Are interest payments definitely sorted and happening?

Hi - I can’t remember now why but I’m under the impression there have been problems with interest not being applied (or not being applied at right time?) Consequently, after withdrawing my last chunk of savings I’ve been hesitant to recommence saving into my Chip again.

Can people tell me if this is an issue or have you all been receiving interest payments as and when expected? (And apologies if I’m just really mistaken and this isn’t an issue). I’d like to restart saving with Chip again (am a shareholder after all!) but I do want to be sure of receiving my 1%.

Thanks in advance.

Bonus payments happen when they should , just not the right amount.

We are told if you believe there is an error contact chip and they will resolve it.

They are currently not resolving it until contacted.

There is currently at least two errors that are known about.

Error one , if you have ever withdrawn your bonus payments the system still deducts all bonus payments from your current balance and then only pays bonus on that remaining amount.

Error two, quarterly payment periods are incorrect . therefore in some periods of the year you are being underpaid by 1/13th every week as well as the shortage for error one

There has also been several “missed” payments in the past but none recently. These are again back paid if you contact chip but be aware that the payments may be wrong due to errors one and two above.


If I wasn’t an investor, I’d be reporting the bonus problems to the FSCS

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Thanks. As suspected then! That is extremely concerning. I wouldn’t have invested if I had thought this was going to be such a persistent problem. Yes, the USP is the automatic movement of £s to help people save but that is not a defence for not having correct and timely interest payments being made to customers. I’ll keep paying into other savings instead, keep my saves to Chip paused and hope the problem is addressed ASAP. Really, really bad to depend on savers reporting each instance of this problem when many may not even notice.

we have been informed that the problem will not be addressed.

the bonus payments are gradually ending with the last ending i believe july next year.

chip currently does not make any money from our savings which i can only assume therefore that its investors money that is used to pay the bonus payments (as well as wages etc)

i dont suppose that chip are concerned if you dont save with them as you would in fact be reducing their costs, as does not telling you that there are errors in previous payments.

i am led to believe that they are after increasing the total customer base , not our savings, to move forward to their chargeable service offerings in the future where they can earn some money via chipx etc

chip are hopefully also moving to FSCS protected accounts that will pay interest instead , which i assume and hope (for accuracy) will be calculated and paid by the partner company and not chip.

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Thanks - good to know.

@sprowt The only thing I would add is the intermittent problem where weekly bonus amounts don’t accrue and update. This week is another example where this has occurred as at 2pm.

@sarahchip My Bonus payment is wrong this quarter. I don’t even get the bonus rate that the app says I should get.
Sent a couple of messages over the last week or so on the live chat in the app. No one replies???

This seems to be happening too frequently. Personally I’ve the last 13 months of having a chip account I think this has happened 8 times. Can someone please explain why sometimes the accrued bonus updates on a Monday and other times it doesn’t?

Today for example again it hasn’t. Many people are still waiting for the resolution of the two weeks of failed accrued bonus that happened the 2 weeks prior to 29th April.

Maybe chip can provide some answers.

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Tagged @sarahchip for reference.

Seconded! I’ve spoken to Chip on at least 3 occasions regarding the lack of bonus updates…rather worrying as it’s a continual issue.


Same here, bonus not accrued! :angry::rage:, very boring! Losing interest in Chip very fast - gutted I invested. Oh well you win some you lose some.


Same here, that’s 8 times now for both my wife and I. That on top of approx 26+ potentially incorrect payments each. My simple math says they are wrong, waiting on confirmation.


@sprowt my maths also agrees with you supported by Microsoft Excel. I have never really got an answer either but accepted it is the best interest product available on the market even at the rate I am getting. However as that rate falls there are more cost effective things to spend that pot of money on like my mortgage or loans.


I’m now at 2% bonus which I can and do get elsewhere that actually does pay 2% as advertised.

Mortgage free due to being careful with my money over the years (not lucky like I’m labelled by some).

I will withdraw funds until fixed, decide again later.


@sprowt congrats on being mortgage free. Personally as a higher rate tax payer there is only so far that chip can go with the interest. There are other savings products that whilst the rate is comparable at 2%, they are isa’s so any gain is tax free. Even Chip X at 8% is the same interest rate it similar to a property isa, the difference though being it is an isa so the gain is tax free.

I appreciate the value however in a working Chip product, the problem is it doesn’t work as it should and never get any answers of when a solution is coming. I fear if they continue this way, they will lose the trust of key users and that means there is no future. The problem is that the Chip personnel don’t seem to realise this and by the time they do it might be too late.


Well done in your career to be in the next tax bracket, nowhere near it personally, just above national average with a part time wife on minimum wage. Due to those circumstances we are both able to get the full £1000 interest tax free, and we also have to ensure that any savings we do have are managed as well as we can without putting them to too much risk.

Chip sounded and was ideal initially, hopefully it can be again in the future. Fingers crossed for us all.

Hi all!

So, the weekly ‘task’ which accrues the bonus did run as it should, the engineering team just aren’t sure why it didn’t work as it should, so that’s being investigated.

There is a task to fix it and also a task to backdate the missing bonus in the current sprint (two-week work ‘blocks’). I’ve not been given a more solid ETA yet, but I am pushing for one, and to get more details on exactly what’s caused the issue and how it’s being fixed.

Hi @sarahchip, have been thinking about a simple approach to resolving the visibility of bonus accrual positions.

If there was a separate tab that could be added to the app called bonus. Here you could add history of bonus accruals that show the date, total value of pot that interest applies to, the bonus % and then the value of the bonus accrued.

This would help people understand what % bonus they are earning and help demonstrate the calculation is accurate. Both these things are not visible now. It would also help build trust the app is doing what it is meant to do as any gaps would be obvious. Given this is data that should already exist it shouldn’t be that hard to integrate into the app I would have thought.


the weekly addition has now taken place,

its just a shame that it is wrong once again like it has been for 50% of the last year for what i hear from a previous reply could be around 100 users,

what sets these 100 users apart?, is it our bank ? , or our phone operating system?

have all 100 users been contacted to let them know there may be errors?

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