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  • FIRST POST
    • Nardge
    • By Nardge 6th Sep 18, 10:38 AM
    • 125Posts
    • 21Thanks
    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 2
    • Retired Minky
    • By Retired Minky 13th Jan 19, 2:20 PM
    • 72 Posts
    • 99 Thanks
    Retired Minky
    https://getchip.uk/blog/safer-saving/

    Your not covered by FSCS.

    They seem to think your ok unless Barclays goes under.

    I’m not sure if this is correct. If I run a business and it fails I’m not sure what would prompt Barclays will pay my customers back.
    Last edited by Retired Minky; 13-01-2019 at 2:46 PM.
    • Malthusian
    • By Malthusian 14th Jan 19, 11:32 AM
    • 5,433 Posts
    • 8,992 Thanks
    Malthusian
    "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."
    Originally posted by Robster88
    They are wrong. The correct position is stated by Chip itself (linked to by Retired Minky).

    They seem to think your ok unless Barclays goes under.

    Im not sure if this is correct. If I run a business and it fails Im not sure what would prompt Barclays will pay my customers back.
    by Retired Minky
    The money is in theory owned by Chip's customers and ringfenced on their behalf with Barclays. Unlike your business' money, it does not belong to Chip but to the customers.

    The problem is that you have no protection if they fail to do that for whatever reason. The money of Farepak's savers should have been ringfenced as well.

    "But it should have been" doesn't get your money back, FSCS cover does.

    "Were pretty confident that theres no imminent risk of Barclays going under" (Chip). Well that's alright then. In 2008 everyone was pretty confident there was no risk of Northern Rock or Lehman going under.
    • ozaz
    • By ozaz 14th Jan 19, 9:46 PM
    • 210 Posts
    • 73 Thanks
    ozaz
    The problem is that you have no protection if they fail to do that for whatever reason. The money of Farepak's savers should have been ringfenced as well.
    Originally posted by Malthusian
    From what I am reading, Farepak was under no regulatory requirement to ring-fence their customers deposits, unlike current firms using emoney wallets. So while I take your point there is no insurance against mismanagement or fraud, it seems Farepak was an different kettle of fish operating under different regulatory constraints.

    Is there a more recent example of a firm operating with similar regulatory requirement to Chip collapsing and customers losing their deposits?
    • Malthusian
    • By Malthusian 15th Jan 19, 10:57 AM
    • 5,433 Posts
    • 8,992 Thanks
    Malthusian
    From what I am reading, Farepak was under no regulatory requirement to ring-fence their customers deposits, unlike current firms using emoney wallets.
    Originally posted by ozaz
    If your business involves taking X a week off people which will need to be returned to them or used to send them Christmas hampers in less than twelve months, you shouldn't need the FCA to tell you that the money needs to be ringfenced. I.e. not used to meet the running costs of the company, or its parent. Otherwise it becomes an investment in the company and subject to securities law.

    Is there a more recent example of a firm operating with similar regulatory requirement to Chip collapsing and customers losing their deposits?
    Not off the top of my head, as this stupid idea has not been widely replicated. Why, would it make customers feel better knowing they were the first (since the last time)?
    • Voyager2002
    • By Voyager2002 15th Jan 19, 10:58 AM
    • 12,874 Posts
    • 8,824 Thanks
    Voyager2002
    Does anyone know when you are allowed to withdraw the interest that you have earned?


    I saved in Chip for over a year, using the code given on this site to open the account (so interest should have been paid at 3 per cent). My interest (they call it a "bonus") is showing as pending but I cannot withdraw it.
    • Nardge
    • By Nardge 16th Jan 19, 12:03 PM
    • 125 Posts
    • 21 Thanks
    Nardge
    Does anyone know when you are allowed to withdraw the interest that you have earned?


    I saved in Chip for over a year, using the code given on this site to open the account (so interest should have been paid at 3 per cent). My interest (they call it a "bonus") is showing as pending but I cannot withdraw it.
    Originally posted by Voyager2002
    Good Morning

    I know they were and are overhauling their systems as they've grown and expanded over the winter period months. I have received my interest on a 3-monthly basis without issue, including that of December. There have been no problems in withdrawing funds either when I've wanted to. Have you tried 'talking' with them directly via the app? They've always been very prompt and eager-to-please when I've done the same...

    With Kind Regards
    Last edited by Nardge; 23-01-2019 at 3:48 PM.
    • Nardge
    • By Nardge 16th Jan 19, 12:09 PM
    • 125 Posts
    • 21 Thanks
    Nardge
    As for me, my experience with CHIP has been exemplary. I ultimately clocked up 10,000 of savings with them over the course of the last year, and have received 5% interest on a 3-monthly basis without issue. I have since gone on to invest directly in their Crowdfund, and look forward to 7% interest on savings, and 8% interest on future investments in their fledgling CHIP X peer-to-peer scheme. Hopefully they'll be the next 'Monzo' or 'Revolut'! Fingers-crossed x

    With Kind regards
    • youngretired
    • By youngretired 16th Jan 19, 12:34 PM
    • 274 Posts
    • 152 Thanks
    youngretired
    When you say pending do you mean that you have requested the payment and it is showing pending as a -. If this is the case then the payment can take up to 7 working days before hitting your bank account as this is treated by a 3rd party and so unlike your actual investments which when requested goes into your account straight away bonuses (interest) aren't.

    I requested my final interest on the 3rd January and it finally hit my account on the 10th.
    • youngretired
    • By youngretired 23rd Jan 19, 3:37 PM
    • 274 Posts
    • 152 Thanks
    youngretired
    Just to warn people that closing the account might not be as straight forward as you think or especially in my circumstance.

    On the 9th January a auto save was going to be made which I cancelled straight away and received the cancelled email/app confirmation.

    I waited until my final interest reached my current account and then requested my Chip account to be closed on the 10th January with 0 balance.

    I changed my online security details and cancelled the DD so no more payments could be claimed. I advised Chip that I had done this and was just waiting for the account to be closed.

    On the 15th January I received a email from the Chip DD department in regards to a unpaid DD, which was the auto save that I had cancelled. I forwarded this onto Chip explaining that I was waiting for the account to be closed and that I had cancelled this auto save on the 9th.

    Today I contacted Chip to ask when the account would be closed to be told that they are waiting for a pending payment to clear before being able to close the account. This pending payment is the auto save that was cancelled and the DD that was unpaid so why were they waiting for it to clear!!!

    I was told that apparently on their system it shows as being processed, so I had to wait for it to clear or fail. So even though the save was cancelled (though still attempted to be taken) and the DD unpaid they can't just close the account. I'm hoping this will be resolved by the end of January.
    • DennisTenus
    • By DennisTenus 23rd Jan 19, 3:43 PM
    • 379 Posts
    • 48 Thanks
    DennisTenus
    I have a manual save still pending from Jan 8th, but had several after that that have been completed.... odd. Will this fix itself eventually or will i need to contact them to sort it out?
    • youngretired
    • By youngretired 23rd Jan 19, 6:44 PM
    • 274 Posts
    • 152 Thanks
    youngretired
    I was told that the payment should clear within the next 48 hrs, though obviously in my case it won't. So in theory yours should be cleared tomorrow, if not then contact them.

    I had this issue last year where a manual save hadn't cleared in 2 weeks and contacted them as the interest was obviously incorrect and was giving 5 to cover the incorrect interest and inconvenience.
    • DennisTenus
    • By DennisTenus 24th Jan 19, 12:16 AM
    • 379 Posts
    • 48 Thanks
    DennisTenus
    I was told that the payment should clear within the next 48 hrs, though obviously in my case it won't. So in theory yours should be cleared tomorrow, if not then contact them.

    I had this issue last year where a manual save hadn't cleared in 2 weeks and contacted them as the interest was obviously incorrect and was giving 5 to cover the incorrect interest and inconvenience.
    Originally posted by youngretired
    Ah cool cheers I'll try that!
    • das1969
    • By das1969 29th Jan 19, 11:02 AM
    • 12 Posts
    • 3 Thanks
    das1969
    I've been trying to close my account for four weeks now, but have been unable to do so as I have had a pending payment the whole time which has not cleared.


    I went on Live Chat yesterday, and was told that there is an app update coming out in the next day or so that will fix the problem.
    • youngretired
    • By youngretired 29th Jan 19, 2:50 PM
    • 274 Posts
    • 152 Thanks
    youngretired
    My account was finally closed yesterday, so took 18 days from request and this was due to a pending payment waiting to be cleared.
    • Ed-1
    • By Ed-1 9th Feb 19, 6:37 PM
    • 2,526 Posts
    • 1,321 Thanks
    Ed-1
    Chip appears to be charging a 2 monthly fee after a 3 month free trial now for new customers:

    https://www.getchip-community.uk/123make-it-happen
    • DennisTenus
    • By DennisTenus 9th Feb 19, 6:46 PM
    • 379 Posts
    • 48 Thanks
    DennisTenus
    Chip appears to be charging a 2 monthly fee after a 3 month free trial now for new customers:

    https://www.getchip-community.uk/123make-it-happen
    Originally posted by Ed-1
    Hmm, so won't affect existing customers?
    • Ed-1
    • By Ed-1 9th Feb 19, 6:52 PM
    • 2,526 Posts
    • 1,321 Thanks
    Ed-1
    Hmm, so won't affect existing customers?
    Originally posted by DennisTenus
    Doesn't look like it.
    • Nardge
    • By Nardge 12th Feb 19, 9:33 PM
    • 125 Posts
    • 21 Thanks
    Nardge
    Fightcons

    I'd delete your referral and put it on the referrals board if I were you
    The board administrators will delete it soon

    With Kind Regards
    Last edited by Nardge; 12-02-2019 at 9:37 PM.
    • Chadsman
    • By Chadsman 13th Feb 19, 6:05 PM
    • 1,040 Posts
    • 384 Thanks
    Chadsman
    I joined Chip around two weeks ago but whenever I try to make a deposit I get the message
    We are currently switching our direct debit supplier, and manual saves are turned off. We'll be turning them back on in the next few days.
    Is anyone else getting a similar message or is this normal when opening an account?
    God save the Queen!
    I'll save Elizabeth Fry, Charles Darwin, Adam Smith, Matthew Boulton and James Watt.
    • Nardge
    • By Nardge 13th Feb 19, 7:12 PM
    • 125 Posts
    • 21 Thanks
    Nardge
    Fightcons - Do you expect people to use your referral when you clearly are showing very little respect for Forum Rules and other Forum Users? This is the third time on this thread you choose to make a mockery!
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