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Get Chip - Savings Account offering up to 5% AER interest. Maximum deposit £100 per day @ Google play / itunes
Get Chip - Savings Account offering up to 5% AER interest.  Maximum deposit £100 per day @ Google play / itunes

Get Chip - Savings Account offering up to 5% AER interest. Maximum deposit £100 per day @ Google play / itunes

I've just come across the mobile savings banking app calls Getchip.

Funds are stored in an 'e-wallet' at Barclays Bank

You can save a maximum of £100 per day into the account and earn up to 5% AER interest.

I believe this is currently unbeatable.

To achieve the 5% AER interest you have to refer four friends (and be referred by one).

Referrals are not allowed to be requested on this forum, but I just wanted to bring this deal to the attention of others.

I've just signed up myself and the app looks great.

IOS - itunes.apple.com/gb/…472?

Android - play.google.com/sto…=en

10 Comments

Whilst they state they're regulated by the FCA, i don't see anything about them being regulated by the FSCS savings limit which makes me worry a little.

Original Poster

I assume as the account is held in the individual savers name at Barclays Bank then it would be covered under the FSCS on that basis.

So, its rated 3.4 out of 5 by 57 people, some of whom report problems with the app so unable to access their money. Their blurb contains stuff like:

"Oh, and your money is held at Barclays Bank plc. You've probably heard of them, they're kind of a big deal."

You'd be raving mad to entrust your hard earned money with them.

No it doesn't, it's based on how sound Barclays is with your money.

The fact that your money is held in a Barclays account is irrelevant in regards to the FCA savings guarantee. It is up to the institution that accepted the funds to provide the guarantee (Get Chip) if this doesn't exist, then your money isn't protected

is the account holder name prof sheikh ali of Nigeria

Alternatively, earn a guaranteed 5% on up to £2500 with Nationwide's current account - you can also get their regular saver offering 5% (variable) on monthly deposits of up to £500 (rate has stayed the same for over 2 years). That's an average yearly balance of £5500 earning 5% interest with full FSCS protection.

Add to that First Direct and HSBC offering 5% (fixed) for their regular savers (up to £550 per month combined) - again with full FSCS protection.

You'd be mad to use this as a proper savings account without FSCS protection. I'd imagine there's a maximum balance too, don't think you'd be able to add £100 per day for the whole year AND earn 5%.

Bottom line is........ Get Chips money will be safe (under the name Mr IM Phisher) in Barclays, but yours won't.
Once Getchip gets enough suckers to contribute, Getchip will disappear from the App Store and re-appear as GotChip a week later.

Original Poster

Maybe it wasn't quite as good as I first thought. There doesn't look to be a limit on the amount you save but until they get their own FSCS protection later in the year I think it is probably not as good as I thought.

Thanks for the replies.

To achieve the 5% AER interest you have to refer four friends (and be referred by one)

Ponzi scheme?
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