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Chip app review December 2018

A savings account you can forget about!

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.

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!

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  • Withdraw your money instantly: The total savings, or specific amounts, can be withdrawn instantly, any time, with no restrictions.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

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:

Pros

  • 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.

Cons

  • 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, 2018
Name Product Fees and charges Delivery speed
N26
Free
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.
Free with finder.com, 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)
Free
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)
None
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

Updated December 11th, 2018
Name Product Foreign ATM withdrawals ATM withdrawal limit Foreign transactions fee Card cost Delivery speed
N26
ATM fees differ depending on country
€2 after exceeding free withdrawal limit
No fees
Free
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.
No ATM fees
£200 per month. Anything more is charged at 2% of value of withdrawal.
No fees
Free with finder.com, 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)
No ATM fees
£300 per day. Maximum of 6 withdrawals per day.
No fees
Free
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)
€1 per withdrawal
£300 per day
2% on card spend and ATM usage
Card delivery is free
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

Updated December 11th, 2018
Name Product Fees and charges Interest Savings goals
N26
Free
up to 1.48%
n26 'Spaces' feature lets the user open sub-accounts to stash your money away
App-based bank account that can be used on the go in any EU country. All about the ease of sending and saving money.
Free with finder.com, otherwise card delivery is £4.99
No interest
Set budgets in the app
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)
Free
0.5% AER up to £2,000, 0.25% over £2,000 to £85,000
Create up to 10 different spending goals and protect money from daily spending
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)
None
No interest
Not a feature
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

Updated December 11th, 2018
Name Product Direct debits UK ATMs Payments Freeze your card CASS
N26
Yes
Free
Use MoneyBeam to transfer money instantly. Is partnered with Transferwise so can send money to 16 countries.
Yes: touch of a button in app
No
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 currently only supports direct debits with the Euro IBAN account
Free up to £200 a month
Easy UK payments and can transfer money between 23 countries
Yes: touch of a button in app
No
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)
Yes
Free
Pay via bank transfer. Can't pay into paypal currently.
Yes: touch of a button in app
Yes
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)
Yes - can cancel with touch of a button too
£1 per withdrawal
Pay via bank transfer, easier to send to another Monese account.
Report lost/stolen in app to be sent replacement
No
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

FAQs

Digital banking deals

N26 N26
New!

Get N26 the new bank you'll love to use

Ends

Revolut Revolut
Free card!

Free card worth £5 on Revolut card

Ends

Starling Starling
Award winner

Starling voted best British bank & current account

Ends

Monese Monese
Exclusive

Get £10 when you load £50 onto Monese card

Ends

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2 Responses

  1. 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?

    • finder 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.

      Cheers,
      Charisse

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