With a degree of regret, I have had to drain my Chip account of almost all the funds and suspended their savings activity.
As I said before, I am not assured that they claim that an instant access account has been opened in my name with Barclays, as there is no visibility or evidence of this; you simply have to trust them.
In September my balance decided to reflect not my savings balance, but my bank account balance, for a day or so. Support apologised. Slightly unnerving.
About a month ago the automatic transfers just stopped. Spoke to support and was promised a transfer would happen ‘on Monday’. Monday came and went, nothing… I had to continuously chase support, they promised it would happen ‘next day’, and again, nothing happened. Eventually, a transfer took place, but for a sum at least 200% of the highest payment ever previously taken.
It seems to have stabilised now, but was unnerving.
Support (and their website) had previously advised that the maximum interest rate is 5%, and any additional interest % achieved would be held for a 12 month period (after which the original interest % is cleared) and will then become active for the next 12 months. Fair enough. So how is it that their system says I currently receive 6% interest?
In the early days, there was ambiguity as to how interest was paid, and support again gave me a specific date for my first payment - the beginning of November. That date came and went, nothing. A week later I challenged support, and was told they were aware (nice to let customers know there is an issue) and it would get resolved. A week later, and they are still looking into it, promising me I will receive my interest.
I appreciate a startup will experience issues, but when their whole premise involves access to my bank account and a lack of transparency and has demonstrated issues in every area of their offering (despite the attention of their great support person), I can conclude only 1 of 2 things: 1) There’s something intentionally dodgy about the set up (which I don’t believe), or 2) their infrastructure is simply not up to the job they are trying to do with it.
Until I see evidence of an improvement, I sadly no longer feel the benefits outweigh the risks.