Prior to the launch of Chip+1, there was plenty of communication about the 1.25% market-leading interest.
Chip investors received pre-launch emails which I am grateful for.
As an investor I wish for Chip to do well and not get into any trouble, I’ve put my faith and money into you. So, I’m thinking, yes Chip, way to go and launch something disruptive which will put you in demand.
I should be happy right? Well, I feel a bit let down and annoyed right now.
I’m seriously concerned about the lack of transparency and credibility of claims made by chip.
Two days post-launch of Chip+1, I got an alert that I need to subscribe to ChipAI to get 1.25% on above 2k.
This didn’t appear on any of the initial communication emails, the live webpage or small print!
It’s like you magically decided to bring this in and it’s still not clearly shown online anywhere on the main webpage for https://getchip.uk/chip-plus1
Nothing on the app, emails or referral links mentions this.
It’s quite misleading and not transparent. Seems like you get people on board and then tell them by the way you need to pay x more to get the 1.25% interest on anything above £2k.
I fear this type of marketing is just going to create lots of complaints and bad experiences for new customers. This feels like a very poor bait and switch strategy to gain customers. Whilst you’re working out all the kinks and the issues with delayed payments, do we need to create more problems for the brand?
Misleading and unclear claims.
1.25% is not market-leading. Virgin and Nationwide offer 2%+ accounts (easy access account with same day transfer no waiting three days).
- Yes your “1.25%” is on £5k, after fees the interest works out to be 0.89%! Granted this is still high for the current market, it’s not very clear.
I’m concerned about this type of behaviour and communication can cause lots of bad press for the company and even a complaint with the ASA for unethical marketing.
I tried on the App to start a chat to communicate directly about this, but I’m unable to do so when I choose Chip+1.
The only option is “Chip+1 General Information”.
It then (un)helpfully - in this scenario - says
"Our community manager Krish as all the answer right here.
This page too doesn’t mention anything about Chip AI fees and all the communication points to poor Krish.
Some nutjob might think she’s responsible for the lack of clear communication.
Come on Chip, get it together, make the communication clearer and also fix this “3 day waiting period”.
I’ve been waiting for 4 days at the moment. Fingers crossed for tomorrow.
All the best
From an investor who still holds hope for Chip.