Chip Review

Updated On:
July 4, 2022
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Halimah Omogiafo
Author: Halimah Omogiafo
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Chip Review

How does Chip work?

Automatic Savings

  • Chip analyses your bank transactions to identify spare change, then automatically saves it for you.
  • You can decide whether you want to take things at a steady pace or go full speed ahead and save money faster by adjusting your save level.
  • Chip allows you to review and tweak each auto-save before moving 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 0.7% easy-access savings rate and withdraw your money anytime.

Goal Setting

  • Chip allows you to create, manage and track your savings goals within the app.
  • 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

  • Chip allows you to invest via a Stocks and Shares ISA or General Investment Account (GIA).
  • The Stocks and Shares ISA comes at a monthly subscription fee of £3, while the GIA does not have a subscription fee.
  • Annual platform fees range from 0.25% to 0.5%, depending on whether you hold a Chip or Chip X account.
  • With Chip, you can invest in various funds, including emerging market funds, ethical funds, actively managed funds, and much more.

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 up to 0.7% AER
  • FSCS-eligible savings account
  • Interest paid every day
  • Withdraw any time
  • Automatic savings
  • Access three basic investment funds
  • Annual platform fee of 0.5%

Chip X

Cost: £3 per month

Top Features: 

  • Everything in Chip
  • Stocks & Shares ISA
  • Ethical  and clean energy funds
  • Emerging markets funds
  • Actively managed funds
  • Annual platform fee of 0.25%

Is Chip regulated by the FCA?

Yes, Chip is regulated by the Financial Conduct Authority (FCA) 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?

Chip is authorised and regulated by the Financial Conduct Authority (FCA) to carry out payment services activities. Chip is not a bank, so the money held in your Chip Saving Account is powered by a 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. Your investments are also FSCS eligible, so you can rest assured that you can claim your money back if Chip were to go out of business.

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 up to 2 - 3 working days.

Does Chip have a promo code?


How do I get the Chip app?

Download the Chip savings app here.

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

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

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