Chip Review

Chip Review

Chip estimates how much spare change you can afford to save and automatically saves it for you every few days.

Visit Chip
Double-chevron pointing right
Updated On:
September 22, 2021

How does Chip work?

Automatic Savings

  • Chip analyses your bank transactions to identify spare change, then automatically saves that spare change for you.
  • By adjusting the save level, you can decide whether you want to take things at a steady pace or go full speed ahead and save money faster.
  • Review and tweak each auto-save before Chip moves your money. You can even skip a save altogether. Chip's technology will learn from your tweaks and adjust your future saves to fit.
  • Chip has some fun deposit features such as Payday Put Away and Save Streaks.
  • You can access up to a 1.25% easy-access savings rate when you open a Chip+1 account.

Goal Setting

  • Create and track your goals. Keep on track with your goals and save up for the things you really want to do.
  • You can set up to three goals and allocate your auto-saves between them. For example, you could set up a long, medium, and short term goal, like; 1) a new handbag, 2) a holiday, and 3) a home deposit.

Automatic Investments

  • Coming soon - You'll have access to Cautious, Balanced, and Adventurous BlackRock investment funds. Capital at risk.

How much does Chip cost?

It's free to download the app and get started with Chip. 

Then Chip has two subscription plans to choose from:


Cost: Free 

Top Features: 

  • Earn 1.25% bonus in the Chip+1 account on funds up to £2,000 (subject to eligibility).
  • No automatic savings.
  • Unlimited manual deposits.


Cost: £1.50 per month (first month free)

Top Features: 

  • Automatic Savings.
  • Earn 1.25% bonus in the Chip+1 account on funds up to £10,000 (subject to eligibility).
  • Set up saving rules such as Pay Day Put Away.
  • Access to Cautious, Balanced, and Adventurous BlackRock investment funds. Capital at risk.

Is Chip regulated by the FCA?

Yes, to carry out payment services activities.

Does Chip connect to my bank account?

Yes, for Chip to automatically save for you, you need to connect Chip to your bank.

Is Chip safe?

The Chip+1 account is powered by the UK registered bank, ClearBank, and funds held there are eligible for the Financial Services Compensation Scheme (FSCS). This means your money is protected up to a maximum of £10,000.

If you open an Interest Account, your money is stored with a partner bank in an FSCS eligible savings account.

Money held in your main Chip account (you "e-money wallet") is stored as e-money and is not covered by FSCS.

Can you withdraw money from Chip?

You can withdraw at any time and get your money back in your bank account on the same day. Sometimes it takes 2 - 3 working days.

Does Chip have a referral scheme?


How do I get the Chip app?

Download the Chip savings app here.

Tags: Open Banking App; Automatic Savings Apps; Automatic Investment Apps


Leave a review for Chip! When you write a review, we use the data to tell you and many others about the best financial products.

Alternatives to Chip


Plum automates your deposits and investments, analyses your spending, and automatically switches your utilities.

Visit: Plum

See: Plum Review


Monese allows you to save money in two ways - savings pots and interest accounts. It also rounds up your everyday purchases to the nearest pound and automatically saves the difference.

Visit: Monese

Koody Man with Laptop

Subscribe to The Plug

Every month, we'll send you The Plug - a curation of the best personal finance content in the UK. We share real-life stories, how-to guides, top personal finance news, popular community questions, and tips to help you stay on top of your money.

Thank you! Your submission has been received!
Error: This email cannot be added because it may already be on our list. Please enter a different email address.

Read The Plug