Chip Review

Chip Review

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

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Updated On:
July 13, 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:


ChipLite

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.


ChipAI

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?

No.


How do I get the Chip app?

Download the Chip savings app here.

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


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