What is Chip?

Chip is an iOS and Android app that moves money for you in an intelligent way. Every few days, Chip’s algorithm calculates what you can afford to stash away based on your spending habits.

It then transfers that money from your current account to your Chip account - automatically. You put money away - without feeling it - and spend it on the things that really matter.

Which bank does Chip connect with?

Chip is only available in the UK and fully connects with 17 UK banks: Bank of Scotland, Barclays, Danske, First Direct, HSBC, Halifax, Lloyds Bank, Marks & Spencer, Monzo, Nationwide, Natwest, RBS, Revolut, Santander, Starling, TSB, Ulster Bank.

If your bank isn't on this list (eg Metro Bank, Tesco Bank, Co-operative Bank) you should still be able to connect to Chip using your bank card.

How much does it cost to use Chip? / Is Chip free?
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It’s free to get started with Chip, and you can use our many of our services for free.
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All savers start on our most popular plan; ChipAI. This offers full access to the best of Chip. You get unlimited access to our award winning AI and auto-saving services, and the maximum limit on your Chip+1 bonus. 
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The first £100 you auto-save with ChipAI is a free trial. After your free trial expires, a small £1.50 fee applies every 28 days. 
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You can downgrade to our free plan, ChipLite whenever you want. ChipLite offers limited access to Chip’s AI services. You can still earn returns and interest, but you will need to manually move money into the account. 

Read more about our price plans here.

‍What do I get with the ChipAI plan?
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ChipAI gives you unlimited access to the best features of Chip. 
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• Full access to our award winning AI
• Unlimited use of exclusive auto-saving rules, such as Payday Put Aways
• The chance to earn 1.25% bonus in the Chip+1 account on funds up to £5,000  
• Deposit into market leading, FSCS eligible Interest Accounts
• Access to investment funds (coming soon)

‍What do I get with the ChipLite plan?
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Our free ChipLite plan limits access to some of what we do best, but still allows you to earn some returns on your savings.
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• The chance to earn 1.25% bonus in the Chip+1 account on funds up to £2,000  
• Deposit into market leading, FSCS eligible Interest Accounts
• Access to investment funds (coming soon) ‍

How does the free trial work?
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You can save up to £100 using our award winning AI for free. After you have auto-saved £100 you will automatically be enrolled onto the ChipAI plan, but you can downgrade at any time. 
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You can find a countdown in your app for how much more you can save on your free trial. When you finish your free trial this counter disappears.

How do I upgrade/downgrade?

You can downgrade, or upgrade your plan at any time. Simply head to your profile tab, tap on ‘Your plan’, then ‘View plans’ and choose which plan you want to be on.
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If you choose to downgrade to ChipLite, you will stay on the ChipAI plan until the end of your 28 day window. In essence, you always get your money’s worth; if you paid £1.50 on the 3rd of the month, you’d stay on the plan until the 30th.

How/when am I charged? 

You will be charged on the first day after your free trial expires, and then in 28 day cycles starting from that day. 
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You can find a full record of your payments under ‘Your plan’ in your app’s profile tab. 

Connecting your card to Chip

To start using Chip you can just snap a quick picture of your bank card (or enter your card details, if you’re old school).

It needs to be a debit card and Chip works best if it’s linked to your main day to day bank account. Just note - you can’t connect a credit card to Chip.

‍You then just need to enter a couple of details (name, address, date of birth, etc... ) so we can confirm your identity.

You’ll then be able to manually move money into your Chip account, enjoy automatic saves, and withdraw money.


Connecting Chip to your bank account
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To fully benefit from the AI magic of Chip, we need to plug into your bank account. This enables us to personalise your automatic saves and make sure we never take you into your overdraft.

Make sure you're on the latest version of Chip (check your App Store or Google Play). Then just open Chip and tap the pop up when prompted, or head to your "Profile" tab and tap "Bank settings" and follow the instructions.

How to connect:

1. We will securely take you from Chip to your banking app (or to your online banking in a browser, if you don’t have a banking app installed).
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2. Log into your banking app using your fingerprint, passcode, or even connect at a glance using FaceID.
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3. Tap a button to approve connecting your Current account to Chip, and your bank will take you back to Chip.

Can I connect more than one bank account?

At the moment you can link one bank account to one Chip account.

Can I change my linked bank account?

Yes, you can. If you need to change your account just head into Live Chat and ask. We will need to end the connection to your current bank.

Because of money laundering regulations, we will also have to send back any money you have in your Chip account to that bank account. You'll then be able to link your preferred bank account to Chip.

ID checks

We need to verify your identity when you create an account with us, just to make sure you’re not a kingpin money launderer (99.999% of people aren’t).

We verify your identity with a referencing agency (Onfido - this isn’t a credit check!), and that’s why we need your name, date of birth and address.

How often will Chip move money for me?
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Chip will automatically move money for you every four days into your Chip account.

Though, occasionally you may miss a save, this is usually because the AI has worked out it’s not quite right for you to put money aside (i.e. your bank balance could be too low).
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How much control do I have over Chip’s automatic calculation?
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You can ask Chip to increase or decrease the amount we put aside for you. Simply tweak your save level.

You can skip a save before 3pm, and you can pause Chip altogether in your profile tab.

Can I deposit a lump sum in my account?
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You can manually move money from your bank account to your Chip account whenever you want (we call this a ‘manual save’). You can’t set up a standing order - it has to be done manually.

You can also ask Chip to automatically save a large sum on your payday, by setting up a Payday Put Away.

Can I use Chip if I am overdrawn?
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Yes. Just head to your ‘Account’ tab in the bottom right of your app, open ‘Settings’ and tap ‘Overdraft saves’.

Please note that if you enable overdraft saves, you are responsible for any charges or fees for using your overdraft.

If you only connect your bank card to Chip (and don’t fully connect Chip to your bank), Chip can’t see your bank balance so overdraft saving is on by default and can't be switched off.

What if my income isn’t regular?
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Working out exactly how much money you can afford to stash away is especially tricky if your income fluctuates, but we believe Chip’s algorithm can handle it.

If you’re feeling cautious you can make Chip move less by adjusting your save level (or pause your auto-saves) at any time.

What is a Chip goal?
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Goals are a target you can set yourself and keep track of in Chip. You can set an amount you’d like to put aside, what you’re saving up for and see a target date.

Goals are great way to stay motivated if you’re saving up for something in particular, most Chip savers set goals for holidays, the latest tech, a rainy day funds or even house deposits.

How does Chip know how long it will take me to hit my goal?
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Chip looks at your average automatic save amounts to predict how long it will take to stash away a certain amount.

This will get smarter the longer you use Chip; the more automatic saves you have, the more data Chip has, the more accurate the prediction becomes.

Can I set more than one goal?
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You can have up to three goals (we think it’s a good idea to have short, medium and long term goals), and allocate a percentage of your auto saves to go towards each goal.

For example if your auto save was £20, you could put;

+ £4 (20%) towards your long term goal (e.g. a house deposit)
+ £4 (20%) towards your medium term goal (e.g. a big holiday)
+ £12 (60%) towards your short term goal (e.g. a fancy jacket)
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But it’s entirely up to you!

Can I edit my goal?
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You change the name, date and image. But you’ll be able to edit more in future.

Can I set a goal with a friend?
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We’re developing a feature called ‘Squad Goals’ where you’ll be able to put money aside with your friends. Watch this space.

Where does the money go?
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The money Chip automatically saves for you can be seen at all times in your Chip account.

Chip works as a closed loop with your linked bank account. So your money will only ever be moved between your Chip account and your bank.
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Chip is authorised by the Financial Conduct Authority under the Payment Service Regulations 2017 no. 911255 for the provision of payment services.

Chip is not a bank. We provide access to savings accounts with UK authorised partner banks that are covered by the Financial Services Compensation Scheme (FSCS), and an e-money wallet with a UK authorised e-money provider.

Where your money is FSCS eligible

The Chip+1 account is powered by the UK registered bank, ClearBank, and funds held there are eligible for FSCS.

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

Where your money is safeguarded, but not covered by FSCS

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

We work with electronic-money specialists PFS (Prepaid Financial Services FRN: 900036) to store your money. PFS store the money with a major retail bank in a ‘ring-fenced’ account, which means it’s never used for any trading activities.

How can I withdraw my money?
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Tap the ‘withdraw’ button before 5pm on a working day and the money will land back in your current account the same day.

If you ask to withdraw your money over the weekend, or after 5pm, it’ll be with you the next working day.

Just be aware, if you’ve just moved money into your Chip account (either manually or with an auto-save), it may take up to 48 hours for this money to be cleared for withdrawal.

How do I access my account?
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Your access to your Chip account is entirely through the Chip app.

What do I do if I want to change my phone, but not my phone number?
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No worries. If you're keeping the same number, just download the Chip app on your new phone, start the sign-up, enter your phone number, enter the code on the text, and you'll be logged back into your Chip account.

You'll even get a "welcome back" message so you know it's all a-ok.

What do I do if I want to change my phone, and use a new phone number?
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Just email hello@getchip.uk and tell us your existing (old) number and the new number and attach a photo of your ID (passport or driving licence).

We will change the phone number linked to your account. On your new phone, just download Chip and log in with the new number.

What do I do if I already got a new phone with a new number and I can't log in?
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Don't panic! Just email hello@getchip.uk and tell us your old number and the new number and attach a photo of your ID (passport or driving licence).

We will change the phone number linked to your account and you'll be able to log in with the new number.

What details do I need to give Chip?
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To create a Chip account you need to enter your full name, date of birth and the address that your current account is registered at.

You can start using Chip with just your debit card details.

To fully connect your Chip account to your current account, you just need to log in to your banking app (or online banking in your phone's web browser if you don't have an app).

Is my data safe?
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Chip is a data controller - you'll find us on the ICO register - and we always act in full compliance with the General Data Protection Regulation (“GDPR”). See more in our Privacy Notice here.  

Your online banking login details are protected using 128+ bit encryption and Chip does not store this data.

I have a different question!
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We want to hear it. We're just getting started and would love to hear your thoughts, comments, musings and puns. Please come into Live Chat or email hello@getchip.uk, any time between 8am and 8pm Monday to Friday, and on 8am to 1pm on weekends.

And you can ask questions directly to the Chip team, investors and Chip savers on our forum.