Chip

Overview

Chip is a savings and investment app for people who want to build savings around clear goals and bring several financial products into one place. Its best fit is someone who values automatic transfers and can weigh the recurring cost of autosaves or a paid plan against the platform fees they avoid.

Chip connects a current account through TrueLayer and an Open Banking API, then estimates what a customer can afford to save from income and spending habits. Chip says permissions are re-authenticated every 90 days. It is not a bank: the service is app-only, with no branches, debit cards or ATM access, and it does not provide financial advice.

Key features

• Automatic saving: Chip can calculate and move an affordable amount automatically. Basic charges 45p for each autosave, so frequent use can become costly; ChipX removes that per-save charge.
• Goals and scheduled deposits: Customers can set a target amount and date, allocate existing savings to a goal, and arrange recurring deposits. This suits people who prefer defined targets and regular contributions over managing transfers manually.
• Range of products: Chip offers savings accounts, a Smart Cash ISA, a Stocks & Shares ISA, a General Investment Account and a personal pension. That range may appeal to customers consolidating savings and investments in one app, but investment returns are not guaranteed.
• Access and protection: Savings withdrawals are instant. Eligible deposits in Chip savings accounts powered by ClearBank are covered by FSCS up to £120,000 across ClearBank accounts, subject to eligibility. Eligible claims for Stocks & Shares ISA and General Investment Account assets may qualify for up to £85,000 in FSCS compensation; this does not cover investment performance.

Pricing

Basic is free. It provides access to savings accounts, recurring deposits and autosaves at 45p each. The Basic plan limits investments to thirteen funds and charges a 0.25% annual platform fee, with a £1 monthly minimum per product. It is the sensible starting point for occasional saving or for customers who want to try the app without a subscription, but frequent autosaving and investing can make its charges material.

ChipX costs £5.99 every 28 days when paid monthly, or £65.05 paid annually. It offers a 28-day free trial, unlimited free autosaves and recurring deposits, no platform fees, and access to all investment funds. ChipX is the stronger fit for customers who expect to autosave often or use investment funds beyond Basic's thirteen; others may not recoup the subscription through avoided charges. The monthly billing interval is 28 days, not a calendar month.

Platforms

Chip is available on Android and iOS. The app-only service has no desktop or web platform, physical branches, debit cards or ATM access. Support is available from 8am to 8pm on weekdays and 9am to 6pm on weekends.

Who it's for

Chip is a good match for people who want savings goals, automatic transfers and a choice of savings and investment products in a mobile app. Basic suits light or occasional use; ChipX is more compelling for regular autosavers and investors who value unrestricted fund access and want to avoid platform fees. It is a poor fit for anyone who needs branch or ATM banking, a debit card, financial advice, or a web-based service.

Pros and cons

• Pro: Savings goals combine target amounts and dates with the ability to allocate existing savings, helping customers organise balances around specific aims.
• Pro: The account range spans savings, ISAs, a general investment account and a personal pension, all in one app.
• Con: Basic autosaves cost 45p each, and its investment platform charges 0.25% annually with a £1 monthly minimum per product.
• Con: ChipX's £5.99 charge recurs every 28 days when paid monthly, so its effective annual cost is higher than twelve monthly payments at that rate.
• Con: The app-only service has no branches, debit cards or ATM access and does not provide financial advice.

Alternatives

For other ways to compare automatic-saving products, browse Automated Savings Apps or Personal Finance Software.

• Betterment may suit readers looking for a service with Android, iOS and web access and investment plans with balance or recurring-deposit eligibility thresholds.
• Guac is another freemium savings app with a free trial and Android, iOS and web versions.
• SavingsBox may suit someone looking for free personal savings boxes, manual contributions and a limited AI coach, with a paid Premium option.
• Amini is a free Android and iOS option; transfers between Amini users cost nothing, while bank withdrawals and bill payments carry provider fees.
• finbee offers free Android and iOS plans, with restrictions on savings-history access in its Japanese-language free plan.
• Goin may appeal to readers seeking automatic saving, investment options and rewards, with a paid Pro plan.
• PayDay is a free Android, iOS and web option with bank linking and automatic pay detection.
• Piggo is a free app while it is in beta.

Verdict

Choose Chip if you want goal-led saving, automatic transfers and savings and investment products together in a mobile app. Its main advantage is the breadth of accounts alongside savings tools; its main drawback is the cost of Basic autosaves and investment fees, or the recurring ChipX subscription. Compare alternatives if you need web access, everyday banking features or financial advice.