Chip App Review: The Right Savings App for You? (in 2022)

If you're looking for a new way to save money, the Chip app may be right for you. Chip is a free app that builds your savings automatically and fights to bring you amazing rates. It uses ai technology to work out how much you can afford to save and notifies you before it makes any transfers to your savings account.

Chip negotiates savings rates with banks to bring you the best interest rates. You can also use the chip app to invest. So, is Chip the right savings app for you? Read our 2022 Chip App Review to see if Chip is right for you!

Chip is straightforward to use. All you need to do is download the app and create an account. The chip will ask you who you bank with and ask you to enter your bank details. It takes a refundable amount of 75p to connect your account. The process took me 5 minutes to do within my online banking app.

Once you've connected your bank account, Chip will automatically start building your savings for you. It uses ai technology to work out how much you can afford to save and notifies you before it makes any transfers to your savings account.

You can personalise the app to your needs by setting savings goals and the level of savings aggression you want Chip to use by selecting from 1-5 on the ai savings meter. See image below illustrating what I mean 

Chip is free to download. As of 2022, Chip offers two plans for customers to choose from 'Chip' and 'Chip X'.

You can start with just £1 and withdraw at any time.

With Chip, you get access to higher interest rates than the UK average, currently just 0.1%.

As of January 2022, interest rates available in the app are 0.61% which isn't bad for an account that you can withdraw money from any time.

Ok, so you've had the overview of Chip, but what are the features in more depth?

Chip App

The Chip app is very user-friendly and easy to navigate. You can see your savings balance, transactions and recent payments all on one page.

In addition, you can:

• View your Chip saving and investment accounts
• Change and add to your savings goals
• Adjust your autosave settings
• Customise your autosave allocation

My favourite part of the app is the ai savings settings that put me, the customer, in control of how I save. I can tell Chip how much I want in my current account and choose to skip autosaves, which is great, especially around Christmas time.

I also have the ability to guide Chip on how aggressive I want to be with my savings goals, selecting on a scale of 1-5 so that Chip knows how much to save.

Chip users have also commented on how easy the app is to use, so it's not surprising they have been able to secure a 4.5-star app rating don't apple app store.

Easy Access Savings Account

With the Chip account, you have access to an easy access savings account that connects to your linked bank account.

Using Chips technology, you can effortlessly start a savings habit. According to Chip, the average Chip saver automatically saves £3,000 a year.

Chip Interest Account

The main chip account on the saving app is not interest-bearing. If you are serious about saving some money, you should switch to the interest savings accounts that chip offers. Right now, there is one available:

Allica Bank

Allica bank is the highest savings interest offered, where 0.61% is paid on balances up to £85,000.

You can withdraw your money at any point, and they say it will take one working day to reach your account as long as you request 11 am.

Investment Funds

If you decide to upgrade to Chip X (basically a Chip investment account), you can unlock a Stocks and shares ISA and get access to various investment funds that chip has graded by a risk level to help you decide.

It should be noted that your capital is at risk with any investment fund, and you should proceed at your own risk.

Chip analyses your spending by looking at how you have spent your money over the past month. It looks at what you've bought and when, so it can get an idea of how much money you could afford to save each month.

The ai technology then recommends a savings amount for you that Chip will automatically put away. You can also adjust this amount to save more or less.

Yes, as long as you sign up for one of Chips interest savings accounts, which is much easier to do than traditional savings accounts. Go into the Chip savings app and click on the accounts tab, there you will see all of the savings accounts available, and you can pick the best savings to account for you!

You can add money to your savings in a few ways:

- Direct deposit: This is my favourite way to add money to my Chip savings. You can set up a direct deposit into your Chip savings account from your bank account. This is really easy to do and means you don't have to remember to transfer money over each month.

- Pay yourself first: Another way to add money to your Chip savings is by setting up a 'pay yourself first plan. This means that you automatically save a fixed amount of money from each paycheck into your Chip savings.

- Add money manually: You can also add money to your Chip savings manually at any time.

Yes, your money is protected by the Financial Services Compensation Scheme (FSCS) up to £85,000.

Chip is very safe to use, but with all things, you should exercise the usual caution of keeping your passwords safe.

In terms of the connection to your bank account, Chip uses 256 level SSL encryption, the same as your bank would use. Your account and transactions are also covered by the Financial Services Compensation Scheme (FSCS) up to £85,000 per person, per institution.

The FCA regulates chip, so you can be confident that it meets all the necessary safety requirements.

It's also been featured in the Financial Times, The Guardian and Forbes and has received glowing reviews from users.

Download the app and follow the onscreen instructions to connect to Chip. You'll need to create an account, which takes just a few minutes. You can then connect to your bank account and start saving automatically.

Banks that work with Chip:

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

You can open a Chip account by downloading the app and following the on-screen instructions. You'll need to create an account, which takes just a few minutes. You can then connect to your bank account and start saving automatically.

Customer service seems to be one of Chips main priorities and is reflected in their reviews. 71% of users scored Chip as excellent on TrustPilot, with 89% saying they would recommend the app to a friend.

Although the majority of reviews for Chip are positive there are some negative reviews from customers who have found it difficult to get their ID verified and withdraw money. 

Related Article: Best Money Saving AppsB

You can withdraw money from your Chip savings account at any time in just a few clicks. Just go to the 'Withdraw' section of the app and enter how much you want to withdraw. Your money will be transferred to your bank account within two working days.

Chip is not the only app that can help you save cash, and it's always good to compare other options to see what is best for your needs. Here are a few other options available for saving money:

Chip Vs Digital Banks

If your goal is to save money and learn about your spending habits, then Chip isn't your only option you could consider switching to a fintech bank with budgeting features built in.

Starling Bank - This app offers a current account with linked saving space. With Starling bank, you can save and earn 0.5% interest. It helps you save by rounding up your existing transactions. Starling bank is free to have a current account but would involve you switching banks.

Monzo - This app is very similar to Starling bank in that it offers a current account with linked saving space and rounds up your transactions. However, Monzo has no minimum or maximum savings amounts, making it great for those who want to save smaller amounts each month.

Related Article: Best Online Banks

If you're looking to invest your money, then you might want to consider an app such as:

Chip Vs Plum

Chip Vs Plum: This app helps you save cash by rounding up your spending and transferring the difference into a Plum savings account. You can set it to transfer £X amount or percentage of each purchase. The app is free to use with no minimum monthly deposit, and there are no penalties for withdrawing your money early.

See Plum App Review for more information.

MoneyBox: This app helps you save cash by rounding up your debit or credit card transactions and investing the difference into stocks and shares ISA. You can choose how much you want to invest each week, and Moneybox will do the rest. The app is free to use with no monthly fees, but a £100 minimum investment is available.

See MoneyBox Review for more information. 

Related Article: Best Budgeting Apps UK

Chip is a savings app that will help you save. The Chip account can be used to invest, too.

It's free to use and offers higher interest rates than the UK average.  Your account is also protected by the Financial Services Compensation Scheme (FSCS). For those who want to save money but don't want to think about saving, apps like Chip can be a lifesaver.

With over 400k users in the UK already, it's clear why Chip has become so popular, easy to use the app and a clever way to save in the 21st century!

What do you think? Did you enjoy this Chip App review? Are you planning on giving Chip a go? Let me know in the comments below!