I got into chip for it’s ingenuity in saving, for the millennials, saving without realizing. Being looked after is where us millennials like to be. Then we can reach our full potential. I’ve missed that side of chip as an investing app. Is it behind a veil which is why I can’t see where my original enthusiasm has gone? With the shrinkage in the economy at the moment how much is chip and chipX investments aligning with the core values? I wanted to open up this thread to ask who feels the same and can anyone share their grass roots experiences of how they thought chip could help them so chip can grow!
Shall I kick it off? I would love a savings account for my first house a holiday and a car. Can I put money into any of these and get the reward at the end?
I recently posted my savings-related wishlist in another thread. To avoid typing again, here are links to my posts:
Page doesn’t exist or is private. Best to type it again.
These links are in the investors area which is only open to investors.
In relation to your original question, I too signed up hoping to build up a little pot in the background that I could use to buy a new GoPro. During the lockdowns I used my really old camera on mine and my daughter’s daily exercise to try and make something fun. In the end I didn’t buy a new camera, but just let the pot grow because we’re moving house now.
I have an investment in the adventurous fund and that is it. I really don’t feel any enthusiasm for investing in crypto currency or owning part of a watch or car. I just don’t understand that. So for me, I’m always going to be more interested in savings products.
Ah yes, that makes sense.
Here’s a copy of what I posted in that thread…
In relation to cash savings, my top requests would be
Provide access via open banking so I can view my chip accounts in 3rd party aggregators. I feel this would be a differentiator against all or almost all savings banks.
Provide a larger set of savings account options. In particular provide a regular/monthly saver account with higher interest rate than the easy access account. If the maximum monthly deposit amount is significantly more than £250/month there would be a differentiator to high street banks. I believe the only competition would be Coventry Building Society. Maybe also look at Zopa Smart Saver and do something similar.**
Enable ability to transfer money between Chip accounts. Having to move money via external current account is very clunky. Maybe look at the way HL Active Savings handles this, i.e. via a central cash hub account as the centrepoint of the platform.
Provide option to choose monthly interest payments (instead of forcing daily on everyone).
Provide ability to set recurring payments from Chip accounts.
** To expand on Zopa: I recently opened a Zopa Smart Saver account to try out. I like the Boosted Pots feature. It’s basically notice savings accounts via pots, and as such is more fluid and user friendly than traditional notice savings accounts.
I’ve seen on another thread that Chip will soon have a notice savings account option. This is good to hear, but my concern is that with Chip’s inability to transfer money between accounts it will be a bit clunky. Consider looking at Zopa and taking inspiration.
Another thing I like about Zopa is you can link multiple external bank accounts and also transfer in via bank transfer, rather than just via debit card. Chip should consider doing this too.
I think making funds transferable between chip accounts would be great. Maybe even to calculate, or recommend a percentage of savings to go into the investment accounts too.
I’m happy I haven’t put much into the investment account. I was expecting an annual return of 7% but actually I’ve lost about 3% so far. I’d like to be able to see how the different funds have been doing and if I had invested at the start of the year what the actual return would be.
I’ve had a look into the car investment and maybe I’m coming round to the idea. The 1989 Ferrari Testa Rossa seems to grow in value year on year. How it all works, I’m not too sure.
I like that Chip continues on saving smart and providing competitive interest rates. I think that is important.
Anyone else using the new notice account?
Is there any plan to add a feature which shows each investor the number of shares they hold in the company and their current value, like what Moneybox offer?
The easy access interest rate needs to step up. Brick and mortar high street bank Barclays Blue Reward saving account interest rate has been increased to 1% . . . meanwhile Alicia is staggering with the 1.05%. I know rates are managed by individual banks, but this is not looking good is it?
I moved my money out of chip months ago. I can get 1.5% from chase and 1.35% from Atom so why would I keep my money with chip for a rather pathetic 1.05%? Even the notice account makes little sense compared to chasers easy access rate.
Investment wise HL offer a better deal.
I wouldn’t touch crypto or alternative investments with a barge pole.
I’m really struggling to understand what chip is for or who it’s aimed at any more. They need to take a step back and work out who their target audience is and what they want. Personally I think they need to focus on savings accounts again.
If you own shares in Chip, you should be able to view it on the app and shareholders should get a unique app badge. There should be more incentives for shareholders.
I agree, it’s the little things that show a little appreciation for the people who have believed in Chip since the beginning.
A similar feature to what Moneybox have would be a good shout, number of shares and their current value nothing too exotic
And possibly what round people invested in R1, R2 etc
Hey, thank you guys all for the feedback. I appreciate that the little things can go a long way. I’ve forwarded these ideas to the product team, and it’s something we will look into in the future - I’ll be sure to keep you posted.