It is interesting that they are doing this at the point of peak interest, presumably they will need to start bringing their rate down soon which may cause customers to go elsewhere? I literally just have my savings in there because of the rate, the minute someone else betters that rate I will be gone.
I’m surprised - I just don’t get what is so interesting about this company at any level?
That minute was weeks ago
I’ve taken my eye off the ball savings-wise recently. That being said, the minute is here and so my money is leaving Chip.
Where too next, any ideas?
I wanted an easy access for now, so just moved it to Metro Bank (5.22% for a year, £500+).
Thanks. That’s a good rate
I’ve been skeptical of Chip for years but credit where it is due is needed from me; they’ve blown every metric out of the water in terms of turnaround and have overtaken Plum and are on par with Freetrade in terms of topline/bottom line. It’s a masterstroke whatever interest revenue share agreement they have going with Clearbank, without themselves having to be a bank.
Still wouldn’t invest personally but nice to watch them develop from the sidelines. They intend to run at a loss next year.
Pinched a response from Crowdcube and this makes sense (5% of rate sensitive customers chased better rates, the rest are quite sticky atm). Will be interesting to see how customers react to any drops in current rates nonetheless.
I’m one of the 5% then, clearly. My account has been empty since August. Not renewed the Open Banking connection either. No need to
Thanks for the heads up, moved my chip money over to Metro Bank
Am I missing something as I just checked and Metrobank offering 1 year savings account at 5.91%
I assume that is a fixed-rate one? I needed easy-access for now.
Yes this is 1 year fixed
Just done the same
Just opened an account as well. Transfer from my Santander (5.08%) commences tomorrow.
Pretty easy process especially as I already have my main bank account with Metrobank
I can’t see the point for 0.02% so mine’s staying in Santander.
Not to mention that the Santander account is actually 5.2% APR // 5.08% monthly.
5.20% AER and 5.08% gross. Doesn’t matter whether it’s paid monthly or annually provided that you leave the interest in the account.
Metro is 5.22% AER and 5.10% gross.
Yes, that’s what I’m trying to say. Hardly worth it for 0.02%