Frequently asked questions
Chip's help centre team has put together a list of common queries. You should find the answer to most things here (relating to Chip, at least).
We also respond to emails to firstname.lastname@example.org pretty promptly and there'll always be someone on live chat between 8am and 6pm Monday to Friday. Or you can put your question to other Chip savers in our Facebook community too.
What is Chip?
Chip is an iOS and Android app which moves money for you in an intelligent way. Every few days, Chip’s algorithm calculates what you can afford to stash away based on your spending habits.
It then transfers that money from your current account to your Chip account - automatically. You put money away - without feeling it - and spend it on the things that really matter.
Where does the money go?
The money Chip puts away for you is deposited in your Chip account, which is a new account you open with us when you sign up. You can access the money in this account at any time.
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 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 connects with: NatWest, Halifax, Lloyds, Nationwide, Barclays, HSBC, First Direct, Santander, TSB, RBS, Metro Bank and Co-operative Bank.
How often will Chip move money for me?
Chip will automatically move money for you every few days into your Chip account.
How much control do I have over Chip’s automatic calculation of what I can stash away?
You can cancel any transaction before it goes ahead and you can pause Chip altogether at any time - just tap ‘pause’ to stop Chip moving money for you and tap ‘resume’ to make it start again. You can also ask Chip to increase or decrease the amount it stashes away by tapping ‘more’ or ‘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 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.
Chip has just automatically moved some money for me! Why is it 'pending'?
All transactions (automatic and manual) show as ‘pending’ at first - we give you some time to cancel 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 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 account - but we’re working on features such as multiple pots and shared Chip accounts.
Can I change my linked account?
Yes, you can. If you need to change your account just head into live chat and ask. We will need to end the connection to your current bank.
Because of money laundering regulations, we will also have to send back any money you have in your Chip account to that bank account. You'll then be able to link up another account.
How can I tell when my friend has signed up and funded their Chip account?
You can hit 'Free money' anytime and check on your friends' progress. You'll see a progress bar for each person you've invited, and what stage they're at.
How do I access my account?
Your access to your Chip account 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.
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 move across that we created the Chip Overdraft Guarantee. If Chip makes an automatic transaction that causes you to go into your overdraft, we'll deposit a £10 bonus in your account to cover any charges and to say sorry.
How much does it cost to use Chip?
Can I use Chip if I am overdrawn?
Yes! In the side menu, go to the sidebar, hit 'Overdraft' and flick the switch labelled 'Use Chip in overdraft'. You can also tell Chip your overdraft limit.
Please note that if you enable overdraft, 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 stash away 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 make Chip move less or pause at any time.
What is a Chip goal?
If you’re trying to stash away into Chip for something in particular, 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 hit, 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 stash away 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 put away into Chip. The countdown might change as your automatic calculation 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 into 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 email@example.com 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 firstname.lastname@example.org 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 email@example.com