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  • FIRST POST
    • InvestingNow
    • By InvestingNow 1st Oct 18, 12:45 PM
    • 12Posts
    • 0Thanks
    InvestingNow
    When Do you receive Chip automatic saving app interest?
    • #1
    • 1st Oct 18, 12:45 PM
    When Do you receive Chip automatic saving app interest? 1st Oct 18 at 12:45 PM
    When Do you receive Chip automatic saving app interest? I did my first transaction with them on 11th July, so far I have not received any interest.
Page 1
    • PRAISETHESUN
    • By PRAISETHESUN 1st Oct 18, 1:12 PM
    • 387 Posts
    • 180 Thanks
    PRAISETHESUN
    • #2
    • 1st Oct 18, 1:12 PM
    • #2
    • 1st Oct 18, 1:12 PM
    They calculate interest weekly and pay interest every quarter I believe, on the anniversary of the account opening.

    https://getchip.uk/faq
    • moneysavinggirl40
    • By moneysavinggirl40 11th Oct 18, 12:13 AM
    • 370 Posts
    • 39 Thanks
    moneysavinggirl40
    • #3
    • 11th Oct 18, 12:13 AM
    • #3
    • 11th Oct 18, 12:13 AM
    Should be 13 weeks after anniversary of opening according to faq but i have found that i haven't got this interest after this period. i have queried it with hellochip but the first reply i get is that i am owed interest on 29.10.18 rather than the date i worked out was 13weeks, Then i get an email form hello chip I am updated with my savings by email. my update email says i should have been given interest on 8.10.18 so there is discrepancy between the app which says interest is due 29.10.18 and the email congratulating me that i have had an automatic save and x interest due to me on 8.10.18 which i didn't receive. when i query again they say they know it's a problem and that i should hang in there.i am not too pleased that they're not paying interest out when they say in faq it will given13weeks
    • youngretired
    • By youngretired 11th Oct 18, 10:04 AM
    • 232 Posts
    • 125 Thanks
    youngretired
    • #4
    • 11th Oct 18, 10:04 AM
    • #4
    • 11th Oct 18, 10:04 AM
    If you click on savings on the app it will show the total amount saved, average and your interest payment date and interest accrued to date. Interest is calculated Monday weekly and sometimes can be delayed and then added to your balance quarterly.

    I never used to monitor my interest but after my first quarterly interest was delayed I now work out how much I should get each Monday and a running total of interest so I know if any is missing/incorrect (which was the case in May and September) and raise a query.

    My last quarter said interest was up to 30/09/2018 and was paid to my balance on 1/10/2018 in the afternoon.
    • jimmymc1
    • By jimmymc1 12th Oct 18, 7:33 PM
    • 3 Posts
    • 0 Thanks
    jimmymc1
    • #5
    • 12th Oct 18, 7:33 PM
    • #5
    • 12th Oct 18, 7:33 PM
    Yeah thats right , ive been saving for couple of months and can see the breakdown of savings/interest by clicking ion savings. Looks like a good job to date and would have no issues recommending...
    Happy also to share my code to help someone gain another 1% as well as yours truly!!! Its HV7PRR. We ll be millionaires in no time!!! Thanks....
    • ozaz
    • By ozaz 13th Oct 18, 9:44 AM
    • 179 Posts
    • 61 Thanks
    ozaz
    • #6
    • 13th Oct 18, 9:44 AM
    • #6
    • 13th Oct 18, 9:44 AM
    My first interest payment happened around 15-16 weeks after my first save.

    Chip is a small startup. If you’re going to use products from such companies you have to be prepared to endure some teething problems along the way.
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