Chip App – Kick Start Your Finances In 2020
Is getting your finances in check your 2020 new year’s resolution? This micro savings app has been making waves across the internet recently. It has the ability to help you automatically put aside small amounts of money based on what you can afford.
I’ve been using Chip for around a year now. £2000 of the deposit I paid on my first home in September 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 effecting your day to day spending. In this post I’m going to explain what the Chip app is, how it works, if it’s safe, and how you can bag £10 free credit.
What Is the Chip Finance App?
The 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 regularly 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 turbo charge your finances.
Finance a holiday or a rainy day fund
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. Chip will then work out how long it will take for you to achieve your financial goals. I’ve used this feature to fund holiday’s, Christmas presents, my ‘rainy day fund’, and a deposit on my first home.
Is the Chip App 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.
Your Chip wallet is not covered by the Financial Services Compensation Scheme (FSCS). However, chip is partnered with Prepaid Financial Services, who provide the digital wallet and safeguard your money (which is ring-fenced and held with major retail bank Barclays). 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.
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, 118 reviews on Trust Pilot and 4.5/5 rating on the Google Play store. If security is a priority for you there is also a ‘secure login’ feature; this can be found in the account settings of the app.
Download The Chip App & Get £10 Free
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.
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.
Chip is available to download on your smartphone from both the Apple App Store and the Google Play Store.
I’ve managed to bag an exclusive deal for new Chip users. Get a £10 welcome bonus by signing up via the link below and using promo code: BEEMONEY10
>> SIGN UP TO CHIP <<
*sign up bonus awarded after 2 auto-saves. £10 will be credited into your Chip account within 30 days.