Money saving apps: Chip, the savings and investments platform

We all want to enjoy better control over our finances and build up our savings, but it can be difficult when you have so many other financial commitments.

Wouldn’t it be great if there was some kind of tool that would take into account your spending habits, use them to calculate how much you can afford to save each month, and transfer that money into a savings account automatically without you even realising?

Now there is. In this week’s installment of our Money Saving Apps series we’ll explore Chip, the savings and investment platform that uses AI to help you save without even trying.

Why choose Creditfix?

• Write off unsecured debts over £6,000
• Stop interest and charges soaring
• Reduced payments from £110 per month

Trustpilot

Check if you qualify

What is Chip?

Chip is an iOS and Android app that allows you to build up your savings by using artificial intelligence to track what you’re spending. The platform then uses that information to calculate how much you can afford to put towards your savings goals.

The app will connect with your current account and track your spending in real time. As a British company it currently only works in the UK, but it does connect with many of the UK’s leading banks, from established brands like RBS and Nationwide, to newcomers like Monzo and Starling.

Chip bills itself as the savings and investments platform of the future, and has saved millions of pounds in cash for its community of over 300,000 users and counting.

How does Chip work?

The first thing to know about Chip is that it’s not a bank, it’s a savings and investment platform. That means that while the platform will be connected to your existing bank account, you don’t set up a bank account with the platform itself.

Once you access Chip, either through the Chip website or by downloading the app, you will be asked to set up a Chip account and then go through the ‘bank connect’ process, which gives the platform access to your current account.

The sign-up process is really straightforward, and rather than having to enter lots of manual details like your long card number, you can simply take a picture of the card and the details will automatically upload.

As soon as you have your Chip account up and running and connected to your bank, you’ll be able to save and invest on the go. The app allows you to set savings goals, invest your savings in the stock market from within the app, and most importantly, will automatically calculate what you can afford to save based on your spending habits.

Chip also has a large community of users, over 300,000 and counting. There is a whole subsection of the Chip website dedicated to the Chip community, which you can also access via the app. There, you can ask questions directly to customer service, get technical support from the Chip team, or even just open general discussions with other Chip users.

What problem does Chip solve?

If you asked anyone in the world whether they would like to have more money in the bank, you’re only going to get one answer. The reason more people don’t have more money stashed away is that we all have financial commitments we need to keep.

What you can save is dependent on what you spend, whether you need to cover your rent for the month, are a social butterfly who can’t say no to a night out, or you’re a parent with a couple of hungry mouths to feed.

The great thing about Chip is that it understands that what you save is dependent on your spending habits, and it will use those spending habits to calculate the perfect amount for you to put away each month if you are to meet your savings targets.

By using artificial intelligence to build up a full picture of your weekly and monthly spending, Chip will calculate how much money you can afford to put away, take it from your bank account automatically, and distribute it among your savings pots so you don’t have to.

Will I have to pay for Chip?

It’s free to get started with Chip, meaning you can download the app and set up your account without paying, and the first £100 you save using Chip’s AI comes free of charge.

This acts as a kind of free trial; once you exceed the £100 limit you will need to sign up for one of two payment plans:

ChipLite (Free)
You get limited access to Chip’s AI services. You can still earn returns and interest, but you will need to manually move money into the account.

ChipAI (£1.50 fee every 28 days)
You get full access to the Chip platform, including unlimited access to the AI and auto-saving services, and the maximum limit on your Chip+1 bonus.

It’s important to note that the default tier for Chip users is ChipAI, where you’ll be charged a small monthly fee. If you want to make use of the free tier, you’ll need to downgrade your account to ChipLite.

How does Chip help me save money?

Chip is a savings and investments platform – it’s entire purpose is to help you grow your savings, and make the money you have go further. The platform can help you towards that goal in several different ways.

Automatic savings
As mentioned, Chip uses AI to help you save. The Chip algorithm uses your spending habits to calculate how much you can afford to save, and every few days the platform will put away a small amount of money for you at a speed you feel comfortable with.

Savings goals
Chips savings goals are a bit like Monzo’s savings pots – you put a name on the things you want to save for, set your target amount and the date you need it by, and the Chip algorithm will make sure you save at a rate that allows you put enough money away in time to meet those goals.

Chip+1
Chip+1 is a Chip promotion that allows you access to a savings account with a market-leading interest rate. All you need to do is invite a friend to use Chip, and you’ll both get access to a Chip+1 savings account with 1.25% interest – according to Chip, that’s 125 times better than some of the leading banks.

Investing
As well as helping you save money, Chip can also help you make money. The Chip app links to BlackRock, the world’s biggest investment manager, allowing you to invest your own money and see the results of your investments in real time.