Chip savings app

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  • Ed-1
    Ed-1 Posts: 3,904 Forumite
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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.
  • DennisTenus
    DennisTenus Posts: 483 Forumite
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    oohh didn't know that !
  • Malthusian
    Malthusian Posts: 10,965 Forumite
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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.
  • Aliciamilford
    Aliciamilford Posts: 6 Forumite
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    Is it fully secured?
  • Malthusian
    Malthusian Posts: 10,965 Forumite
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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.
  • DennisTenus
    DennisTenus Posts: 483 Forumite
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    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?
  • Retired_Minky
    Retired_Minky Posts: 175 Forumite
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    Yes. You should be worried. If they go under there is a good chance you can kiss goodbye to your savings.
  • surreysaver
    surreysaver Posts: 4,128 Forumite
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    DennisTenus wrote: »
    That's concerning. Should we be worried?
    No more worried than if you put your money somewhere else where it isn't protected. Do you remember those Christmas Savings firms that went bust about five or so years ago?
    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.html
    I consider myself to be a male feminist. Is that allowed?
  • Robster88
    Robster88 Posts: 121 Forumite
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    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."
  • Retired_Minky
    Retired_Minky Posts: 175 Forumite
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    edited 13 January 2019 at 3:46PM
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    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.
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