Chip - Interest can be paid away or compounded

DuncanB123

Does the interest you accrued show in your monthly statement? i.e. for March

I had a daily total showing and growing each day across March but it does not show anywhere in my March statement from Chip.

zxspeccy

DuncanB123 said:

Does the interest you accrued show in your monthly statement? i.e. for March

I had a daily total showing and growing each day across March but it does not show anywhere in my March statement from Chip.

The acrued interest for March reset on1st April, therefore the acrued interest you are seeing in the app if from then. The accrued interest from March then dissapears from the app, but should be applied to the account by close of business today.

DuncanB123

zxspeccy said:

DuncanB123 said:

Does the interest you accrued show in your monthly statement? i.e. for March

I had a daily total showing and growing each day across March but it does not show anywhere in my March statement from Chip.

The acrued interest for March reset on1st April, therefore the acrued interest you are seeing in the app if from then. The accrued interest from March then dissapears from the app, but should be applied to the account by close of business today.

Indeed - but why isn’t the amount I accrued in March showing on my March statement from Chip?

zxspeccy

DuncanB123 said:

zxspeccy said:

DuncanB123 said:

Does the interest you accrued show in your monthly statement? i.e. for March

I had a daily total showing and growing each day across March but it does not show anywhere in my March statement from Chip.

The acrued interest for March reset on1st April, therefore the acrued interest you are seeing in the app if from then. The accrued interest from March then dissapears from the app, but should be applied to the account by close of business today.

Indeed - but why isn’t the amount I accrued in March showing on my March statement from Chip?

Because it is due to credit by close of business today, the 4th working day after the month end. Chip seems to pay their monthly interest diferently from almost every other bank.

Stevo_safc

My interest has been added to the "You've earned <£> in returns to date." box, but not my balance yet.

huw01

Stevo_safc said:

My interest has been added to the "You've earned <£> in returns to date." box, but not my balance yet.

They update that every day, it goes up, then at the begining of the new month re-sets. However the issue seems to be it doesn;t actually get added to your balance 

AmityNeon

After examining my balance history and interest payments in precise detail, I've concluded that Chip's interest 'months' start from the last day of the calendar month to the second-last day of the next (this also holds true for the last bonus period which was from January 31st to February 10th); therefore, each interest payment loses at least four days of compound interest, not just three working days.

My "returns to date" comprises cumulative interest up to and including 30th March, accurate to the penny with each interest payment rounded down (fractional pennies do not roll over); this figure includes last month's interest payment, from 28th February to 30th March, which should be added to the account balance later today. "Pending this month" includes 31st March up to 5th April, although this figure is off by 2p.

DuncanB123

AmityNeon said:

After examining my balance history and interest payments in precise detail, I've concluded that Chip's interest 'months' start from the last day of the calendar month to the second-last day of the next (this also holds true for the last bonus period which was from January 31st to February 10th); therefore, each interest payment loses at least four days of compound interest, not just three working days.

My "returns to date" comprises cumulative interest up to and including 30th March, accurate to the penny with each interest payment rounded down (fractional pennies do not roll over); this figure includes last month's interest payment, from 28th February to 30th March, which should be added to the account balance later today. "Pending this month" includes 31st March up to 5th April, although this figure is off by 2p.

Someone’s good at maths! I make you right.

Chip - great at winning new customers with slick marketing, but poor communication/understanding once a customer eg autosave and how the market beating ‘instant access’ interest is applied 

DuncanB123

Stevo_safc said:

My interest has been added to the "You've earned <£> in returns to date." box, but not my balance yet.

Same with me. Why would it not show on the balance?

piker57

Have others received their March interest yet? There’s no sign in either my or my wife’s accounts. There’s still a few hours left today, but I think despite the attractive rate of interest I’ll be saying goodbye to CHIP, especially as I had to wait 3 days for a withdrawal, that they just blamed on a glitch, with no hint of an apology or sniff of compensation.

Agree with Duncan, the marketing is slick but they’re displaying a lot of not particularly positive traits.