Chip app review

A savings account you can forget about!

Last updated:


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.


Yolt - The smart money app | Free, simple & easy to use‎

  • See your accounts in one place & stay on top of your money
  • Connect your current accounts, savings, credit cards, pensions, and investments
  • Backed by ING Bank
  • Download for free on iOS or Android

What is Chip?

Designed to take the stress and hassle out of saving, Chip is a smartphone app which will automatically move small amounts of cash from your current account to your Chip account.

This means you put money away without feeling it and you can save towards larger financial goals. Sounds good to us!

Digital banking deals

Yolt Yolt
Free download

Spend smart and reach your goals with Yolt

N26 N26

Get N26, the new bank you'll love to use

Revolut Revolut

Get £10 and a free Revolut card


Starling Starling
Award winner

Starling voted best British bank and current account

Video interview: chief marketing officer reveals Chip’s plans to become a lender

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  • Withdraw your money instantly: The total savings, or specific amounts, can be withdrawn instantly, any time, with no restrictions.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.
  • Minimum transfer is £1.
  • 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.

Pros and cons of Chip

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
Name Product Fees and charges Delivery speed
5-7 working days
App-based bank account that can be used on the go in any EU country. All about the ease of sending and saving money.
Revolut (Standard)
Free with, otherwise card delivery is £4.99
Up to 9 working days
App-based current account with loads of extra features. (e.g. Real time transactions, payment categorisation, save spare change, free international money transfers, buy cryptocurrency)
Starling Bank
Between 3-5 working days
Everything you get from a current account, but with new features for mobile living. (E.g. Goals for saving, spending catgorisation, interest on your balances)
Monese (Starter)
Between 3-5 business days
A multi-currency mobile banking app that aims to be ‘built around you’. Use it to open a fully functional current account instantly, straight from your phone, all supported by a feature-rich mobile app

Compare up to 4 providers

Frequently asked questions

Digital banking deals

Yolt Yolt
Free download

Spend smart and reach your goals with Yolt

N26 N26

Get N26, the new bank you'll love to use

Revolut Revolut

Get £10 and a free Revolut card


Starling Starling
Award winner

Starling voted best British bank and current account

Back to top
Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.

4 Responses

  1. Default Gravatar
    OliviaFebruary 9, 2019

    I read about reviews and watched the interview video above. It mentioned Chip was free to use. Now I’m trying to sign up for it, it says first 3 months are free but costs £2 per month thereafter. So it’s not free then?

    • Avatarfinder Customer Care
      ValFebruary 15, 2019Staff

      Hi Olivia,

      Thank you for your inquiry. As far as the FAQs for Chip, the app if free to use. To make sure that this are valid charges, kindly try contacting Chip customer support directly. Once you visit their website they do have a chat support service or a number you may call.

      Hope this helps.


  2. Default Gravatar
    SamanthaAugust 29, 2018

    I’m trying to set up with Chip but seem unable to get past the connect to bank stage. What am I doing wrong?

    • Avatarfinder Customer Care
      CharisseAugust 30, 2018Staff

      Hi Samantha,

      As an initial troubleshooting step, you can try to uninstall and re-install the Chip app and see if it works. If it doesn’t work, you can ask for help via Chip’s live chat support which is available between 8-5 Monday to Friday.

      Also, please note that Chip only connects to Barclays, HSBC, Santander, Lloyds, NatWest, Nationwide, RBS, TSB, Halifax, First Direct, Co-operative Bank and Metro Bank accounts.

      Hope this helps.


Go to site