Everything you need to know about how Chip works.
You can use Chip with all major UK banks, as well as several of the new challenger banks. There are two different ways to save with Chip:
1. Quick connection
Just connect your bank card to Chip (you can just snap a picture of it) and start saving right away.
We use average data from all Chip savers that we cross reference against your profile to calculate roughly how much you should put aside.
2. Full connection
Connect Chip to your bank using your online banking credentials (don't worry, these are only shared with your bank, and we can't see or store them).
Chip then plugs into your bank using open banking and our AI analyses your transaction data to work out the sweet spot of exactly what you can afford to save.
We use average data from all Chip savers (we’ve analysed well over 180 million transactions). We cross reference this data against your profile (age, where you live, etc…), to calculate how much you should put aside.
But we don’t just tell you what you should stash, we do it all for you. We’ll move your money into a Chip account (we call this an automatic save) every few days.
You’ll have the chance to cancel an automatic save before any money leaves your bank account. And you can also move money manually whenever you want, and put up to £10,000 into your Chip account in total.
But, to properly enjoy the AI magic of Chip and get personalised saves that you really won’t feel, you need to fully connect your bank to Chip using your online banking credentials...
After you fully connect your bank, we can use your transaction data to calculate exactly how much you can afford to put aside, based on how much you’re spending.
Our AI is smart enough to move just the right amount. Enough to be useful (i.e. not pennies - the average automatic save is around £20), but not so much that you’ll notice your bank balance dropping, or miss any of your direct debits. And it should never push you into your overdraft.
It’s nice to have a reason to put money away (unless you’re really into hoarding wealth and sitting on it, like a dragon - a fantasy we’ve all had).
With Chip you can set goals and track your progress towards hitting them. Like clearing an overdraft, paying for a holiday, or getting a new laptop. The possibilities are endless.
We’ll make sure you stash enough cash without feeling a thing. Just withdraw it when you’re ready to make your goals happen.
It’s your money, you can withdraw it whenever you want.
Tap the ‘withdraw’ button before 5pm on a working day and the money will land back in your current account the same day. Tap it on a weekend or after 5pm, and it’ll be with you the next working day.
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 FRN: 900036) to store your money.
PFS store the money with a major retail bank (currently Barclays) in a ‘ring-fenced’ account, which means it’s never used for any trading activities.
The money Chip puts away for you is deposited in your Chip account.
Your data is protected by bank level 128-bit encryption (meaning it would take 2^128 combinations to break the key - using the world’s most powerful computers, this would still take a billion years).
We can only ever move money between your Chip account and your bank account, so whatever happens, your money will always be in an account in your name.
We're a registered agent of Prepaid Financial Services Ltd., which is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (firm ref. no. 900036) for the issuing of electronic money.