How we make it happen

How we make it happen

We connect to your bank account 🔌

Just plug us into your bank account using your online banking credentials (don't worry, these are only shared with your bank, and we can't see or store them) and your bank will share your transaction data with us via Open Banking (the financial data sharing initiative set up by the government to shake things up).

We fully connect with all UK high street banks: NatWest, Halifax, Lloyds, Nationwide, Barclays, First Direct, Santander, TSB, RBS, Metro Bank and Co-operative Bank.

If you bank with one of the new challenger banks (Monzo, Starling Revolut etc...),  or HSBC, you can also just connect using your bank card to Chip, and we’ll start putting money aside for you. This allows you to get set up with Chip quickly and easily, no matter who you bank with.

Just note you can’t yet fully connect with new challenger banks, but we’re working on this!

How we work out how much to save 👩‍🏫

We use average data from all Chip savers (we’ve analysed well over 180 million transactions). We cross reference this data against your profile (age, where you live, etc…), to calculate how much you should put aside.

But we don’t just tell you what you should stash, we do it all for you. We’ll move your money into a Chip account (we call this an automatic save) every few days.

You’ll have the chance to cancel an automatic save before any money leaves your bank account. And you can also move money manually whenever you want, and put up to £10,000 into your Chip account in total.

But, to properly enjoy the AI magic of Chip and get personalised saves that you really won’t feel, you need to fully connect your bank to Chip using your online banking credentials...

Personalised AI - the magic of Chip 🤖

After you fully connect your bank, we can use your transaction data to calculate exactly how much you can afford to put aside, based on how much you’re spending.

Our AI is smart enough to move just the right amount. Enough to be useful (i.e. not pennies - the average automatic save is around £20), but not so much that you’ll notice your bank balance dropping, or miss any of your direct debits. And it should never push you into your overdraft.

Hit your goals 🏋️‍♂️

It’s nice to have a reason to put money away (unless you’re really into hoarding wealth and sitting on it, like a dragon - a fantasy we’ve all had).

With Chip you can set goals and track your progress towards hitting them. Like clearing an overdraft, paying for a holiday, or getting a new laptop. The possibilities are endless.

We’ll make sure you stash enough cash without feeling a thing. Just withdraw it when you’re ready to make your goals happen.

Withdraw your money at any time 💷

It’s your money, you can withdraw it whenever you want.

Tap the ‘withdraw’ button before 5pm on a working day and the money will land back in your current account the same day. Tap it on a weekend or after 5pm, and it’ll be with you the next working day.

The security stuff 🔒

The money Chip puts away for you is deposited in your Chip account.

Your data is protected by bank level 128-bit encryption (meaning it would take 2^128 combinations to break the key - using the world’s most powerful computers, this would still take a billion years).

We can only ever move money between your Chip account and your bank account, so whatever happens, your money will always be in an account in your name.

We're an appointed representative of Prepaid Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority (FRN: 900036).

Where we store the money 🏛️

Chip is not a savings account and doesn't have FSCS protection, your money is stored as e-money. We work in partnership with electronic-money specialists PFS (Prepaid Financial Services FRN: 900036) to store your money.

PFS store the money with a major retail bank (currently Barclays) in a ‘ring-fenced’ account, which means it’s never used for any trading activities.

FAQs and how to contact us 💬

We have a comprehensive list of FAQs and an in-app help centre, which cover most queries.

If you want to know something else you can always contact us. We reply pretty promptly.

  • Grab us on live chat between 8am and 6pm Monday to Friday
  • Email us at:
  • Write to us at: Chip, 232 Shoreditch High Street, London, E1 6PJ

You can also join our active community on Facebook and keep up with all the latest Chip news.

Prepaid Financial Services is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011, firm reference number 900036, for the issuance of electronic money and provision of payment services.
Registered Office: Fifth Floor, Langham House, 302-308 Regent Street, London, W1B 3AT.
Company Registration number: 06337638.
Chip is a trading name of Chip Financial Limited. Chip is an agent of Prepaid Financial Services Limited.

We are also an appointed representative of Resolution Compliance Limited for peer-to-peer and debt counselling activities only.
Resolution Compliance Limited is authorised and regulated by the Financial Conduct Authority (FRN: 574048) and is registered at 12-16 Addiscombe Road, Croydon, CR0 0XT, UK.
Come say 👋 at our office 232 Shoreditch Highstreet, London E1 6PJ