"We’re unpausing you"

Hi Chip, I don’t want my saves to be automatically unpaused in the future, thanks! This feels a bit like automatic insurance renewals and I don’t like that either! My saves are paused because you’re offering me a rubbish savings rate. I’ve “paused saves” until 31st January - the longest I’m allowed to pause for. If you’re still offering a rubbish rate then, I’ll cancel my account rather than have to remember to keep pausing…

I’m not impressed, no. :unamused:


What if you have paused for reason, like you have reached your limit. You don’t pay bonus on anything above £10K. Why would I want to put any money in above that when it can earn 1.5% in my bank.
Due to withdrawing money at some point and that coming out of saves, not bonus I recently withdrew the lot and then payed all back in up to the limit. I then know that the next bonus will be on the full amount not a reduced amount because the total includes any bonus.
Indeed, after a few bonus payments, I will have to do the same again otherwise there will be £300 not earning anything.


My situation is exactly the same as Mike41uk. I have reached the £10K limit on which bonus is payable and it makes no logical sense for my account to be automatically unpaused after a set length of time and for Chip to make automatic saves that will earn me nothing. Why on earth is it even programmed to make saves after someone has reached the maximum? Surely this should be an elementary matter for your developers to resolve? I don’t want the hassle of having to remember to reset pause every couple of months and I don’t see why I can’t have the option to pause automatic saves indefinitely if I want to.

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Hi all, I can feed back on the pausing at the £10k limit back to our developers, however do bear in mind that there are only a very very tiny number of users at this limit.

Primarily, Chip is an app that automatically saves for you, so these new saving features will make that automatic saving experience so much better.

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As £10K is the maximum, Chip should not be set up to save beyond this point anyway.

Automatic pausing at £10k in my opinion should not be implemented, the ability to pause for a long period in my mind is sufficient. Could we ask for a reminder notification when the set end date approaches instead?

the 10k limit is the limit to earn a bonus on not a limit as to what’s allowed to be saved. The chip product is a savings app with a bonus on the first 10k.

When the account changes to the new type of account , interest (rather than bonus) would be earned over 10k but maybe at a lower rate if I understood the current idea.

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fair enough. When ChipX is finally released to the masses, some of this money will no doubt be direct elsewhere, depending on how this is funded.
However, if nothing comes after the bonus ends, my money will be going elsewhere to at least earn some interest.

Unimpressed with this move.

I understood that 10K was the maximum - well certainly if you try to save above £9999 it tells you sorry you have reached the maximum allowed. Yet apparently that limit does not apply to automatic saves that take you over 10k! Another one of Chip’s incongruities. Anyway I’m not that bothered as long as I get notified before they take the pause off although I really don’t see what is the problem with implementing the option to pause it for as long as we choose.

Push notifications to remind you when the end of your pause period is approaching should be in the update, and that should be in as little as a week or two. :slight_smile:


Push notifications are a positive step, but I’d still rather not be forced into having to manually cancel saves every few months. Even car insurance firms allow you to opt out of automatic renewal…

I’m still going to cancel my account at the end of January if I can’t opt out of forced saves by then.

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It’s a savings app, aimed at helping/making people save. The bonus is on the first 10k. The bonus is risk free. It isn’t interest or aimed at making you money. If you don’t like it put your money somewhere else and stop moaning. It’s currently a saving product not an investment platform. Once investments & interest are offered the rates & risk levels will be different.

You can’t expect to save/invest risk free for high returns.


It’s not a savings ‘interest’ rate it’s a bonus!

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So you knew the limit and the interest/bonus rate when you signed up for the account and you’re moaning about it now?? Grow up!!

If you want to pause indefinitely just set your “Minimum balance” setting higher so it won’t do any saves?

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You do realise that according to HMRC in this case bonus and interest is the same thing. It is a % given based on an amount in savings so the interest or bonus should be declared if you are doing a tax return and it covers more than the allowable limit each year depending on if you are a basic or higher rate tax payer.

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If you don’t believe me, check as I did with chip

I am very aware thank you. I don’t think it will be an issue for the majority of Chip users!

Since April 2016, your savings interest has been paid to you tax-free, and 95% of UK adults no longer pay tax on it – the biggest shake-up for a generation.

Previously, for every £100 interest earned, basic-rate taxpayers lost £20 in tax, higher rate £40. Yet now the personal savings allowance (PSA) means every basic-rate taxpayer can earn £1,000 interest per year without paying tax on it (higher rate £500), equivalent to the interest on around £69,000 in the top easy-access savings account.