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 (Yboo, OneDox and more).

One that’s been around for a good few years now is Chip, and I’ve been a big fan for a long time. But we’ve seen the initial interest rate offering cut and the addition of a fee which have dented its appeal.

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

Click this link for my review of the Chip +1 savings app, and a promo code to get 1.25% interest.

What is Chip?

Chip is an automated saving app for your phone or tablet. It analyses your finances 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 1.25% on up to £5,000. More on this in my separate review of this Chip+1 account.

How does the Chip app work?

I really love the “big idea” behind Chip. With automated savings the app analyses your spending habits, and based on what goes in and out of your account (along with general data about all it’s 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.

How do you set up Chip?

To start you must have a smartphone. Once you’ve downloaded the app and signed up you’ll start a chat with Chip.

You’re talking to a “robot” rather than a person, and the conversation is full of gifs of dancing parrots or minions, with liberal use of emoticons (it’s aimed primarily at millennials, though anyone can use it).

It’s actually quite easy to set up and connect to your bank thanks to Open Banking. You scan your bank card (Debit card only – not credit cards), then click through to authorize permissions via your banking app. The banks will do this differently but I found it took just a few 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.

There is an option to talk to a real person if you need to and they can be quite fast at responding.

How much does Chip cost?

In December 2020 Chip totally changed the fee structure (the third change in six months).

You’ll now pay a monthly £1.50 fee if you use the AI features of the app.

So if you let Chip save for you automatically – which lets face it is the main point – then you will pay.

If you go for the free version – ChipLite – you won’t have access to any of the automated savings features.

How does Chip help you save?

Autosaves

As mentioned, this is the main feature of Chip where money is taken every few days. In theory, you shouldn’t really notice that the money has gone.

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.

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.

This feature does it for you, but personally I’d still have a standing order in place and move that cash to the account which offers the best interest rate.

Manual saves

You can also add extra cash in at any time.

Other saving features

Savings goals

You can enter a target in 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. 

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.

Save streaks

The more you save without cancelling a transfer the longer your savings streak will be, and the Chip blog promises a reward coming at some point for those who keep saving. The feature will also help you predict your future savings pot if you carry on putting away the same amount.

How often does Chip save money?

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

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. 

Manual saves used to be limited at £100 every 24 hours, and capped at just six times a month. However, it looks like this restriction has been limited and you can save as much as you want.

You’re limited to three saves a day in total, but that can be three manual saves, two manual and potentially even one auto-save, or one manual, one auto-save and one payday save.

There’s also an overall cap of £10,000 that can be held in your Chip account.

How much interest can you earn?

When Chip started it offered up to 5%, which was a huge plus for me. It was a little complicated as you needed to refer friends to get the top rate, and it only lasted for a year, but various promo codes could help you get at least 3% for 12 months. 

However, this ended in June 2019, and was replaced in late 2020 by the Chip+1 account. this offers 1.25% on savings of up to £5,000 – but it’s not as simple as it seems.

For a start it’s a separate account to where your autosaves go! Check out my full review of Chip+1 for all the details.

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.

Is your money safe in Chip?

The short answer is yes. The longer answer is more complicated.

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

If it’s just in the standard Chip account, this is put in something known as an e-money account with another bank (in Chip’s case it’s Barclays). So if Chip goes under, your money is still safe, but if Barclays was to go bust there’s no FSCS protection.

How do you withdraw your money?

It’s easy to withdraw your money, though it isn’t instant. Click withdraw before 5pm and you’ll get it the same working day. Do it after 5pm and it’ll be the next working days. The money will be moved to your connected bank account.

It’s an 11am cut-off for Interest Accounts for next day withdrawal – which means a two-day wait if you do this after 11am.

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.

Access to 1.25% interest

The ongoing offer (which started in December 2020) gives you 1.25% interest on savings up to £5,000. You’ll need the code BCLEVER21 when you sign up. Read my full review of Chip +1 here.

> Download Chip and earn on your savings

My verdict

I’m a fan of the auto-savings feature. It can be a great way to boost your savings without any effort.

However, I’m not a fan of the new fees in order to use this feature. I get they need to generate income, but you can still get this option elsewhere for free.

You could look to a similar service from Plum, or use top-up features from the likes of Nationwide, Starling and Lloyds. Plus don’t forget you can set up that standing order just after payday too. Here’s more on the different ways to automate your savings.

And as a place to get interest, I’d go elsewhere too – at least for now. I’ll be keeping a keen eye on developments though to see what Chip can offer as time goes on.

Have you used Chip? Is it helping you save? Let me know in the comments below.

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

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

  2. 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.

  3. 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

  4. 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

  5. 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 🙂

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

  7. 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.

  8. 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

  9. 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

  10. 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.

  11. 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 🙂

  12. 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!

  13. 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…

  14. 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.

  15. 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))

  16. Hello all!

    Here’s my 1+1% referral code!

    9SU6P3

    Thanks

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

    One for you, one for me 🙂

    Thanks guys!

  18. 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

  19. 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

  20. 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

  21. 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

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

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

  23. 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:
    OUEAT3

    Thanks!

  24. 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%

    T2G3WZ

    Best wishes Jay

  25. 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

  26. 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.

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

  28. 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:
    5TJXOR

    Thanks!

  29. Hi everyone

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

    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

  30. 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 🙂

  31. Referral code: M888ML

  32. 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

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

  34. 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

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

  36. 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.

  37. New to Chip! Hope it works!
    Here’s my code, thank you!
    A684TP

  38. 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

  39. 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

  40. 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.
    IAFE90

  41. 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

  42. 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.

  43. 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!!

  44. 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

  45. 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 🙂

  46. 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

  47. 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

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

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

  50. 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 🙂

  51. 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 🙂

  52. 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

  53. 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!

    Thanks
    David

  54. 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.

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

  56. 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

  57. 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 🙂

    Z1K78X

  58. 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

  59. 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.

  60. 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

  61. 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:
    HXCXJ0

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

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

    Hey,

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

  64. 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!

  65. 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

  66. 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

  67. 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

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

    1. Where do you put the code ?

  69. 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!

  70. 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,

    Dan

  71. 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

  72. 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!

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

  74. 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).

    Thanks

    Phil

  75. 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.
    Sam

  76. 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%)

  77. 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.

      http://www.moneysavingexpert.com/team-blog/2016/12/15/get-up-to-5-interest-with-the-app-that-automates-your-saving/

      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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