ChipX limitations

I remember during the series A funding campaign there was options over the type of XVIP account you could have access too depending on your investment at the time.

So when my account was setup it has a limitation of £10’000 as its balance.

That is fine for the moment whilst everything with ChipX is sorted out and is getting started.

But once we are properly underway I intended on going beyond this balance next year.

Does this mean when I hit 10’000 I can’t put anymore more money into ChipX or is there a way to upgrade my account?

Or… am I misunderstanding it entirely! Does that warning message just mean I can’t deposit more than 10’000 in a single transaction and actually I have access to more?

Can someone clarify for me please?

Thank you.

P.s my lender dashboard is updating daily fine, but my balance (yet again!) is not updating after a deposit!

Hi! So I’m actually not sure, is the easy answer to your question!

However, we are in the process of putting together a quarterly ChipX update which will let you know more about the current plans and I’ll also raise your point about the limit with Simon and Shiv and see what they’re thinking about that. :grinning:

Thanks Sarah, I’ll await your feedback on that one. Can you also tell them that the “breakdown” section is updating but yet again the dashboards balance section is not updating. I put in an extra £200 as a test and I’ve waited days and days and days… and it didn’t update.
I know ChipX is totally different. But still,… come on guys, … it’s the little things. You know?

I think the £10,000 was the total sum you could place as an initial investment ahead of every non-Investor’s funds. Anything above that would have to wait it’s turn in the queue… I can invest £10,000 too. The initial total sum was dependent on the amount invested in the Crowdfund (£3,000 + with you).

With Kind regards

So does that mean I can go above 10k or not? Yes/no?

I believe the answer is yes, however, anything above £10,000 will be placed in a queue, rather than being streamlined to the front of the same (as is the current case with the £10,000)

With Kind Regards

My understanding is the limit is £10,000. If you have a bonus payment to be made at it would go over this limit, I would withdraw the difference.

Hi @Northernwizard you are correct. The ChipX account has a limit of £10,000 as of today.

We do intend to increase the limit as we grow the ChipX and SmartCredit user base / portfolio.

Re. the dashboard, we have put in place an internal authorisation step for all incoming funds transfer. It’s our intention to remove this step in the near future.
I will look into our process and ensure the deposits are processed as quickly as possible.

Here is a suggestion. Currently I have to go to two places to find my Chip balance and ChipX balance. Could the dashboard show both please? Even better could the dashboard also show my investment as well. One place to go for everything Chip!! Isn’t that the definition of a dashboard…

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That is certainly the plan, but those things take time. No doubt, ChipX will be fully party of the app. The standalone dashboard is just a stop-gap solution.

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Thanks for the response. With the recent changes to open banking it’s inevitable that a single financial dashboard will become the norm.

A little disingenuous to say that only £10,000 are eligible…
Once upon a time your marketing advised us very differently!

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No your picture says the same thing. If you invested between £6000 and £24000 you could only hold £10’000 in ChipX from launch.

We are still in the position. But what I’m asking them now is. Next year can I double that… and the following year, triple it? Assuming the smart credit demand is high enough of course.

Sure thing. However the picture also details that those holding £24,000 and £48,000 should be able to invest sums of £30,000 and £100,000 in CHIP X respectively… This was the point I was making… :slight_smile:

Which I’m sure they can. Shiv was only talking about my 10k limit.

Care to weigh in on this @chip-shiv?

You make it seem like you have invested a small amount of money so you can have access to an large amount of interest saving account.

What you have actually done is invested in a business… this should be first and foremost.

True you have been offered a high interest for your savings in chipx but this requires people who need to borrow the money as well… hence it’s a tapered roll out. We dont want the business to go under paying interest to your money you have saved up… and neither should you!

Just ran some numbers

If you had £148,000

Invest £48,000 in chip,
And put £100,000 in the 8% fund, that’s £8,000 interest per year

Which is a huge chunk of change, only taking 4 years to make back your money you invested (taking into account EIS).

Chip as a platform would not be able to pay this themselves (as they are doing till they get people using the lending part of chipX)


So…when can smaller investors start lending in chipx?? I put my name down a while ago but have heard nothing…

He will also have read my effort to explain my understanding of the matter too, namely:

“The initial total sum (that could be invested in CHIP X) depended on the amount invested in the Crowdfund”

He does not appear to have discussed the same though…

Best Wishes

Assuming your post was targeted at me (apologies if it wasn’t):

I actually invested a small amount of money (£3000) so that I could have access to 8% interest on £5000 in CHIP X. Whether I’ve invested in a Business is neither here nor there in that fact. “CHIP X Black Hole” might have been a more appropriate thread to pursue this conversation, but you have chosen here.

No one has said I wanted the Business to go bust. I simply expressed my dissatisfaction at CHIP making out it would pay 8% on my CHIP X savings before reneging on the same. I find that dishonest.

I’ve said it before, I’ll say it again, I did not invest in CHIP to be their Good Samaritan. 8% means 8%. I’m invested in 10-12 P2P Innovative Finance Firms and overall am receiving the advertised returns.
£5,000 has been sat with CHIP X for almost 2 months without a penny of interest, that’s not what I signed up for, nor what they advertised.

Best Wishes


Not directly targeting you, I’m just a bit worried that people might try to go down that road!

Chip X is a new product. It needs to be tapered to suit the demand for a product. As you have said, you dont want chip to go bust. But if only limited people update the smart credit, where would the 8% come from? It would have to be from CHIP (which isnt possible!)

Obviously I dont work for chip, but I’m sure they will pay the 8% as soon as demand allows it.