Tom
Head of Content
July 27, 2020

Bonus is making a comeback

We're almost ready to introduce a bonus for referring friends! Here's what it might look like...

We’re getting ready to introduce a bonus in return for referring friends! We're sill ironing out the details, but we're certain we're going to introduce it and make it live sometime in the coming months.

A market-leading rate

We’re currently looking at a few different forms this bonus can take.

It could be X% per friend referred, or it could be as simple as unlocking a market-beating easy-access savings account.

Those of you in our Chipmunk community will have seen a few polls we’ve put out to gather your thoughts.

But our guiding principle will be that whatever we offer, we want it to beat the best rate for easy-access savings.

Reward for referring friends

We find that the savers referred by their friends tend to save the most, use Chip for longer, and (we can only only assume) have the strongest affection for Chip. In turn bringing in more friends and spreading the the good

Historically giving a bonus rate for referring a friend was our number one method of attracting new customers.

However, we had to put a stop to it until we made some technical changes behind the scenes whilst securing FCA authorisation and launching Interest Accounts. Now that work is complete, we're ready to bring back a referral bonus in a big way.

What’s the catch?

None! Bonus will essentially be free money.

Instead of spending our advertising budget on advertising, we’re giving our community of savers a reward in return for spreading the word themselves.

It’s also a big part of our philosophy at Chip that the secret to success is to invest in our product and offer our savers the best experience possible, rather than shouting the loudest.

Some reasonable limits

Of course there will be some reasonable limits to bonus.

It’s likely that we’ll cap it in some way (think ‘X% extra on the first £X,XXX’) and anything over the capped amount you’ll get the standard non-bonus interest rate on.

It’s also very likely that we’ll put a time limit on how long the bonus rate will be in effect for. This could be something like 12 months, at which point the bonus lapses and you’d need to refer a new friend.

In the past we did allow savers to “stack” their bonuses if they referred multiple friends, so when one expired the next started, which is something we may well consider doing again.

Lastly it should be noted this will be a discretionary bonus, so we may withhold bonus in certain situations, such as protecting Chip against financial crime.

In any case we will make all the details of our new bonus scheme very clear as soon as it’s ready to launch.

When will this be ready?

Very soon. We’re aiming for sometime in the next few months. As mentioned above we’ve already updated our T&Cs in anticipation (check sections 7.1 & 7.2).

So, for now watch this space!

If you’d like to keep up with all the latest developments at Chip, shape what we’re building and have the chance to access features early, join our community - the Chipmunks.

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