Why we charge a fee for our AI

Chip is bringing wealth management to the masses. We use technology to give your money the millionaire treatment.

Having an expert take care of your savings used to be an exclusive service for the very wealthy, with a matching price tag.

Chip’s AI analyses your finances, decides how much you can save, and saves that money for you. 
We don’t provide this service for free, but it is very accessible.

If you want to use our AI saving service, we charge a small fixed fee. No commissions, no creeping percentage charges, just a simple fair subscription charge.

Our Service Fee
If you use our automatic saving service, a digital service fee of £1.50 every 28 days applies.

What the £1.50 AI saving fee pays for

Building and designing Chip’s AI

Artificial Intelligence is not quite brain surgery, but it’s pretty complex. Our team of highly skilled data scientists and engineers work constantly to build and improve the saving AI for you.

Customer Support

Our customer support team is on hand 7 days a week to help with any issues with our saving service.


There are a lot of operational processes behind the scene that need to be looked after to ensure the AI saving service keeps working smoothly. 


It’s vital to keep our savers’ data and money completely safe. So we have a team of engineers and sophisticated security architecture which is constantly being improved.

Open Banking data services

Our AI is powered by Open Banking data, we use third party infrastructure to securely relay this data into Chip’s saving AI.

Our costs:

Here's what your fee goes towards.

Our principles


Provide useful service

We only ever want to charge for services that provide something worthwhile to our customers. For example, Chip’s AI helps people save without noticing, and it’s very good at it.

The average Chip saver has put aside more than £1,800 a year without noticing using Chip’s AI. And this is why we charge for use of the AI.


Charge a fair amount

We never want to charge more than we need to ensure we can deliver our services and sustainably grow Chip.

We're not in the business of ripping people off. We're never going to charge a fee for the sake of charging a fee.


Keep charges simple

Chip has always been designed to be an app that works in the background of your life - the best thing about Chip is you can forget about us.

So our price structure will always be simple enough to understand at a glance and small enough that you can forget about it too.

Our most frequently asked questions

We guess you'll probably want to know about the below. If you have more questions, read our full FAQs here.

How does Chip know how much to save?

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.

How much does it cost to use Chip? / Is Chip free?

It’s free to get started with Chip. The first £100 you auto-save with Chip’s AI is a free trial.

After your free trial expires, you can keep using the unlimited ChipAI plan (£1.50 every 28 days) with full access to our award winning unique AI, or downgrade to our free but limited ChipLite plan whenever you want.

Read more about our price plans here.

How do we store money?

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.

We do offer access to savings accounts powered UK registered banks that are covered by the Financial Services Compensation Scheme (FSCS).

The Chip+1 account is powered by the UK registered bank, ClearBank, and funds held there are eligible for FSCS.

If you open an Interest Account your money is stored with a partner bank in an FSCS eligible savings account.

Money held in your main Chip account (wallet) 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.

How do I get started with Chip?

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.

Done in 60 seconds

We've timed it. Honestly! Just enter a few details and you're ready to go.

Bank Connection

Securely connect your bank to Chip through Open Banking in a couple of taps.

Bank Connect


Automate and forget

We use AI and Open Banking data to find the perfect amount to save for you.

You're in control

You can fine tune Chip's AI and set your saving level, or adjust your auto-saves as you go.

Bank Connect

More about Auto-Saves.

Make and hit goals

Put a name on the big things you're saving up for, and split your funds between them.

Save Streaks

Keep on track to hit your goals and resist the urge to skip a save.

Bank Connect


FSCS eligible

Money in Interest Accounts is eligible for the financial services compensation scheme.

Market-leading rates

We continually go to the banks on your behalf to bring you better rates.

Bank Connect

More about Interest accounts