Chip
7.2#3 in automated savings appsFrom £5.99 a monthFree planAndroidiOS
VisitChip vs Plum
What both publish
| Fact | Chip | Plum |
|---|---|---|
| Automatic saving | Chip analyses income and spending habits to calculate what a customer can afford to save and move money automatically; each autosave costs 45p unless the customer has ChipX. | Plum analyzes linked bank transactions and balance to calculate amounts it can put aside, transferring savings by direct debit every 4–5 working days. |
| Bank connection | Chip uses TrueLayer to connect a customer's current account through an Open Banking API. | In Spain, Plum supports Open Banking with listed banks including BBVA, Santander, CaixaBank, ING, N26, Revolut, and Wise. |
| Company history | Chip says it was founded in late 2017 and began with automatic savings. | Plum's about page says its founders' saving challenge began in 2014 and that the company is based in London with offices in Athens and Nicosia. |
| Headquarters | London, England, UK | London, United Kingdom |
| Security | Chip says Open Banking is regulated by the FCA and permissions are re-authenticated every 90 days. | Plum says it does not store or access bank login details, uses read-only transaction access, AES encryption for sensitive data, and 256-bit TLS for browser-server communications. |
Chip plans
- BasicFree
- ChipX£5.99 a month
- Basic planFree
- ChipX plan£5.99 a month
Plum plans
- BasicFree
- Pro€3.99 a month
- Boost€7.99 a month
- Premium€9.99 a month
Pick Chip if…
Chip suits people who want savings goals and investment products managed through one app. It may also suit customers who want automatic saving, provided they account for the 45p charge per autosave on Basic.
Pick Plum if…
Plum suits adults in its listed countries who want automated saving alongside spending tools and investment options. It requires a supported current account held in the user's own name; business, savings, and joint accounts are not supported as primary connected accounts.