Chip savings app
Nardge
Posts: 246 Forumite
Good to see this thread 
I have been using CHIP since it's first inception and publicity via Martin Lewis' weekly e-mail update
They have been very helpful as a team, and easy to communicate with efficiently via the app
I've saved just shy of £9000 at 5% for now, with several months left to go
Easy money for those who've already rammed all the 5% Regular Saver Accounts!
Best Wishes all
I have been using CHIP since it's first inception and publicity via Martin Lewis' weekly e-mail update
They have been very helpful as a team, and easy to communicate with efficiently via the app
I've saved just shy of £9000 at 5% for now, with several months left to go
Easy money for those who've already rammed all the 5% Regular Saver Accounts!
Best Wishes all
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Comments
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The auto saves are a problem for me - it only saves £22, £15 etc even though i've set it to max amount!
I've been on the live chat and they said they would look into it.... nothing changed.0 -
DennisTenus wrote: »The auto saves are a problem for me - it only saves £22, £15 etc even though i've set it to max amount!
I've been on the live chat and they said they would look into it.... nothing changed.
As for me I make the 6 permitted manual saves at the start of every month 1st-6th, to the effect of £100/day
The rest of the month they extract a further 5 auto saves (between £90-£100), more than your £15-£22 by quite some margin - Do you keep around £1000-£2000 in your linked account (I do)? I've noticed that the high balance promotes higher value autosaves, whereas when the balance drops to say £500, the value of my autosave diminishes. It might be that by boosting the amount in your linked account like me, your autosaves will be to a higher value... 0 -
I previously reviewed the CHIP savings earlier this year, after it was promoted in the MSE weekly newsletter.
I was somewhat nervous about signing over my bank log in details, but that's worn off, and since that time I've saved a nice amount. Or, rather, I haven't:
I had always suspected that our pattern of spending would throw any algorithm off track - and that's exactly what's been happening.
I'd always kept a large float in our current account to offset the relatively infrequent but large outgoings, so I didn't need to worry about going overdrawn. I'd suspected that the float amount was a little large, and CHIP seemed to agree, chipping away at it without us really feeling an impact.
Then, about a month ago I started seeing much lower balances in our account than I felt happy with, but CHIP kept on chipping. And stupidly I trusted the algorithm to have cracked our pattern of spending over the last 8 months or so and didn't do anything about it.
This month we went overdrawn - just for one day, and the charge was only 72p.
But that's not the point.
The point is that when I check, the amount CHIP had chipped away was pretty much the float I had in the current account originally.
So - we've not saved anything really at all - just transferred it from one account to another.
Think I'll rely on my instincts and calculations from now on.0 -
I've been invited to be a chipmonk or something for their chip 2.0 App.
Here's hoping if I do this they'll give me an introductionary bonus interest when they inevitably scrap my 4 % interest and introduce the new app.
It's been good so far, but again as I move money around too much the auto-saves are far too low. I need 3 or 4 K in the account to get £100 autosaves. If its's 1-2k I only get £20-30 autosaves.0 -
Should i be concerned that it doesn't have full FSCS protection yet?0
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DennisTenus wrote: »Should i be concerned that it doesn't have full FSCS protection yet?
There's always a risk, but they (supposedly) ring-fence their money in a FSCS protected bank so its probably safe.Anyone thinking of signing up?
Please feel free to use my referral code of removed and we'll both receive an extra 1% interest.
Thanks
Before a mod comes around, I'd move this post to the referral board 0 -
PRAISETHESUN wrote: »Before a mod comes around, I'd move this post to the referral board
Sorry, didn't realise I was doing anything wrong.0 -
CafeGirl90 wrote: »I previously reviewed the CHIP savings earlier this year, after it was promoted in the MSE weekly newsletter.
I was somewhat nervous about signing over my bank log in details, but that's worn off, and since that time I've saved a nice amount. Or, rather, I haven't:
I had always suspected that our pattern of spending would throw any algorithm off track - and that's exactly what's been happening.
I'd always kept a large float in our current account to offset the relatively infrequent but large outgoings, so I didn't need to worry about going overdrawn. I'd suspected that the float amount was a little large, and CHIP seemed to agree, chipping away at it without us really feeling an impact.
Then, about a month ago I started seeing much lower balances in our account than I felt happy with, but CHIP kept on chipping. And stupidly I trusted the algorithm to have cracked our pattern of spending over the last 8 months or so and didn't do anything about it.
This month we went overdrawn - just for one day, and the charge was only 72p.
But that's not the point.
The point is that when I check, the amount CHIP had chipped away was pretty much the float I had in the current account originally.
So - we've not saved anything really at all - just transferred it from one account to another.
Think I'll rely on my instincts and calculations from now on.
From their website.
What happens if Chip moves too much money?
It won’t. We’re so confident in the algorithm’s ability to calculate exactly what you can afford to move across that we created the Chip Overdraft Guarantee. If Chip makes an automatic transaction that causes you to go into your overdraft, we'll deposit a £10 bonus in your account to cover any charges and to say sorry.0 -
Hi all,
A couple of quick queries...
- My interest rate is still showing as 5% despite us having passed the 31st of December 2018.
That suits me fine evidently, but has anyone else's interest rate dropped to 1%?
- Also, in an allied thread, the interest is stated to be a 'Bonus' - is it therefore taxable?
I look forward to hearing from you,
With Kind Regards0 -
Hi all,
A couple of quick queries...
- My interest rate is still showing as 5% despite us having passed the 31st of December 2018.
That suits me fine evidently, but has anyone else's interest rate dropped to 1%?
- Also, in an allied thread, the interest is stated to be a 'Bonus' - is it therefore taxable?
I look forward to hearing from you,
With Kind Regards
Mine hasn't dropped, why would it though?0
This discussion has been closed.
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