Product Owner
March 1, 2022

Auto-Investing is here!

You asked, we delivered. You can now use our award-winning auto-saving feature to invest too.

We’re always improving Chip, making it easier for you to save smarter, not harder.

As we’re community powered, our users have a huge say in deciding what we build, and we’re delighted to announce that we’ve just delivered on two of our most demanded features:

  • Auto-investing
  • The ability to have both a GIA (General Investment Account) and an ISA (the tax-efficient Individual Savings Account)

What’s Auto-Investing?

It’s the future of Chip.

Auto-investing is simply taking our award-winning automatic saving technology and applying it to our investment funds.

Put simply: we'll move money into your chosen investment fund automatically.

You can also use our Payday Put Away feature (which enables you to automatically put aside a nice chunk of change on the day you get paid) to invest too.

You can now ensure that you’re slowly and steadily topping up your investment funds.

Please note that when investing that your capital is at risk. The value of your investment can go down as well as up and you might get back less than you originally invested.

How does it work?

It’s not rocket science, but it is AI.

Auto-saving is our bread and butter and we’ve been doing this since the early days of Chip.

Firstly Chip connects to your bank using secure Open Banking technology (read more about Open Banking on the official government site.

Our AI then looks at your saving ambitions and your spending habits and puts aside the perfect amount of money for you every few days.

It's a small amount of money, but enough to make a difference. We are talking pounds not pennies. We like to say it can turn beer money into holidays, and holidays into house deposits.

You’re still in full control of the AI, you can pick a level from 1-5 on how hard you want to save, we always notify you before moving money, and you can skip or even pause auto-saving altogether.

And the results are pretty impressive; the average Chip saver put aside over £3,000 last year, entirely automatically and effortlessly.

How do I start auto-investing?

It’s as easy as 1, 2, 3…

1. Head to your Profile tab & Tap on Auto-save settings

2. Go to AI save allocation

3. Choose where you want to send your Auto-saves

You’ll need to open an investment account and pick an investment fund before you can start though. It’s very easy, simply head your Investments tab in your app.

You can now open a GIA and an ISA

All the choice, all the time.

You don’t need to choose between a tax efficient ‘Individual Savings Account’ (ISA) that comes with some limits, or a ‘General Investment Account’ (GIA) that doesn’t offer any tax benefits, but doesn’t have any limits.

Basically, you can keep investing with Chip, whether you max-out your ISA allowance, are unsure about which one to open (and don’t want to commit), or if you just want to open a GIA too, so you can invest without thinking about limits.

Invest however you like; we’re all about making things as easy and flexible as possible!

P.S. We actually quietly deployed this change a little while ago, but we’ve been so busy we’re only just shouting about it now!

Lost in the technical language and abbreviations ? Read more about ISAs here.

Remember, Chip doesn't give advice and if you are unsure what to do, you should seek advice from a qualified financial adviser.

When investing your capital is at risk

Remember your Capital is at Risk and past performance is not a reliable guide to future returns. The value of your investment can go down as well as up and you might get back less than you originally invested.

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