Chip is designed for people who may struggle to put money to aside if left to their own devices – and their own bad budgeting habits! By using artificial intelligence (AI) to work out how much you can easily afford to save, Chip will move small amounts of money from your current account into a Chip account at regular intervals (which you can control). The idea is that you won’t notice a dent in your everyday disposable income, but before you know it, you’ve created a little savings pot for yourself.
Chip is managed through an app, which is fee to download and use. But it does charge £1 if you save more than £100 with Chip in a 28-day period (more on this below). This means that Chip is best suited to people who want to save small amounts or would ordinarily lack the financial discipline to set money to one side each month.
Pros and cons of Chip
While there are many benefits of a 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.
- Live chat customer support 8am-5pm Monday to Friday.
- Option to open a Chip+1 account to earn a bonus on your savings.
- It isn’t possible to set up a standing order.
- You won’t earn interest on your savings in a general Chip account
- Larger lump sums cannot be deposited into the account. Deposits are limited to £600 per month.
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