Side by side
Chip vs Monzo
Both stand on savings apps. Which one you can start free with, which one lets you read the code, and what each costs once you pay.
Free plan AndroidiPhone
Chip brings savings accounts, goals and investment products into one app, with optional automatic transfers. Review the autosave and platform fees, and note that investment performance is not covered by the stated FSCS limit.
Visit Chip Free plan AndroidAPIiPhone+1
Monzo combines a current account with budgeting, savings, investment, and travel features, and offers around-the-clock in-app support. Check plan eligibility and the 90-day renewal requirement for linked accounts before choosing it.
Visit MonzoThe facts
| Chip | Monzo | |
|---|---|---|
| Free plan | Yes | Yes |
| Open source | Not published | Not published |
| Runs on | Android, iPhone | Android, API, iPhone, Web |
| Lowest paid plan | ChipX plan: £5.99 a month | Extra: £3 a month |
| Plans published | 4 | 8 |
| Maker | Chip | Not published |
| Website | getchip.uk | monzo.com |
| On savings apps | #2 of 13 | #1 of 13 |
Chip: what it does well
- Savings goals can include targets and dates
- Offers savings and investment accounts
- ChipX includes unlimited autosaves
- Support available on weekdays and weekends
What to know first
- Each Basic autosave costs 45p
- Basic investment access is limited to thirteen funds
- No branches, debit cards or ATM access
- Chip does not provide financial advice
Monzo: what it does well
- Salary Sorter divides income among separate Pots.
- Cardholders can spend abroad without foreign transaction fees.
- 24/7 support is available through in-app chat.
- Eligible deposits are protected up to £120,000 per person.
What to know first
- Open Banking connections need renewal every 90 days.
- Cash deposits cost £1 each.
- Accounts are for UK residents.
- Investments can go down as well as up.