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  • FIRST POST
    • aj23
    • By aj23 11th Jul 18, 10:20 AM
    • 669Posts
    • 232Thanks
    aj23
    Chip 3% App
    • #1
    • 11th Jul 18, 10:20 AM
    Chip 3% App 11th Jul 18 at 10:20 AM
    How does this actually work? So you can put up to 10k in it, but can only save manually up to £100 a day, six times a month, so £600 a month. That's 7200k over 12 months, after which is goes back to 0% ?

    It says interest is paid quarterly, so I'm assuming you get a payout of 3% on what you have saved into each three month period?

    £1800: £54
    £3654: £109.62
    £5583.62: £167.50
    £7551.12: £226.53

    Giving you a balance of £7777.65 at the end of 12 months

    Sounds too good to be true? Or does it work like a regular saver in which you get 3% on the average balance?
    Last edited by aj23; 11-07-2018 at 11:55 AM.
Page 3
    • ValiantSon
    • By ValiantSon 16th Jul 18, 8:20 PM
    • 2,465 Posts
    • 2,373 Thanks
    ValiantSon
    I hadn't noticed that your posts were last week's, I just opened a thread that was updated earlier today, and noticed that the last half of it seemed to be mostly you putting someone in their place ending with you banging your head against the wall saying you give up because they never listen, and then just in case they were still listening, doing another three posts to "argue with a brick wall" further, or perhaps to belittle them a bit more for good measure

    It's certainly an efficient way of getting it done, and speaking from experience it's how accountants might calculate an interest receivable or payable when the person receiving it doesn't really need to know the exact daily accrual at a point on time (such as in an account where the interest isn't added to capital until the end of the period, as in a popular range of regular savings accounts), and/or the capital isn't being withdrawn before the interest period is up - as we are describing here..

    In your opening post on this thread, OP had ended his post with, "Too good to be true? Or does it work like a regular saver in which you get 3% on the average balance?"
    You could have been kind and said "yes, sorry buddy the other way you were looking at it is too good to be true. You're right that you'll effectively get paid on the average balance you've had in there over the period, not an entire year's interest on the amount you have built up to at some snapshot date."

    That would be the way to do it without trying to get argumentative.

    But what you said was:
    When you look at how much you receive in a regular saver account, it is the same as receiving the interest rate for the time period on the average balance for the time period. So it's confusing to tell someone that regular savers *don't* pay interest on the average balance held in them.

    And to say that "all the money in the account, calculated daily... this is not the average balance" is likewise confusing because what is the average balance for a period, if not the average of each day's closing balance, daily?



    I expect to outsiders we each just come off as idiots who like to read our own words in print more than we like to keep our dignity.
    Originally posted by bowlhead99
    Okay, I'm out. You continue to use this thread as an attempt to attack me personally.
    • beezkneez
    • By beezkneez 16th Jul 18, 11:54 PM
    • 108 Posts
    • 37 Thanks
    beezkneez
    Anyone know any codes to get 3% interest
    Last edited by beezkneez; 17-07-2018 at 12:00 AM.
    • Bimbly
    • By Bimbly 17th Jul 18, 8:11 AM
    • 109 Posts
    • 92 Thanks
    Bimbly
    Anyone know any codes to get 3% interest
    Originally posted by beezkneez
    https://www.moneysavingexpert.com/banking/digital-banking/#savings

    Go to the section on Chip App. Click through on the link and the MSE offer comes up.
    • beezkneez
    • By beezkneez 17th Jul 18, 9:36 AM
    • 108 Posts
    • 37 Thanks
    beezkneez
    https://www.moneysavingexpert.com/banking/digital-banking/#savings

    Go to the section on Chip App. Click through on the link and the MSE offer comes up.
    Originally posted by Bimbly

    Hasnít it expired?
    • CPKCPK
    • By CPKCPK 17th Jul 18, 9:41 AM
    • 2 Posts
    • 0 Thanks
    CPKCPK
    I think it expired on thursday,

    you can however get 1% by looking at the referrals page here, my code is at the bottom
    can find it by googling, mse chip app referrals (wont let me post the link sorry!)

    ive already had 2 people sign up so its worth doing! can be at 3-5% in no time.


    cheers,
    Conor
    • eskbanker
    • By eskbanker 17th Jul 18, 10:48 AM
    • 7,818 Posts
    • 8,633 Thanks
    eskbanker
    The thread for Chip referrals is https://forums.moneysavingexpert.com/showthread.php?t=5586709
    • Bimbly
    • By Bimbly 17th Jul 18, 2:16 PM
    • 109 Posts
    • 92 Thanks
    Bimbly
    Hasnít it expired?
    Originally posted by beezkneez
    Ah. Hadn't noticed that. The offer still came up this morning, so maybe MSE needs to edit the page.
    • Joken
    • By Joken 5th Aug 18, 1:36 PM
    • 1 Posts
    • 0 Thanks
    Joken
    Hi, Iíve been using Chip since the beginning of the year and like it. In answer to some of the questions on MSE the savings are held in a Barclays Account, I have withdrawn some money to test it which worked. I have 6% interest for some reason (3% via MSE and 3 people used my code). I make 6 manual saves a month of £100 and then the app makes some automatic saves too. You can set the level of savings and your own goals. I contacted Chip via the chat function to get the interest calculated for the last financial year and they responded promptly. So far so good. I was worried initially but was reassured that if anyone got access to my chip login the most that they could do was to put money back into your bank account. I have several bank accounts so if my bank account was compromised not a great amount could be accessed. I guess you have to make your own descision as to whether you are happy to give chip access to your account.
    • LTM1988
    • By LTM1988 11th Aug 18, 8:02 AM
    • 5 Posts
    • 2 Thanks
    LTM1988
    Is anyone having trouble with the app?

    Since last night my Chip Chat isn't working (so I can't withdraw, which is worrying), and also the main website appears to be down. Could be just routine maintenance, but I'm a little concerned that there wasn't any advance warning.
    • macgyver
    • By macgyver 11th Aug 18, 8:50 AM
    • 1,102 Posts
    • 552 Thanks
    macgyver
    Is anyone having trouble with the app?

    Since last night my Chip Chat isn't working (so I can't withdraw, which is worrying), and also the main website appears to be down. Could be just routine maintenance, but I'm a little concerned that there wasn't any advance warning.
    Originally posted by LTM1988
    It is working for me as just checked it.
    I wanted to thankyou a million times but its a shame that I can press the button just once
    • DennisTenus
    • By DennisTenus 11th Aug 18, 11:16 AM
    • 201 Posts
    • 19 Thanks
    DennisTenus
    Is anyone having trouble with the app?

    Since last night my Chip Chat isn't working (so I can't withdraw, which is worrying), and also the main website appears to be down. Could be just routine maintenance, but I'm a little concerned that there wasn't any advance warning.
    Originally posted by LTM1988
    Yep it wasn't working for me last night. Working again now though. Must have been down.
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