We understand that our savers are busy people, that’s why Chip likes to do some of your financial work for you. Yesterday, Alex from ChipHQ posted a question to our 8,000 ChipMunks. You guys were asked "What would we have to improve about Chip... that would make you tell all of your friends about it." We received an AMAZING response and are replying to as many of you as we could on the Facebook and Slack threads. We thought it best to put your top 5 points into a list with honest replies on what we are doing here at Chip to listen, improve and give you guys a more active role in our community.
1 Instant saves
We know that waiting is boring, draining and no fun at all. 😴 That’s why Chip 2.0 will allow savers to move money instantly into their Chip account. This cuts out waiting time so you start earning interest as soon as you deposit! We heard you, we are changing!
2 interest rates
Plenty of people said higher interest rates would get more of their friends involved in Chip. It’s important feedback that has been forcing us here at Chip to make the best decisions for the community as well as the company. That’s why Chip 2.0 will include ChipX, a service which will allow savers to earn consistently high returns on their Chip savings. This is a big one guys, so stay tuned to ChipMunks to be the first to find out just how you can keep your interest high and savings savvy with Chip 2.0.📱📲
3 Higher daily saves
Some ChipMunks asked why we don’t facilitate for lump sums over £100 per day. This is something we definitely want to move to, but right now, before we have a full banking license it would be a little too expensive for us. This is because all Chip savings sit in e-money accounts and are completely ringfenced, meaning they can’t be lent and so all bonus interest comes directly from our marketing budget.
The Higher Daily Saves will become available when Chip travels further down its journey to becoming the best savings account in the world.🌍 But (and this is BIG) there will be news soon on how you guys, our community, can play a part in helping Chip get there faster.
4 The Algorithm and Glitches
You don’t have to be a techy to work out when an app isn’t working. 📉A few savers got back to us saying that Chip had had problems with autosaves or signing up. Our Tech team here at ChipHQ work super hard, and have produced Chip 2.0, which is faster and more reliable than our original product. Slowdowns you may have experienced are unfortunately inevitable when we are growing at this rate. But we’ve doubled our team and putting a lot more resource into ensuring the 2.0 your user experience will be our smoothest yet.
5. Other feedback and Sneak Peek.
We can tell you guys are itching to get your hands on our new update. 🔎Chip 2.0 won’t only include ChipX. With new Squad Goals settings, the ability to use challenger banks such as Monzo or Starling and a Forecast page for your future savings, there’s plenty to look forward to. Throughout this page are some screenshots of how Chip 2.0 will look and feel.
We want to keep our community involved as we grow. If you didn’t have a chance to answer the question this time round, or if you have more to say, fill in the form below. Our growth is dependent on your input; we’re always listening. 🤗