Keep on track with your goals and save up for the things that you *really* want to do. Read more..
Put a name on the things you’re saving up for. Make it real. Sit back and wait for Chip to make it happen. You’ll be there before you know it.
Set up to three goals and allocate your auto-saves between them. We like setting a long, medium and short term goal, like; 1) a nice jacket, 2) a holiday, and 3) a home deposit (but you do you).
We guess you'll probably want to know about the below. If you have more questions, read our full FAQs here.
Chip analyses your transactions and calculates what you can afford to save every few days. You're still in control and can cancel or amend any of your auto-saves before they happen.
To put it simply, if you spend more, we'll save you a bit less. And if you spend a bit less, we'll save you a bit more. Our AI also learns, so if you skip or edit saves, Chip will take note and save you a bit more or less in the future.
The whole idea is you wont miss the money you save. Just leave Chip ticking over, come back in a few weeks and crack a smile at how much you've saved up.
It's free to get started with Chip and there's no monthly charge. But if our AI manages to automatically save you over £100 within 28 days you'll pay £1.
The logic behind the fee is simple. If Chip can automatically save you over £100 in a 28 day period, we will charge a £1 fee. If Chip's AI can't automatically save you £100 within 28 days, you don't need to pay anything.
- The charge is just for the use of the algorithm and AI (i.e. autosaves).
- Manual saves are completely free and you can move as much as you like, when you like.
- There is no charge for storing money with Chip or depositing into an Interest Account.
- No matter how much you automatically save, you will never pay more than £13 in a year.
This small £1 charge means Chip will be free for our more vulnerable customers (who generally save less than £100 a month), and works out cheaper than a percentage charge for our wealthier customers (the more you save the smaller the £1 fee is as a percentage).
Read more about why we charge this fee here.
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.
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 offer 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 in a ‘ring-fenced’ account, which means it’s never used for any trading activities.
If you open an Interest Account your money is stored with a partner bank in an FSCS eligible savings account.
To get started you'll need either an iOS or android phone. Simply download Chip from your App Store or from Google Play, and the app will walk you through the rest.
Chip is only available to people aged over 18 in the UK.
We fully connect 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 can't currently connect to Chip.