Chip app review – Can it help you put money into savings?

With automatic saves, can this app help you put money away?

FinTech – or financial technology – is big businesses. Every week a new app launches which promises to revolutionise your finances. And every month or so another one disappears (Yolt, OneDox and more).

One that’s been around for a good few years now is Chip. I was a big fan, until the addition of a fee dented its appeal. But that’s now changed, with a revamp that brings the core features back for free users.

And though it’s a lot less than previous rates, the linked 0.7% 0.61% (the rate was cut on 20 Jan 22) savings account isn’t actually bad in comparison to other options.

So is it worth getting or sticking with? Here’s my review of how Chip works.

Chip app review

What is Chip?

Chip is an automated saving app for your phone or tablet. It analyses your current account and works out how much you can afford to save – and then does it for you by moving the money to a separate account.

It also offers a savings rate of 1% AER on up to £85,000, which is decent enough for easy access accounts right now.

How much does Chip cost?

In January 2022 Chip changed the fee structure, and I hope this one sticks (there were three changes in six months in 2020!). There are now just two options (which apply to new and existing customers):


This is the free tier and the default one when you sign up. I think this is the option most of you will need. With this you get:

  • Autosavings
  • Access to 1% AER savings account


There is a £3 fee for this, charged every 28 days (so you pay 13 lots in a year, not 12). My review won’t look at these features as they’re only worth it if you are investing, and even then might not be the best option for you.

In addition to the free features, ChipX users get:

  • Cheaper investment charges (0.25% rather than 0.5% if you invest via the basic Chip plan)
  • Access to specialist investmenet funds

How does Chip help you save?

There are a couple of ways you can use Chip to boost how much of your money goes into savings.


I really love the “big idea” behind Chip. With automated savings, the app’s “AI” (artificial intelligence – don’t worry it’s not Terminator) algorithm analyses your spending habits, and based on what goes in and out of your account (along with general data about all its users) Chip will suggest an amount you can afford to save each week.

The amount will vary depending on how much money you have in your account and how often you spend it. It could be just a few quid, or a decent chunk. In theory, you shouldn’t really notice that the money has gone.

This is great for those who always plan to save but never get around to it. The autosaves can quickly add up.

How often does Chip save money?

By default Chip will suggest savings for you every four days. You can pause auto-saves for a week, two weeks or a custom date up to three months away. 

It can take up to three working days for your money to reach the linked account.

How to cancel autosaves

You have until 3pm to choose to stop this payment if you wish. If you’re happy with the suggested amount you don’t need do anything and the money will automatically be sent to your Chip account.

How much can you save with Chip?

Chip says the average is £20. There are five levels of auto-saves, with one being the lowest. By default, you’re at level 3, but it’s easy to switch between them in the app. 

Overdraft savings

I’m not a fan of this feature which allows you to move money from your overdraft into Chip. If you do this you’ll likely end up paying huge overdraft fees. Personally I’d avoid activating it.

Minimum balances

This is a handy cap you can put so that Chip won’t every take money out of your connected bank account past a certain balance. This can ensure you don’t ever go overdrawn or not have enough cash for other payments.

Splitting your autosaves

You have the option to choose how much of your autosaves goes into each savings account or goal (more on these later). So you could put 80% into the main savings account, but 20% into another.

Payday saves

I’m always encouraging you to set up a standing order to move money to a savings account just after payday. This means you will always put aside the amount you know you can afford early on – and not “accidentally” spend it without realising.

Ideally you’d move this money to your savings account that offers the best interest rate. But if that account is with Chip then you’d need to use the inbuilt Payday saves feature.

Savings goals

The savings goals feature is useful in helping you identify what you’re saving for, and track your progress against the targets you set.

You can enter a name, date and amount to help motivate you to keep saving. You can have as many as you want, and allocate how much of your autosaves goes to each goal. 

The money isn’t held in separate pots for these goals (as you would with Starling or Monzo). It’ll still sit in whichever account you’ve chosen for your money.

Save streaks

The more you save without cancelling a transfer or withdrawing cash the longer your savings streak will be. In theory, this keeps you motivated to keep on saving, though I doubt you’ll pay much attention.

Chip’s savings accounts

The money you auto or manually save to Chip sits in one of the connected accounts. Right now there’s only one, though Chip says it has plans to bring customers more accounts with competitive rates in the future.

How much interest can you earn?

When Chip started it offered up to 5%, which was a huge plus for me. This then dropped to 1.25% via the now-defunct Chip+1 account. Not great, but better than elsewhere. Those accounts are a thing of the past.

Now it’s 0.7% 0.61% (the rate was cut on 20 Jan 22), which is a variable rate held in an account with Chip’s partner Allica Bank. This rate sounds awful when compared to the past options. But actually it’s one of the better ones available right now.

Interest is compounded daily and added to your balance. You can save up to £85,000 in the account.

Is it really the best paying savings account?

I have slight issues with Chip sometimes promoting this rate as “market-leading”, even when competitors were offering slightly more on their easy-access accounts. But this is splitting hairs when those differences are so marginal. That could however change when (not if) other banks beat this rate.

Indeed, it can be beaten, with some accounts elsewhere offering 2%, but only on limited balances. This means if you have more than a few grand then this would likely require you to split that money across multiple accounts. If you just want a single account then Chip is a decent option.

How do you withdraw your money?

It’s easy to withdraw your money, with just a few clicks in the app to send the money to your conneted account.

Sadly it isn’t instant. It’ll take two working days to reach your current account, though if you submit the withdrawal before 11am, it’ll move the next day.

Bear in mind that deposits take three working days to clear. So if you just put some money into the account and go to withdraw it on the same day, you’re looking at five working days. If that’s over a weekend you’ll need to add two days on top.

The only exception is if you don’t keep your money in one of the interest paying accounts. There is a Chip Savings Account option, but I’d avoid this since there’s no interest.

Is your money safe in Chip?

Yes. If you put the money in one of the interest paying accounts you then get FSCS (Financial Services Compensation Scheme) protection. This means if the bank goes bust the government guarantees up to £85,000. Great.

Is Chip safe?

This all comes down to how comfortable you feel with sharing your data. The open banking connection gives Chip access to the details in your account, but there is bank-level encryption security put in place.

In terms of accessing your money, it can only move money between your Chip account and your connected bank account.

How do you set up Chip?

To start you must have a smartphone. Once you’ve downloaded the app, sign up and don’t forget to enter a promo code if you have one (more details on this below).

You then connect to your bank. It’s actually quite easy to set up thanks to Open Banking which will take you through to your banking app to authorize permissions. It’ll take maybe 30 seconds.

Once set up make sure you turn notifications on. This will allow the app to alert you when it wants to start saving for you and give you instant notice if you want to cancel an autosave.

If you want to open the connected Allica savings account, you don’t get it automatically. You will need to do this in the app. It’s easy to do with a couple of clicks.

Which banks work with Chip?

  • Bank of Scotland
  • Barclays
  • Danske
  • First Direct
  • HSBC
  • Halifax
  • Lloyds Bank
  • Marks & Spencer
  • Monzo
  • Nationwide
  • Natwest
  • RBS
  • Revolut
  • Santander
  • Starling
  • TSB
  • Ulster Bank

Changing your bank

You can only link one bank account to Chip and it’s a bit of a pain to change it. You just need to go into the live chat and ask them to cancel the connection to your current bank. But doing this will mean any money you have saved will be sent back to the initial account and you’ll have to start again

Chip promo codes

Since Chip started there have been a few different promo codes. First you could get up to 5% interest with a code, and then in 2019 and early 2020 there was a £10 bonus for signing up. Since January 2022, there was £20 on offer. This offer ended 29 April 2022.

To enter a code:

  • Go to the profile tab
  • Select “Promos and Rewards”
  • Choose “Enter a code”
  • Type in your code

Chip: £20 welcome bonus (expired)

The Autosavings app Chip is offering new customers £20 if they sign up with the code CLEVER22 before 29 April 2022. You’ll need to then save at least £1 by 7 May 2022, and leave it in the account until 7 June 2022 when the bonus will be paid.

To avoid any charges make sure you select the free “Chip” membership tier. This is the default option when you sign up.

You’ll be able to earn 0.61% AER (variable) in the Allica account accessed via the app, and you can save up to £85,000 in there.

Is Chip any good?

Andy’s Verdict

I’m a fan of the auto-savings feature so I’m delighted it’s free again to all Chip users. It can be a great way to boost your savings without any effort.

Though it works in the same way as Plum, it has the added advantage (for now at least) of offering a hard to beat interest rate. So I’d personally switch my autosaving over to Chip.

And it’s also a good destination for larger savings – though make sure you check out my top savings account guide first of all.

The main negative though is that it can take time for any deposits to clear in Chip and for withdrawals to reach your connected account.

99 thoughts on “Chip app review – Can it help you put money into savings?

  1. This is a pretty good app, thank you Andy.



  2. This is a great app for those who find saving difficult.

  3. While it goes against all instincts to give your banking details to a third party app, the tool works extremely well. If you need a code for your first 1% interest, please enter DM1J9T.

  4. Charles mc Laughlin June 20, 2019 at 2:32 pm

    Chip is great, it has help me to clear my debts. Easy to use and you will not regret using. Please use my code: 2UNJU1.
    Good luck and enjoy saving

  5. very easy to set up and fund…..use my code Q1UCPG for 1% bonus interest each and i will donate £5 to NSPCC or another charity of your choice

  6. Chip is great, it has help me to clear my debts. Easy to use and you will not regret using. Please use my code:0OAJVN.
    Good luck and enjoy saving 🙂

  7. You could also use my invite code P4VHNO to get an extra 1% interest <3

  8. If anyone wants to use my referral code, it’s : Q0BQMT
    Using this we both get 1% interest each .
    Thank you so much if you use this code.

  9. A referral code if anyone needs it – CYO6D7

    1. My bank was offering just 0.6% savings – this is so much better and so easy. 1% extra interest for me and you code Y3EAQN

  10. Hi chip has really helped me when saving for specific things. Out of sight but easy to transfer back if you get caught short. Use this code and sign up for extra 1% interest HLB0ZC

  11. Been using Chip for over a year now with no issues. Easy to use, and it racks up the savings whilst I barely notice.
    Sign up with this code P3KU4M to get 1% interest.

  12. Rebecca Fairclough March 18, 2019 at 4:42 pm

    I like chip as for me a main element of saving is keeping the money ‘out of site out of mind’. Unfortunately I missed out on the referral code. Though mine is 7TXE8T incase anyone new wants to sign up using it 🙂

  13. Hi All,

    Use my referral code and you will get an extra 1% interest when you sign-up with the Chip App.

    Code: ND1ZT3

    Many thanks and happy saving!

  14. I downloaded the app, and went through the sign up process – as far as connecting my bank account, although for some reason, it got as far as showing me my accounts, but failed when I selected one to save with.
    Nowhere did I see an option to enter a referral code.

    Has this facility gone now?

    1. Hi Tony, you should be asked to enter the code during the sign-up process. There’s a chat option in the app. Go into there and ask them if you missed it, and see if they’ll apply it for you. Let me know what happens

      1. Thanks, yes it was right at the end after I’d linked my bank account which initially it wouldn’t let me do. So I’m all set up now thanks.

        Out of interest has anyone managed to open 2 chip accounts linked to different bank accounts?

        1. I think you’d need two different phone numbers, if not two different phones – tho a sim only might do it…

  15. I have used Chip for a year and have saved loads with it without really noticing. You can see my original review from Feb 18. It is easy to use from your phone and you can transfer money in if you are a bit more flush. I have taken money out periodically and it has been easy and quick. I would certainly recommend it. Please use my code D5YELM for 1% interest.

  16. Hi dear moneysavers, please someone use my promocode ISVE87.
    Remember it will be wasteful to use somebodies code more than 2 times so, if You use it notify others which one You used, so we all reach our 5percent goal. Cheers))

  17. Hello all!

    Here’s my 1+1% referral code!



  18. Hiya, if anyone would like an extra 1% interest referral code, here you go – UXREFA 🙂

    One for you, one for me 🙂

    Thanks guys!

  19. Hi savers!

    I am pretty late to the show lol, but hoping someone will use my referral code please :A
    Its 3K17WK
    I will send cookies if you do! ?
    Fi x

    1. use code V7E3NG for an extra 1 per cent interest for 12 mnths

  20. Have been using for a year and it’s worked really well for me! Please use my code to give each of us an extra 1% interest: 0S9MT2

  21. Hello all!

    I’ve dropped down to 0% on my interest now. If anybody would be kind enough to use my referral code – 9SU6P3 it would be a big help! Thanks

  22. I have been using this for a year now and have been delighted with the app. I can manual save up to £600 a month on top of the robo saves. It is very easy to use and the support team in my experience have responded quickly to any queries. I will continue to use it this year. I Please free to use my code for 1% interest D5YELM

  23. Q1UCPG 1% for you 1% for me plus i will donate £5 to RSPCC

    1. Thanks for the code Rosco. Mine is RUBRO8.

  24. I’ve used the app for over a year now and would definitely recommend!

    To get an extra 1% interest for both of us, here’s my referral code:


  25. I love it too 🙂 So does my daughter, tucks a little away during the month and when its tight towards the month end bish bash bosh has saved some cash without realizing and the best bit for her the cash is back in her bank the same day 🙂

    Heres my promo code for your 1%


    Best wishes Jay

  26. TY364Z Hey, I’ve saved over £6,000 via Chip – I use it as my main savings account. I’ve had it for over a year so feel free to use my code TY364Z to get yourself an extra 1% TY364Z

  27. I have been using Chip for a year now and I would recommend it. Really easy to use and effective to promote saving. Here you are my referral code also, in case somebody needs it: 9031L4 to get 1% interest.

  28. Use code 5VVFB1 on sign up to get an extra 1%

  29. HI folks,
    I’ve used the app for over a year now and would definitely recommend!

    To get an extra 1% interest for both of us, here’s my referral code:


  30. Hi everyone

    My CHIP code is 790MI4. If you use this you get a 1% interest rate or £10 credit.

    I’ve been using CHIP for about a year and a half now and can’t recommend it enough. It’s helping to save towards a house deposit easier than anything I’ve ever tried before.

    Realy hope you enjoy it

  31. Hi Andy, Thank you for this article – I had never heard of chip before but this app is great!

    My referral code is JDFOG2 if anyone would like to get some interest added to their account and help me out too.

    Thank you in advance if you use my code 🙂

  32. Referral code: M888ML

  33. My referral code is LW08RJ to get 1% extra interest. If anyone is interested in using it x

    1. Hi there, how do I add another referral code- I couldn’t see how to do it after registering. Thanks

      1. You can only add one code to your account, the extra % you get by others using your code

  34. Hi all, add 1% on opening (for us both) by using the following code: MT90V9

  35. Hi savers! 😀

    I am pretty late to the show lol, but hoping someone will use my referral code please :A

    Its 3K17WK

    I will send cookies if you do! 😉

    Fi x

  36. My referral code for an extra 1%: AHK2XB

  37. I’ve managed to save nearly £900 now, this app is sick. Use my referral code “167FSK” to get yourself an additional 1% interest on your savings.

  38. New to Chip! Hope it works!
    Here’s my code, thank you!

  39. I’ve had Chip coming up for a year now, it’s managed to save almost £1700 just by doing its ‘thing’. Definitely recommend.
    My referral code ?? AHK2XB

  40. You’d be able to get this much interest on a teaser rate bank account for one year, but using this app is a lot easier than going to the bank and setting up a new account.

    If you are new and want the 1% extra interest you can use my code: NOEQ4L

  41. I’ve been using chip for a couple months and already my savings are piling up.
    if you use my code we’ll both get an extra 1% interest. Thanks in advance if you decide to use my code.

  42. Signed up for Chip and love it. Saving a little and often is really making a difference as I never used to save anything.

    Use my code for an extra 1% BNAGWU

  43. I’ve just used it for a year.
    Fwiw I found it ok, I just wanted to use it as a savings account so it was a bit of a pain manually adding £100 a day for the first 6 days of a month.
    I didn’t like the interface either, it wants to present itself as a bot, but you only have about 8 buttons, so it just ends up wasting space and obscuring basic info. Even the gif selection is limited, you’ve seen them all after a month so it isn’t even fun ‘collecting’ a new one.
    The biggest problem is that interest rate. On attempting to withdraw it, the interest came separately because its from the “marketing” budget, which says to me this is a temporary thing not part of the core product.
    I also have issues with the pyramid scheme aspect of it. I certainly wouldn’t be comfortable encouraging 5 of my friends to sign up every year just to get a decent interest rate for myself (what kind of friend is that?). And I would encourage you (Andy) not to do the same.

    1. Yes, and there’s the problem that after a year if you want to keep the interest rate as you’ll need to refer yet more friends. Though starting off with 3% is better than you’ll get at most banks. But for the first year at least – and if you need help putting money aside – I think it’s worth going for.

  44. This is a great app for those like me who find saving difficult. If you use my referral code we’ll both get an extra 1% interest. Thanks in advance if you decide to use mine!

    1. Great App. My code is N2JY06 if anyone wants to use it!!

  45. Referral code: U3V5LX

    Chip has been great! Easy to save and to stop at anytime.

    For an extra 1% interest you can use my referral code.

    1. I agree it’s a great app, if you use my code we’ll both get an extra 1%: IAFE90

      1. Great! Thanks!

  46. Hi, I used a code from someone on here, please pass on the goodwill and use mine! My code is QE357M. We will both get an extra 1% interest 🙂

  47. Just joined Chip, so far so good. I barely notice the money leaving, I don’t miss it! Just feels like a normal transaction, like I’ve bought a round in Starbucks or something. Take my advice and go for it! Feel free to use my referral code 7T8FFB to start from 1% interest rate instead of 0%

    Happy saving 🙂 x

  48. If you’re interested in trying Chip, please use my referral code: GZQJRY It will give both of us an extra 1% 🙂 which would be amazingggg cause #studentlife

  49. Use my code Q1UCPG for 1% each plus I’ll dobate £5 to NSPCC

  50. Just joined Chip. Feel free to use my referral code BICKC9 to start from 1% interest rate instead of 0%….

  51. Rachel Haddington May 8, 2018 at 11:36 am

    Chip is pretty good, I’ve managed to save quite a bit without really realising and I was a completely miserable saver before. My referral code is EOPQWD if you want a 1% interest boost. Enjoy 🙂

  52. I’m generally a fan, assuming you can get the full 5% seems worthwhile, did Hit an issue when my interest was delayed but support where helpful. My obligatory referral code is PYGT6Z 🙂

  53. Hey guys! This a great app works really well for me espcially as you can put a goal for what you want to save and get some good interest rates higher than elsewhere! Feel free to use my code to boost your interest rate up 1% and I get a boost as well. My code is 52YJ9A. Cheers and happy savings!

    1. I have just joined this app and you can get a boost of 1% by using my code of 01FPFC
      A great way of putting money aside without even noticing and earning interest that is higher than other sites. I get an interest boost when you use my code

  54. Seems to be working really well so far for me and I’ve managed to save a decent amount without noticing it disappearing from my current account!!

    My referral code is 8UIY94 if you would like to start receiving 1% interest straight away!


  55. Hello Everyone,
    I have been using CHIP for a few month and its great….
    Very easy to set up and use…

    Please use my referral code, it’s : Q0BQMT
    We both get 1% extra interest each.

    Thank you so much if you use this code.

  56. Love using this app! Heres another code for someone to get a 1% rate: AW8XA3

  57. I’ve been using them since Christmas, I like the way it works and you don’t miss the money they save.

    If anyone needs a code for 1% interest, mine is 89PALH

  58. This app is actually so good. Really helped me put a little away and I thought I didn’t even have enough to save anything! If you could use my promocode that would be amazing.

    it gets you an extra 1% and obviously gives me 1% as well! Thanks if you use it 🙂


  59. I’ve signed up for this, and love the skimming of my account. I don’t notice the odd small amount here and there, but it’s really building up. I used a referral code to sign up and would love it if someone could use mine for an extra 1 % (DRY1LR). Thanks in advance and good luck with savings!

    1. Use my code Q1UCPG…… and we both earn 1% on this fantastic savings app and I’ll donate £5 to charity of your choice

  60. Been using it for couple months now, and it only takes what you won’t miss.
    Great little app!
    Thinking of signing up? Use the code P3KU4M when signing up for 1% interest.

  61. Grigoris Stefanatos March 15, 2018 at 3:59 am

    Just started going to give it a try. So far run smoothly.
    My promo code is JI1FTF

  62. So far so good, I was a bit sceptical at first but knowing that your money is actually being held in a Barclays E-Wallet is reassuring. Works effortlessly in the background and you can increase or lower your spending settings or even pause if you know you’re going to be spending a lot over the next few days/weeks.

    To get an extra 1% interest when signing up use my code:

  63. Usual my code Q1UCPG and we both get 1% each and I’ll donate £10 to charity of your choice

  64. ShakeYourMoneyMaker February 25, 2018 at 4:40 pm


    My referral code is CCX7TK for anybody who wants to use it.

  65. This app is amazing! I have always struggled to save even with a highly frugal lifestyle. But the little here and there skimming strategy is working so well for me.

    I would love for it to work so well for others too! If anyone wants to use my referal code 3K17WK then we can both earn another 15 interest! :O 😀 #savinggoals

    Good luck guys!

  66. Hi I signed up for this on the basis of a number of good reviews. I like that the rate can be up to 5 % and hopefully I will not notice the micro savings coming out my account. The app was easy to download but it took a while to get a security code to start the account. I got no code until after 8am when presumably the IT people were in ! Linking to your bank is painless. If you sign up feel free to use my code D5YELM

  67. In the spirit of helping one another I was happy to use someone else’s code, in return here is my code G9GJC7 in the off chance someone will use it to start saving at 1% not 0%
    I’m Saving for medical treatment, so much appreciated and thank you Jane

  68. This app is nothing short of epic. Since leaving uni I have struggled to not live in my overdraft. This app takes so much of the hard work out of saving and is changing the way I view money, and more importantly, saving

    If anyone would like to help a sister out and use my code LXV8XF for us to get an extra 1% each!!! I’d be happy to hook up and have each other as accountability buddies too if anyone is interested

    God luck saving everyone

  69. I absolutely love this app! If anyone wants to use get 1% interest my code is O6QXGE.

    1. Where do you put the code ?

  70. Great review! I’ve just started using this app after researching others on the market. Its so easy and simple to use.

    Here is my referral code, WJAK94 so you can start saving at 1% instead of 0% please feel free to use it.

    Happy Saving!

  71. Great little app! Found it really handy for saving, where before I was terrible.

    Appreciate anyone that fancies using my code: 6SPMIF – to get an extra 1% interest, would be a big help to me too!

    Thanks guys,


  72. I’ve been using Chip for some months now – and it’s working really well for me. It just takes a while to get your head around carrying out transactions on chat, rather than logging into a tradition bank account!

    If you would like to use my referral code we’ll both get a 1% interest ratae boost when you sign up. It’s 7JTOXT

  73. I love this app. so easy to use and I am not noticing the money even leaving my account! Plus the additional £600/mo you can add on manually makes savings even better!

    If you want the startup 1% please use my referral code VKXFFH since you don’t want to start at 0! It would certainly be a great help to me too 🙂

    Merry Christmas everyone!

  74. My referral code is KY6Q80 to get 1% extra interest. If anyone is interested in using it 🙂

  75. Hi All

    If anyone wants to use my referral code when signing up it is : 18T3LC

    When you are registering, the app will ask you if your friend has given you a code.

    Using this code when you sign up means that we both get 1% interest each (otherwise you’ll start on 0% interest).



  76. Hi All
    I am now using Chip for a few weeks and its been great.

    Very easy to set up and start using. Its been great for me…

    If anyone wants to use my referral code, it’s : Q0BQMT

    Using this we both get 1% interest each .

    Thank you so much if you use this code.

  77. Hi, is the 5% rate you blagged an introductory rate until the 27th July and then decreasing to 1% or will it be 5% for the foreseeable future?

    1. Good clarification! You’ll get the 5% for a year, then you can top it up by 1% by referring friends (up to another 5%)

  78. Thanks for this tip. How are the creators making money from this?

    1. I think there is an error above. Article and comments state that Get Chip is not currently FSCS protected and the money they put in Barclays for you would not be compensated if Barclays went under. Get Chip said in May that they are looking into getting FSCS protection in the future.

      1. Thank Ben, I’ve updated

    2. I imagine they’ll be adding in features which they can make money off at some point


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