Chip savings app
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DennisTenus wrote: »Mine hasn't dropped, why would it though?
Each 1% is valid for 12 months from the date your friend signed up and the interest rate increase was applied.0 -
oohh didn't know that !0
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Better get recruiting more suckers.*
*Chip is not actually a pyramid scheme, just a bit silly. As far as anyone can tell, the up to 5% interest comes from money invested by mugs on CrowdCube, not your friends' deposits, and it's not your problem if people on CrowdCube lose money.
Although Chip actively encourages its depositors to become investors, which muddies the waters.0 -
Is it fully secured?0
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Aliciamilford wrote: »Is it fully secured?
No. There is no FSCS cover. This makes Chip unsuitable for anyone who would consider using it.
Yes, your money is supposedly ring-fenced in a Barclays account, but you have no protection if for some reason that isn't done properly.0 -
Malthusian wrote: »No. There is no FSCS cover. This makes Chip unsuitable for anyone who would consider using it.
Yes, your money is supposedly ring-fenced in a Barclays account, but you have no protection if for some reason that isn't done properly.
That's concerning. Should we be worried?0 -
Yes. You should be worried. If they go under there is a good chance you can kiss goodbye to your savings.0
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DennisTenus wrote: »That's concerning. Should we be worried?
I don't have a lot of faith in the app - on Friday I requested it send me £100, but it didn't acknowledge my request, so requested again and got an acknowledgement. It sent me two lots of £100.
Edit - It was actually about 12 years ago!
https://www.thisismoney.co.uk/money/markets/article-1603407/Xmas-hamper-club-goes-bust.htmlI consider myself to be a male feminist. Is that allowed?0 -
Retired_Minky wrote: »Yes. You should be worried. If they go under there is a good chance you can kiss goodbye to your savings.
https://www.lovemoney.com/news/73991/chip-mobile-app-review-automatic-savings-account
"The money you deposit with Chip is fully protected by the FSCS as it is hosted by Barclays, so you would not be affected if Chip went out of business."0 -
https://getchip.uk/blog/safer-saving/
Your not covered by FSCS.
They seem to think your ok unless Barclays goes under.
I’m not sure if this is correct. If I run a business and it fails I’m not sure what would prompt Barclays will pay my customers back.0
This discussion has been closed.
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