Wednesday, June 19, 2024

Savings app Chip adds Crypto Companies fund to its Investments offering

Chip, the savings app that fights to bring you the best rates while automatically building your savings, has announced the addition of the Crypto Companies fund to its roster of investment funds. The new fund available through Chip, which has saved its 400,000 users over £800 million to date, enables users to get in on the cryptocurrency revolution, without directly investing in cryptocurrencies.

The new fund is managed by Invesco and currently invests in 51 companies involved in the technology and infrastructure behind cryptocurrencies, a cutting edge technology set to reshape the world of finance. For example, some companies included in the fund provide the infrastructure for bitcoin mining, while others provide the tech to trade cryptocurrencies, and some are even involved in manufacturing the hardware involved in blockchain.

The Crypto Companies fund (official name Invesco CoinShares Global Blockchain UCITS ETF) is available through Chip’s Investments feature, which already offers a selection of funds from the world’s largest asset manager, BlackRock. The other funds available include Actively Managed funds, Ethical and Clean Energy funds and the Emerging Markets fund.

The introduction of the new fund follows on from major changes to Chip’s membership plans, which saw the company simplify its plan structure, making more of the app free. The recent changes include an introduction of just two membership plans; ‘Chip’ (free) and ‘ChipX’ (£3 every 28 days).

The free standard Chip membership includes:

  • FSCS-eligible savings accounts with partner banks
  • Cash deposits up to £85,000 per savings account, including into the Allica account
  • Compounding interest, paid every single day
  • Unlimited penalty-free withdrawals from Chip’s easy-access accounts
  • Award-winning auto-saving technology
  • Savings goals to keep track and stay motivated as you build your savings
  • Investments, allowing you to open a General Investment Account and start seeking inflation-busting returns, with three basic investment funds, powered by the biggest asset manager in the world, BlackRock

The new Crypto Companies fund is available to users on the ChipX membership which offers access to a much wider range of investment funds and a lower platform fee for investments:

  • Everything from the standard free Chip plan
  • Full range of investment funds managed by the biggest names in the business
  • Stocks & Shares ISA, offering tax-efficient returns from investments
  • Investment platform fee of just a 0.25% per annum, making it one of the lowest in the industry

Chip’s CEO and Founder, Simon Rabin, commented: “At Chip, we want to give everyone the tools to grow their money, which not only includes chart-topping savings accounts, but also investing. Now, with the addition of the Crypto Companies fund, we want to enable users to dip their toes into the world of cryptocurrencies without risking the volatility that comes with directly investing into crypto assets.”

“It is not the same as trading cryptocurrencies and it won’t give you the wild ride of taking you to being a millionaire and back again whilst you sleep, however since the fund was created in March 2019  it has returned an average annual return of 42.7% for its investors”, Simon continued. “Of course, it’s worth noting that with these historic eyebrow raising returns comes risks in equal measure. We don’t expect this to be for everyone, but if you can accept risks in pursuit of the opportunity to earn eyebrow raising returns, it could be for you.”

“We have monumental plans for 2022 and these new features and updates are just the beginning. I don’t doubt we’ll make massive strides towards our goal of building the best savings account in the world.”

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