The new auto save 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 COVID-19 pandemic. This is where Chip is helping, making saving zero effort. In this Chip App Review, I uncover if Chip is worth using.
Chip Promo Code – Free £10
Great Deals Made Easy has worked with Chip to give you an exclusive deal to get a £10 welcome bonus when you sign up to Chip on your second auto save.
- Use Chip promo code of GREAT10 to get a £10 welcome bonus
- Download Chip app for free
- Set goals and save to reach them
- Put your money aside automatically
What is Chip?
Chip is a smartphone app which helps you automatically put money aside without feeling it. Chip App AI puts money aside by auto-saving an amount that is affordable and move small amounts of cash from your current account to your Chip account move small amounts of cash from your current account to your Chip account. The app is available on both Google Play & Apple Store.
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). Use Chip promo code of GREAT10 to get £10 for free.
- 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 The total savings, or specific amounts, can be withdrawn any time, with no restrictions.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.
What’s next for Chip App?
Chip’s user base has increased over 40% in the first three months of 2020, with the average amount put aside by savers each month increasing by 13%. The funds will be used to further accelerate Chip’s growth, including the launch of an FSCS protected savings account, through a partner bank with one of the highest savings rates on the market. Over the next few months, Chip is launching a lot of new products, including an interest Account which will give you access to the market’s leading savings accounts hosted at their partner banks… all through Chip.
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
- Use Chip promo code of GREAT10 to get £10 for free
What is not so good about the Chip App?
- Chip 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. Overall I’ve saved a few £100s, without noticing, plus a free £10 bonus. (Use Chip promo code of GREAT10 to get £10 for free on your second autosave). It is an App ideal for saving amounts passively, but I also recommend research other accounts
Overall grade for Chip App
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. It is worth joining for the free £10 promotional offer and keeping an eye out for chip savings accounts coming soon. Use Chip promo code of GREAT10 to get £10 for free – after your third saving. One in three Brits has less than £1,500 in savings, be in the two-thirds statistic!
Other review articles
For money-saving app reviews, read about Shopmium (A supermarket cashback App). Looking to get passive cashback for just shopping? Check out my articles on paying off your phone book with Airtime Rewards. Along with a review on my MoneyPocket – the new cashback site, you can also find out ways of getting paid for buying stuff. Fancy a free Caffè Nero coffee? Read my Caffè Nero App review article. Want to get a free share up to £100? read my Trading 212 article with a promo code.