannot even be bothered to check Chip’s registration

I found a few minutes to check Chip Financial Ltd's registration today.

The FSCS only applies to banks, building societies and credit unions. Chip Financial Ltd are none of these. Chip deposit money into bank accounts in the name of Flagstone Investment Management Limited on behalf of customers. There will certainly be some indirect FSCS cover but even the GetChip website admits than not all funds deposited with Chip will be covered by the FSCS.

The FCA website confirms that Chip Financial Ltd are registered with them. The FCA register confirms that "The Financial Services Compensation Scheme will not be able to consider a claim against this firm if it fails". That's a clear statement from a reliable source.

https://register.fca.org.uk/s/firm?id=0010X00004VrUlpQAF

It is also worth noting that not every company that claims their customers have FSCS protection is telling the truth. An example that comes to mind is PremierFX Ltd.

My advice, take it or leave it: if you want to deposit money in a bank, do it yourself.

n1david

Wanted to provide feedback on my Chip experience.

Signed up using the MSE code in late June.  Switched to ChipAI plan and deposited £10k.  Was a bit concerned after a few weeks that there was no sign of a bonus accruing, but given that the ChipAI page in the Profile section of the app and it only paid out after 13 weeks showed that 1.25% bonus was available on my Chip+1 account, I waited.

Contacted Chip today as my 13 weeks were up, and they said that they "had no record" of me entering the MSE code, and the 1.25% bonus was no longer available, so it could not be activated now.  Would I like to transfer into the 0.7% savings account instead?

Now, I have no proof that I entered the MSE code, but I'm pretty sure I did, as I was uncomfortable with the Chip setup, so spent a lot of time researching how it worked before I opened the account to make sure I didn't get caught out.  I think it's noticeable that they have "no record" of me entering the code, rather than outright saying I didn't.

In the great scheme of things, I haven't lost much actual money compared to if I'd left my money in Marcus, but my feeling of initial discomfort has been borne out by the fact that they've been charging me £1.50/month and giving me zero return on my savings, and their app continues to advertise a bonus which is no longer available and cannot be activated even for existing customers.

Obviously Chip works for some people here, and I cannot say with 100% certainty that I did everything correctly, but taking £1.50 per month for zero return, and it not being clear in the app that zero returns are being earned, strikes me as sharp practice.

pltylr

Similar for me, deposited £10k but my account only showing the bonus as payable on £2k. Going to close my account as they seem a bit of a mess.

rjmachin

I stayed on the free one for up to £2k, and used another referral code, but I guess the MSE one would work the same way.

I noticed after I signed up, the code entered did not show the 1.25% bonus that I had entered.  I then had to enter it again in the app to apply the bonus.

Since then, under "Accounts" it is showing the interest rate as "1.25% bonus"

Tonnison

I recently parted ways with Chip: one payment was missed (due to a current account switch) and they froze one of my savings accounts  No alerts whatsoever, despite the near constant over-familiar emails informing me of the latest crowdfunded investment round or whatever. Needless to say I instantly requested all deposits and investments returned and my Chip account deleted. No regrets, especially now they're spouting NFT nonsense.

Foibles

If the above hasn't put anyone off Chip (I use them and haven't had any of the issues described above) then do seek out a current user. Chip have just launched a £10 referral code for each new user.