Chip App Review – 4.33% AER Easy Access Savings
AD – WRITTEN IN COLLABORATION WITH CHIP
I’ve been using the Chip app for around 5 years, in fact £2000 of the deposit I paid on my first home in 2019 came directly from my Chip funds! This is a great option for helping you to stash money away for a big purchase or an unexpected emergency without affecting your day-to-day spending. In this post, I’m going to share my Chip app review, including how it works, and if it’s safe.
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This micro-savings app has been making waves across the internet recently. It can help you automatically put aside small amounts of money based on what you can afford. Saving money for travel, renting a car from such companies as Enterprise, renting a house by the sea, or just an evening scooter ride. They currently offer a pretty decent 4.33% interest on your savings too! Here’s my Chip review.
www.getchip.uk – automatic savings app
What is Chip?
Chip mobile app is an AI-powered tool that helps you to regularly move small amounts of money from your current account into a digital piggy bank. The idea behind the app is that by working its auto-save magic (and calculating how much you can comfortably afford based on your incomings and outgoings). You will barely notice the regular payments and be able to save up for something big with very little effort. Chip is free to use and you can withdraw your money at any time.
To allow Chip’s AI algorithms to get to work you would need to connect your bank account, allowing Chip to see your bank balance and transactions. But don’t worry, Chip will let you know before it moves any money so you can choose to stop the transaction at any point. You can also manually move money into your Chip account if you’re in the mood to turbocharge your finances.
Chip App Review – Industry-leading bonus on savings
Chip 4.33% easy access savings account
My favourite thing about Chip is the market-leading 4.33% AER on it’s easy-access savings account. At the time of writing this post, this bonus is better than any other easy access account available in the UK. If you’re looking to make your money work for you this is a winner!
Chip Instant Access Account Review
Whatever your money goals are, Chip can help you to achieve them! You can enter your financial goals on Chip via the ‘Goals’ tab. Find your goals at the bottom of the screen on your app. With this feature, you can add your goal amount.
You can also allocate a percentage of your Chip incomings to go straight towards funding your specified goal or allow Chip to auto save what you can afford to save. Chip’s savings feature will then work out how long it will take for you to achieve your financial goals. I’ve used this feature to fund holidays, Christmas presents, my Emergency Fund, and a deposit on my first home.
The app is safe (see below), easy to use and is packed full of useful features like the saving plans, goals tab, savings streaks, and various promotions and referral opportunities.
You can find various chip reviews online including the Smart Money People website.
Is Chip safe?
Your Chip account is in a ‘closed loop’ with your bank account. This means that even if someone was to get access to your Chip account, they would only be able to transfer money between your chip account and bank account.
Chip is partnered with Prepaid Financial Services. Therefore, should anything happen to Chip or Prepaid Financial Services, the money is recoverable from Barclays Bank. The only way your money wouldn’t be protected is if Barclays Bank went bust.
Looking specifically at some of the other services, your Chip HTB account and Chip+1 account are both eligible for FSCS compensation of up to £85,000 as per the FSCS compensation scheme.
Users of the app (including myself) are pretty happy with its performance and security so far. Chip’s reviews speak for themselves with a 4.4/5 on the Apple app store, 1,062 reviews on Trust Pilot, and 4.5/5 rating on the Google Play store.
Are there any fees?
Yes, but only if you open a ChipX account.
It’s free to get started with Chip and there’s no charge for opening an account, or for moving money into Chip. But there is a small fee for using their ChipX account which gives you access to a Stocks and Shares ISA.
Chip X V’s Chip review
Users can earn a 4.33% interest on savings using Chip (free account), while subscribers of the Chip X account can access a Stocks and Shares ISA for a cost of £5.99 every 28 days.
The image below highlights the key differences between Chip and ChipX. The key difference between the chip accounts is access to their Stocks and Shares ISA and fee free automatic savings.
Chip review – Chip money saving expert on your phone
Chip promo codes?
It is really quick and easy to get started with Chip. You can have it set to start moving your money into that holiday fund within minutes of downloading the app. Chip is available to download on your smartphone from both the Apple and the Google Play Store.
All you’ll need to set up your account is your bank details to hand. Chip works with most banks including Barclays, Co-operative Bank, First Direct, Halifax, Lloyds, Metro Bank, Nationwide, NatWest, RBS, Santander, Monzo, and TSB.
Promo code: CHIP-DWF372
Alternatives to Chip
Best Easy Access Savings Accounts
- Tembo – 4.55% on up to £20k – easy access saver
- Zopa 4.45% AER – easy access account (+ 7.1% regular saver).
- Plum 3.05% AER – with the Plum 95 Day Notice Pocket.
- Monzo 2.75% AER – easy access account (+ £10 bonus for new users).
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I hope you’ve found this chip review helpful – I certainly don’t regret downloading the chip app. It’s helped me save money towards a deposit on my first home & provides a decent level of interest (compared to most).