Krish
Community Manager
November 5, 2020

Why you must invite a friend to unlock Chip+1

Community Manager, Krish, explains the logic behind why we’re asking you to invite a friend before you can access our Chip+1 account

As we launch our new Chip+1 account, which offers access to the market’s best returns on easy-access savings, we thought we’d share a quick rundown on why we’re asking you to refer a friend to unlock it.  

Where we can, we like to give our savers an insight into what we’re working on as well as being pretty transparent how and why we do things at Chip. Hopefully this answers your questions!

Managing the roll-out slowly

Sadly, Chip doesn’t have an infinite supply of money to pay a 1.25% bonus to everyone in the UK. So we do have a maximum number of people and deposits we can accept into Chip+1. 

Think of Chip+1 as a party with free drinks. If everyone arrived all at once, demanding their drink, we’d be overwhelmed. 

So to make sure our existing savers get access (and it’s not just an offer for new customers - like most banks do) we hope a referral system naturally ensures we don’t reach capacity too soon.

Also if we take things slowly, we can ensure everything runs smoothly so everyone can have a positive experience with Chip+1.

Help yourself, your friends, and us

We want to build the best savings account in the world for you. 

So, instead of using our marketing budget for advertising, we’re using it to pay you a bonus in return for recommending Chip to their friends.  We think you deserve it more than Facebook and Google do. 

By inviting a friend, we are able to reach new people and show them what a difference Chip can make to their life. 

We think it’s pretty cool to be able to give your mate access to the best return in the market, too. 

Rather than spending money on targeted ads to people across Britain, we thought it would be more meaningful if someone heard about Chip from someone they trusted and someone who has used and loved the app. 

We’ve worked very hard behind the scenes to push Chip+1 live, and we hope to give as many people as possible access to the best return on savings in the market. 

To find out more, head to our faqs page.

To see what’s next at Chip, check out our 2020/21 roadmap

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