3 min read

How Autosaves work 

Published on
August 8, 2022
Author
Sheridan
Content Manger
Join our newsletter
Sign up to hear exclusive news and product updates.
By subscribing you agree to with our Privacy Policy
Thanks! You're added to the list.
Oops! Something went wrong while submitting the form.

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 hello@getchip.uk or jump into live chat.

£0.00/28days
Basic
Tax wrappers: General Investment Account
Build your long-term wealth, free of charge. For those who want great savings accounts, and access to basic investment funds.
Access to leading saving accounts
General Investment Account with a selection of funds
FTSE 100, S&P 500 and BlackRock Mixed Investment Funds (annual platform fee of 0.5%)
Investment Funds managed by BlackRock (annual platform fee of 0.5%)
Prize Savings Account 
Save without feeling it with our award winning AI-powered automatic saving (45p per autosave)
Build wealth yourself and program recurring saves into any account in our new Savings Plans (25p per save)
2 free withdrawals per month
Get started
£4.99/28days
ChipX
Either £4.99 every 28 days (paid annually at £65.05) or £5.99 every 28 days (paid monthly)
Tax wrappers: General Investment Account, Stocks & Shares ISA
One of the most comprehensive wealth management tools on the market. Adds full access to our range of investment funds, with no platform fees in either a GIA or ISA, as well as exclusive access to our Alternative Assets platform.
Zero platform fees
Zero trading fees
Zero withdrawal fees
Additional entries into our Prize Savings Account (TBC)
Stocks & Shares ISA
General investment account with a selection of funds
Access to leading saving accounts
All the investment funds from the basic plan plus: Ethical funds, Commodity funds, thematic funds, Crypto Companies Fund and BlackRock actively managed funds
Unlimited free usage of our AI-powered autosaving and recurring saves
Unlimited withdrawals
Unlimited access to Alternative Assets like whisky, wine and classic car investing
Get started
£9.99/28days
Chip Wealth
Tax wrappers: General Investment Account, Stocks & Shares ISA, Junior ISA
Build your long-term wealth, at every stage of your life. Access to everything from the previous tiers, we will be looking to add JISAs, managed portfolios and more in the future.
Everything from previous tiers +
More complex investment products, more tax wrappers, managed portfolios, Income Funds and much more
Early access to Alternative Assets like whisky, wine and classic car investing.
For these plans we’ll be working closely with our communities to iron out the details. Get involved in the discussion on the community forum here
The ChipX savings account
Coming 2023
£TBC
Chip Private Banking
Tax wrappers: Everything from the previous tiers
We’re building an invitation-only Private Banking experience. Supercharge your experience with professional account managers, wealth coaching services, and elite rewards programs for our most exclusive tier.
Everything from previous tiers +
Access to an account manager who helps you get the most out of your accounts
Full, unlimited and premier access to every product, tax wrapper and feature Chip offers
Access to exclusive events and talks with high profile investment experts
Metal membership card that unlocks airport lounges, queue jumps at every UK airport, free Uber upgrades… and much more
Coming 2023