Learn how to get set up with Chip and save automatically.
How Chip Autosaves work
- Like a transaction, we’ll move a small amount of money from your connected bank account to your Chip account every four days.
- This amount varies as it is dictated by your transaction history (how much you’ve been spending recently). Our AI technology has the ability to change this to a higher or lower figure. Smarty pants.
- If you are only card connected (haven’t given us your sort code and account number), we won’t be able to tailor the amount against your spending habits, so instead we use average data from all Chip savers we’ve analysed well over 180 million transactions to calculate a sum to withdraw.
- You have the option to cancel the autosave before 3pm.
- If you’d like more control, you can also change your save amount and withdrawal dates within the app.
Why we think it’s cool
While all saving is good saving, automation solves the pitfalls of putting money aside manually:
- Getting discouraged when you see how much you’re left with.
- Getting distracted. ‘Ah yes I will transfer $100 to my- Oh, free cheese samples!’
- Being unrealistic with how much we can afford to save, resulting in continual withdrawing.
- Lack of discipline. Not having an established saving schedule to adhere to.
We get it. There are at least 112 things you would much rather be doing than transferring half your pay into an account, sighing that you’ll have to live off dry noodles for the next 14 business days, we’ve been there.
While the idea of artificial intelligence and automation seems like a stepping stone to a robot-dominated dystopia, these technological advancements ultimately make everyone’s lives infinitely better.
So comes the inception of Chip, harnessing this very technology to help you save.
Have a different question? We'd love to hear from you. Email us at firstname.lastname@example.org or jump into live chat.