February 1, 2022

chip app review

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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!

What is the Chip App?

app store rating

4.5 / 5

Free to use


Automatic Savings


Connects to existing Bank?


what is chip app

The Chip app is a free savings app that builds your savings automatically. 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 with banks to bring you the best interest rates on your savings so that you can make the most of your money. You can also use the chip app to invest.

Originally Chip had a 3 tier product offering Chip lite, Chip AI and ChipX. The great news is as of January 2022. Chip has updated its service to offer two plans, 'chip' and Chip X. Now users opting for the free Chip plan get access to ai savings features interest-bearing savings account for free, which previously was a cost.

How Does Chip Account Work?

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.

chip on apple App Store

Chip is available on both Google play store and Apple App Store 

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 ai saving scale showing how you can save money with chip a free budgeting app

How Much Does Chip Cost?

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


Chip is free and is perfect for those looking for automatic savings without any investment. Included with chip you get:

  • FSCS-eligible savings accounts: Deposit between £1 and £85,000 in any savings accounts.
  • Access to Chips bank negotiated savings rates.
  • Interest on your balance is paid daily.
  • You have full access to your money and can withdraw at any time.
  • Ability to set up savings goals and benefit from automated saving.
  • Ai saving the app will continually check how you spend your money and recommend savings throughout the month.
  • Payday put away: set up your payday and automatically 'pay yourself first' on payday.

Chip X

For a monthly fee of £3, Chip X offers you the ability to invest your money and make it work harder for you. You can choose from a range of investments that best suit your needs, including managed funds, stocks and shares, ISAs, property or ethical investments.

ChipX has also introduced Crypto investing. You should be aware of all of these types of funds. Capital is at risk, so do your research and look into all the information about the funds and risks before investing your money.

Chip provides you with full details in the app of the different funds available, the risks involved, and the funds' projection.

  • £3 a month.
  • Management charge of funds also applies 
  • Crypto investing also available
  • Capital is at risk. 

Related article: Best Crypto Exchanges UK

Is There a Minimum Amount to Save with Chip?

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

What are the Interest Rates on Offer with Chip?

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.

Chip Features

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 ai saving scale showing how you can save money with chip a free budgeting app

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.

How Does Chip Analyse my Spending?

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.

chip recommending savings app

example of notification Chip sends to tell you how much it believes you can save. 

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.

Can I Earn Interest on my Savings?

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!

How to add Money to Your Savings?

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.

Is my Money Protected?

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

Is the Chip App Safe?

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.

How to Connect to Chip?

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.

What Banks are Supported by Chip?

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

Opening a Chip Account

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.

Chip Customer Reviews

chip customer satisfaction rating

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.

examples of customer reviews taken from chip app

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

How to Withdraw Money?

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.

Pros and Cons of Using the Chip App


  • The app is free to download and use.
  • You can start with just £1 and save more or less depending on your budget.
  • The Chip account offers higher interest rates than the UK average.
  • No need to get a new bank account.
  • Auto-saving feature or manually deposit money.
  • Your money is protected by the Financial Services Compensation Scheme (FSCS).


  • Monthly fee if you want to use it as an investment account.
  • Billing is slightly odd, every 28 days as opposed to monthly.

Alternatives to Chip App

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

Chip Vs Other Investment Apps

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

Final Thoughts: Chip App Review

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!

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How Does Chip Make Money?

Chip makes money from its optional subscription services and presumably from referral commission by signing up people to save through its partnered banks.

Which is Better Chip or Plum?

Both apps have their pros and cons, but for those who want to save money without having to think about it, The Chip account is the better option.u003cbru003eIt’s free to use and offers higher interest rates than Plum currently (0.61% vs 0.4% from Plum).

What is the Interest Rate on Chip?

As of January 2022, the current interest rate offered through Chip is 0.61% through Allica Bank (FSCS protected). If you save through the Chip savings, account the interest is 0%, so make sure to open the interest-bearing account.

Can I use Chip to Invest?

Yes, you can, Chip account offers to invest options through its Chip X optional account. Chip X gives users access to investment funds and scales them on a risk level to help you pick the right fund for your needs. Please note with investment accounts capital is at risk and returns are not guaranteed.

Chip App Review
chip app review

Is the Chip app right for you? check out this chip app review to find out if this is the best budgeting app/ auto saving app for you

Product Brand: Chip

Product Currency: £

Product In-Stock: InStock

Editor's Rating:

About the author 

Mary Elizabeth

Mary Elizabeth is a passionate advocate for financial freedom. She is the founder of MeMoreMoney, and a featured Personal Finance expert in GO Banking Rates and Yahoo! Finance. Mary loves to make money simple and understandable for everyone. Her goal is to help people make simple changes so that they have more money to live the way they want.

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