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 held at Barclays Bank PLC.
How is Chip regulated?
Chip is regulated by the Financial Conduct Authority (FCA) through its agency status with Prepaid Financial Services (PFS). You can look PFS up in the Financial Services Register (FSR) and you’ll find us on the PFS website too. Sorry about all the TLAs, btw.
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, and you can only move a total of £100 every 24 hours. For example, if you save £100 at 3pm on Monday, you can't save again until 3pm Tuesday. You can’t set up a standing order - it has to be done manually.
Why is my save ‘pending’?
If you’ve just signed up and tried to deposit money in your Chip savings account, the money will show as ‘pending’. This is because you can’t save anything for the first week while the Direct Debit mandate is set up.
Once you’re up and running, all automatic saves will 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.
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 interest do I get on my savings?
When you first sign up you start with 0% interest. You can boost your interest rate to 5% by inviting friends - you get an extra 1% for each person that signs up with your code. Interest is calculated weekly and paid into your account quarterly - that’s every 13 weeks from the week you signed up.
How do I access my account?
Your access to your savings is entirely through the Chip app.
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.
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 saving that causes you to go into your overdraft, we'll replace the money immediately, pay your bank’s charges and deposit a £10 savings bonus in your account to say sorry.
How much does it cost to use Chip?
Can I save if I am overdrawn?
Yes! If you have an iPhone and you have installed version 1.3.9 of the app, you can save even if you're overdrawn. 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. If you're using Android, you need to tell us if you want to save when you're overdrawn - just hit Live Chat and let us know and we'll turn it on for you.
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.
I have a different question!
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