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.
This means you put money away without feeling it and you can save towards larger financial goals. Sounds good to us!
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.
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:
If budgeting and saving effectively is a bit of a sore point for you, Chip can be a quick and free solution: you won’t have to think about how much to put aside or when, because the app will do it for you. Ah, the joys of tech.
The real drawback is that you won’t earn any interest on your savings – even though you can always move them to a more traditional savings account every few months, it isn’t ideal. Also, Chip’s doesn’t offer much in terms of budgeting features (for example, you can’t categorise your transactions).
With Chip, you can set saving goals and achieve them without going through the trouble of doing the maths. While it doesn’t offer much else, it is a great app to improve your saving habits and put aside some money, be it to go on a well-deserved holiday or put together the deposit for a house.
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