When Chip first launched, it was a really great concept. An app that would help you save more with you barely having to lift a finger after signing up. They do not appear to listen to their user base, and change direction with very little notice to the end user.
They have been around for a few years now, yet lots of bugs remain trying to link your Chip account with your own high street bank, and their default stance is to sign you up to their paid service.
You can opt out, so lose the AI savings feature and still save into their 0.3% account manually, or transfer into their 1.25% bonus account, where you are only paid a bonus on withdrawing your full deposit, and the bonus is non compounding.
If you are looking to try out their AI savings, then the first £100 auto saved is free. You are then charged £1.50 every 28 days, regardless if it is able to save you anything or not, so £19.50 a year.
The app certainly helps confuse the simple, and is definitely not orientated at the financially savvy either, so not sure what the target audience is.
Reviewed on: 18th January 2021
I work in financial services and signed up to wealth OFY to diversify my investment choices. Unfortunately depending how you answer some generic questions that sometimes lack context, can restrict your choice of options.
I understand this is probably there to help protect those looking to invest with less knowledge, but a little annoying nonetheless.
Apart from that most of the setup was relatively pain free.
Reviewed on: 18th January 2021
It's great to analyse all my expenses in one place.
4
I've been a member of MoneyDashboard for a while now. I use it to consolidate my accounts to better review my expenditure. It's great that the system will try and segregate items into default
buckets of expenses, but also allows you to create your own sections and rules as well. The only downside is that savings accounts are currently omitted, but on the flip side it's good that users can submit suggestions or requests, so I'm sure this will make its way into the system shortly.
Reviewed on: 30th November 2017
