Chip savings app - is it worth it?

Anthorn

Kriminal said:

Hi all,

I've recently been assisting my Mum with her banking, and so far have moved money to make her an additional £2,200 per year in interest.

I am trying to get her in to banking apps, but as she doesn't have a mobile phone with access, me and my sister have power of attorney and I was able to open a Chip account for her over the weekend.  I only moved £10 for now, so she can see how it works, but have noticed on the app that I need to provide confirmation from Santander (the bank the money came out of) to transfer any money out.

Doing this takes me to an online banking link, of which she won't have an online account.

I'm very uncomfortable with this bank, and would like to completely withdraw and close it, as it's not as simple as other accounts I have myself.

Will this be possible, as I'm still waiting for a response from Chip customer services?

Kind regards,

Dave

FYI

Chip app: Is it worth it? Depends on what you're doing and whether it's worth it to you personally. For example the auto save is a good way of saving and the small amounts are not really noticed. BUT there is currently a charge of £0.45p per save unless you join ChipX which is also a paid subscription of £4.99 per 28 days. Overall I autosave twice a week a total of £15 approx weekly and the fee is a total of £0.90p weekly. I think it's worth it but others might not think so.

To withdraw in the Android app tap "savings" on the bottom and then the right arrow on your savings i.e. "Chip Instant Access ..." and then "withdraw". Probably similar in the iOS app.

allegro120

Anthorn said:

Kriminal said:

Hi all,

I've recently been assisting my Mum with her banking, and so far have moved money to make her an additional £2,200 per year in interest.

I am trying to get her in to banking apps, but as she doesn't have a mobile phone with access, me and my sister have power of attorney and I was able to open a Chip account for her over the weekend.  I only moved £10 for now, so she can see how it works, but have noticed on the app that I need to provide confirmation from Santander (the bank the money came out of) to transfer any money out.

Doing this takes me to an online banking link, of which she won't have an online account.

I'm very uncomfortable with this bank, and would like to completely withdraw and close it, as it's not as simple as other accounts I have myself.

Will this be possible, as I'm still waiting for a response from Chip customer services?

Kind regards,

Dave

FYI

Chip app: Is it worth it? Depends on what you're doing and whether it's worth it to you personally. For example the auto save is a good way of saving and the small amounts are not really noticed. BUT there is currently a charge of £0.45p per save unless you join ChipX which is also a paid subscription of £4.99 per 28 days. Overall I autosave twice a week a total of £15 approx weekly and the fee is a total of £0.90p weekly. I think it's worth it but others might not think so.

To withdraw in the Android app tap "savings" on the bottom and then the right arrow on your savings i.e. "Chip Instant Access ..." and then "withdraw". Probably similar in the iOS app.

In my conception "auto save" is not "saving", but "spending".  For me Chip app is worth it because Instant Access account pays the top IA rate.

Rollinghome

Anthorn said:

Kriminal said:

Hi all,

I've recently been assisting my Mum with her banking, and so far have moved money to make her an additional £2,200 per year in interest.

I am trying to get her in to banking apps, but as she doesn't have a mobile phone with access, me and my sister have power of attorney and I was able to open a Chip account for her over the weekend.  I only moved £10 for now, so she can see how it works, but have noticed on the app that I need to provide confirmation from Santander (the bank the money came out of) to transfer any money out.

Doing this takes me to an online banking link, of which she won't have an online account.

I'm very uncomfortable with this bank, and would like to completely withdraw and close it, as it's not as simple as other accounts I have myself.

Will this be possible, as I'm still waiting for a response from Chip customer services?

Kind regards,

Dave

FYI

Chip app: Is it worth it? Depends on what you're doing and whether it's worth it to you personally. For example the auto save is a good way of saving and the small amounts are not really noticed. BUT there is currently a charge of £0.45p per save unless you join ChipX which is also a paid subscription of £4.99 per 28 days. Overall I autosave twice a week a total of £15 approx weekly and the fee is a total of £0.90p weekly. I think it's worth it but others might not think so.

To withdraw in the Android app tap "savings" on the bottom and then the right arrow on your savings i.e. "Chip Instant Access ..." and then "withdraw". Probably similar in the iOS app.

If I understand you, that £15 will earn you £0.56 pence a year in interest but will cost you £0.90p to pay it in. Doesn't sound like a way to get rich.

housebuyer143

Anthorn said:

Kriminal said:

Hi all,

I've recently been assisting my Mum with her banking, and so far have moved money to make her an additional £2,200 per year in interest.

I am trying to get her in to banking apps, but as she doesn't have a mobile phone with access, me and my sister have power of attorney and I was able to open a Chip account for her over the weekend.  I only moved £10 for now, so she can see how it works, but have noticed on the app that I need to provide confirmation from Santander (the bank the money came out of) to transfer any money out.

Doing this takes me to an online banking link, of which she won't have an online account.

I'm very uncomfortable with this bank, and would like to completely withdraw and close it, as it's not as simple as other accounts I have myself.

Will this be possible, as I'm still waiting for a response from Chip customer services?

Kind regards,

Dave

FYI

Chip app: Is it worth it? Depends on what you're doing and whether it's worth it to you personally. For example the auto save is a good way of saving and the small amounts are not really noticed. BUT there is currently a charge of £0.45p per save unless you join ChipX which is also a paid subscription of £4.99 per 28 days. Overall I autosave twice a week a total of £15 approx weekly and the fee is a total of £0.90p weekly. I think it's worth it but others might not think so.

To withdraw in the Android app tap "savings" on the bottom and then the right arrow on your savings i.e. "Chip Instant Access ..." and then "withdraw". Probably similar in the iOS app.

Why don't you just transfer in the £15 a week and save the 90p? I am confused by the concept of autosave tbh.

AmityNeon

Anthorn said:

Chip app: Is it worth it? Depends on what you're doing and whether it's worth it to you personally. For example the auto save is a good way of saving and the small amounts are not really noticed. BUT there is currently a charge of £0.45p per save unless you join ChipX which is also a paid subscription of £4.99 per 28 days. Overall I autosave twice a week a total of £15 approx weekly and the fee is a total of £0.90p weekly. I think it's worth it but others might not think so.

Starting from scratch and assuming a constant rate of 3.71% AER, it would take you approximately four years of continuous weekly auto-saving before you would break even (where cumulative interest starts to overtake cumulative fees paid).

allegro120

Rollinghome said:

Anthorn said:

Kriminal said:

Hi all,

I've recently been assisting my Mum with her banking, and so far have moved money to make her an additional £2,200 per year in interest.

I am trying to get her in to banking apps, but as she doesn't have a mobile phone with access, me and my sister have power of attorney and I was able to open a Chip account for her over the weekend.  I only moved £10 for now, so she can see how it works, but have noticed on the app that I need to provide confirmation from Santander (the bank the money came out of) to transfer any money out.

Doing this takes me to an online banking link, of which she won't have an online account.

I'm very uncomfortable with this bank, and would like to completely withdraw and close it, as it's not as simple as other accounts I have myself.

Will this be possible, as I'm still waiting for a response from Chip customer services?

Kind regards,

Dave

FYI

Chip app: Is it worth it? Depends on what you're doing and whether it's worth it to you personally. For example the auto save is a good way of saving and the small amounts are not really noticed. BUT there is currently a charge of £0.45p per save unless you join ChipX which is also a paid subscription of £4.99 per 28 days. Overall I autosave twice a week a total of £15 approx weekly and the fee is a total of £0.90p weekly. I think it's worth it but others might not think so.

To withdraw in the Android app tap "savings" on the bottom and then the right arrow on your savings i.e. "Chip Instant Access ..." and then "withdraw". Probably similar in the iOS app.

If I understand you, that £15 will earn you £0.56 pence a year in interest but will cost you £0.90p to pay it in. Doesn't sound like a way to get rich.

Schemes like this help people who has difficulties in controlling their spending habits to retain some of their money even if they have to pay a small fee for this service. 

Bigwheels1111

garyelder said:

I’ve got chip but I like Tandem at present 3.50% instant saver

I have both chip & tandem.
I find Chip faster and they have a better rate.

Rollinghome

allegro120 said:

Rollinghome said:

Anthorn said:

Kriminal said:

Hi all,

I've recently been assisting my Mum with her banking, and so far have moved money to make her an additional £2,200 per year in interest.

I am trying to get her in to banking apps, but as she doesn't have a mobile phone with access, me and my sister have power of attorney and I was able to open a Chip account for her over the weekend.  I only moved £10 for now, so she can see how it works, but have noticed on the app that I need to provide confirmation from Santander (the bank the money came out of) to transfer any money out.

Doing this takes me to an online banking link, of which she won't have an online account.

I'm very uncomfortable with this bank, and would like to completely withdraw and close it, as it's not as simple as other accounts I have myself.

Will this be possible, as I'm still waiting for a response from Chip customer services?

Kind regards,

Dave

FYI

Chip app: Is it worth it? Depends on what you're doing and whether it's worth it to you personally. For example the auto save is a good way of saving and the small amounts are not really noticed. BUT there is currently a charge of £0.45p per save unless you join ChipX which is also a paid subscription of £4.99 per 28 days. Overall I autosave twice a week a total of £15 approx weekly and the fee is a total of £0.90p weekly. I think it's worth it but others might not think so.

To withdraw in the Android app tap "savings" on the bottom and then the right arrow on your savings i.e. "Chip Instant Access ..." and then "withdraw". Probably similar in the iOS app.

If I understand you, that £15 will earn you £0.56 pence a year in interest but will cost you £0.90p to pay it in. Doesn't sound like a way to get rich.

Schemes like this help people who has difficulties in controlling their spending habits to retain some of their money even if they have to pay a small fee for this service. 

Perhaps. But, while sounding helpful, it doesn't appear to encourage anyone to consider how to obtain the best returns on their money or, beyond that, best value for their spending.

At 0.90p a week, that 'small fee' will amount to almost £50 a year to save a quite small sum. One of the many 'regular saver' accounts could be a better approach.

allegro120

Rollinghome said:

allegro120 said:

Rollinghome said:

Anthorn said:

Kriminal said:

Hi all,

I've recently been assisting my Mum with her banking, and so far have moved money to make her an additional £2,200 per year in interest.

I am trying to get her in to banking apps, but as she doesn't have a mobile phone with access, me and my sister have power of attorney and I was able to open a Chip account for her over the weekend.  I only moved £10 for now, so she can see how it works, but have noticed on the app that I need to provide confirmation from Santander (the bank the money came out of) to transfer any money out.

Doing this takes me to an online banking link, of which she won't have an online account.

I'm very uncomfortable with this bank, and would like to completely withdraw and close it, as it's not as simple as other accounts I have myself.

Will this be possible, as I'm still waiting for a response from Chip customer services?

Kind regards,

Dave

FYI

Chip app: Is it worth it? Depends on what you're doing and whether it's worth it to you personally. For example the auto save is a good way of saving and the small amounts are not really noticed. BUT there is currently a charge of £0.45p per save unless you join ChipX which is also a paid subscription of £4.99 per 28 days. Overall I autosave twice a week a total of £15 approx weekly and the fee is a total of £0.90p weekly. I think it's worth it but others might not think so.

To withdraw in the Android app tap "savings" on the bottom and then the right arrow on your savings i.e. "Chip Instant Access ..." and then "withdraw". Probably similar in the iOS app.

If I understand you, that £15 will earn you £0.56 pence a year in interest but will cost you £0.90p to pay it in. Doesn't sound like a way to get rich.

Schemes like this help people who has difficulties in controlling their spending habits to retain some of their money even if they have to pay a small fee for this service. 

Perhaps. But, while sounding helpful, it doesn't appear to encourage anyone to consider how to obtain the best returns on their money or, beyond that, best value for their spending.

At 0.90p a week, that 'small fee' will amount to almost £50 a year to save a quite small sum. One of the many 'regular saver' accounts could be a better approach.

Of course it doesn't.  I wouldn't spend a penny on services like this.  However, people have different approaches to managing their finances, some don't have any strategy - so something like Chip autosave can be useful for some, otherwise it wouldn't exist.

masonic

allegro120 said:

Rollinghome said:

allegro120 said:

Rollinghome said:

Anthorn said:

Kriminal said:

Hi all,

I've recently been assisting my Mum with her banking, and so far have moved money to make her an additional £2,200 per year in interest.

I am trying to get her in to banking apps, but as she doesn't have a mobile phone with access, me and my sister have power of attorney and I was able to open a Chip account for her over the weekend.  I only moved £10 for now, so she can see how it works, but have noticed on the app that I need to provide confirmation from Santander (the bank the money came out of) to transfer any money out.

Doing this takes me to an online banking link, of which she won't have an online account.

I'm very uncomfortable with this bank, and would like to completely withdraw and close it, as it's not as simple as other accounts I have myself.

Will this be possible, as I'm still waiting for a response from Chip customer services?

Kind regards,

Dave

FYI

Chip app: Is it worth it? Depends on what you're doing and whether it's worth it to you personally. For example the auto save is a good way of saving and the small amounts are not really noticed. BUT there is currently a charge of £0.45p per save unless you join ChipX which is also a paid subscription of £4.99 per 28 days. Overall I autosave twice a week a total of £15 approx weekly and the fee is a total of £0.90p weekly. I think it's worth it but others might not think so.

To withdraw in the Android app tap "savings" on the bottom and then the right arrow on your savings i.e. "Chip Instant Access ..." and then "withdraw". Probably similar in the iOS app.

If I understand you, that £15 will earn you £0.56 pence a year in interest but will cost you £0.90p to pay it in. Doesn't sound like a way to get rich.

Schemes like this help people who has difficulties in controlling their spending habits to retain some of their money even if they have to pay a small fee for this service. 

Perhaps. But, while sounding helpful, it doesn't appear to encourage anyone to consider how to obtain the best returns on their money or, beyond that, best value for their spending.

At 0.90p a week, that 'small fee' will amount to almost £50 a year to save a quite small sum. One of the many 'regular saver' accounts could be a better approach.

Of course it doesn't.  I wouldn't spend a penny on services like this.  However, people have different approaches to managing their finances, some don't have any strategy - so something like Chip autosave can be useful for some, otherwise it wouldn't exist.

When it was created, there was no fee. As a bundled service within a generally useful product, it is not clear whether or not this feature specifically now benefits anyone. Most likely there is a group of people who perceive it as useful, but that perception is inversely proportional to their financial literacy.