Everything Bonus

Hi all, there’s been a lot of discussion around bonus recently, so I wanted to create a new thread to keep the conversation all in one place. All other threads on bonus will be closed so we can keep everything together :slightly_smiling_face:

But first, I’d just like to clarify a few points.

Your Chip bonus is not interest. It’s a promotional offer for referring friends to Chip, and this promotional offer has now ended. You can read more about why we ended it here: https://www.getchip-community.uk/ending-bonus-rate

On Android, you’re unable to see your current bonus % but this will be fixed in the next update. For now, the live chat team can let you know any details you need.

Bonus is only paid on your manual and auto saves, up to £10,000. Any extra funds in your Chip account over this £10,000, or bonus payments, will not be included in the bonus calculation.

Bonus is calculated every Monday from the total amount in your account from manual/auto saves, and then added to your Chip balance every quarter (from when your account was created).

There has been an issue where bonus wasn’t accruing for two weeks, this is now fixed and we’re working on a way to backpay any missing bonus.

When we move to FSCS-protected accounts (you can read more about this in the link above), this will be ‘proper’ interest as you’d expect from any other savings account.

I hope that clears up any confusion, but please let me know if you have any other questions at all!

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Just giving this a nudge so it sits at the top of the recent threads :slight_smile:

I was told it’s not possible to withdraw previous accrued bonuses last quarter. I asked several times how I can withdraw the previous bonuses.

@sarahchip if it’s possible to withdraw then I would like the do that.

I will send a message on the app.

Hi @anj! You can’t withdraw ‘just’ your bonus, if that makes sense.

When you withdraw from Chip, the withdrawal will come from your saves first, and then from any bonus funds.

For example, if you have £200 in Chip and £100 is from saves and £100 is bonus, and you withdraw £50 this will come from your saves. If you withdraw £150, £100 will come from your saves and the remaining £50 will come from your bonus.

So, @sarahchip, it’s not clear to me what has the priority… savings or bonus. If I have £10,000 of savings and then receive a bonus on £200 will I receive future bonus interest on £10,000 or £9,800?

@John By ‘priority’ do you mean to generate bonus?

As mentioned, you only earn bonus on saves you’ve made, either manual or automatic, up to £10,000. You do not earn bonus on any previous bonus in your Chip balance.

When you say

do you mean a bonus ‘of’ £200?

Yes “of”… what I’m asking is does the bonus drop to the bottom of the pot (like a stone dropped into an already full jar of water) and push out savings (displace the water) at the top from earning a bonus?

Great, thanks for clarifying! So no, it doesn’t. You’ll still earn bonus on the £10,000 of savings. :grinning:

@sarahchip. I am sorry but you are mistaken in your interpretation of bonus. As a chartered accountant the “Bonus” is based on an amount in your account multiplied by an interest rate so it is “interest” . It is taxable income.

Why is the lost accrued interest being paid as an actual rather than paid directly into my account. It is already earned as it related to a previous period. I don’t really want to wait the months until I can withdraw it. That is not fair or equitable.

There is confused logic here. Why would your accrued interest be paid into your chip account if it is not applicable for interest. Wouldn’t it be better to pay into my personal bank account as for example if I have earned £300 in interest and am at maximum balance I cannot add another £300 but cannot earn interest on it.

So what you are saving is we should all withdraw any paid interest and replace it with manual saves in order to earn the interest? Isn’t that just unnecessary admin?


This because the vast majority of our users are saving towards a particular goal so it’s easier for them to see one value, and see how close they are to hitting that goal.

Chip isn’t designed as a traditional savings account at the moment (but this is something we’re launching soon), and all of our new products should feature compounding interest.

I think I have reached the end of the road. Too many things wrong and not satisfied with the answers I am getting. I will move my money where I can get a trustworthy answer.

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Any news on when we are likely to get our 2 weeks missing bonus added to our accounts ?

just so that i understand what you have written…

so if a saver had £10,200 , of which £200 was bonuses, the account holder would need to withdraw all £10,000 of savings before being able to withdraw the bonus payment?

so the saver has to completely empty their account to withdraw the bonus they earned?


if the account holder does not accrue bonus on bonuses, why does the app stop you adding manual saves when the grand total goes above £10k including bonuses, even though the amount you can accrue bonus on has not yet reached that level?


saves total £9600, bonuses total £450 , grand total £10050. no manual saves are allowed even though amount the you can accrue bonus on still has £400 to go

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also, the recent missing 2 weekly bonus additions, any news?

its a key part of the product you offer, and its not the only time it happened.

this is now 7 weeks missed in 12 months for both mine and my wifes account

how many people are totally unaware of missing amounts?

rather than all the new lets make the app look pretty etc, how about lets make the basics work first


I closed my account on Monday. I received my balance but I’m still to receive my bonus accrued.

Any idea when I can expect to receive this?

That’s correct.

£10,000 has always been the limit on Chip accounts, however when we move to FSCS-protected accounts, this limit should be raised to £85,000 and will offer compounding interest.

However, the live chat team can help you out if you want to ‘rearrange’ your funds so you can make the most of that £10,000 limit.

I’ll speak to the ops team today and get an update for you. :slightly_smiling_face:

@grant.macgregor It can take up to 7 working days for a bonus payment to process, so if it’s not with you after that, please let us know. :slightly_smiling_face:

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However, the live chat team can help you out if you want to ‘rearrange’ your funds so you can make the most of that £10,000 limit.


@sarahchip Would you know what the team can do please? I don’t understand this point you said above. Thanks for explaining…

@anj It will depend on the funds/bonus in your account. If you speak to the livechat team they’ll be able to take a look at your account and see what they can do so you can make the most of your bonus if you’re at that £10k limit.