Connection with RBS, NatWest and HSBC

We’ve chosen this image to convey the uncaring, corporate behemoths that are NatWest, RBS and HSBC. We’re a bit annoyed they made this change without telling us, if you hadn’t guessed.

We’ve chosen this image to convey the uncaring, corporate behemoths that are NatWest, RBS and HSBC. We’re a bit annoyed they made this change without telling us, if you hadn’t guessed.

If you bank with Tesco Bank, RBS, NatWest and HSBC, your bank connection will have dropped due to how they allow Chip access to your account.

They now require a new, one-time login code every time Chip refreshes, which is at least once a week.

This change was made without us being notified (and has affected a few other start-ups who use Open Banking), and we’re sure you can understand that entering this code that often would be incredibly inconvenient for you.

What does this mean for Tesco Bank, RBS, NatWest and HSBC customers?

This means that you won’t be able to fully connect your Tesco Bank, HSBC, Natwest or RBS bank account to Chip.

We’re working on a solution, but it’ll take us a little while to implement, due to needing to change one of our core systems.

Don’t panic - you can still use Chip

There’s no need to worry though, your bank card is still connected to Chip and you’re still able enjoy automatic saves, make manual saves and withdraw your money if you need it.

However, without a full bank connection we can’t guarantee to not take you overdrawn and you won’t benefit from the full personalisation of Chip’s AI. We’re really sorry for this.

If you have any more questions you can read the full post on our community forum, and ask about anything else you’d like to now.

What you've made happen with Chip...

Chip. Making ‘it’ happen since 2017.

Chip. Making ‘it’ happen since 2017.

It's been an incredible year so far, with Chip 2.0 launching and bringing the ability to link up with your Monzo account, instant saves and, of course, Goals!

We're not done yet, though, and the rest of this year will see Chip get bigger and better than ever with a whole host of new features that we're super excited about... including the chance to get some market leading returns on your savings - you'll be hearing a lot more from about this soon!

If you want any sneak peaks of new features, enjoy early access to new products, and help shape the future of Chip, you can apply to join our community of ChipMunks.

Anyway, before we get ahead of ourselves and too excited about the future of Chip, we thought we'd look back on the year so far.

We asked our community what they've made happen with Chip. The stories were incredible, so we thought we'd share some of our favourites. 

If you're looking for inspiration for your next Goal, read on, and why not tweet us about something you've made happen with Chip? 

 

Rich "Building a race car with some friends"

This. Is. Epic. Rich, you're living every 10 year-olds' dream. No one's gonna stop you now...in a racing car, passing by like Lady Godiva, you're gonna go, go, go...

 

Louise "Spending money for Japan and paid off my credit cards"

Amazing holidays and responsible financial decisions. Who says you can't have it all?

 

Barclay "Saved up for laser eye surgery" 

We're happy to have helped you on your vision quest.

 

Anthony "Paid for my last holiday to Greece"

We hope you had a smashing time! That is, if you weren't too stuffed full of halloumi to move, like we certainly would have been...

 

Amy "Spending money for a trip to Argentina"

We're very jealous! Enjoy the good wine, amazing steaks, and dancing the tango all night long.

 

Alex "Almost saved enough for a ski trip to Japan!"

Wow. This is something pretty special, we're really pleased to help you get there and hit the slopes.

And, did you know that Japan is one of the most popular destinations out of all the holiday-related goals on Chip?

 

Graeme "A family trip to Switzerland"

Tom (our content guy) spent too long trying and failing to come up with a Swiss related puns and ended up just shouting:

"Mountains! Chocolate! Cheese! Clocks! Yodelling! Fondue!"

If anyone has one, let us know...

 

Carol "An adventure to Asia!"

Enjoy exploring the food, culture, architecture, landscape… everything… on the other side of the world! Whether you're off to: China, Malaysia, South (or North?!) Korea, Japan, Taiwan, Vietnam, Brunei, Indonesia, India, Pakistan, Myanmar, Thailand, Cambodia, Laos, Bangladesh, Sri Lanka, Singapore, Philippines, Mongolia, Kamchatka (we'll stop here)...

 

Sarah "A half marathon at Disneyland"

Our community manager (one of Chip’s biggest fans even before she joined us!), Sarah, used Chip to save up for the trip, she said; “saving for the trip was easy with Chip, those 21 kilometres certainly weren't!”

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Do you have a savings goal you want to share?

There you have it. Nine amazing goals, that Chip helped to make happen!

Do you have a story you want to share with us about how Chip's helped you out?

Come and shout about it over on our Community Forum, or join the ChipMunks Facebook group. We absolutely love hearing them.

Come and meet the team at the Chip Open Office

Whether you’re curious about what’s coming next to Chip, interested in what’s going on behind the scenes, or simply want to have a little nosey around where we work, you’re going to want to grab your diary!

That’s right; we’re holding an Open Office!

At 6.30pm on 31 July 2019, we’ll be swinging wide the doors at ChipHQ in Shoreditch and inviting our fantastic community to come along and hang out for the evening.

We'll have some great talks from a number of Team Chip experts, covering all aspects of the app, as well as plenty of time for you to ask us any burning questions that you might have. It's a fantastic opportunity for you to see the faces behind the app you love, meet other members of our community… oh, and for us to meet you awesome Chippers, too!

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The evening currently looks a little something like this...

6:30pm Drinks Reception

A chance to grab a drink and make your introductions.

6:55pm Welcome - Simon Rabin

A quick welcome from our CEO Simon Rabin.

7:00 How does AI actually work? - Alan

Our VP of Engineering, Alan, will be giving a not-too-technical talk on what AI actually is, how it works and how companies like ours are using it to make decisions.

7:15 Open Banking and Compliance - Gerard

Gerard is our Head of Compliance and he'll give a brief talk about what Open Banking is and what it means for Chip and other FinTech organisations.

7:30 Organic Growth - Alex

Alex, our CMO, is going to talk about how we’ve grown Chip through natural means, rather than paying for more traditional marketing and advertising.

7:45pm Engineering @ Chip - Charlie

Charlie is our Hacker in Residence (the good kind!) and, while his job is different every day, he's going to chat about how we approach engineering at Chip and what being a developer with us is like.

8pm Food, Drinks, Q&A, Networking

We'll bring out the food, top up your glasses and you’ll have a chance to pitch your questions to the whole Chip team in a short Q&A session. After that, we’ll all be hanging out for some more informal chats.

8:30pm Close

This is our “official” end of the night but we’ll be keeping the conversations going as long as the atmosphere carries us… or at least until the pizza and drinks run out!


We’re really excited to get the chance to meet you all and show you a little sneak peek behind-the-scenes here at ChipHQ, so grab your ticket (they’re free; don’t worry!) here and we’ll see you on 31 July!

We did mention that there’ll be free pizza, right?

Live Chat 101: how to make the most of Chip's Customer Support

Found in the Account tab on your Chip app and open between 8am and 6pm Monday to Friday, Chip’s Live Chat gives you hotline straight into Chip-HQ.

Harry, our Live Chat manager, and all-round guru on all the mechanics of Chip, gives a quick walk-through on how to make the most of talking to the live-chat team.

Say hello to Harry 👋 Not only does he look after Live Chat, he is also our official ‘Head of GIFs’.

Say hello to Harry 👋 Not only does he look after Live Chat, he is also our official ‘Head of GIFs’.

Give details

Whilst saying 'help!' will always get our attention, the most helpful thing for us to see is a message containing concise details of the issue you're experiencing. 

This could be anything from an exact withdrawal amount that you are having trouble locating, to the fact that you have changed your bank account in the last couple of weeks. 

The easiest way is sending a screen-grab of your issue . This allows us to see specific error codes or just see exactly what is appearing for you! Screenshots give us a slight head start on the issue, which in turn makes it easier and quicker for us to resolve your issue super quickly.

Don't waffle or spam

Not just delicious foods (though, spam is possibly a bit more subjective), these two can cause the prolonging of an issue, which can be frustrating for both customer and support! 

Our job is to do everything possible to make sure that you leave live-chat happy and satisfied with the outcome of your query. 

We're pretty sure that there are many things you would rather be doing that chatting to us, so by keeping it concise, we'll get your query resolved quicker. 

Resist the temptation to open more windows

If the humble screen-grab is our hero, our nemesis is opening more than one live chat window.

We understand that it can be tempting to send several different messages so that your query gets resolved quicker, but it actually hinders our response time. 

Creating several message requests is harder for us to keep track of - we lose instant access to your previous chat, which means that we most likely will have to ask for certain details and clarifications again!

Please have patience

We understand the frustration of things not going the way they are supposed to  -  it happens every now and then! Chip is not infallible, and we don't claim to be.

Our mission is to always be on hand to assist, and make sure any issues are solved to the best of our ability. 

Something that helps more than you'd think, is someone that gives us not only the time to do this, but the patience and understanding to get your query solved correctly and efficiently.

Keeping a cool head helps us all get issues resolved quicker than they wrapped up Game of Thrones (too soon?)

Don't abuse our team (or anyone…)

Sometimes, we find customers lacking in aforementioned patience  -  which is absolutely fair. However, abusive messages and swearing are not tolerated on any Chip forum. 

Whilst we are able to withstand the occasional outburst of frustration (we do accept apologies and GIFs, or even GIF apologies), we have no time for people that go out of their way to verbally attack our live chat operators. 

A general rule of thumb for any customer service is speak to others as you would like to be spoken to (you know that famous saying on how you can judge someone’s character on they treat waiting staff?).

If you do send us abuse, we will give you a warning. If you do not heed this warning, we hold the right to close your Chip account and return your funds to your current account.

Fortunately, we have an outstanding Chip community, and occurrences of this have been rare!

Rate us fairly

During every live chat conversation you will receive a prompt to rate whoever you have been speaking to on live chat.

This is represented by the pretty straightforward emoji-scale-of-happiness (patent pending): 🤩 to 😠. We welcome any and all feedback regarding help that we have given you on the app, and ask you to be truly honest. 

If you have had excellent customer support, please give a starry-eyed rating and a comment! Alternatively, if we have not been up to scratch, please tell us so that we can assess and amend the situation if needs be.

We use these ratings as a parameter to keep track of how well we are succeeding in the land of customer success, so we ask you kindly to rate us on the customer service received, not with any gripes with the app!

Send GIFs!

We love GIFs. There, we said it! The new and improved Chip 2.0 app allows us to send and receive GIFs in live chat. If you've got a spare moment, or just feel like sending one over: do it!

If you're lucky we may just send one back (disclaimer: we will always reciprocate GIFs, we can't help it!).

Introducing Chip's new Head Of Community

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Hi there! The team at Chip just keeps on growing, so let me take a couple of minutes to introduce myself…

My name’s Sarah and I’m the new Head of Community here, which means I’m in charge of making sure that the whole Chip family is made to feel extra-special. I’ll be your voice in the Chip office and I’m planning some super exciting stuff for you to get in on as well.

I’ve actually been a Chip saver since August 2017, after using the Ignore It And It’ll Go Away method of managing my finances for years; something I’m sure a lot of you are familiar with! Chip made me realise just how easy it was to save and get on top of my money, so I’m thrilled to now be a part of the team.

Outside of the office, you’ll find me at a gig or a pro-wrestling show, looking for new places to grab some tasty vegan food, or teaching a yoga class.

I’m also a bit of a massive Disney fan, so most of my Chip savings are going towards my next trip in September, where I’ll be running the Disneyland Paris Half Marathon again (yep, that’s really a thing!).

You’ll be able to find me on all of our social channels and our ChipMunks Facebook group, so feel free to give me a shout anytime!

Let’s kill the overdraft

Just as we get ready to launch our radical new overdraft replacement (SmartCredit - the borrowing half of ChipX), the FCA have announced they want to put an end to ridiculous and complicated overdraft fees.

In a stroke of luck, we’ve been taking a very close look at just how much overdrafts are ripping you off.

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The overdraft - a complicated beast 😕

In the scheme of things, overdrafts look like one of the cheapest ways to flexibly borrow money. But, in practice overdrafts are often both expensive and complicated.

The first thing to wrap your head around is that there are two kinds of overdraft:

  • Arranged: AKA the ‘good’ kind of overdraft, where your bank has given you permission to borrow money. This is normally a formal credit agreement, with set interest charges and fees.

  • Unarranged: the ‘bad’ kind of overdraft, where you spend more than you have in your bank account, without asking your bank about it first (it’s debatable about whether unauthorised overdrafts should exist!). These come with all kinds of extra fees and charges and are best avoided!

To make life easy, let’s concentrate on arranged overdrafts.

Overdrafts - what do they actually cost?

Finding out the true cost of your overdraft takes a bit of sleuthing through some terms and conditions documents and fine print. Everyone’s favourite pastime.

This is because, unlike credit cards, loans or mortgages, there’s no universal rule about advertising the cost of overdrafts upfront. Banks don’t need to show an APR (Annualised Percentage Rate) - a single rate showing how much it would cost over a year, including any fees.

So, whilst banks aren’t necessarily doing anything wrong, they don’t exactly make things easy for you.

Ludicrously complicated cost plans

For starters there’s two ways banks charge overdrafts:

  • Charge you an interest rate (called EAR - effective annualised rate - in the business), the more you borrow the more you pay.

  • Charge you flat fees (normally charged daily or monthly), you pay the same no matter how much you borrow.

But some banks use mad combination of the two.

For example, NatWest’s overdraft charges you 19.9% interest EAR. On the surface this seems simple enough; leave £100 in the red for a year and you’ll be charged roughly £19.

However, there’s also a sneaky £6 monthly charge for every month you’re overdrawn. So, you’d be charged £72 a year, plus paying that 19.9% interest.

Now, unless you’re really good at maths (and this isn’t even the fun kind of maths, you won’t see this on Countdown any time soon), it’s hard to work out the actual cost of the NatWest overdraft.

But if you do some fiddly mathematics, the cost works out at;

  • a fairly reasonable 27% APR if you’re £1,000 overdrawn

  • a fairly unreasonable 91.9% APR if you’re only £100 overdrawn

Even Monzo doesn’t make things easy 🚀

The flat fee method can be a bit misleading. As it costs more (much more) to borrow less.

For example even Monzo, the bank famed for their transparency, charges £0.50 a day for an overdraft, so if you were overdrawn for a month you’d pay around £15, and if you’re overdrawn all year you’d pay £182.50.

This is pretty reasonable if you’re overdrawn a large amount, but let’s say you live in your overdraft to the tune of about £100, you’d end up paying the equivalent of an annualised rate of around 180% APR, which is pretty steep!

Monzo aren’t alone using this kind of pricing plan (we don’t want to single out Monzo, we love them as much as the next FinTech savvy millennial!), it’s also used by Santander (£1 a day) and a few other big banks.

The maddest of them all 🤯

Though, Lloyds win the prize for complexity, with this mind-bending sentence:

“The daily arranged overdraft fee is 1p for every full £6 you borrow up to £1250, 1p for every further full £7 you borrow between £1250 and £2500, and then a further 1p for every full £8 you borrow over £2500.”

Ever read something that makes you feel like you’re in some hellish arithmetic test?

I’m going to be honest, I’m not going to even attempt the maths on that one just now, but the bottom line is it sounds cheap, but is actually quite expensive.

Stuck in the overdraft swamp

Not only are overdrafts hard to understand if you’re being ripped off, they’re hard to get out of.

This is something that anyone who’s ever dipped into their overdraft knows all too well.

You know, that deflating feeling of getting paid, checking your bank balance and seeing it’s only about £10 in the black, before the resignation sinks in that you’ll be overdrawn again in a matter of days.

Overdrafts have no set repayments, as usually your income goes into the same account. However, this means, there’s no fixed schedule to kill off the debt (called amortisation in the business), like you would with a loan.

So, it can be quite easy for people to ‘live’ in their overdraft and never quite escape it. As unless; a) you’re very disciplined; b) your expenses materially change; or c) you get a payrise, there’s no way you’re going to get out of your overdraft.

At risk of being melodramatic. It’s a bit like being stuck in a swamp, where the moment you struggle to lift your head above the water, you sink back into the quagmire.

We hope to shake up the overdraft market very soon

You’ll be hearing much more about SmartCredit soon.

Today we plan to soft launch SmartCredit to selected Chip users, and will be fully launching to the public later this year. Watch this space!

Keeping up with your richer friends

“No one wants to be the one at the group big boozey meal, who carefully orders the cheapest thing on the menu and only has one drink, and doesn’t want to just split the bill.”

As we launch our new goals update, we thought this would be a great opportunity to share a story from our community, of a young woman who used Chip goals to stop feeling left out from her friends’ big plans.

When socialising is out of reach 🙇‍♀️

I love my friends, but it’s hard being the poorest one in the group.

Well, no, I’m not poor. Not by national standards. I have a good job in London, in an industry I love working in. Like any twenty something over half my salary gets sucked up to rent a place (and no, I don’t live in anywhere fancy, I live in a houseshare on the outskirts of Zone 3). Basically, I get by, but keeping up with my friends is hard.

A thoroughly normal background 🏠

I hope mine is a story a few people out there can relate to! I was a bright kid from a normal comprehensive school, and made it into a good university.

I have a thoroughly ‘normal’ middle-England suburban background; i.e. my parents always made sure we were fed, clothed and got something nice for Christmas and birthdays. But we definitely weren’t well-off; we never really went on holidays, or had anything like the latest iPhones, and my brothers shared a bedroom.

I made some great friends at university who I’ve stayed close with now I’ve graduated and moved to London for work, they’ve been great at helping me settle into what can be a tough town. But as we grow up I’m starting to feel our different backgrounds and income more and more.

Disclaimer: these are stock photos! If they’re sensitive, we’ll keep any community stories completely anonymous. 🕵️‍♀️

Disclaimer: these are stock photos! If they’re sensitive, we’ll keep any community stories completely anonymous. 🕵️‍♀️

Back when we met as students, I didn’t really notice being much less well-off than my friends, as we were all (apparently) scraping by in student digs.

Admittedly, I spent my summers waitressing back in my hometown, whilst my friends generally did high-flying internships or went travelling. And yes, they did come across as a bit posh.

But during term time it just felt like we were all in it together. Especially since we were generally just out drinking cider-black in the student union, or going to house parties.

Feeling left out: where do my friends get their money? 🏰

It was only really when we all graduated and started working that I began to realise there must be a dramatic difference in our incomes, or either that, all my friends are just running up huge credit card bills.

They regularly organise ski trips, city breaks, nice meals, big nights out, west-end shows, and festivals together. And have now started organising extravagant hen do’s. And basically, I just can’t afford to join in 90% of the things they all do together. I try my best to keep up, but I can’t really justify the expense.

I’m aware I should count myself lucky. They’re a great bunch of friends, they’re fun and kind, and we’re all very close. We’re very good at helping each other through break-ups and life’s little struggles. But I just don’t think they really understand what it’s like to need to be careful with your money.

And it’s crap and a bit embarrassing. I don’t really know how to bring it up, and I don’t want to snub them, or spoil the fun. But no-one wants to be that person at the group big boozey meal, who carefully orders the cheapest thing on the menu and only has one drink, and doesn’t want to just split the bill.

I was at a bit of a loss. I thought it’d be a bit extreme to try and get new friends. And avoiding them just seemed ridiculous.

How Chip helped me keep up 🚀

For a while I considered getting a credit card, but I didn’t really like the idea of spending beyond my means for essentially frivolous things.

Then I stumbled across Chip (thanks to the journalist Laura Whately). As my friends are quite organised, and give plenty of notice on their plans, I use Chip’s goals feature to save up for something we’re doing together and now can join in on the fun every couple of months.

I was terrible at saving up for things before, but now it’s just done for me. I genuinely I love Chip, I don’t really notice the money leaving my bank account, as I leave Chip just ticking along on the lowest setting.

I’m hoping to join my squad on something big this year! Hopefully a holiday or a hen do.

I’m aware I need a long term plan (other than winning the lottery, or getting a lovely rich partner), but I’m hoping I’ll get a pay rise in the next few years and start saving for my future.

 

Do you have a story you’d like to share? 📝

We love hearing from our community and we think your stories can help inspire other Chip savers to hit their goals. We’ll even give you an extra bonus.

Just head here and fill out the form, or drop an email to the editor (Tom@getchip.uk) with the subject line ‘My Story’.

The future of Chip

Why you will now need to connect your card to keep using Chip

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So, you’ll have heard a lot about ‘instant saves’ and ‘connecting your card’ in the past few weeks.

If all this has passed you by, you can now connect your card to Chip, which is good for a few reasons:

  • 🏃 Save faster - your saves will reach Chip instantly (you still have between 9am and 4pm to cancel an automatic save)

  • 💸 Spend sooner - enjoy your money right away, no need to wait 2-3 days for it to reach your bank account

  • 🕹️ More control - your money right where you want it

  • 🔒 Improved security - complete visibility over your cash all the time

You will need to connect your card to keep using Chip

We used to move your money via Direct Debit, but our big Chip 2.0 update introduced ‘instant saves’, which move your money via card payment (but you need to connect your card).

We’ve tested the two systems over the past six weeks and basically found that everything, absolutely everything, works better for our savers who have connected their card.

And as it’ll get increasingly difficult for us to maintain two systems as we grow, we’re going to phase out Direct Debits and only support card payments.

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We’re not quite sure when we’ll be phasing them out entirely (this news is hot off the press today), but our engineering team won’t be working on Direct Debit fixes from now on.

So, if you encounter any issues with your saves and you’ve not connected your card, the customer service team might recommend simply connecting your card as a solution.

How to connect your card ⚡💳

Just open Chip and head to Account > Connected account > Bank card and add the debit card for the bank account you've connected to Chip.

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You can even just take a picture of it, instead of messing around typing out your card number and expiry dates.

What’s so great about card payments? 💸

The bottom line is moving money as a card payment is far less complicated. Your money is usually moved instantly, and always within the same working day. We go into more detail and explain all the benefits here.

We’ve also found that our tech runs much more smoothly once debit cards are plugged in.

Without going into too much detail (for security and trade secret reasons), card connection makes Chip a much more stable and secure app, and massively reduces the number of possible bugs that could pop up.

What’s wrong with Direct Debit? 🐌

To put it simply; they’re far too slow.

It takes around 2-3 days to move the money back and forth via Direct Debit. So, to give you (and us) accurate visibility over your money, involved some complicated behind the scenes tech to predict where the money is.

This worked fine for the big banks that developed and designed Direct Debits, but we wanted to find a better, simpler way to move money. And with card payments, we’ve found it.

Chip's Money Diaries - part one: Game of Thrones

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We think money diaries (where people talk candidly about their income and spending, usually anonymously) are a great way to take some of the mystery out of finances.

We want to share money diaries from our community, but until we’ve got some, we thought it’d be fun to kick things off with a series of money diaries by fictional characters.

This week we’re looking at what the characters from Game of Thrones might do with their money.

If you’ve never watched, or have no interest in, Game of Thrones, click here (or scroll down) to get to the form at the bottom of the page.

 

My money and me - Jon Snow

I’ve never really thought about money. I think about t’north and my vows.

What are your savings goals?

I guess, it’d be good to get some education, so people stop saying I know nothing.

What do you mostly spend your money on?

T’north.

The little luxuries

Is shampoo and conditioner a luxury?

Biggest ever single purchase

All that bloody dragonglass.

 

My money and me - Tormund Giantsbane

No need for money. Free folk don’t worry about such things in the true north.

What are your savings goals?

Take big woman out for nice dinner.

The little luxuries

Milk. Never have enough milk from giant lady. Grow big and strong.

Biggest ever single purchase

Big knife. Beard oil.

 

My money and me - Daenerys Targaryen

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I’m now at the top of the food chain, but I know what it’s like to have nothing. I’ve worked hard to get where I am now, no-one’s taking it away from me.

What are your savings goals?

So I’ve been working towards getting the Iron Throne my entire life. But in the short term I’m putting some of my money towards a DNA test (for a friend).

What do you mostly spend your money on?

Feeding hungry full-grown dragons doesn't come cheap.

The little luxuries

My daily Starbucks® Blonde Cinnamon Cloud Dracchiato.

Biggest ever single purchase

My winter wardrobe, after spending so long in balmy Essos, I was lacking in layers. And as I I couldn’t come to Westeros looking anything less than the Unburnt, Queen of the Andals and the First Men, Khaleesi of the Great Grass Sea, Breaker of Chains, and Mother of Dragons, this was quite a big investment.

 

My money and me - Sandor Clegane (aka the Hound)

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It’s easy to get what you want, when all you want is booze, chicken and revenge.

What are your savings goals?

I’ve got one thing left to do. There’s a big journey first, so I’ve been saving up for that.

Biggest expense

Chickens. I’m a big f*cker, and I take a lot of feeding.

The little luxuries

Hairspray to hold my fringe in place over my burn scars.

Biggest ever single purchase

That big stupid hound-shaped helmet I used to wear. Seemed like a good idea at the time.

 

My money and me - Cersei Lannister

I’ve been Queen of the Seven Kingdoms for a long time now, so I understand how to budget.

What are your savings goals?

Where are my elephants?

What do you mostly spend your money on?

I wish it was elephants, but mostly all those big crossbows, feeding a walking mountain.

The little luxuries

I’ll have to say regular hair-cuts to maintain my fierce post “Walk of Shame” look. Seriously, where are my elephants?

Biggest ever single purchase

The Iron Bank charged obscene rates of interest. So I decided to consolidate all my debts and pay them back in one big lump sum, which was prudent (father would be proud).

 

My money and me - Ayra Stark

I don’t have time for this...

What are your savings goals?

A girl has no savings plans.

What do you mostly spend your money on?

Face masks.

The little luxuries

Dancing lessons. Pastries from Hot Pie.

Biggest ever single purchase

My NVQ course in assassination from the University of Bravos.

 

My money and me - Sansa Stark

Ever get that feeling that you’re the only one making any sensible financial decisions in your family?

What are your savings goals?

I just want to try and rebuild Winterfell, the North and get through this long winter, why isn’t anyone else talking about food?

What do you mostly spend your money on?

Literally keeping everything afloat.

The little luxuries

Lemon cakes.

Biggest ever single purchase

Life insurance policy. Why doesn’t everyone else have one?

Want to share your money diary?

We’d love to hear your stories about your relationship with money.

Hopefully you’ll inspire some other Chip savers to make their goals, or kick off some big conversations around how we deal with our finances.

We’ll publish your diary anonymously and remove any references that could give away your identity. We think it’s easier to be honest this way.

And if we use your diary, we’ll get in touch and give you an extra bonus code to add to your Chip account, just to say thanks.

You can get into the details, or just paint a broad picture, just roughly describe what you do for money and your general financial situation.
This can be big or small, short term or long term.
Think your regular expenses, you can just list out: rent/mortgage; bills; groceries; beer money etc... But again you can just paint a picture, we don't need nitty gritty details!
Car, bike, house, furniture, Louboutin shoes, a round-the-flight, a super-yacht...

Again, your story will be completely anonymous and we’ll only use this information to create a money diary we’ll share with our community.

Why we're going on (and on) about instant saves

Sorry for hammering the point home about instant saves…

Sorry for hammering the point home about instant saves…

You can now have complete visibility over where your money is, at all times! If all of this has passed you by, take a look at this sensible guide and this fun blog article.

We’re aware we’ve been hammering this point a bit, but we’re only doing it because;

  • A lot of you asked us to give you instant saves!

  • We want to improve our security and give you better visibility over your money

  • We want to make using Chip as simple as possible for you

  • So we can crack on with developing some new features that rely on instant saves

The original problem - ‘pending’

Our community flagged that sometimes it could be complicated, slow and confusing to move your money in and out of Chip.

This was because of the way Direct Debits work, where there is a 2-3 day processing time between the money leaving your account and reaching Chip, and vice versa.

And at times this could be confusing, leaving some of our savers wondering where their money is, as we all waited for the banks to move their money (and doing whatever it is that banks do when it takes them 2-3 days to do something…) either in or out of Chip.

A few of you got annoyed. And fair enough, this wasn’t good enough.

Slowwwww banks 🐌

Banking in the UK has traditionally been a slow moving business - it’s only in the last few years that start-ups like Chip have been trying to inject some life into the sector.

So, the existing infrastructure (yes I’m writing about banking payment infrastructure, no it’s not dull) was slower than our ambitions.

The solution - card connection ⚡ 💳

We needed to get creative to solve the problem and came up with a neat solution.

You know what doesn’t take 2-3 days to process? Card transactions!

So, we did a lot of work to set ourselves up to be able to process your saves and withdrawals as a card transaction. We decided it made sense to deploy as part of our big Chip 2.0 update so all new savers can avoid the pain of ‘pending’ saves.

The result - instant saves and withdrawals

So now you can move your money in and out of Chip instantly.

  • 🏃 Save faster - your saves will reach Chip instantly (you still have between 9am and 4pm to cancel an automatic save)

  • 💸 Spend sooner - enjoy your money right away, not wait 2-3 days for it to hit your account

  • 🕹️ More control - have your money right where you want it

  • 🔒 Improved security - have complete visibility over your cash all the time

"Eh, didn't I already connect my card?"  

If you set up Chip before 02 April 2019 you would have set up a direct debit mandate, but you wouldn't have given us your card details back then.

Which is why we're asking for them now. 

And anyone who’s new to Chip now needs to connect their card to get set up.

It only takes a moment!

We’ve made it as easy as possible. We’re working on making it even easier (we’re trying to figure a way to be able to send you links that’ll take you to the right place in your app).

Just open Chip and head to: Account > Connected account > Bank card

And add the debit card linked to the bank account you've connected to Chip. You can also just take a picture of it instead of faffing around typing out your card details.

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Why don’t you want to be able to move your money instantly?

There’s only a few of you left who haven’t connected your card and can’t instant save.

We could keep telling you why it’s better, faster, smoother, and something most of our community has been begging us to implement, but no one likes to have a one way conversation!

So tell us what’s stopping you from (or why you just don’t want to) connect your card to Chip.

Name *
Name

Things not as fast as instant saves

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As part of the shiny new Chip 2.0 update you can move money in and out of your Chip account instantly. Read more about it here.

To get instant saves. You just need to connect your card. Open Chip and head to:

Account > Connected account > Bank card

Then add the debit card linked to the bank account you've connected to Chip. Easy. Fast. Instant.

But what does fast mean? You need a reference point to understand it. So check out these fast things, that are still slower than our instant saves.

 

Usain Bolt 🏃🏿

The world’s fastest human, Olympic gold medallist, Usain Bolt set the 100 metre world record at 9.58 seconds, and his absolute fastest recorded speed was 29.55 mph.

That’s absurdly fast for a human, but much slower than everything else on this list, and doesn’t come near how fast our instant save feature is (also, whilst he’s a stand-up guy, I’m sure he’s got better things to do than run around delivering your cash).

 

Cheetah 🐈

As every child, on every playground ever knows, the Cheetah is the fastest animal on earth, clocking in at 75 mph going at full speed.

However, even if you were to duct tape your cash to a cheetah, give it a slap on the backside and send it tearing towards ChipHQ, it still wouldn’t be as fast as connecting your card to Chip and enjoying instant saves.

 

Mantis Shrimp 🦐

OK so this funky little sea creature isn’t the fastest animal, but it gets an honourable mention as the fastest accelerating animal, as it’s able to flick out its claws at 51 mph from a standing start, that’s an accelerating force of 10,400g (basically the same as a cannon).

But even if you got one of these amazing critters to flick over pound coins to us, it’d still be slower than our instant saves.

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Peregrine Falcon 🦅

So the fastest animal is actually a peregrine falcon on an attack dive, blasting down through the sky at a ludicrous 242 mph, there’s no chance of anything out-pacing a falcon…

Unless it’s one of our instant saves. Even the fastest animal alive can’t catch your money as it moves back and forth between your Chip account.

 

Bugatti Veyron 🏎️ 

The beautiful Bugatti Veyron is the fastest street-legal production car in the world, with a top speed of 268 mph.

It’ll set you back at least a cool £1 million to buy, and given you probably still need to obey traffic laws, there’s probably no way you can get your money to and from Chip faster than using our instant saves.

Though, we will concede this is a much more stylish way for your money to travel.

 

Amazon Prime 📦

We don’t know how they do it (we feel it’s probably better to not ask Alexa too many questions about how they do it, if you want to sleep at night and keep enjoying the hyper fast deliveries), but there’s no getting away from the fact that Amazon Prime is ludicrously fast.

And they’re getting faster - their new experimental drone powered Prime Air promises a ridiculously fast 30 minute delivery time!

But, guess what, even if you got an Amazon drone to fly your money directly to Chip HQ, it’s still not as fast as instant saves.

 

Lockheed SR-71 Blackbird 🚀

This cold war spy plane is the fastest plane ever built, back when it flew, it hit speeds over three times the speed of sound (Mach 3). Whilst the Blackbird’s top speed is still classified, its fastest recorded speed was 2,189.9 mph.

But even if you were to get elected US President, pull the Blackbird fleet out of retirement, hand your cash to a trusted pilot, and send them on a beeline for the Chip office (we’ll assume you could land this thing on Shoreditch High Street), it still wouldn’t come near to how fast instant saves are.

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The Millennium Falcon 🛸

So, the fastest ship from a galaxy far far away, and a long time ago, could theoretically beat our instant saves, because the Millennium Falcon does strictly speaking travel faster than the speed of light.

This means some funky things could potentially happen with time travel and the like.

Let’s say you were to get Han and Chewie to deliver your money to Chip, it could lead to the kind of confusing things like the Millennium Falcon landing in the heart of Shoreditch with your money before you sent it.

And that just wouldn’t really be practical… so… just connect your card and enjoy instant saves that way!

 

How to get instant saves working

It's very, very, very easy. Just open Chip and head to:

Account > Connected account > Bank card

And add the debit card linked to the bank account you've connected to Chip.

You can also just take a picture of it instead of faffing around typing out your card details. The future is now.

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ChipLead gets 13k shares on April Fools day

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We raised a few eyebrows on 1 April when we released ChipLead - Chip’s answer to the metal card craze in Fintech. A few day’s after Apple launched their own card made of titanium, we knew we had to join the party...

But ChipLead was different. Dreamed up by our very own Harry F, the card was designed to ‘weigh down your spending’ to help you hit your saving goals. It was the card you would never want to use.

We put together a sleek video and some cool designs, then asked users to share this page to join the queue for one of our 10,001 cards.

Some Chip fans were a little hasty to hit the share button, and probably missed the disclaimer pictured below. Look closely!

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ChipLead made people laugh, and as a result, was shared over 13,000 times with an estimated 1,000,000 impressions. #viral

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It created a buzz around Chip and at the right time too, because on 2 April we launched Chip 2.0, our total redesign of the Chip app, which is far from a joke.

Have a look at the ChipLead page here to see what all the fuss was about.

What will we do next year? Who knows... just make sure you’re on guard.

All the awards, all the time

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OK, so we’re aware we’re at risk of getting into bragging territory… but we’ve got three new awards to add to our trophy cabinet (well, we don’t have one, but we should look into it now).

We picked up two awards at the Crowdcube awards, and we're absolutely ecstatic to have won “Best Personal Finance App” at the very prestigious and very proper British Bank Awards (other winners included the likes of Monzo, Natwest and Starling Bank).

Chip’s fast-growing team here delighted to take to the stage and celebrate. Tali, our COO, says she should be holding the award here.

Chip’s fast-growing team here delighted to take to the stage and celebrate. Tali, our COO, says she should be holding the award here.

So once again, team Chip dusted off our black tie gear, scrubbed up, and headed off to Cafe de Paris to scoop up some awards.

It was a great night, we got to meet some of our competitors and connect with potential partners too.

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We were up against some tough competition, so when the nominees were read out, the tension was real. But we erupted into cheers when we took to the stage to thunderous applause.

We want to say a huge thank you to everyone who voted for us. The help, support and belief we get from our community is powering us to the next level, and really puts us head and shoulders above our competition.

We loved the screen announcing the finalists, however, they did use our old logo, so just pretend the new Chip smile is in there.

We loved the screen announcing the finalists, however, they did use our old logo, so just pretend the new Chip smile is in there.

What’s next for Chip?

We’ve got big plans both for Chip in 2019.

First up is Chip 2.0, our shiny new update of the app that will be deployed gradually in the coming months. Currently 2,000 of our dedicated Chip Champions are testing the final beta version before we make the last tweaks and bug fixes and release to everyone.

Then there’s ChipX, our community lending platform that will see savers get solid returns and borrowers benefit from fairer lending.

So watch this space.

MAILCHIP #012: Winning awards and building the team

This picture is way cooler without the two people in high-vis holding the ladder still…

This picture is way cooler without the two people in high-vis holding the ladder still…

Usually, we would say it’s been a while, but that’s not entirely true…

We’ve actually never spoken because I’m Tom, Chip’s new content guy and this is my first ever Mailchip (if you’re on Facebook you might have already bumped into me). Read all about me here.

One of my aims is to make Mailchips a more regular thing, so you’ll be hearing more from me in the future. But, don’t worry, Alex and Paul aren’t going anywhere!

Awards season 🏆

We know it’s not quite the Oscars, but we won ‘Best App’ at the World Banking Awards, and Simon (our CEO and founder) channeled his inner Olivia Colman and gave a great acceptance speech.

But wait. There’s more....

We’ve been shortlisted for ‘Best Personal Finance App’ in the British Bank Awards. We’ll find out if we’ve won on Thursday. Fingers crossed. We finished the popular voting round in first place, so a huge thanks to everyone who voted!

And we’re hoping to clean up at Crowdcube’s awards too. We’ve been nominated for two awards; ‘Campaign of The Year’ and ‘Video of the Year.’ 

New Talent - The A-Team 🚁

Since our record-breaking crowdfund at the end of 2018, we’ve been focused on hiring some great talent. 

So say hello to Adam (iOS developer) and Alan (Head of Engineering), they bring over 20 years of collective tech experience to the Chip team. We’ve nick-named them the A-Team, learn about them here.

Since joining they’ve released the Chip 2.0 beta to 2,000 more Chip Investors, and have set up a timeframe for the full release. They love it when a plan comes together.

Recommend a PHP developer and we will buy you an iPhone X 📱

We’re after talented PHP developers, if you know any and think they’d like the challenge of building Chip, send them our way. If we hire them, we’ll give you an iPhone X!

Just send an email to careers@getchip.uk and CC in who you’re recommending. The only catch is you need to be Chip customer and we won’t accept any referrals from recruiters. 

Our new tech blog ️📰

If you want to have a look at how we’re building Chip and what we think about FinTech and the world too, check out our new tech blog. 

Instagram takeovers 📷

We’re three weeks into our “Team Takeover” series. We think they’re a fun way to share the highs, lows and hard work that goes into making things happen at Chip. 

@get_chip

Until next time.

Tom 

We've won an award!

We too, like to celebrate our victories by shouting jubilantly into a field, like this man. Don’t you?

We too, like to celebrate our victories by shouting jubilantly into a field, like this man. Don’t you?

We’re delighted to say we’ve just won an award for the “Best Banking App 2019” at London’s inaugural World Banking Awards!

Not to be confused with the British Banking Awards that’s happening March. We’re gunning for victory there too, we reckon we’ll be a shoe-in with your votes behind us!

The boys from marketing looking #superfly before heading off. Tom is channelling his inner Don Draper.

The boys from marketing looking #superfly before heading off. Tom is channelling his inner Don Draper.

We scrubbed up into our best black-tie outfits, stepped out and saw off some stiff competition from the likes of Moneybox, Money Dashboard and Cleo.

Simon, our founder and CEO, did his best to hold off from giving a full-blown Oscar-style speech, but does want to say thanks to his mum.

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Exciting things to come

We’re not going to rest on our laurels, and after we launch Chip 2.0 and ChipX this year we’re going to be even better than the best banking app.

We’ve hired a lot of great talent after our record breaking crowdfund, and we’re now supercharged to shake up consumer finance in the UK with some exciting and innovative ideas.

Green is the new green

It’s about time we come up with a name for our new green, we’d love your help.



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The beady-eyed among you will have noticed there’s a slightly new green in town. It’s a bit nearer to turquoise than our old green.

That’s the new green on the right. Look at it, evoking feelings of hope and excitement. The old green will always have special place in our hearts.

That’s the new green on the right. Look at it, evoking feelings of hope and excitement. The old green will always have special place in our hearts.

We like to think it’s bright, bold and makes you think of the exciting things you’re going to make happen. Or at least that’s what our design people say.

We’re moving Chip over to this new green as we launch Chip 2.0 and it will become Chip’s new main colour. We’ve already used it for our socks and this community site, and soon we’ll use it across our shiny new main website too.

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Name that colour

We’re trying to come up with a name for it (it’s currently got the very sexy name of #07CEB3, ie just its hex code) and thought 100,000 heads would be better than one, so we’re asking the Chip community to send us in their suggestions.

Name *
Name

Chip's A-team

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We’ve got two new faces joining the team here at ChipHQ, say hello to Alan and Adam! We’ve nicknamed them the A-team.

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Alan - Engineering

Alan is our new Head of Engineering, with 15+ years experience of delivering exciting tech products and building amazing teams.

He comes to us by way of the Labour Party, the Discovery Channel and TimeOut (to name just a few) and is excited to make his mark on the fast-growing chip family.

Alan is a keen quizzer and regularly competes with his team across Surrey, he’s also obsessed with technology.

So when he’s not answering general knowledge questions in a pub, he can be found coding solutions to wider technical problems, or following his other passion, live tournament poker.

Adam - Apps

Adam is our Lead iOS Developer.

With a keen interest in the intersection of technology and design, Adam graduated during the explosion of the iPhone. He's since had 7+ years of experience delivering user-friendly apps for a range of businesses including Expedia, Resident Advisor, and DigitasLBi.

When Adam's not writing code you'll probably find him swimming far, cycling far, running far, or doing the three back-to-back in a long-course triathlon.

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Chip is hiring!

Do you like what we’re doing? Join us and help us make more good things happen.

Check out our careers site for current vacancies, or if you think you’d be a good fit and can’t see a role that’s quite right just now, send your CV to jobs@getchip.uk.





Chip Socks - a monumental feet

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“Nothing feels as good as a new pair of socks” - Everyone

We recently completed the greatest logistical task in our short history.

We don’t mean the responsibility of saving £58,000,000+ for our 75,000+ users. No, we mean the designing and disseminating the iconic Chip sock.

THE OFFER - A PAIR OF SOCKS

Back in November, we promised a pair of Chip socks to the investors that really believe in us, and because we didn’t want to do things by halves, we offered two designs.

If you put in £300, we sent you an exclusive ChipMunk sock, and for our champion investors who put in more than £1,200 we sent out some very swanky Chip Champion socks.

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THE DESIGN

We got to work, spending long days and sleepless nights painstakingly crafting the perfect sock (all the while managing the small business of the most successful crowdfund in UK history 🚀).

After lengthy consultancy sessions with Shoreditch fashionistas, we settled on a design that was sleek and refined, subtle and sharp.

See exhibit A, the ‘ChipMunk’ sock with the cheeky ears, and the ‘Chip Champion’ sock, with its triumphal crown motif.

“ Take my money!  😍” - @DBeckham7

Take my money! 😍” - @DBeckham7

“ Rarw  🔥” - @AnnaVogueWintour

Rarw 🔥” - @AnnaVogueWintour

THE PACKING AND POSTING

Once the socks were ordered, designed and responsibly produced, it was the task of Chip’s house elves to wrap, pack and post them.

The effort was vast, and the whole office chipped in, the socks are now with their rightful owners and warming the toes of Chip investors all over the country.

We’ve sampled a few of our favourite pics below… see if you can spot yourself, or your pet.

If you invested over £300 and for some reason, the socks didn’t get to you, fill in the form below and we will chase them up.

We will cross-reference the list with our data too, so no cheating!

Name *
Name

And if you, like a few other Chip users, are interested in the socks but didn’t invest, keep your eyes peeled for ways to get your pair (and other #ChipMerch) in the future!

You’re the best.

-TeamChip

Chip is growing!

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It’s exciting times for Chip, we’re going to see a few new faces join the team, so say a big ‘whale hello there’ to Tom!

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Tom - content

Tom is our new Head of Content and has spent the past six years writing about consumer finance for the likes of Experian, Zoopla and uSwitch.

He knows a thing or two about managing money and has a way with words. So, if you need someone to tell you anything you want to know about borrowing, saving and banking, and then write you an amusing short story, he’s your guy.

When he’s not smashing out words for Chip, Tom likes to go on epic cycle tours (his last big tour took him from Greece back to London).

Here he is staring out at the Greek countryside with his bike.

Here he is staring out at the Greek countryside with his bike.

And he’s got a mad plan to use his looming 6’9 (206cm) height to get cast in movies as some variety of henchman. He is learning some stage fighting techniques so he can professionally play fight. Watch the video below to see him in action.

We’ve got big plans for 2019

After breaking records with our crowdfund at the end of 2018, we’ve committed to some big plans this year.

To make them happen, we’re hoping to see lots more bright, talented and fun people join us at Chip HQ. So expect to see a few more welcome posts in the coming months

If you’d like to join the team behind Chip take a look at our careers site.




Help us win!

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We’ve been nominated for a British Bank Award in the Best Personal Finance App category!

First of all, we’d like to say a huge thank you to everyone who nominated us. We want to build the best savings account in the world, and your support is one of the things that’s helping us get there.

But we’ve not won yet, and we’re up against some stiff competition. So, we need your votes to win.

How to vote

Voting is as easy as one, two three. Just head over to British Bank Awards website and:

  1. Type “Chip” into the ‘Choose a company’ box

  2. Select “Savings App” for you product

  3. Rate us, write us a nice review, and hit submit

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Fingers crossed

Like we said we’re up against some great apps, but we think we’ve got a strong chance.