Chip's help centre team has put together a list of common queries. You should find the answer to most things here (relating to Chip, at least).
We also respond to emails to hello@getchip.uk pretty promptly and there'll always be someone on live chat between 8am and 8pm Monday to Friday (and on 8am to 1pm on weekends).
Or you can put your question to other Chip savers in our forum too.
The essential details. Our dating app bio.
What is Chip?
Chip is an iOS and Android app that moves money for you in an intelligent way. Every few days, Chipâs 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.
It's free to get started with Chip and there's no charge for opening an account, or for moving money into Chip.
The first ÂŁ100 you auto-save with Chipâs AI is a free trial. After your trial ends there are two (soon to be three) plans you can choose between.
Weâre updating our price plans effective 25 April 2021 to change the free ChipAI trial to a 28 day window, and include ChipX and Investment Funds. Read more here.
How much does it cost to use Chip? / Is Chip free?
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Itâs 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.Â
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The first ÂŁ100 you auto-save with ChipAI is a free trial. After your free trial expires, a small ÂŁ1.50 fee applies every 28 days.Â
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You can downgrade to our free plan, ChipLite whenever you want. ChipLite offers limited access to Chipâs AI services. You can still earn returns and interest, but you will need to manually move money into the account.Â
Read more about our price plans here.
âWhat do I get with the ChipAI plan?
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ChipAI gives you unlimited access to the best features of Chip.Â
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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 ÂŁ5,000 Â
⢠Deposit into market leading, FSCS eligible Interest Accounts
⢠Access to investment funds (coming soon)
âWhat 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 ÂŁ2,000 Â
⢠Deposit into market leading, FSCS eligible Interest Accounts
⢠Access to investment funds (coming soon) â
How does the free trial work?
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You can save up to ÂŁ100 using our award winning AI for free. After you have auto-saved ÂŁ100 you will automatically be enrolled onto the ChipAI plan, but you can downgrade at any time.Â
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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 âYour planâ, then âView plansâ 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 moneyâs worth; if you paid ÂŁ1.50 on the 3rd of the month, youâd stay on the plan until the 30th.
How/when am I charged?Â
You will be charged on the first day after your free trial expires, and then in 28 day cycles starting from that day.Â
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You can find a full record of your payments under âYour planâ in your appâs profile tab.Â
A guide on how to link your bank account to Chip.
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 youâre old school).
It needs to be a debit card and Chip works best if itâs linked to your main day to day bank account. Just note - you canât connect a credit card to Chip.
âYou then just need to enter a couple of details (name, address, date of birth, etc... ) so we can confirm your identity.
Youâll 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 donât 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 youâre not a kingpin money launderer (99.999% of people arenât).
We verify your identity with a referencing agency (Onfido - this isnât a credit check!), and thatâs why we need your name, date of birth and address.
Navigating Chip and understanding how your account works.
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 itâs 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 Chipâs 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 âmanual saveâ). You canât 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 âAccountâ tab in the bottom right of your app, open âSettingsâ and tap âOverdraft savesâ.
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 donât fully connect Chip to your bank), Chip canât see your bank balance so overdraft saving is on by default and can't be switched off.
What if my income isnât 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 Chipâs algorithm can handle it.
If youâre feeling cautious you can make Chip move less by adjusting your save level (or pause your auto-saves) at any time.
What Chip Goals are and how they work.
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 youâd like to put aside, what youâre saving up for and see a target date.
Goals are great way to stay motivated if youâre 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 itâs 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 ÂŁ20, you could put;
+ ÂŁ4 (20%) towards your long term goal (e.g. a house deposit)
+ ÂŁ4 (20%) towards your medium term goal (e.g. a big holiday)
+ ÂŁ12 (60%) towards your short term goal (e.g. a fancy jacket)
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But itâs entirely up to you!
Can I edit my goal?
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You change the name, date and image. But youâll be able to edit more in future.
Can I set a goal with a friend?
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Weâre developing a feature called âSquad Goalsâ where youâll be able to put money aside with your friends. Watch this space.
Find out how we keep your money secure.
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 âring-fencedâ account, which means itâs never used for any trading activities.
Money withdrawals through Chip and how long they take.
How can I withdraw my money?
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Tap the âwithdrawâ 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, itâll be with you the next working day.
Just be aware, if youâve 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.
Learn about accessing your account through a different phone or number.
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 data we need from you and how we keep it safe.
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 (âGDPRâ). See more in our Privacy Notice here. Â
Your online banking login details are protected using 128+ bit encryption and Chip does not store this data.
Any more questions? We'd love to hear from you.
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.
Chip's help centre team has put together a list of common queries. You should find the answer to most things here (relating to Chip, at least).
We also respond to emails to hello@getchip.uk pretty promptly and there'll always be someone on live chat between 8am and 6pm Monday to Friday. Or you can put your question to other Chip savers in our forum too.
Chip is an iOS and Android app that moves money for you in an intelligent way. Every few days, Chipâs 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.
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.
It's free to get started with Chip and there's no charge for opening an account, or for moving money into Chip. But there is a small fee for using our AI and automations.
If Chip can automatically save you over ÂŁ100 in a 28 day period, we will charge a ÂŁ1 digital service fee. If our AI can't automatically save you ÂŁ100 within 28 days, you don't need to pay anything.
Just note:
- The charge is just for the use of the algorithm and AI (i.e. autosaves).
- Manual saves are completely free.
- Weâre not charging you for storing money with Chip.
- No matter how much you automatically save, you will never pay more than ÂŁ13 in a year.
To start using Chip you can just snap a quick picture of your bank card (or enter your card details, if youâre old school).
It needs to be a debit card and Chip works best if itâs linked to your main day to day bank account. Just note - you canât connect a credit card to Chip.
âYou then just need to enter a couple of details (name, address, date of birth, etc... ) so we can confirm your identity.
Youâll then be able to manually move money into your Chip account, enjoy automatic saves (though these work a little differently if you donât fully connect your bank), and withdraw money.
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 donât have a banking app installed).
â
2. Log into your banking app using your fingerprint, passcode, or even connect at a glance using FaceID.
â
3. Tap a button to approve connecting your Current account to Chip, and your bank will take you back to Chip.
Not yet. At the moment you can link one bank account to one Chip 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.
We need to verify your identity when you create an account with us, just to make sure youâre not a money launderer (99.999% of people arenât).
We verify your identity with a referencing agency (Onfido - this isnât a credit check!), and thatâs why we need your name, date of birth and address.
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 itâs not quite right for you to put money aside (ie your bank balance could be too low).
You can ask Chip to increase or decrease the amount we put aside for you.
You can cancel any transaction before 3pm, and you can pause Chip altogether at any time in your settings tab.
You can manually move money from your bank account to your Chip account whenever you want (we call this a âmanual saveâ). You canât set up a standing order - it has to be done manually.
Yes. Just head to your âAccountâ tab in the bottom right of your app, open âSettingsâ and tap âOverdraft savesâ.
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 donât fully connect Chip to your bank), Chip canât see your bank balance so overdraft saving is on by default and can't be switched off.
Working out exactly how much money you can afford to stash away is especially tricky if your income fluctuates, but we believe Chipâs algorithm can handle it.
If youâre feeling cautious you can make Chip move less by adjusting your saves level (or pause your auto-saves) at any time.
Goals are a target you can set yourself and keep track of in Chip. You can set an amount youâd like to put aside, what youâre saving up for and see a target date.
Goals are great way to stay motivated if youâre saving up for something in particular, most Chip savers set goals for holidays, the latest tech, a rainy day funds or even house deposits.
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.
You can have up to three goals (we think itâs 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 ÂŁ20, you could put;
But itâs entirely up to you!
Right now, you change the name, date and image. But youâll be able to edit more in future.
Weâre developing a feature called âSquad Goalsâ where youâll be able to put money aside with your friends. Watch this space.
The money Chip puts away for you is deposited in your Chip account, which is a new account you open with us when you sign up. You can access the money in this account at any time.
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 savings account and doesn't have FSCS protection, your money is stored as e-money. We work in partnership with electronic-money specialists PFS (Prepaid Financial Services) to store your money.
PFS store the money with a major retail bank (currently Barclays) in a âring-fencedâ account, which means itâs never used for any trading activities.
Tap the âwithdrawâ 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, itâll be with you the next working day.
Just be aware, if youâve 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.
Your access to your Chip account is entirely through the Chip app.
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.
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.
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.
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).
Chip has a data control licence - you'll find us on the ICO register - and we always act in full compliance with the Data Protection Act.
Your online banking login details are protected using 128+ bit encryption and Chip does not store this data.
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 9am and 6pm Monday to Friday.
You can ask questions directly to Chip and Chip savers on our forum.