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  • FIRST POST
    • Nardge
    • By Nardge 6th Sep 18, 10:38 AM
    • 31Posts
    • 6Thanks
    Nardge
    Chip savings app
    • #1
    • 6th Sep 18, 10:38 AM
    Chip savings app 6th Sep 18 at 10:38 AM
    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
Page 1
    • DennisTenus
    • By DennisTenus 6th Sep 18, 5:10 PM
    • 310 Posts
    • 39 Thanks
    DennisTenus
    • #2
    • 6th Sep 18, 5:10 PM
    • #2
    • 6th Sep 18, 5:10 PM
    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.
    • Nardge
    • By Nardge 6th Sep 18, 5:37 PM
    • 31 Posts
    • 6 Thanks
    Nardge
    • #3
    • 6th Sep 18, 5:37 PM
    • #3
    • 6th Sep 18, 5:37 PM
    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.
    Originally posted by DennisTenus

    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...
    • CafeGirl90
    • By CafeGirl90 15th Sep 18, 2:45 PM
    • 6 Posts
    • 3 Thanks
    CafeGirl90
    • #4
    • 15th Sep 18, 2:45 PM
    Was great, until it wasn't
    • #4
    • 15th Sep 18, 2:45 PM
    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.
    • Curls2208
    • By Curls2208 27th Sep 18, 1:13 AM
    • 54 Posts
    • 26 Thanks
    Curls2208
    • #5
    • 27th Sep 18, 1:13 AM
    • #5
    • 27th Sep 18, 1:13 AM
    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.
    • DennisTenus
    • By DennisTenus 27th Sep 18, 10:44 AM
    • 310 Posts
    • 39 Thanks
    DennisTenus
    • #6
    • 27th Sep 18, 10:44 AM
    • #6
    • 27th Sep 18, 10:44 AM
    Should i be concerned that it doesn't have full FSCS protection yet?
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