Chip - Automatic savings Chip Financial Ltd

What is Chip?

Chip is an iOS and Android app which saves money for you in an intelligent way. Every few days, Chip’s algorithm calculates what you can afford to save based on your spending habits. It then transfers that money from your current account to your Chip savings account - automatically.

Where does the money go?

The money Chip saves for you is deposited in your Chip account, which is a new instant access savings account you open with us when you sign up. This account is in your name and hosted at Barclays Bank PLC.

How does Chip know what I’m spending?

When you sign up, you grant Chip read-only access to see the transactions data in your online banking.

What details do I need to give Chip?

To create a Chip savings account you need to enter your full name, date of birth and the address that your current account is registered at. To connect your Chip account to your current account, you need to enter the same information you would use to login to online banking.

Is my data safe?

Chip has a data control licence - you'll find us on the ICO register - and we always act in full compliance with the Data Protection Act. Your online banking login details are protected using 256-bit encryption and Chip does not store your data.

Which banks does Chip work with?

Chip is currently available only in the UK and works with: NatWest, Halifax, Lloyds, Nationwide, Barclays, HSBC, First Direct, Santander, TSB, RBS, Metro Bank and Co-operative Bank.

How often will Chip save for me?

Chip will save automatically for you every few days.

How much control do I have over Chip’s automatic saving?

You can cancel any save before it goes ahead and you can pause automatic saving any time - just tap ‘pause’ to stop Chip saving for you and tap ‘resume’ to make it start again. You can also ask Chip to increase or decrease the amount it saves by tapping ‘save more’ or ‘save less’.

Can I deposit a lump sum in my account?

You can move up to £100 per day from your current account to your Chip savings account, six times per month. The minimum transfer is £1. You can’t set up a standing order - it has to be done manually.

I just signed up and deposited money, why is it ‘pending’?

It will show as pending until the connection between your bank account and your Chip account is live. We can’t transfer any money in the first week after you sign up, while the Direct Debit mandate is set up. Once it's live, we'll move the money and you'll see it in your Chip account.

I've had an automatic save. Why is it 'pending'?

All saves (automatic and manual) show as ‘pending’ at first - we give you some time to cancel the save if you want to and then (by law) have to wait 48 hours before instructing the Direct Debit transfer. Once the money has left your bank account, it will be in your Chip savings account by the next working day.

Can I connect more than one account?

Not yet. At the moment you can link one current account to one Chip savings account - but we’re working on features such as multiple savings pots and shared Chip savings accounts.

How much can I earn on my savings?

When you first sign up you start with 0% on your savings. You can boost your rate to 5% by inviting friends - you get an extra 1% for each person, valid for a year. This is calculated weekly and paid into your account quarterly - that’s every 13 weeks from the week your first save cleared.

How do I invite friends?

In the sidebar of the app, you'll see a tab called 'Free money'. Hit that. You can select people from your contacts list and hit the button to send them a text invite. We'll recognise their number when they sign up, and automatically apply the bonus to your account and their account after their first save clears.

When do I get the bonus?

If you have invited someone to use Chip, you will get the bonus within three days after their first save is in their Chip account.

If you have been invite to use Chip by someone else, you will get the bonus within three days of your first save landing in your Chip account.

How can I tell when my friend has signed up and saved?

You can hit 'Free money' any time and check on your friends' progress. You'll see a progress bar for each person you've invited, and what stage they're at.

I got a £10 bonus by inviting someone/being invited by someone else. When can I withdraw it?

Weeell, the limited £10 promotions we offer are designed to give your savings pot a little boost, so hopefully you will withdraw the cash once you've saved up enough to hit your goal with a little help from Chip. But in practical terms, you can withdraw it once it's in your Chip account. Withdrawing bonus cash takes a little longer than withdrawing your savings - it might take up to a week to be paid into your bank account and it will show as 'pending' during that time.

How do I access my account?

Your access to your savings is entirely through the Chip app, with same-day withdrawals.

How can I withdraw my money?

Tap the ‘withdraw’ button before 2pm on a working day and the money will land back in your current account the same day. Tap it on a weekend day or after 2pm and it’ll be the next working day. Please bear in mind that it may take up to 48 hours for your money to clear for withdrawal, from when it first lands in your Chip account. If you have any bonus money in your Chip account (from inviting friends, or being invited), this may take up to a week to arrive in your account because it takes us longer to process.

What happens if Chip moves too much money?

It won’t. We’re so confident in the algorithm’s ability to calculate exactly what you can afford to save that we created the Chip Overdraft Guarantee. If Chip makes an automatic save that causes you to go into your overdraft, we'll deposit a £10 savings bonus in your account to cover any charges and to say sorry.

How much does it cost to use Chip?

It’s free!

Can I save if I am overdrawn?

Yes! In the side menu, go to the sidebar, hit 'Overdraft' and flick the switch labelled 'Save in overdraft'. You can also tell Chip your overdraft limit.

Please note that if you enable overdraft saving, the Chip Overdraft Guarantee no longer applies and you are responsible for any charges or fees for using your overdraft.

What if my income isn’t regular?

Chip was made for you. Working out exactly how much money you can afford to save is especially tricky if your income fluctuates, but Chip’s algorithm can handle it. It will never transfer too much, but if you’re feeling cautious you can save less or pause saving at any time.

What is a Chip goal?

If you’re saving up for something, whether it’s a holiday, a rainy day fund or a mortgage deposit, you can set a goal in your Chip app. Chip goals are a bit smarter than the targets you set for yourself. You tell Chip how much you want to save, and Chip tells you how long it’s going to take.

How does Chip know how long it will take me to hit my goal?

Chip looks at your average spending and saving patterns to predict how long it will take to save up a certain amount. If you are new to Chip, it uses the last 90 days of spending data to work out how much you’re likely to save. The countdown might change as your automatic saving reacts to your spending behaviour.

Can I tell Chip when I want to hit my goal?

Not yet. We’re working on the next version of the goals feature already, and this will include the option to tell Chip if you have a deadline for your goal. For now, you tell Chip how much you need and Chip will tell you how long it will take.

Can I set more than one goal?

Not yet - but soon. Watch this space.

What do I do if I want to change my phone, but not my phone number?

No worries. If you're keeping the same number, just download the Chip app on your new phone, start the sign up, enter your phone number, enter the code on the text, and you'll be logged back in to your Chip account. You'll even get a "welcome back" message so you know it's all a-ok.

What do I do if I want to change my phone, and use a new phone number?

No worries. Just email and tell us your existing (old) number and the new number and attach a photo of your ID (passport or driving licence). We will change the phone number linked to your account. On your new phone, just download Chip and log in with the new number.

What do I do if I already got a new phone with a new number and I can't log in?

Don't panic! Just email and tell us your old number and the new number and attach a photo of your ID (passport or driving licence). We will change the phone number linked to your account and you'll be able to log in with the new number.

I have a different question!

We want to hear it. We're just getting started and would love to hear your thoughts, comments, musings and puns. Please come into live chat or email