Chip App - When is interest paid?

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baldeagle09
baldeagle09 Posts: 141 Forumite
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in Savings & investments
I am currently saving via the chip app and have been for 4 months now. To date there has been no interest credited to account. I am on 3%. Bit disconcerting that after contacting them 2 days ago, there is still no sign of any interest.
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  • bestyet
    bestyet Posts: 5 Forumite
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    The faq says interest paid quarterly: getchip.uk/faq

    if you go to chipchat, click savings, it should show you the next interest payout.

    I am on 1%, 44p is my next payout...

    (ps Anyone would like to join, please feel free to ping me, we can both get 1% up.)
  • youngretired
    youngretired Posts: 581 Forumite
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    I contacted Chip the other day as I also started Dec and interest was due 1st Apr and I had a figure but now shows £0. They have a technical problem due to the bank holiday and are aware of this issue and hopefully it will be rectified soon.
  • baldeagle09
    baldeagle09 Posts: 141 Forumite
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    Am in same boat. It is very disconcerting that 6 days after contacting Chip, the interest has not been rectified. We are well past the bank holiday now. They promised speedy action from their engineers and so far they have failed to deliver.
  • youngretired
    youngretired Posts: 581 Forumite
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    Has anyone that was expecting interest in April received it or does this affect all us that took out the MSE 3% code?

    I was a bit worried about doing this after reading reviews that some people had difficulty with getting their interest but thought I'd give it a go, but so far no interest and 2 months of when trying to save the additional £100's the App saying that I haven't got the money even though I have (App shows I have).
  • baldeagle09
    baldeagle09 Posts: 141 Forumite
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    Chip app now states that interest is payable on 1st July and that my interest earned was £7.93.
    By my spreadsheet calculations interest should have been £12.24 assuming that it was to 31st March.
    I think I shall close account
  • baldeagle09
    baldeagle09 Posts: 141 Forumite
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    It also states that interest will decrease on 14 Dec 18 which is the anniversary of opening account
  • youngretired
    youngretired Posts: 581 Forumite
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    My interest is now paid £7.19 and this is based on saving £400 a month. I think I worked out that this is what I expected as interest is only paid weekly and not daily like all other banks/building society, so I worked it out by when the deposits actually reached Chip i.e. 4 working days from when requested.

    Though with the interest dropping in Dec I'll be getting rid of it as got a spare Post Office saving account that I can move over to my Co-op for rewards.
  • Ashen
    Ashen Posts: 592 Forumite
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    youngretired wrote: »
    I contacted Chip the other day as I also started Dec and interest was due 1st Apr and I had a figure but now shows £0. They have a technical problem due to the bank holiday and are aware of this issue and hopefully it will be rectified soon.
    My second quarter of interest was due on December 25th, and wasn't paid at the time. I wouldn't have noticed had I not been keeping track - although I believe it's now been paid, about 2-3 months later.
  • darich
    darich Posts: 2,145 Forumite
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    I'm new to Chip and happy to do a few referrals with other users for additional interest.










    Anyone up for it?

    Keen photographer with sales in the UK and abroad.
    Willing to offer advice on camera equipment and photography if i can!
  • eskbanker
    eskbanker Posts: 31,070 Forumite
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    darich wrote: »
    I'm new to Chip and happy to do a few referrals with other users for additional interest.

    Anyone up for it?
    If you wish to refer others, the approved method for doing so is to post on the dedicated referrers board, where there's already a Chip thread at https://forums.moneysavingexpert.com/showthread.php?t=5586709

    Referrals via other boards aren't allowed under the forum rules....
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