What is WealthScore?
WealthScore is a unique measure of how your Chip setup and behaviours influence your long-term wealth building.
It reflects the strength of your current daily and monthly habits and encourages behaviours that will maximise how much you can grow wealth using Chip.
Please note that WealthScore is not a credit score and cannot be used in the same way.
How is my WealthScore calculated?
WealthScore isn’t about your balance. It’s a measure of how well your daily and monthly actions position you to build long-term wealth with Chip. For example, your WealthScore takes into account your deposits, withdrawals, autosaves, recurring saves, the accounts you have open and many other factors. We analyse a huge range of data to calculate this figure.
Please note that the WealthScore is only calculated using data on your Chip account. It does not take into account any data from your linked bank account.
Can you tell me exactly what data goes into the WealthScore algorithm?
Your WealthScore is a complex calculation based on how you use Chip, with things like depositing regularly, consistently building balance, and opening multiple accounts raising your score. There are thousands of individual data points taken into consideration. However, we do not disclose the exact algorithm as this is sensitive unique proprietary technology - much like our award-winning AI-powered automatic saving technology.
Where can I check my WealthScore?
You will be able to check your WealthScore in-app on the Portfolio tab, or we’ll direct you to a webpage from your inbox whenever we email you regarding the WealthScore.
Why should I check my WealthScore?
Your WealthScore can be an insightful tool to gauge how you’re progressing, and if there are ways you can improve and optimise your current set-up.
How do I increase my WealthScore?
WealthScore rewards consistent, sustainable, positive wealth-building habits. You can increase your WealthScore by making the most of Chip. For example, setting up recurring saves, opening new accounts, and cutting down the amount of withdrawals you make.
How often does my WealthScore update?
Your WealthScore will update every morning around 10 am, so you can refresh your app every day to see the positive impact your habits are making.
Does my WealthScore affect my credit score?
No. Your Chip WealthScore is unrelated to your credit score, and we don't share any information with credit reporting companies.
What does it mean by Beta version?
WealthScore Beta is the current version of this feature. We’ll be continuously looking at ways to improve, and listening closely to customer feedback, so please let us know what you think. You can give us your feedback in-app at the bottom of the page when viewing your WealthScore on the Portfolio tab.
Can my WealthScore go down?
Yes. Noticing your WealthScore decrease can serve as a guide to what behaviours might be standing in the way of your long-term goals.
Will I still be offered the same products and rates if my WealthScore goes down?
Yes, please rest assured that the WealthScore is just a visual indication of your wealth-building journey. The accounts, interest rates and features we offer will not change depending on how high or low your WealthScore is.
If you have any questions, please reach out to us via the in-app chat (which can be found in the Contact Us section on the Profile tab) or via email at hello@getchip.uk and we'll be happy to help.