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We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

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  • FIRST POST
    • MSE Karl
    • By MSE Karl 12th Dec 17, 5:18 PM
    • 127Posts
    • 40Thanks
    MSE Karl
    Digital Banking
    • #1
    • 12th Dec 17, 5:18 PM
    Digital Banking 12th Dec 17 at 5:18 PM
    Hi!

    This is the discussion thread for the



    Click reply below to discuss. If you haven't already, join the forum to reply.


    Thanks folks,
    Last edited by MSE Karl; 06-02-2018 at 4:00 PM.
Page 1
    • simonrabin
    • By simonrabin 13th Dec 17, 6:49 AM
    • 1 Posts
    • 0 Thanks
    simonrabin
    • #2
    • 13th Dec 17, 6:49 AM
    Chip app
    • #2
    • 13th Dec 17, 6:49 AM
    HI There

    Just wondered if anyone is using this Chip automatic saving app and has some feedback?

    Simon
    • neloalmeida
    • By neloalmeida 13th Dec 17, 7:11 AM
    • 4 Posts
    • 1 Thanks
    neloalmeida
    • #3
    • 13th Dec 17, 7:11 AM
    Watch out with Chip, they didn't pay me the interest that was owed
    • #3
    • 13th Dec 17, 7:11 AM
    They don't pay the interest that is owed. Considering that this is their primary goal, they couldn't be a bigger failure. This app is the best way to say GOODBYE TO YOUR INTEREST FOREVER. They are a worse alternative to your bank, with pretty awful customer support and they don't care about putting things right when they mess up (and they do!). I've complain, multiple times, it didn't make any difference so I will be reporting them to the financial ombudsman. Don't use them. You have been warned, I wish I had never came close to them.

    UPDATE 15/12/2017
    After not responding to my complaint for 6 weeks, I got a call two days ago
    from Chip following my review in this forum. They claimed that my account is one of a "number of accounts" with technical issues that prevented interest payments. They promised to transfer the interest that was due from the last 2 quarters to my bank account on that day. It has been two days now and still no sign of the interest. Meanwhile I changed my banking details as a precaution. Think again if you are considering using them.
    Last edited by neloalmeida; 15-12-2017 at 8:05 AM. Reason: Contacted by Chip as a result of my review
    • saulren
    • By saulren 13th Dec 17, 7:19 AM
    • 1 Posts
    • 0 Thanks
    saulren
    • #4
    • 13th Dec 17, 7:19 AM
    Chip user - disgraceful
    • #4
    • 13th Dec 17, 7:19 AM
    I'm also a Chip user - I was one of the first users to join along with my friend (referred enough people to get 8% interest!) Everything was fine up until a couple of months ago - I haven't received any interest for Q4 this year. They've basically got 250 of interest owed to me - and they're refusing to do anything about it. Considering that there's another user complaining on here about the same problem, and I have a friend who also suffers from this, I can't recommend anyone use this app. Their customer support is terrible - they literally do not care, responding with the same "we're looking into it" every time. Disgraceful.
    • edinburgher
    • By edinburgher 13th Dec 17, 7:38 AM
    • 11,484 Posts
    • 61,390 Thanks
    edinburgher
    • #5
    • 13th Dec 17, 7:38 AM
    • #5
    • 13th Dec 17, 7:38 AM
    I know that people are more likely to complain about bad service than praise good service, but it does seem a little unusual that the first two comments for a new product are from people with next to no feedback/who joined just to complain? I'm probably just being a cynic.
    • mcgooks
    • By mcgooks 13th Dec 17, 7:41 AM
    • 1 Posts
    • 1 Thanks
    mcgooks
    • #6
    • 13th Dec 17, 7:41 AM
    Awesome App!!
    • #6
    • 13th Dec 17, 7:41 AM
    I have been using Chip since the beginning and I have had nothing but a great experience.

    The team are always quick to respond to queries either via email or the app when something hasn't worked as it should (generally within a day - which is usually 2 days faster than my actual bank!!).

    Its worth noting that I have been paid interest as promised for the past 2 quarters and can see i'm due another payout this quarter. The app is pretty simple to use and you always know what your interest is sitting at.

    Would defo recommend - **referral code removed by Forum Team**
    Last edited by MSE ForumTeam1; 13-12-2017 at 6:31 PM.
    • neloalmeida
    • By neloalmeida 13th Dec 17, 7:52 AM
    • 4 Posts
    • 1 Thanks
    neloalmeida
    • #7
    • 13th Dec 17, 7:52 AM
    • #7
    • 13th Dec 17, 7:52 AM
    "we're looking into it"
    Originally posted by saulren
    I have exactly the same experience Saulren. I gave them the benefit of the doubt, waited for a few months in vain. I wrote them a formal complaint that was never answer. Next step for me will be reporting to the regulator, I suggest you do the same.
    • Spies
    • By Spies 13th Dec 17, 8:33 AM
    • 105 Posts
    • 36 Thanks
    Spies
    • #8
    • 13th Dec 17, 8:33 AM
    • #8
    • 13th Dec 17, 8:33 AM
    It wont accept my bank details right now - maybe a blessing in disguise?
    • KTF
    • By KTF 13th Dec 17, 8:38 AM
    • 4,725 Posts
    • 1,939 Thanks
    KTF
    • #9
    • 13th Dec 17, 8:38 AM
    • #9
    • 13th Dec 17, 8:38 AM
    The app is being hammered due to the MSE email. It took me a few goes to complete the signup process.
    • The Goose
    • By The Goose 13th Dec 17, 9:19 AM
    • 42 Posts
    • 146 Thanks
    The Goose
    I was tempted by the 3% and the info in the MSE email this morning, until 1) I saw my money wouldn't be covered by the 85,000 guarantee and 2) I saw some of the comments on here.

    Not touching it with a bargepole now, and I'm somewhat surprised that MSE is pushing it so hard.
    • Cbq
    • By Cbq 13th Dec 17, 9:33 AM
    • 3 Posts
    • 1 Thanks
    Cbq
    Bit nervous
    So I read through everything I could find and the majority of the information seems to be positive. I'm having trouble logging in as it keeps throwing up internal errors with different codes and now am a bit nervous as to whether it's trying to tell me something! Would be great to see a few more MSE forum users comment if they've had a good experience. I can't really afford to lose out on money owed to me, no matter how small.
    • KTF
    • By KTF 13th Dec 17, 9:39 AM
    • 4,725 Posts
    • 1,939 Thanks
    KTF
    I see this as a 12 month 3% regular saver with a max of 600 a month through the manual top up. Anything it automatically shuffles over is a bonus.

    Once you have registered, you can send it a few messages to up the amount it transfers from 'normal' to 'maximum' to make it transfer over as much as possible.
    • Spies
    • By Spies 13th Dec 17, 9:40 AM
    • 105 Posts
    • 36 Thanks
    Spies
    I was tempted by the 3% and the info in the MSE email this morning, until 1) I saw my money wouldn't be covered by the 85,000 guarantee and 2) I saw some of the comments on here.

    Not touching it with a bargepole now, and I'm somewhat surprised that MSE is pushing it so hard.
    Originally posted by The Goose
    Read the information properly.

    chip isn't a bank, it's an agent of 'e-money provider' Prepaid Financial Services (PFS), which is regulated by the Financial Conduct Authority. Your money is held in a ring-fenced Barclays account. Under e-money regs if Chip or PFS went bust your money remains in Barclays together with any interest already paid to you, though you may end up paying insolvency fees (likely small). In the unlikely event Barclays went bust, your money ISN'T protected by the usual 85,000 savings safety limit, so you'd lose it.
    • gardner1
    • By gardner1 13th Dec 17, 9:40 AM
    • 2,984 Posts
    • 4,649 Thanks
    gardner1
    I was tempted by the 3% and the info in the MSE email this morning, until 1) I saw my money wouldn't be covered by the 85,000 guarantee and 2) I saw some of the comments on here.

    Not touching it with a bargepole now, and I'm somewhat surprised that MSE is pushing it so hard.
    Originally posted by The Goose
    Only if Barclays goes bust.......which is highly unlikely
    • frankles
    • By frankles 13th Dec 17, 9:54 AM
    • 6 Posts
    • 6 Thanks
    frankles
    Voluntarily giving away my financial privacy for the sake of a 3% interest rate? Are you having a laugh? Data is the new oil. This app is a trojan horse to access your data, whilst pushing the sweeteners it offers with no reference to its main agenda. This company will never disclose exactly what they are doing with your data, nor how valuable it is to them. Until you are sure about how they will exploit your data, do not agree to it. Protect your privacy. We have very little left. It is not worth it. The house always wins.

    These guys will profit from the use of your data much more than you'll profit from the 3% interest rate.
    • Mush247
    • By Mush247 13th Dec 17, 10:44 AM
    • 3 Posts
    • 5 Thanks
    Mush247
    Why they need my PIN number to login to the bank?
    I was in the process of signing up until they wanted my PIN, that kind of put me off because I don't know where are these information are being stored. Will give it a miss.
    • Renegatus
    • By Renegatus 13th Dec 17, 11:08 AM
    • 3 Posts
    • 2 Thanks
    Renegatus
    I've been using this app for almost a year now and love it. It's been a great way for me to save without needing to think about it, the money has come in handy on several occasions too. There's isn't another easy-access savings account out there with such a good interest rate, so I moved all my savings from my bank to Chip. It's been a real bonus!

    Initially I was really skeptical of the security behind their system, but the FAQs soothed me and helped me conduct my own research. They use SaltEdge which I've found out has excellent levels of security and encryption – it's used by pretty much every fintech product out there. I don't think Chip profit directly from the data they're able to able to analyse but perhaps someone can provide some evidence on this, as speculation is rife.

    I've never had any issues with interest not being paid to me, either, though my partner once had an amount deducted from her account twice. It was returned the next working day and she's pretty happy.

    The benefits outweigh the costs for me!
    • NG83
    • By NG83 13th Dec 17, 11:21 AM
    • 3 Posts
    • 1 Thanks
    NG83
    Been a customer for a year and very happy.

    I have received all of the interest due to me. Withdrawals are very quick - same day.

    All very simple and the one problem I had (a bonus wasn’t applied) was fixed instantly via the chat.

    Very happy to receive higher than normal interest in a relatively safe way.
    • Oreo71
    • By Oreo71 13th Dec 17, 12:59 PM
    • 3 Posts
    • 1 Thanks
    Oreo71
    Chip App
    This morning I tried installing the app, first on my phone, then on my tablet. Couldn't get it to work on either due to "experiencing technical difficulties" and also "banking log in details are incorrect". This was rubbish as I continually checked my details. Wasted a shed load of time, but now that I've read some negative reviews, I'm quite glad that I didn't manage to get it to work (or rather, it wouldn't work for me)
    Last edited by Oreo71; 13-12-2017 at 1:09 PM. Reason: Add Title
    • KTF
    • By KTF 13th Dec 17, 1:11 PM
    • 4,725 Posts
    • 1,939 Thanks
    KTF
    Its been promoted in an email with hundreds of thousands of recipients so its going to be under a bit of pressure today.
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