I invested in chip a couple of times but was really on the fence this time and in the end didn’t. The method of doing the round for “convertible” shares with a load of benefits like discounted shares on final conversion and 8% interest didn’t quite sit right! Obviously enough other people (and the government) were interested!
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Tried it for some time, but they don’t develop app in direction I hoped for, and without it there are only downsides:
- it often takes some time to withdraw money (no weekends, next working day after some hour etc)
- no card there, you need to withdrawal to spent
I hoped they will more concentrate on goals, some clever automation to split money in a way, what will provide balance between “waiting for bigger goals” and finishing smaller goals in reasonable time. But it is now only 3 goals and simple procentage split
I don’t need clever “saver” I am splitting my money to pots at a time of salary
Got an email saying they’re soon offering 1.25% interest with Chip+1 if you refer a friend
Details of the 1.25% savings account via refer a friend scheme is here m
I have one code. Please PM me if you want it. Will only work for those who don’t already have an account.
UPDATE - My code has now been claimed.
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Out of interest, any idea why the last two posts have been blocked/hidden?
Probably someone has flagged because posts made specifically for referrals are discouraged outside the referrals wiki.
I guess my post got away with not getting flagged because it was in part continuing earlier discussion by noting the scheme was now live, and not solely making a referral. Alternatively, maybe I did get flagged but it perhaps takes more flags for my posts to get auto hidden because I contribute regularly. I don’t really know.
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We offered non-Chip members the opportunity to achieve 1.25% interest on savings if they sent a direct message. 
Thing is, I was about to post a code myself, until I saw the hides, and I suspected that was the reason.
What do you think about CHIP? I’ve just subscribed myself using a code, although I’m not normally keen on referrals and anything that smells of pyramids.
The 1.25% is tempting, but I understand that there is a cap on what you can deposit, such that the max interest you can earn is £62. So it’s not quite as attractive as it seems.
What’s in it for CHIP? There must be something, otherwise they wouldn’t offer it. I also understand that above a certain level, you are charged for the use of the AI auto-saving facility.
I wouldn’t post your code - or it’s very likely your post will be blocked, like mine was.
Chip need to keep adding users, to keep VC happy… They feel market-leading interest rates is the right way to go.
I invested in them early on, before some of their promises proved hollow. They have great ideals but I increasingly find their execution problematic… the 1.25% isn’t strictly interest - it’s out of their marketing budget I believe, which isn’t long-term viable.
To date they have struggled to monetise/utilise the customer funds they have on deposit. Which is why they’ve now adopted an overly complex charging regime; it’s abhorrent to a veteran like myself, but seems much more palatable to their target audience of millennials. I’m not their target audience.
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I have mixed opinions about Chip
Their key selling point is auto (algorithm-driven) saving. This does nothing for me because I prefer to be in control and use a “pay yourself first” approach to saving and investing. But I think for various reasons (e.g. mindset, income regularity, etc) “pay yourself first” doesn’t work for many and such individuals benefit from an algorithm handling their savings decisions. I don’t think this is a generational thing (i.e. only of value to millennials). I think loads of older people have been atrocious with saving and investing habits over their lifetime and would have benefitted from an algorithm-based approach. Chip have recently introduced a fee for use of their savings algorithm which has received some criticism. But I think for those who need it the £1.50/month autosaving fee will be accepted if it means they save a reasonable amount of money where they may have otherwise saved nothing. So I’m positive on the auto-saving innovation even though I wouldn’t use it myself and even though it now attracts a fee.
What I’m negative on is Chip have a long history of announcing features and then taking ages to deliver or deviating from previously announced plans. Of all the companies I’ve been a customer of in the last couple of years (whether in or outside of fintech) Chip have been the worst for this.
Some other negatives -
Time taken to deposit money is slow (up to 3 working days)
They intend to start charging a withdrawal fee if you need to withdraw more than once in a 28 day period.
On the manual saving plan (ChipLite) you can earn 1.25% on up to £2,000
So max ‘interest’ would be £25
On the auto saving plan (ChipAI) you can earn 1.25% on up to £5,000
So max ‘interest’ would be £62.5
But you would pay a £1.50/month autosaving fee
What’s in it for Chip?
Marketing. This isn’t proper interest. It’s just paying those who refer others and those who join as new customers a bonus from marketing budget, instead of using it for traditional advertising.
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I closed my chip account within 24 hours, didn’t like the offering one bit too be fair. As others have stated I prefer just moving my money on a monthly basis set to whatever amounts I specify. I don’t need an ‘AI’ trying to predict it for me.
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After Chipmunks and ChipX and a million emails hyping NOTHING, I gave up on them out of sheer confusion! Any other scenario, and I’d have thought they are a scam
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I don’t like companies that do not have transparency and operate like amateurs. I was offered a chance to save with their +1 account and receive a bonus of 1.25% up to £5k. At no point did they say that as soon as they introduced paid tiers the bonus would only for up to £2k for the free tier.
It is either amateurish or a blatant attempt to mislead. I’ve ditched them completely.
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As have I. A really amateurish experience with poor explanation of structure. Took three attempts to close.
Thanks, Stephen!
Just to note I’ve edited your post to take out your referral link. There’s a dedicated wiki for those if you search for it.
Whoops. Sorry about that. It’s in the wiki.
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Anyone else get spammed by Chip today?
Alarmed to hear that apparently I’m in their ‘top percentile’ of customers. This gives me serious concern for their viability - I only have a small amount of savings in Chip+1 - I don’t use ChipAI or their investing platform - ie I pay them nothing - I am a loss making customer for them.
They appear to have just disclosed that <1% of their customers actually make them money.
Hi Dan,
I’m the exact same profile to Chip as you, other than I have made a small speculative investment in them in their early days.
The good news is I wasn’t similarly spammed, so maybe your inclusion was just an oversight? Their CRM leaves a lot to be desired (when they do send email, I generally get the same one 3 or 4 times over)!
I wouldn’t read too much into it (though worrying if you’re correct!).
No nothing from them at all
Just got a £5 amazon gift card from chip. Not complaining, but I’ve no idea why!