The end of our 1% bonus referral offer
We’re ending the 1% bonus for adding friends on 30 June 2019... but don’t panic.
Your current bonus isn’t going away and there’s a replacement coming.
Our 1% bonus scheme is ending. Your existing bonus will stay in place, but after 30 June 2019 you will no longer be able to get a new 1% bonus for adding friends to Chip.
You have until 30 June 2019 to boost your bonus. Open Chip and head to your ‘Account’ tab and tap ‘Bonus’ to find your referral code and invite friends.
The ability to get a bonus on the money stored in your Chip account by adding friends has been central to Chip’s incredible growth… but for now it’s time to put it on hold.
Why are we doing this? We’re beginning the process of moving Chip accounts away from e-money to FSCS protected accounts!
This fundamental change means we need to restructure how bonus works. It’s a boring regulatory change, but it has some amazing benefits for our savers.
We know you love the bonus scheme, and you’ll have a few questions about this. We’ve hopefully preemptively answered them all below.
When will the 1% bonus scheme for adding friends end? 👋
You can get 1% bonus for each new friend you add to Chip until 30 June 2019. This bonus will last for 12 months.
Just note that your friend will need to connect Chip to their bank for you to get your extra 1%.
You can get a maximum bonus of up to 5%.
What will happen to your existing bonus? 💸
Your existing bonus will continue to stay in place, and will still last for 12 months after it started. So if you added a friend on 01 May 2019, you will receive your 1% bonus until 01 May 2020.
If you’re already at the maximum 5%, you can ‘stack up’ new bonus referrals that will come into effect as soon as you drop from 5%.
However, all bonus will end on 30 June 2020, regardless of when it came into effect (but we hope to pay an interest rate in an FSCS protected savings account well before then!).
Why are we ending the 1% bonus referral scheme? 📈
Rest assured, there’s a good reason for all of this… Over the next few months we’re making some big behind the scenes changes about how we store your money..
At the moment, Chip stores your money as e-money, which means it’s not a savings account and we don’t pay interest.
But we’re working towards changing that, by partnering with tech-friendly business banks to offer FSCS protected accounts.
We also think we’ll be able to lift the £10,000 maximum cap on your Chip account, all the way up to the FSCS limit of £85,000 (and beyond). And there’s even the chance for us to look into offering ISAs!
Whilst these changes are underway, for regulatory reasons, sadly we have to end the 1% bonus offer.
We tried to find a way to keep it in place, but we decided on some short-term pain for long-term gain.
What will replace the 1% bonus? 💷
We hope you think Chip is pretty great as it is, and you don’t need too much encouragement to recommend us to your friends.
However, we still want to reward you, and give your friends something extra nice to welcome them aboard!
So, we’re looking at a few options to replace the 1% bonus referral scheme.
Maybe ‘Golden Saves’, maybe something else...
We have a few plans to replace the 1% bonus scheme from July.
This could be something like ‘Golden Saves’, where you and a friend will get £5 each added to your Chip account.
We’ll be running these ideas past our investor community to make sure it’s something you will all love just as much as the bonus. We’ll announce the replacement before 01 July 2019.
One flat interest rate
Once we can offer FSCS protection for Chip accounts, we’re looking at creating a savings rate that will be available to all Chip savers.
We’re investigating if there’s anyway you could temporarily boost this rate, in a similar way to how the bonus scheme works right now.
Any other questions or comments?
We’re aware this is a bit of a big deal, so please drop us a line using the form below if you have any comments or questions about this!