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  • FIRST POST
    • Nardge
    • By Nardge 6th Sep 18, 10:38 AM
    • 61Posts
    • 10Thanks
    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
    • 335 Posts
    • 40 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
    • 61 Posts
    • 10 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
    • 5 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
    • 335 Posts
    • 40 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?
    • PRAISETHESUN
    • By PRAISETHESUN 19th Nov 18, 9:53 AM
    • 615 Posts
    • 284 Thanks
    PRAISETHESUN
    • #7
    • 19th Nov 18, 9:53 AM
    • #7
    • 19th Nov 18, 9:53 AM
    Should i be concerned that it doesn't have full FSCS protection yet?
    Originally posted by DennisTenus
    There's always a risk, but they (supposedly) ring-fence their money in a FSCS protected bank so its probably safe.

    Anyone thinking of signing up?


    Please feel free to use my referral code of removed and we'll both receive an extra 1% interest.


    Thanks
    Originally posted by Dexis
    Before a mod comes around, I'd move this post to the referral board
    • Dexis
    • By Dexis 19th Nov 18, 9:52 PM
    • 10 Posts
    • 0 Thanks
    Dexis
    • #8
    • 19th Nov 18, 9:52 PM
    • #8
    • 19th Nov 18, 9:52 PM
    Before a mod comes around, I'd move this post to the referral board
    Originally posted by PRAISETHESUN

    Sorry, didn't realise I was doing anything wrong.
    • pramsay13
    • By pramsay13 20th Nov 18, 4:22 PM
    • 626 Posts
    • 1,057 Thanks
    pramsay13
    • #9
    • 20th Nov 18, 4:22 PM
    • #9
    • 20th Nov 18, 4:22 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.
    Originally posted by CafeGirl90
    From their website.

    What happens if Chip moves too much money?
    It won’t. We’re so confident in the algorithm’s ability to calculate exactly what you can afford to move across that we created the Chip Overdraft Guarantee. If Chip makes an automatic transaction that causes you to go into your overdraft, we'll deposit a £10 bonus in your account to cover any charges and to say sorry.
    • Nardge
    • By Nardge 4th Jan 19, 1:51 PM
    • 61 Posts
    • 10 Thanks
    Nardge
    Hi all,

    A couple of quick queries...

    - My interest rate is still showing as 5% despite us having passed the 31st of December 2018.

    That suits me fine evidently, but has anyone else's interest rate dropped to 1%?

    - Also, in an allied thread, the interest is stated to be a 'Bonus' - is it therefore taxable?

    I look forward to hearing from you,

    With Kind Regards
    Last edited by Nardge; 04-01-2019 at 2:16 PM.
    • DennisTenus
    • By DennisTenus 11th Jan 19, 2:16 PM
    • 335 Posts
    • 40 Thanks
    DennisTenus
    Hi all,

    A couple of quick queries...

    - My interest rate is still showing as 5% despite us having passed the 31st of December 2018.

    That suits me fine evidently, but has anyone else's interest rate dropped to 1%?

    - Also, in an allied thread, the interest is stated to be a 'Bonus' - is it therefore taxable?

    I look forward to hearing from you,

    With Kind Regards
    Originally posted by Nardge
    Mine hasn't dropped, why would it though?
    • Ed-1
    • By Ed-1 11th Jan 19, 2:31 PM
    • 2,470 Posts
    • 1,294 Thanks
    Ed-1
    Mine hasn't dropped, why would it though?
    Originally posted by DennisTenus
    Each 1% is valid for 12 months from the date your friend signed up and the interest rate increase was applied.
    • DennisTenus
    • By DennisTenus 11th Jan 19, 2:33 PM
    • 335 Posts
    • 40 Thanks
    DennisTenus
    oohh didn't know that !
    • Malthusian
    • By Malthusian 11th Jan 19, 3:16 PM
    • 5,160 Posts
    • 8,426 Thanks
    Malthusian
    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
    • By Aliciamilford 12th Jan 19, 4:49 PM
    • 6 Posts
    • 12 Thanks
    Aliciamilford
    Is it fully secured?
    • Malthusian
    • By Malthusian 12th Jan 19, 5:03 PM
    • 5,160 Posts
    • 8,426 Thanks
    Malthusian
    Is it fully secured?
    Originally posted by Aliciamilford
    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
    • By DennisTenus 13th Jan 19, 12:34 AM
    • 335 Posts
    • 40 Thanks
    DennisTenus
    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.
    Originally posted by Malthusian
    That's concerning. Should we be worried?
    • Retired Minky
    • By Retired Minky 13th Jan 19, 1:31 PM
    • 70 Posts
    • 60 Thanks
    Retired Minky
    Yes. You should be worried. If they go under there is a good chance you can kiss goodbye to your savings.
    Save £40k in 2019 # 96
    • surreysaver
    • By surreysaver 13th Jan 19, 1:33 PM
    • 2,622 Posts
    • 1,514 Thanks
    surreysaver
    That's concerning. Should we be worried?
    Originally posted by DennisTenus
    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
    • By Robster88 13th Jan 19, 1:40 PM
    • 78 Posts
    • 28 Thanks
    Robster88
    Yes. You should be worried. If they go under there is a good chance you can kiss goodbye to your savings.
    Originally posted by Retired Minky
    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."
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