Connect Chip to your current account and the app will use AI-powered algorithms to calculate how much you can afford to put away, without having an impact on your day-to-day life. You can leave it going in the background, and make some serious savings without (hopefully) feeling the pinch.
Read on to find out more about Chip and how it might help you with your finances.
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How does Chip work?
Using Chip is simple, you can view and manage your savings all from their smartphone app:
Connect Chip to your current account: Chip will have read-only access to your current account, (your details are protected by 256-bit grade encryption – the standard for banks)
Start building up savings: Chip puts money away, automatically, every few days. It uses algorithms, based on your spending behaviour, to calculate how much you can afford to save.
Earn money: For each friend who signs up using your promo code, 1% interest is added to your account.
Check on your spending: Chip will use analytics to compare how your spending compares to the previous month. You can also check your savings balance at any time.
Withdraw your money instantly: The total savings, or specific amounts, can be withdrawn instantly, any time, with no restrictions.
Control your savings: You can cancel any transaction before it goes ahead and you can pause Chip altogether at any time. You can also ask Chip to increase or decrease the amount it stashes away.
Is Chip safe?
Chip moves your money to your Chip account. This account is in your name and hosted at Barclays Bank PLC in an E-wallet. This isn’t as confusing as it sounds. Basically, your money is as safe as if it was with Barclays.
When it comes to data, Chip has a data control licence. This means it is legally obliged to 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.
What are Chip’s fees and limits?
There are no fees for opening or holding a Chip account.
If Chip causes you to go overdrawn they will deposit £10 into your account to cover fees.
Upon signing up your interest rate is 0%. This can be increased to 5% by inviting friends – you receive an extra 1% for each friend and the rate is valid for a year.
The daily deposit limit is £100 per day, six times per month.
While there are many benefits of the Chip account, money moving automatically may be more suited to some than others. It’s important to consider whether the benefits suit you personally:
Your money is held in an instant-access account.
Chip enables you to gradually build up savings hassle free.
You have control over the automatic transactions. Deposits can be decreased, increased or cancelled before they go ahead.
Earn up to 5% interest by signing up friends.
Live chat customer support 8-5 Monday to Friday.
It isn’t possible to set up a standing order.
Once money lands in your Chip account it may take up to 48 hours to clear for withdrawal.
Larger lump sums cannot be deposited into the account. Deposits are limited to £600 per month.
Compare Chip against its competitors
Updated December 11th, 2019
Frequently asked questions
The money is deposited in your Chip account and is accessible at any time. This account is in your name and hosted at Barclays Bank PLC.
When you sign up, you grant Chip ‘read-only access’ to your current account, enabling them to see the transactions data via your online banking.
To create a Chip account you need to enter your full name, date of birth and your billing address.
To connect your Chip account to your current account, you need to enter your online banking login information.
Pretty safe! Chip has a data control license, meaning it can be found on the ICO register. Chip’s compliance with the Data Protection Act also allays concerns about details being compromised. Finally, Chip does not store your data and uses 256-bit encryption to protect login details.
While Chip isn’t protected by the FSCS, it is regulated by the FCA. This ensures protection against any fraudulent activity. Also, Chip accounts are hosted at Barclays, meaning that any money you deposit into a Chip account is essentially equally as safe as it would be in a Barclays account.
To withdraw money from your Chip account, just tap “Withdraw”. If you want the cash on the same working day, make sure you do this before 2pm. If you withdraw after 2 pm or on the weekend, your cash will be available by the next working day.
Charlie Barton is a publisher at Finder. He specialises in banking and investments products, including banking apps, current accounts, share-dealing platforms and stocks and shares ISAs. Charlie has a first-class degree from the London School of Economics, and in his spare time enjoys long walks on the beach.
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