By: Kate Anderson | Updated: 13th January 2021.
Account protected by the FSCS up to £85,000
Chip, the automatic savings app, takes the decision of how much to save out of your hands. Its auto-save AI technology finds the perfect amount for you to save based on your spending habits, meaning you don’t even have to think about it. But don’t worry, you can stay in control. The app has options to skip a weekly save, set a minimum account balance and adjust the speed of your savings to what you are comfortable with. Just don’t expect to be earning interest right away – that is, unless you have a willing friend to sign up to Chip+ with you…
With the lack of interest on your potential savings and a monthly fee once you breach the £100 threshold, arguably Chip’s Easy Access Interest Account doesn’t really stack up next to that of traditional savings accounts. You could stand to lose money through fees, rather than earning it through interest.
The interest situation with the Chip Easy Access Interest Account is not easy to understand. Unless you invite a friend and secure the 1.25% on offer with Chip+, standard account holders currently earn 0% on their savings due to the previous offer of 0.3% now being at capacity.
However, what it does offer you is a path towards starting a savings habit, with very little effort from you needed. By automatically identifying how much you can save, and doing it little by little, you could find your savings pot grows a lot faster, rather than if the emphasis was on you to make savings deposits.
The app is also designed to make it super easy and painless. In your other financial interactions, you may have failed at the steps required to set up a traditional savings account, like sending in your proof of identity. With Chip, because it is a closed loop with your linked bank account, all you need is for your bank to verify your account and you are all set to go.
Meanwhile, the extra features on the app do make it stand out next to more traditional savings accounts. The ability to portion off your savings into separate goals, alongside the AI auto-save, means you are thoroughly supported in your savings journey.
Simply download the app, and set up the link to your bank account. You will automatically be enrolled in the free trial for ChipAi, but can change your plan to ChipLite if you wish.
Chip is an app designed for the new generation of savers: those who prefer to access all their financial information on their phone and who want to harness the power of AI tools.
If you are someone who struggles to establish a savings habit, or who just doesn’t know where to start, Chip’s app takes some of the stress away. Regular auto-saves based on your spending habits means that you can be relatively confident you are growing your savings pot in a responsible way, and its savings tools mean that you stay in control of your finances.
However, if you are looking to grow your money, you may want to shop around for higher interest-paying accounts. Chip is there to support you in money management and setting savings goals, but it won’t earn you huge returns.