What is Chip?

Chip is a smart, automated app that works for both iOS and Android phones. It is designed to make your savings as smooth as your expenditure.

It meticulously analyses your income and spending through open bank technology and automatically makes calculations of the amount that you can actually save and transfers that money to your chip account.

In other words, it is every money-savers dream come true. Although this might sound too good to be true, it is the actual truth.

Let’s dive in to understand why chip could be your ideal money-saving app.



Chip has increasingly become an extensively used app for saving up ever since it was founded in 2016 by Nick Ustinov and Simon Rabin in the UK.


It has been downloaded by over 400,000 people as of now and the Chip community on facebook, twitter, Instagram and medium is highly functional with users sharing ideas to improve the app every day.

Deposits at chip have increased by 548% in 2022 while its community is showing nothing short of steady growth.

It comprises a nurturing team of developers, data scientists, writers, designers, entrepreneurs and marketers to name a few who work day and night to make the app customer-friendly.



Chip or Chip Financial Limited has been authorized by the Financial Conduct Authority under the Payment Service Regulations 2017 for the provision of payment services.

The money held in their Chip Savings Account is powered by Clearbank (Chip Savings Account). Meanwhile, their interest Accounts and the Chip+1 account are covered by the Financial Services Compensation Scheme (FSCS) for deposits.

As an agent of Prepaid Financial Services Limited. Chip’s Prepaid Financial Services are authorized by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuance of electronic money and provision of payment services. Furthermore, the funds held in the customers’ e-money wallet is safeguarded with Prepaid Financial Services Limited. For their Investment Platform business only Chip is an Appointed Representative of P1 Investment Management Ltd, which is authorized and regulated by the Financial Conduct Authority. The Financial Services Compensation Scheme (FSCS) protects up to £85,000 of customers’ money. In other words, if Chip is unable to comply with FSCS’s obligations, then the customer has the full right to claim compensation.

All the above is sound enough evidence that Chip is another name for reliability and security.


What Attracts Customers to Chip

Chip takes into account your routine spending habits using artificial intelligence (AI) and makes calculations of a reasonable amount that can be saved automatically without disrupting your daily spending habits. Once you connect Chip with your bank account through Truelayer, you securely grant access to share transaction data through open banking.

Afterwards, Chip will take over your savings for you while you can sit back and watch, with the reins still in your hands.

In other words, if you have more expenses, the AI will save you a bit less. If money does not move out of your account, then it will put aside a bit more.

The AI closely analyses your skip and edit saves and take notes of how to save for you in the future.

You have the full right to cancel or amend any of your autosaves when they are generated in the morning anytime before 3pm.



In case you are in your overdraft or if your balances run low, you can command Chip to stop saving.

Furthermore, Chip allows you to set goals for saving up and keep track of how well you are working towards this goal. Any money you withdraw can take up to two working days to arrive.

Chip interest accounts allow you to earn interest on your money. Chip even powers your money investments thanks to its collaboration with BlackRock which is a recognized platform for investing.

Chip allows you to practise the habit of Payday Put Away where you pay yourself first by putting away an amount in to savings every payday. Its authorized regulations and protection is another reason why it attracts customers.



The two investment accounts

Chip sports two types of investment accounts, namely: Chip and ChipX. Both these accounts give you very similar benefits. However, ChipX has the upper hand since it allows you to invest in stocks and shares and access to additional investment funds of a wider range. However, it can cost you 3 pounds every 28 days to subscribe while the general Chip account is free of charge. The money in these investment accounts is held with Seccl Custody Limited which is responsible for maintaining your cash and investments.


Support and Learning Resources

Chip is comprised of a keen support team that works around the clock to be available to their customers. The Chip app comes with an inherent chatbot that will direct the customers to a member of the support team that is available between 8 am and 8 pm on weekdays, and 8 am-1 pm on weekends.

The Chip team strongly believes in using their users’ feedback to constantly improve their products to match the tastes of their customers. After surveillance and analysis of the fintech market and deliberate observances on how customers utilize the app, the support team comes up with novel products and opportunities to put a wider smile on their customers’ faces. The Chip community forum connects all their users in one positive space where they can share saver story experiences and discuss new features and products.

The forum is very open and against any forms of communication that can be offensive to its all-inclusive community. Chip also encourages its users to feature their saver experiences on its blog.

Additionally you can find interesting and educational articles with regard to investing and finances and monthly highlights on what Chip has achieved the past month. These nurturing qualities of the Chip team is indeed a user magnet.


Which banks does Chip integrate with?

Anyone banking with the following banks can use Chip.

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

You can download Chip for free on Apple or Google Play stores. By default, you will be automatically enrolled to the free plan. If you want to upgrade to ChipX, you will be charged a monthly fee of three pounds.

In addition, there will be the occasional administrative fees down the line.


You have to provide your name, date of birth, and address for verification once you have downloaded Chip. Once this is done, the app will ask you to connect with your bank account using Open Banking. This will direct you to your bank account and authorize Chip’s access to your account.

Take note that your account’s password is not shared with Chip. You will be charged 1.01 pounds which will be refunded in three days. As of now, you can connect only one bank account with Chip. Chip is currently working on changing this little inconvenience in future. However, you can change the bank account connected to chip by connecting with the team via LiveChat.



Chip seems to have put some serious thinking in promoting the app amongst users.

The new referral scheme encourages Chip’s most loyal users to win 10 pounds by inviting friends to Chip. The fun part is that the invited party too will receive 10 pounds. You are entitled to receive this sum of money every time you invite a brand new user. All you need is the updated version of the Chip app. Click the link below for further details.


This review is only a brush on the surface. There is much more to experience underneath.  is what you should be clicking right now to understand what saving means with Chip.

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