ChipX - bringing back big returns

For too long banks have done nothing to solve the problem of low returns on your money. We think the time has come to do something about it. Forget about rates below 1%, this is our plan to change things. Let us know what you think.

ChipX is our returns engine that will offer market-beating returns on your money, using some exciting new tech and clever infrastructure to disrupt the traditional savings and investment market.

Whilst we’re building a market-leading FSCS protected savings account for all Chip savers, ChipX will be for those who desire higher returns and are happy to invest their money. We’ve already launched ChipX to VIP investors (see below), and we’re working hard at getting the full roll out ready.

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ChipX’s revolutionary returns marketplace

There’s a few ways ways we plan to bring back big returns, and make accessing premium financial products easy. The key to this will be our returns marketplace.

At the tap of a button within your Chip app, you’ll be able to move your money between returns products and leave them to automatically top up using Chip’s AI magic.

We’re looking at bringing bonds, sustainable funds, and a host of other investment opportunities to ChipX, as well as the CommunityLending product.

We think combining these returns options with Chip’s proven tech (that makes managing your money easier, with intelligent automated processes), can deliver a unique and revolutionary product that’ll satisfy our community’s thirst for higher returns.

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CommunityLending and SmartCredit

In the spring of 2019 we launched ChipX to VIP investors, who are now earning returns on their money through CommunityLending.

This linked Chip community members who wanted better returns on their money (and were happy to lend this money), with those who were interested in borrowing.

Those who invested money as a community lender could see returns of up to 9.6%, and borrowers could enjoy market beating APRs of 14.4% using SmartCredit to replace their overdraft.

The biggest challenge we’ve faced with CommunityLending, is the demand to lend money was far larger than we expected.

But we need to be cautious and select borrowers very carefully, as we’re making delicate credit decisions.

So, whilst we slowly scale up CommunityLending, we’re delighted to announce our plans for the rest of the ChipX marketplace.


What’s next?

We’re working around the clock to get ChipX ready for you, and investors will get early access as soon as it’s live.

If you have any questions, please head to our forum, you’ll find plenty of threads about all things Chip.