Chip discussion

Aslo waiting for Chip2.0 to be launched and linking with Monzo before I join depends on wether it comes before the Dozens bank/savings launched

Better off in the Referral Wiki?

Just withdrew everything from Chip as my interest period has ended and I didn’t see the point in chasing referrals 1% at a time.

As far as I can see, nothing has changed in the app over the year at all. I actually can’t close the account because some bug has stopped me cancelling an automatic save…

Is it really that hard to do what is so far a savings account with a clever savings calculator attached?


I’ve done the same. Totally given up with them.

I used Chip for a little while and found the service great for digging me out of an overdraft, but over Christmas my budgeting method changed a little (which prompted getting a Monzo account) meaning that nearly every penny was accounted for. It left little for Chip to hoover up. Arguably it was Chip that helped to focus my efforts on controlling the money I would otherwise fritter away on coffee.

However, it’s great for people who, like me until recently, wasn’t quite sure what I could spare and to put away. Perhaps it’s most useful feature is that it allows you to compare your spending levels with the previous month and incentivises you to ease off a little. It takes a while for the money to move out of your account, but it does at least deposit it back into your account really quickly.

I just wouldn’t go into it expecting to earn interest. Any larger sums of money are far better off in an ISA or other savings account that pays interest whether you can refer anyone or not. The roundup feature in Monzo is far more useful to me now.

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Having enjoyed 10% interest from Chip for a year (now sadly down to 5%), I ask myself where else can I get even the same 2% interest on savings (with instant access) for just 2 referrals? And whilst at the same time having the benefit of amounts being automatically put into that savings account on a weekly basis, rather sitting in my current account screaming ‘spend me’; I’ve earned amazing rates of interest at the same time as saving more than I probably would if I had to put money aside manually. In spite of some of its limitations, I continue to view the concept of Chip a game-changer. (Not sure I remain as positive about it having a sustainable business model, mind).

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What’s your average balance been over the year?

Because I’m cautious, I’ve tended to transfer out each time I’ve reached a balance over 1500 (so no, the gains through interest aren’t that great in monetary terms)

I would probably have stuck with them if the account had been easy to use.

It was hard just working out exactly how much interest I’d earned for my tax return (I had to ask a human). There was nothing like a statement. Not sure why the history in the app doesn’t go back very far.

It was great having a direct debit for the auto saves, but it didn’t make any sense for manual saves.

Having a limited amount you could manually save a month spread over six days was just annoying.

And the list goes on.

I think end to end the experience was pretty poor. Then the referrals game on top is too much.

Fair points. I’ve been in correspondence with chip encouraging them to tighten up on visibility/accountability with respect to interest for tax purposes (a full audit/statement with export capabilities) - to be honest, I would have thought it would be a default part of any readiness for regulation, so I recognise the frustration.

All I can say is (and this reflects my limited financial management skills), prior to Chip I would squirrel away my legacy current account balance prior to payday (an amount smaller than I achieve with more regular ‘squirrelling’ with Chip today) to a legacy savings account paying (today) just 0.2%. For all it’s limitations, Chip has taught me to at least try to make my money work harder for me, and I view that as a massive positive.


So I’m on the Chip 2.0 beta.

Still no Monzo.

Did someone say it would be in the Beta?

@anon99402360 how did you get onto Beta?

Got a link and clicked on it.

Iirc, they did say it would be in 2.0.

Fair enough. Hopefully Monzo is happy to play along; I’m sure Chip will get to it as soon as they possibly can, as Monzo is their perfect demographic!

I think I cannot wait longer for the Chip /Monzo integration. Knowing now that it isn’t in the chip 2.0 beta and that Monzo have never really confirmed the link between, the two.

The only reason I had not done a full current account switch was because of Chip. I was expecting the app update and connection to Monzo in January.

So in march I will switch my bank account to Monzo and if chip connects after that will be great. If not I’ll use Monzos pots, until something just as clever as chip can be used with Monzo.


Could always do the Penny Savings challenge in the meantime.

Does it need Monzo to integrate, though? If Chip is a regulated AISP and the money out is via direct debits, then isn’t this just a matter of Chip prioritising resource and effort - the same as with the other banks?


Chip needs read-only access to your account and it asks you to login to your internet banking through the Chip app. I’d suspect the on boarding process would be a little different with Monzo due to the lack of traditional login credentials.

I have to say, I haven’t really missed Chip since being with Monzo. I find setting a budget and knowing how much I can afford to put away is easier and quicker (automatic Chip saves take a little while to leave your account, but pots and roundups are instant). Chip is great with a traditional bank where all of your money is lumped in together and you have DD’s and standing order leaving at different times during the month, but less useful with Monzo’s budgeting features.

Have you used anything like Emma? Monzo lets you share your details with third parties (as does Starling) - you don’t log on in the traditional sense but you do approve the app to have access to your data.

Monzo allows any registered AISP (that Account Information Service Provider) access, subject to the usual checks. So Chip would need, I think, to register with Monzo then integrate using the APIs - no need for any technical changes on Monzo’s end.