Chip App Review

Chip App Review – Is it a good way to save?

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The new autosave innovative App Chip helps you put money aside passively. Millions of people in the UK have less than £100 saved up, let alone two months’ salary. Leaving many vulnerable to an economic shock like the recent COVID-19 pandemic. This is where Chip is helping, making saving happen with zero effort. In this Chip App Review, I uncover if Chip is worth using.

What is the Chip App?

The Chip App is a free App that builds your savings automatically. With over 40,000 people all you need is to connect the app to your bank account to start saving and earning. By using artificial intelligence (AI) to work out how much users can easily afford to save, Chip will move small amounts of money from the user current account into a Chip account at regular intervals. The app is available on both Google Play & Apple Store.

Chip App Review – Is it a good way to save? Great Deals Made Easy

How does Chip work?

Chip is different to other money and budgeting apps you might have used in the past. It uses AI technology from over 180 million transactions and analyses your own bank account data to automatically decide how much money to put away by auto-saving cash for you into your Chip account. Every few days, Chip will automatically transfer small quantities of money from the account you link into your Chip account, taking out the guesswork on your part. You can cancel this before it leaves your bank account and also move any money that you want to save manually across too so you get the best of both worlds. Your money is held in an e-wallet in your name with Prepaid Financial Services. However, there is No FSCS protection.

Steps to set up the Chip App

  • 1. Connect Chip to your current account. Chip will be granted read-only access to your current account, (your details are protected by 256-bit grade encryption – the standard for banks).
  • 2. Start building up your savings. Chip puts money away, automatically, every few days, using algorithms, to save a minimal amount.
  • 3. Check your spending. Chip will use analytics to compare how your spending compares to the previous month. You can also check your savings balance at any time.
  • 4. Withdraw your money anytime. The total savings, or specific amounts, can be withdrawn any time, with no restrictions. If you withdraw your money before 5pm on a working day, you’ll get it on the very same day.

What banks work with Chip?

You’ll need a bank current account: Chip says that the app works with 90% of banks. These include Barclays, Co-Operative Bank, First Direct, Halifax, Lloyds, Metro Bank, Nationwide, NatWest, RBS, Santander and TSB.

How Much Can you Save?

When you look at the Chip application, you will see a button labelled “Manual.”. This lets you manually transfer money from your current bank account to your Chip savings account. Each transfer must be at least £1, and you can transfer as much as £100 daily to your Chip account. You can only transfer this maximum of £100 daily a total of six times each month. There is no option to set up a standing order to transfer savings to your Chip account; you must do it manually or let the application take care of it automatically.

Can You Adjust How Much Chip Saves for You?

Chip begins by analysing your spending habits and determining how much you can afford to save based on that information. However, if you disagree with the amount, you can easily have Chip save more or less, and the application will adjust its algorithm accordingly. To do this, click either “Save more” or “Save less” on the application.

Additionally, if your funds are suddenly tight or you simply do not want to use Chip, you do not need to cancel your account. Instead, just click “Pause” in the application, and Chip will stop moving your money into your Chip savings account. At any point you want, just click “Resume,” and the application will go back to saving based on your spending and preferences.

What is good about the Chip App?

  • You can build up your savings with minimal effort. You also can set your own financial goals for things like a house deposit or a new kitchen.
  • The average Chip saver can put aside around £1,800 a year, without noticing it. In normal times savers use Chip to afford the big things they really want to do, but right now, that money could really give you some peace of mind.
  • Chip is free to use, with no fees.
  • You can automate your savings
  • You can build up your savings with minimal effort. You also can set your own financial goals for things like a house deposit or a new kitchen.
  • The average Chip saver can put aside around £1,800 a year, without noticing it. In normal times savers use Chip to afford the big things they really want to do, but right now, that money could really give you some peace of mind.
  • Chip is free to use, with no fees.
  • You can automate your savings

What is not so good about the Chip App?

  • doesn’t pay interest – This is quite a big negative. However, the app does encourage you to save passively.
  • You can’t set up a standing order.
  • Deposits are limited to £600 per month. If you are really looking to save up a lot, not great.

My experience of Chip App

I found signing up for Chip very easy – a few personal details, some bank account info, and I was away. It took a week before Chip took my first savings from my bank account though. It is an App ideal for saving amounts passively, but I also recommend researching other accounts

Overall grade for Chip App

7/10
The Chip App is great for people who find it hard to save and it helps them put away small chunks of money for big future expenses, but the lack of interest can’t get me too excited. . One in three Brits has less than £1,500 in savings, be in the two-thirds statistic!

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William Pointing

I enjoy watching comedy, learning about new digital marketing trends, helping people generally (including saving money) and completing sport challenges (This year I plan on cycling to Paris from London).

All stories by:William Pointing
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William Pointing

I enjoy watching comedy, learning about new digital marketing trends, helping people generally (including saving money) and completing sport challenges (This year I plan on cycling to Paris from London).

All stories by:William Pointing
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