Chip discussion

Hi guys,

Does anyone happen to know how to downgrade from Chip X to the free plan. There literally seems to be no option to do this on iOS. I decided to try the Chip X free trial and now I can’t seem to cancel it. I have been to the profile page and clicked on change plan, then it just shows the two plans but with no option to select one or the other. Thanks guys

every time I see this thread in the Latest feed I get excited and think it’s about this lil guy
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From what I remember (and this was a couple of years ago), I had to ask CS to downgrade me back to the free plan.

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Thanks for that, I have just sent them an email.

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Have just withdrawn a ‘significant amount’ from my Chip account as they are no far behind the interest rate. Now, perhaps as I am not a millionaire, perhaps my near £?k, it is a not inconsequential 5 figures, isn’t important but you might have thought they might have questioned my reasons - shame

A dream scenario. I hate banks paying the Spanish Inquisition. That said is Chip like most savings providers, only allowing withdrawals to verified accounts in your name? If so there’s no reason they’d question it.

Nobody expects the SI but I wonder if I had withdrawn £1M (I don’t have such an amount but) will they have asked the reason. I would have thought, in the current climate, 0.5% is significant and that people, like me, will move when it only takes a few minutes to do so.

It’s the net inflows of deposits that is the metric Chip will be monitoring. As you point out, your own withdrawal in of itself is inconsequential if at the same time someone else deposits the same or more.

I presume Chip are happy with the amount of inflows they’re seeing versus outflowing withdrawals. Can’t please everyone all the time.

Today, we’re pleased to announce that the Chip Instant Access Account is getting its eleventh rate rise. Building on the success of our Wealth Codes promotion, we wanted to give our community the best of both worlds, boosting your interest rate alongside an additional bonus.

The new higher interest rate of 4.84% AER (4.74% gross variable paid monthly) is effective today (22 August 2023)

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Too little to late.

Already emptied and in Tandem at 5% AER

See what happens after the next round of rate rises, which are bound to come.

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Though it’s good for those not on Tandem as the top up is no longer available.

Moved 98% of mine from Chip to Tandem a week or so ago on the 5% offer. I expect another 0.25% from BOE at the next meeting so hope for little bit more from Tandem then.

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Ah that makes sense, wondered why I was seeing a different rate.

I just signed up too, never mind

Seems I missed the boat on the top up Thing they had going on

Yup, sadly that boat has sailed (for now)

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Hope it comes back, I’ll leave it open as it’s only a savings account so it won’t go on my credit file? Or will it? Credit karma warns me that I’ve opened too many accounts in the last 6 months :rofl:

It won’t, and even if it did it wouldn’t matter.

I’ve had mine open since 2020 with 1p in it

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Chip are masters at conning/enticing the crowd; yet another crowdfund dangling the carrot of a VC.

Their saving grace is they’ve pulled an equally large masterstroke capitalising on the base interest rate rise to boost their important metrics.

Update from Simon today:

Reflecting on our journey over the last 10 months, Chip has had an unbelievable year filled with remarkable achievements.

Our assets under administration have grown 10x to over £3 billion. We’ve achieved our first month of profitability and our annual recurring revenue is on track to hit £20 million, year to date EBITDA -£1.95m, EBITDA Q3 +£524k. To build on this phenomenal growth, we’re opening up our crowdfund to let our new users invest in Chip and join our journey.

This round values Chip at £167,860,000 representing a 35x increase in the value of the business since our first crowdfund in 2017.

Our new share price is £2.026272, which represents a 12.75% uplift in the value of your shares since our last priced equity round in March 2022. If you invested in our first crowdfund, you’ve seen an uplift of more than 815%.

As you know, our 27,000+ crowd investors are one of the greatest assets this business has, and we regularly receive emails from new customers asking if they can join our community.

We therefore will be targeting this investment at allowing our new customers to join the shareholder community too.

So, the board has taken the decision to open up an allocation of investment to allow our new customers to become investors in the business too. As existing investors, I want you to be the first to know about this exciting news, which will enable Chip to grow even faster.

Pre-emption rights are reserved for the A-Ordinary shareholders, however the board will allow existing B Investment & B Voting shareholders the opportunity to grow or maintain their existing stake too.

This will enable you to prevent dilution of your holdings and maintain or increase your percentage stake in the company under Article 4.2 of the company Articles of Association.

As you will have seen from our recent shareholder update, we believe Chip is in the strongest position it’s ever been in and has no immediate need to raise further Capital. However, the board is carefully assessing the potential added value of a strategic investor offering existing investors the opportunity to sell shares in the coming months.

This crowdfunding round in particular is focused on enabling new investors to join our journey.

Source: [Crowdfunding] Chip - #59 by TickTock - Startups Crowdfunding 🔨 - Freetrade Community

Wow, Chip smashing this funding round - Initial target of £1m, raised £2m in 29 minutes.