Chip Savings Account - a scam?

wonko

CHIP financial periodically promoted in the weekly MSE email, have to date, failed, after several months of trying, taken a single payment for 'investment' This is, according to them, because the linked account (Santander) has a problem. Yet remarkably, they were able to take one of their ever inflating charges from the very same account.

So my question is:

Have you had a good experience with CHIP and are you actually making the promised returns after all the fees are deducted?

Emmia

Yes, it's been great!

Personally I'm happy with Chip, I've got one of the +1 accounts and I've had no issues with the auto savings etc. Or withdrawing money.

I use HSBC so I can't comment on the experience with a linked Santander account.

george4064

I haven't tried it and don't trust theses methods

Voted 3rd option, but my response is more like “Haven’t tried it, and not bothered by it.”

I don’t have any particular opinion of whether I trust it or not, as I’ve never used it!

DireEmblem

No, it's a nightmare

I've stopped using it.  Perhaps its improved, but found their app to be buggy when I did, nor did I like the fact they upgraded my account when I did not ask and I started to incur charges.

That said, they were refunded.

Daliah

I go after any and all top savings accounts as long as they don't have "catch ya" terms, and I have never once been remotely tempted by Chip .It seems perfect for people who don't mind, or seek, complex T&Cs, and who don't mind losing money in the process of pursuing their savings. Not for me, thank you.

Neruda

I used Chip when they started and for a year or so they paid five per cent on a reasonable amount of money. Then they stopped paying interest and I withdrew everything, and I have watched in bemusement as the product becomes increasingly complex. I still receive their emails but I am not touching it.

maxsteam

I haven't tried it and don't trust theses methods

Time will tell if it's a scam or not. Some banks' fraud prevention measures will deliberately make it hard to transfer funds. Any funds in Chip are not FSCS protected. If it's not a scam, it's a bad idea to use it for large amounts.

The Financial Services Compensation Scheme will not be able to consider a claim against this firm if it fails.

Emmia

Yes, it's been great!

maxsteam said:

Time will tell if it's a scam or not. Some banks' fraud prevention measures will deliberately make it hard to transfer funds. Any funds in Chip are not FSCS protected. If it's not a scam, it's a bad idea to use it for large amounts.

The Financial Services Compensation Scheme will not be able to consider a claim against this firm if it fails.

That's not true - the Chip +1 account has the protection as well as the account offered in conjunction with Allica bank

The e wallet (the original Chip account) which didn't have FSCS is no longer available.

maxsteam

I haven't tried it and don't trust theses methods

Emmia said:

That's not true - the Chip +1 account has the protection as well as the account offered in conjunction with Allica bank

The e wallet (the original Chip account) which didn't have FSCS is no longer available.

It is highly irresponsible to spread misinformation like this. Some people have put huge amounts of money into Chip on the basis of such misinformation.

There is no FSCS cover for Chip savers. If Chip fail, you can make complaints and you can lodge a claim with the liquidator but you will not be able to make a claim under the FSCS.

Daliah

maxsteam said:

Emmia said:

That's not true - the Chip +1 account has the protection as well as the account offered in conjunction with Allica bank

The e wallet (the original Chip account) which didn't have FSCS is no longer available.

It is highly irresponsible to spread misinformation like this. Some people have put huge amounts of money into Chip on the basis of such misinformation.

There is no FSCS cover for Chip savers. If Chip fail, you can make complaints and you can lodge a claim with the liquidator but you will not be able to make a claim under the FSCS.

A quick browse of the Chip website confirms that the information from @Emmia is correct. Perhaps you should stop spreading misinformation

Emmia

Yes, it's been great!

maxsteam said:

Emmia said:

That's not true - the Chip +1 account has the protection as well as the account offered in conjunction with Allica bank

The e wallet (the original Chip account) which didn't have FSCS is no longer available.

It is highly irresponsible to spread misinformation like this. Some people have put huge amounts of money into Chip on the basis of such misinformation.

There is no FSCS cover for Chip savers. If Chip fail, you can make complaints and you can lodge a claim with the liquidator but you will not be able to make a claim under the FSCS.

I'm not spreading misinformation - the lack of protection was true for the e-wallet, but that "account" is no longer available and was closed and deleted this month.