Thanks for posting that. Yeah, it sounds like a random number generator to me. I may close my account if that’s the case. My account balance varies (as I’m sure most people’s do) and I’m not sure why I would use chip over one of the smarter solutions or even just putting money away regularly into a pot
It does seem like a bunch of jargon. Basing it on apparent demographics (I only entered my age and location, so what can it gather from just that? I know people on 3x my wages in the same area, so this is pointless. Without knowing the actual balance or history of transactions it basically is what you described, a random number generator. With actual bank links it does use your history, but it clearly doesn’t with Monzo, Starling etc. This is really misleading as nothing on the site indicates this, nor does the app itself.
Actually that’s a good point. Pretty sure I’m on less than average here too. They mention on the forum they are going to have a blog post about this so I’ll wait for that and if I’m still not happy I’ll close my account and go back to manual saving. Really wish they had made this clear before I signed up
Same here. If one person is on £1000 a month, and another is on £4000 a month, but they’re matching on demographics, it won’t save any differently by the looks of it. That’s not an AI.
Personally, it looks like its completely random and certainly not AI. I was talking to a mate of mine who is doing a PhD in Computer Science focusing on machine learning and other concepts . I asked him how difficult/ easy would it be to do a predictive model for budgeting and he said it would be very difficult as the number of factors you would need to predict for would be large.I reckon it would be possible but not the system Chip is using
I just connect my account. Took £7 out and thought I’d like to see what this is all about first but now can’t pause or remove card - only close account which I don’t want to do. Unless I’m missing something 
1 Like
I can’t find a way to remove it but you can pause by going to account > settings > pause
1 Like
Further to this point above there’s direct conversation about the feature here:
1 Like
Thank you.
Not enjoying Chip at all. Constant error messages and now I have to be verified to get my £7 back! I’m sticking with Plum.
1 Like
I am having no issues with chip and it has been a solid app… ironically Plum was problematic for me 
1 Like
So pretty much a confirmation that it’s completely random with Monzo. Moved everything but £15 to pots a few days ago to test it. Chip this morning said it had “calculated” a saving of £16 today (which I cancelled). 
So despite being told it is still unlikely to take money when you don’t have enough, it does it the first time I test it. Which would have overdrawn me. Can’t trust it unfortunately . Back to Plum.
1 Like
Very, very odd decision by Chip to go down this card connection method instead of proper account connection.
It’s basically throwing away their USP. I understand they still do plan to have proper connections to the mobile-only banks in the future (although no idea why that’s taking them so long when it comes to Monzo and Starling) but in the meantime they are damaging their reputation.
6 Likes
Yeah it’s even worse now. Just checked and it told me at 2pm that it couldn’t cancel. Despite me cancelling it as soon as I got the notification this morning. Buggy as hell. Plum make take longer to withdraw and deposit but at least it actually works correctly.
3 Likes
Worse than that, I gave up and cancelled my account and am now having trouble getting my money back. They said I will have it within 24 hours and it has been a week and it isn’t here 
. Hopefully I’ll have a reply from them tomorrow. Luckily there was only about a tenner in there. I did try and withdraw it before I cancelled the account but that didn’t work either
2 Likes
I just don’t trust them anymore it’s one thing after another
2 Likes
I had the same issue with a withdrawal but thankfully it was only a small amount.
I would never use them again. I would never be able to trust them with my money.
I’ve never had any issues with plum though.
I’ve cancelled my chip account and gone back to plum! When I first signed up with Monzo it to 2 payments on first automatic save but only one showed up in chip! Many messages on live chat over 2 days I got my duplicate transaction returned, but I lost trust in chip and can’t see me going back!
2 Likes