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
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!