Chip Wealth Score now in app

pecunianonolet

Chip has launched a new Wealth Score, massive waste of internal resources imho.

if Chip is so worried about building wealth, just give us a better return as existing customers on our savings so we can actually better build our wealth.

flaneurs_lobster said:

pecunianonolet said:

Chip has introduced now a Wealth Score in their app with more meaningless numbers and no option to hide or better switch it off. Occupies more space and is just more clutter. I probably wait until 6th April, transfer my ISA funds out and ditch them. 

Should start a new thread so's we can all post our WealthScore (tm) and check if mine is bigger than yours.

Mine's 304. No, I've no idea what it means or how it's "calculated" and I have no wish to find out.

ETA - just had an email from Chip re this - some glorious marketing bollox in there that I won't quote in case anyone is eating.

My score is 333, no email received yet. @flaneurs_lobster

flaneurs_lobster

The email

friolento

Mine is zero. No wealth hope then for me.

gravel_2

I'm sure some people benefit from the gamification of basic financial sense but this seems purely superficial. What does it rely on?

I have very little money still with Chip so my score is 88. It seems I can improve my score by moving significantly more money over from higher yield accounts or by opening a chip investment product - both sure to make me more wealthy...

pecunianonolet

I would welcome a switch off button so they don't use their million of data points they claim to have to put an artificial, meaningless fantasy score together. 

I wish there would be an option to dispute the use of my data for this. 

gravel_2

pecunianonolet said:

I would welcome a switch off button so they don't use their million of data points they claim to have to put an artificial, meaningless fantasy score together. 

I wish there would be an option to dispute the use of my data for this. 

Have a go...
Data Privacy Officer, Sixth Floor, Fora Montacute Yards, 186 Shoreditch High Street, London, E1 6HU
dpo@getchip.uk

allegro120

friolento said:

Mine is zero. No wealth hope then for me.

Mine is zero too, probably because my Chip balance remains £0 since 6th September 2023.

pecunianonolet

gravel_2 said:

pecunianonolet said:

I would welcome a switch off button so they don't use their million of data points they claim to have to put an artificial, meaningless fantasy score together. 

I wish there would be an option to dispute the use of my data for this. 

Have a go...
Data Privacy Officer, Sixth Floor, Fora Montacute Yards, 186 Shoreditch High Street, London, E1 6HU
dpo@getchip.uk

I just take my custom and money elsewhere in April, much easier.

jameseonline

24 is my score, 1 year savings streak, 4 points up, increased 31/12/2024.

Actions:
Explore investments, Recurring deposits, Start investing with our ISA, Open a Cash ISA, Invest without limits, Turn on auto saves.

What you're doing well:
Continue Monthly logins

Only got £1 in my instant access (have done for ages now), + £34.30 since I started

Compare progress:
Highest WealthScore in Chip 6180
Average WealthScore 187
Your WealthScore 24

Your best WealthScore 29

boingy

Turns out I'm very average. Score on the door for me is 174, on a balance of just £26.
I might transfer most of that out and see what happens to the score... 

jimjames

pecunianonolet said:

I would welcome a switch off button so they don't use their million of data points they claim to have to put an artificial, meaningless fantasy score together. 

I wish there would be an option to dispute the use of my data for this. 

I gave exactly the same feedback when they added a survey after adding it. Seems entirely pointless and meaningless.  Unless you have everything with Chip the number is not going to have any validity but maybe that's their idea to get people moving more to them.