Chip Automatic Saving

Money, investing, mutuals etc
planteria
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Chip Automatic Saving

Post by planteria » Fri Nov 17, 2017 8:59 pm

this looks interesting..

https://getchip.uk/
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Re: Chip Automatic Saving

Post by AAAlphaThunder » Sat Nov 18, 2017 5:35 am

Indeed, interesting but I can't seem to find the fees they charge.
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Re: Chip Automatic Saving

Post by pabenny » Sat Nov 18, 2017 8:30 am

Looks like a form of pyramid selling. You only earn interest on your savings by referring others (to a maximum of 5% for a year)
Admittedly there don't seem to be further levels where you earn additional returns if your referees go on to refer others.

I'm out.
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Re: Chip Automatic Saving

Post by planteria » Sat Nov 18, 2017 5:45 pm

is anyone here saving with Chip?

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Re: Chip Automatic Saving

Post by hugginhill » Sun Nov 19, 2017 12:30 am

Reading their website and about 30 seconds due diligence (try the Financial Services Register as a start) would give you the answer to why no one is.
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Re: Chip Automatic Saving

Post by AAAlphaThunder » Sun Nov 19, 2017 5:24 am

pabenny wrote:Looks like a form of pyramid selling. You only earn interest on your savings by referring others (to a maximum of 5% for a year)
Admittedly there don't seem to be further levels where you earn additional returns if your referees go on to refer others.

I'm out.
I'm out also.
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planteria
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Re: Chip Automatic Saving

Post by planteria » Sun Nov 19, 2017 11:06 am

hugginhill wrote:..would give you the answer to why no one is.
well done :problem: :lol:. but seriously, this is one of the ideas being bandied around as a potential way of satisfying criteria for current accounts, for example. i've not delved into P2P, but i can see that taking a degree of risk is looking like being the only way to get a real return.
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Re: Chip Automatic Saving

Post by AAAlphaThunder » Mon Nov 20, 2017 5:54 am

planteria wrote:i've not delved into P2P, but i can see that taking a degree of risk is looking like being the only way to get a real return.
That has always been the case when trying to make money - you may lose it all.
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Re: Chip Automatic Saving

Post by planteria » Mon Nov 20, 2017 9:06 am

yes. we can try to get a better return that cash savings rates with very very little risk of losing it all, such as with some big blue chip company shares. and i'd have thought that chances of losing everything with Chip would be extremely low too. if i use Chip i'm thinking along the lines of using it as a very small 'savings' account, as part of an account system.
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Re: Chip Automatic Saving

Post by hugginhill » Mon Nov 20, 2017 1:32 pm

If you want to get involved with an organisataion that can make a statement like this:

"You can save even when you're overdrawn, making it easier to build up savings and use them to pay off your overdraft all in one go."

Then you have a very different view of financial planning than I do.

You might also want to check out this statement:

"Chip is regulated by the Financial Conduct Authority (FCA) through its agency status with Prepaid Financial Services (PFS)"

Which is repeated in their terms and conditions:

"Get Chip App is regulated by the Financial Conduct Authority (the “FCA”)"

To help you on your way, the FInancial Services Register is here:

https://register.fca.org.uk/
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