Maximum chip savings?

Hi, when did I miss the £10,000 chip limit being raised? Great news. What’s the new maximum? E

The limit being removed was mentioned in the video on the last investment round. But there was no mention of a new limit or whether you can still earn bonus on the amount over 10k. From reading a couple of threads it seems you only earn bonus for the amount upto 10k, but im not sure how up to date that information is.

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Hi, yes I can confirm that the above is true.

We’ve removed the limit so that people can still feel the benefits of being able to save automatically in the background but we don’t provide bonuses for anything above the 10k threshold :slight_smile:

If there is no bonus over £10k, why would anyone use it when they can earn interest on that amount in a bank account or in an isa which is also tax free. You are doing the opposite of promoting saving at that point, as you are actually costing people the list interest from their back accounts.

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The vast majority of Chip savers have nowhere near the £10k limit.

Most of our users are using Chip to help them save for the things/experiences they want to do, rather than ‘for saving’, if that makes sense?

Hi Sarah

I think the point relates to increasing the savings limit above £10k makes no sense. For those that are at that level, no matter how few people that may be, means that transfers to chip cost them money they could be earning interest on elsewhere.

If anything should be done, make withdrawals come from bonus first not cash savings, that way people can maximise their savings.

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I’m at the maximum, so have paused saving and put extra money in another account earning interest. Not sure why this is an issue? Most high street banks currently pay interest upto a figure, and anything after that is zero interest. The onus is on the saver to locate the best deals out there.

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The difference is that high Street banks don’t automatically move your money into a zero interest account. I am at £10k too and see no need for any money to move from my santander account that pays 1.5% interest into chip at 0%. When you hit the max savings point in chip, transfers should automatically stop.

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Skip automatic saves then?

That would be a temporary fix but would have to keep updating it. You seem to have misunderstood the point of my comments.

I don’t think any of us have misunderstood your comment. Chip is designed to help people save. Saving does not automatically include interest or a bonus. So you can still save over 10k.

Like it has been said. If you don’t like it, pause the app or cancel the saves you don’t want! If people want to save over 10k that’s up to them, especially if they have targets. Many people’s bonus has expired or reduced anyway.

I like to think of Chip like the old hiding money under the mattress, but safer!

I agree totally that at £10k no more auto saves or manual saves should be accepted. Caveat Emptor … let the buyer beware … though CHIP is marketing itself as a new style, cool, open, honest bank and very different from the traditional old style banks. If folk keep adding money to CHIP over £10k great for Chip, crap for the investor. CHIP at the £10k limit what message do you send to the Chipper please? Thank you. Garby

anyone with 10k in their chip account isn’t using chip to help them save, it quite obvious they know how to save , they have the money in there for a return, therefore i am in agreement that autosaves should not happen. the ability to pause is a ok for now but a turn off option should be available.

You clearly just don’t understand then so we will have to agree to disagree.

:+1: & the rest just so I can reply lol.

Guess I am in the 5% thanks to chip giving me 5% interest on the £10k heels is my £500 as a higher rate tax payer, plus the rest from my other accounts. First World problems :joy:

I’m at £10k and have auto saves turned off for the max period. Agree, there should be a permanent ‘off’ function for auto saves, as I feel the out of principle, having to cancel saves automatically is a step away from automation. But Chip clearly haven’t done this to antagonise anyone. To think that is a motivation is odd.

Darn, I deleted my posts because they felt a bit strong but you’d already replied! Yes fair point the word antagonise was a bit much. I didn’t mean to suggest it was deliberately done to piss people off. It just seems like the kind of thing that could foreseeably annoy some people so can’t understand the reasoning. Not a huge deal though.

Well aren’t some people lucky & …! Chip is at the moment a saving app, not an investment/returns product. Chip only paid a bunus as incentives for people to spread the word, start using the app or in return for investing. All of theses are temporary.

Just change all the available settings?! Minimum limit £3000 (max). Saving level 1. Pause for the maximum.
(I don’t keep more than £3000 in my current account, I don’t see the point, but anyway).

It doesn’t seem to matter what Chip does, doesn’t do or changes, there will always be someone to complain about it.

Chip has two sets of customers. The savers, the original intended audience & now the investors, attracted accidently due to returns. Chip is currently still designed for savers. The investment platform is coming with Chip X & FSCS accounts.

I really don’t understand how this is such an issue. I move money around & manage my accounts regularly, it’s a terrible privilege to have. I invested in Chip because it was different, helping the average or under privileged individual save when they haven’t otherwise been able to. There are plenty of products available to the investor.

Chip saves, it is saving. I would suggest the limit was removed due to request &/or to facilitate Chip X & FSCS investments.

Chip currently doesn’t make money/profit. I would rather it didn’t pay out a bonus & instead used the money for development. I guess we are all here for different reasons.

It’s worth stating that we’re not a bank, and nor are we trying to be. We currently make no money from any funds held in Chip accounts, as it’s all held as e-money.

Out of all of our users, less than 100 are at the £10k limit. When Chip was started, it was aimed at helping people to save as it’s so hard for a lot of people, but over time we realised there’s a big issue around returns too, which is what the FSCS accounts and ChipX are designed to help with. :slight_smile: