Chip saving app is an automated saving app run by Chip Financial Services, that will help you to save money, without hardly any effort from you, this is especially good if you are crap at saving. It works by analyzing your cash flow in your current account (you have to give it permission), and every few days, will suggest an amount that it thinks you can afford to save and will transfer that amount, by direct debit, to your Chip savings account.
Chip Saving App Helps You Save.
It is specially designed to help people who find it difficult, or who don’t save regularly and is useful to get you in the habit of saving your hard earned cash.
When installing the app, you grant Chip ‘read-only’ permission to access your current account, and Chip will then look at your spending habits and suggest to you, an affordable amount that you can save. It will also give you time to stop the transaction if you wish to, so you are in complete control.
You are also able to increase or decrease the amount that Chip suggests, and move money manually should you wish to do so. The Chip saving app will notify you when it is about to save, the amount it is about to save, and that amount is moved from your current account by direct debit to your Chip savings account, within the next couple of days after being notified, you will also receive an e-mail notification.
Keeping You Safe.
I know that granting a phone app permission to look at your current account sounds scary, but I have checked out Chip thoroughly, and I am completely satisfied that it is a legitimate UK company, there is plenty of information about Chip available from trusted sources. Chip is only available in the UK at the time of writing and will work with most UK banks.
Your money is transferred to an account that is in your name and is hosted by Barclays Bank, so your money is in safe hands. Chip is on the Independent Commissioners Office registrar, is in full compliance with the data protection act, and uses 256-bit encryption to protect your details.
To earn interest you will have to recommend Chip to your friends and family, and you will earn 1% per sign up, up to a maximum of 5%, valid for a year. In my opinion, anything over 1% is a very good rate for an instant access savings account, so a 5% rate is much above what you might expect from most banks. To recommend someone you can give them an invite code, mine is Y1P34Q, and they can enter it in when signing up on the Chip app.
You can withdraw your money at any time, and it will be paid back to your current account the same day, or the next working day if you do this after 2 pm or on a weekend, so if you are saving up for next Christmas, you will have saved plenty by then, and it will be available to you instantly.
I have been using the Chip Saving App for a few months now and I have not run into many problems. There was a period where the app had stopped working, and it was a couple of weeks before I noticed, but this was a technical issue and was fixed quickly after reporting it to Chip via the live chat on the app.
I have managed to save a healthy three-figure sum in the six months or so that I have been using Chip, this would be money that would have been left in my current account and probably spent, so Chip has helped me with my savings.
The app can show you a summary of your account showing the total amount you have saved since joining, the average amount that you have saved, your interest rate and when your next interest is due to be paid to you.
The Chip Savings App is available on Apple and Android and if you want to find out more about how Chip can help you save up your hard earned cash, please follow this link to get started with Chip, and don’t forget to mention me with my code Y1P34Q if you do decide to open a Chip Savings account. I think that the Chip Savings App is a great tool to help you save your money and if you have any questions that you want to ask me please pop a comment in the box below.