Digital Banking
Comments
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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.0 -
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.
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.4.29kWp Solar system, 45/55 South/West split in cloudy rainy Cumbria.0 -
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.
Only if Barclays goes bust.......which is highly unlikely0 -
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.0 -
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.0
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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!0 -
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.0 -
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)0
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Its been promoted in an email with hundreds of thousands of recipients so its going to be under a bit of pressure today.0
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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.
It's a bit unclear on this. I see you can manually transfer £600/month (£7200/year) but can't see how much they transfer automatically. I guess you can wait until the last six days of the month and transfer your £600 then.
Only worth doing if you've got other accounts and they're maxed out. Otherwise it's probably safer opening up an account with Tesco or Nationwide first. Given the small risk with Chip, it's probably not worth putting in money after a certain point, after the six month mark you're risking another £3600 for 1.5% or less (£31.50), of at least the first years interest
although unlike other regular savers there doesn't seem to be a limit so maybe it doesn't matter.0
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