It's free to download the app and get started with Chip.
Then Chip has two subscription plans to choose from:
Cost: £1.50 per month (first month free)
Yes, to carry out payment services activities.
Yes, for Chip to automatically save for you, you need to connect Chip to your bank.
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 £85,000.
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.
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.
Download the Chip savings app here.
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See: Moneybox Review
Also see: Moneybox vs Plum
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