Chip

Overview

Chip is a mobile app for people who want to bring savings and investment accounts together and build wealth over time. Its strongest fit is someone who values automatic saving and clear goal targets; the trade-off is that autosaves cost extra on the free plan and investments carry platform fees unless you pay for ChipX.

Founded in London in 2017, Chip connects a current account through TrueLayer and Open Banking. It is not a bank: there are no branches, debit cards or ATM access, and the service is available only in the app.

Key features

• Automatic saving: Chip estimates what a customer can afford from income and spending patterns, then moves money automatically. That can make saving more consistent, but Basic autosaves cost 45p apiece, so frequent transfers can add up.
• Savings goals: Customers can set an amount and date and allocate existing savings to a goal. This gives a defined purpose to savings without requiring every balance to start from zero.
• Accounts and investments: The app brings savings accounts, a Smart Cash ISA, Stocks & Shares ISA, General Investment Account and personal pension together. It suits customers seeking several types of account in one app, though investment protection is not protection from market losses.
• Transfers and withdrawals: Scheduled transfers and recurring deposits support regular saving, while withdrawals are instant.
• Bank connection and security: TrueLayer connects current accounts via Open Banking. Chip says permissions are re-authenticated every 90 days, a useful recurring check on access rather than a reason to overlook account permissions.
• Protection: Eligible deposits in Chip savings accounts powered by ClearBank are covered by the 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 compensation up to £85,000; that does not cover investment performance.
• Support: Chip says its team is available from 8am to 8pm on weekdays and 9am to 6pm on weekends.

Pricing

Chip has a free Basic plan and a paid ChipX plan, with a 28-day free trial for ChipX. Basic includes savings accounts, recurring deposits and autosaves at 45p per save. Investments are limited to thirteen funds, carry a 0.25% annual platform fee and have a £1 monthly minimum per product. This is the sensible starting point for occasional autosavers or customers who want to try the app, but per-save charges and investment fees weaken its appeal for regular use.

ChipX costs £5.99 every 28 days, or £65.05 paid annually. It includes unlimited free autosaves and recurring deposits, no platform fees and access to all investment funds. Frequent savers and customers using investments beyond the Basic fund selection have the clearest reason to pay; lighter users may not recover the subscription cost through avoided charges. The 28-day billing interval means monthly payments occur more often than once per calendar month.

Platforms

Chip is available on Android and iOS. Its app-only model will not suit customers who need web access, physical branches, a debit card or ATM access.

Who it's for

Chip is a strong match for mobile-first savers who want automated transfers, goal-based saving and access to savings and investment products in one place. It is less suitable for anyone who wants free frequent autosaves on a no-cost plan, needs financial advice or expects investments to come with protection against losses.

Pros and cons

• Pro: Automatic saving and goal targets can turn saving into a regular habit with a defined objective.
• Pro: Savings accounts and several investment products sit in one app, with instant withdrawals.
• Pro: ChipX removes autosave and platform fees while opening access to all investment funds.
• Con: Basic charges 45p for each autosave and applies a 0.25% annual investment platform fee, with a £1 monthly minimum per product.
• Con: Chip has no branches, debit cards or ATM access, and does not provide financial advice.
• Con: FSCS investment compensation does not protect against poor investment performance.

Alternatives

Consider Plum if you want a free starting tier with one pocket, a limited spend tracker and no pocket goals, or a €3.99 monthly Pro plan with a primary pocket plus three pockets. Choose PiggyVest for a free service across Android, iOS and web, while keeping in mind that some products have processing fees and early withdrawals may incur penalties. finbee is another free savings option on Android and iOS.

Goin offers automatic saving and investment options on Android, iOS and as an extension, with a free tier and a €1.33 monthly Pro plan. SavingsBox is worth considering if you want personal savings boxes, manual contributions and bank or ACH payments, with a free tier and a $4.99 monthly Premium plan. Spave is a free option for Android and iOS.

Betterment may suit someone seeking a web-accessible investing option; its Digital and Premium prices are not published. Qapital is a paid alternative for customers who want unlimited personalized goals, automated savings rules and shared goals with a partner; its Basic plan costs $3.00 per month.

For broader browsing, see Automated Savings Apps or Personal Finance Software.

Verdict

Chip is a good choice for mobile-first savers who want automatic deposits, goals and savings or investment accounts together. ChipX is the better fit for frequent autosavers or investors who will benefit from unlimited transfers and no platform fees. Look elsewhere if you need physical banking access, advice or a free plan that avoids per-save charges.