With automatic saves, can this app help you put money away?
One of the best savings apps over the years has been Chip. A smart autosave feature and often decent interest rates have meant I’ve often been a big fan.
Note often, not always. That’s because it feels like every few months the proposition (and charges) change. Sometimes it’s free, sometimes it’s not, and in recent years there’s been a move to focus on investments over savings.
And the latest revamp means it (once again) won’t be free to use the auto-saving feature. In fact, it’s never been so expensive!
So is it worth getting or sticking with the app to boost your savings?
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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 1.1% AER or a Prize Savings Account with the chance to win up to £20,000.
There are also an increasing number of investment features, though this article is focused just on savings.
How much does Chip cost?
One issue I have with Chip is how frequently they change the cost of using the app. Sometimes it’s free, sometimes you have to pay.
Currently there’s a free tier called “Chip”, which is all you need to access the savings accounts and features. This is the focus of the review.
There’s an additional paid tier called “ChipX” (at £5 every 28 days) which adds investing functionality.
Auto save charges
Rather than make users pay a monthly charge for the entry-level Chip tier (which has happened in the past) there are going to be charges from 12 October 2022 for using different features – including autosaves.
New savings fees
These new charges begin on 12 October 2022
- 25p per recurring save
- 45p per auto-save
New withdrawal charges
- Two free withdrawals per calendar month
- £1 per withdrawal after this
Are the new charges worth paying?
Andy’s Analysis
I’m disappointed Chip has added charges for using autosaves (again). I get that the app needs to make money, and they can’t offer loss leading products. But it’s ridiculously expensive.
An autosave happens every four days. So unless you turn them off or pause them, they will happen 7 times a month or 91 times a year. At 45p per autosave, you’ll pay £3.15 a month or £40.95 a year.
That’s far more than you’ll have paid for this feature on the pre-2022 model. And it’s something no one should be paying especially since the exact same function is available for free via the Plum app.
You’ll also need to be careful if you do use Chip not to withdraw your money more than twice a month, otherwise you’ll get hit with a hefty £1 fee.
How does Chip help you save?
Chip offers a handful of features to boost how much of your money goes into savings.
Autosaves
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.
But with a 45p charge for each autosave you’re really wasting cash for using the feature. However, if you want to learn more, keep reading.
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.
Use our best buy tables to get the best rate on your savings.
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Recurring Saves
This feature lets you choose when you move a set amount over. It can be weekly, fortnightly, every four weeks or monthly.
It’s basically a standing order – but one that charges you 25p for each transfer. So you’d be better off just setting these up with your bank for free, and moving the money to one of the best paying savings accounts.
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 app then shows you how realistic it is to achieve your savings target by certain dates in the calendar when you’re choosing your savings deadline. Once you set a savings goal, Chip lets you know whether you’re on track to hit your target.
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.
There’s the Instant Access saver, which can pay a decent rate – you can see the latest one in our savings best buy tables.
Alternatively, you can put your money in the Prize Saver account. There’s no interest here but you might win a prize between £10 and £10,000. Here’s my full analysis.
Is Chip any good for savings?
The autosave feature is great, but not at 45p per save. There’s no point paying 25p for the recurring saves either.
That leaves it just as an account to maximise earnings on savings. Does it perform? In the past Chip has offered high-interest rates, but the ones currently on offer can be beaten.
Alternatives to Chip
I’d use Plum for autosavings without a charge, and simply set up standing orders for regular payments for savings. Meanwhile Monzo and Starling let you create goals within their “Pots” or “Spaces” features.
For higher interest savings rates, check out my latest best buys.
This is a pretty good app, thank you Andy.
regards
Kerry
This is a great app for those who find saving difficult.
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.
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
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
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 🙂
You could also use my invite code P4VHNO to get an extra 1% interest <3
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.
A referral code if anyone needs it – CYO6D7
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
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
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.
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 🙂
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!
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?
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
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?
I think you’d need two different phone numbers, if not two different phones – tho a sim only might do it…
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.
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))
Hello all!
Here’s my 1+1% referral code!
9SU6P3
Thanks
Hiya, if anyone would like an extra 1% interest referral code, here you go – UXREFA 🙂
One for you, one for me 🙂
Thanks guys!
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
use code V7E3NG for an extra 1 per cent interest for 12 mnths
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
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
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
Q1UCPG 1% for you 1% for me plus i will donate £5 to RSPCC
Thanks for the code Rosco. Mine is RUBRO8.
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!
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
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
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.
Use code 5VVFB1 on sign up to get an extra 1%
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!
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
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 🙂
Referral code: M888ML
My referral code is LW08RJ to get 1% extra interest. If anyone is interested in using it x
Hi there, how do I add another referral code- I couldn’t see how to do it after registering. Thanks
You can only add one code to your account, the extra % you get by others using your code
Hi all, add 1% on opening (for us both) by using the following code: MT90V9
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
My referral code for an extra 1%: AHK2XB
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.
New to Chip! Hope it works!
Here’s my code, thank you!
A684TP
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
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
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
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
Thanks!
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.
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.
LIIUTQ
+1%
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!
Great App. My code is N2JY06 if anyone wants to use it!!
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.
I agree it’s a great app, if you use my code we’ll both get an extra 1%: IAFE90
Great! Thanks!
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 🙂
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
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
Use my code Q1UCPG for 1% each plus I’ll dobate £5 to NSPCC
Just joined Chip. Feel free to use my referral code BICKC9 to start from 1% interest rate instead of 0%….
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 🙂
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 🙂
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!
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
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
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.
Love using this app! Heres another code for someone to get a 1% rate: AW8XA3
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
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
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!
Use my code Q1UCPG…… and we both earn 1% on this fantastic savings app and I’ll donate £5 to charity of your choice
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.
Just started going to give it a try. So far run smoothly.
My promo code is JI1FTF
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
Usual my code Q1UCPG and we both get 1% each and I’ll donate £10 to charity of your choice
Hey,
My referral code is CCX7TK for anybody who wants to use it.
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!
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
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
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
I absolutely love this app! If anyone wants to use get 1% interest my code is O6QXGE.
Where do you put the code ?
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!
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
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
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!
My referral code is KY6Q80 to get 1% extra interest. If anyone is interested in using it 🙂
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
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
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?
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%)
Thanks for this tip. How are the creators making money from this?
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/
Thank Ben, I’ve updated
I imagine they’ll be adding in features which they can make money off at some point