Chip App Review 2024 For Saving & Investing (GetChip UK)

In this Chip App review, we are investigating the savings and investment app Chip. Chip is an automatic savings app that aims to make saving money easier.

Saving money can be a challenge when you do not have an overview of your finances. Saving too much means you do not have enough for necessary expenses.

Saving too little means you are not making use of your money effectively. Chip can help you find the perfect balance between saving and spending as you will see in this Chip App review.

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Chip App Review UK

Chip is a legit savings and investment app. Chip can help you to save money automatically with little hassle. Chip is easy to set up and also analyses your spending.

On the downside, using the auto-saving feature may be expensive and you can only link one bank account.

When you invest, your capital is at risk and you may lose money. This article is an independent Chip App review and should not be seen as financial advice.

What Is Chip App?

Chip App is a savings and investment app. Based on your spending habits, Chip will calculate how much you can afford to save and automatically transfer this money to your savings.

The underlying mechanism is based on artificial intelligence and Open Banking.

Chip was founded in 2017 by Alex Latham and Simon Rabin. The self-proclaimed “Fintech Challenger” won an award in 2022 as the best finance app.

Is Chip App Legit?

Chip is a legit app and not a scam. In the UK, Chip is a registered company (Chip Financial) with the company number 10113174. Chip is also authorised by the Financial Conduct Authority (number 752005).

You can also have a look at Chip’s Trustpilot score. The Chip App reviews on Trustpilot have an average score of 3.1 out of 5.0 with over 1,000 reviews. Overall, 68% of users scored Chip as great or excellent.

Is Chip App Safe?

Chip App is safe to use. Chip is part of the Financial Services Compensation Scheme (FSCS). This means that if Chip becomes bankrupt, you will get up to £85,000 of your money back.

Note that this does not cover investment losses.

When you connect Chip to your bank account, it uses Open Banking and Truelayer.

These are safe ways to share your data and mean that Chip does not see your login details for your bank account.

Chip App Plans

At the time of writing this Chip App review, there are two plans available:

• Chip Basic plan: free
• ChipX plan: £4.99 per month

Chip Basic offers all the essentials. You can automatically save and invest money. You will also receive interest and can set saving goals.

ChipX offers a range of additional features:

• 0% platform fees
• A broader range of investment funds
• Stocks and Shares (S&S) ISA
• Ethical and clean energy fund
• Emerging markets and new funds
• Access to investing in commodities (coming soon)

Chip Basic vs ChipX

Chip Basic is free to use but you have fewer investment options and higher fees. This means you will likely have lower investment returns and higher platform costs with Chip Basic.

Therefore, if you plan to invest large sums with Chip, ChipX will work out cheaper for you. For small investors, Chip Basic will likely be more profitable.

With just two plans available, Chip has fewer options compared to Plum. Read my Plum review to find out all about Chip’s competitor.

Chip Savings Account Review

On Chip, you can choose from the following saving accounts:

• Prize savings account: gives you the chance to win prizes worth over £10,000 every month. The money is accessible but you will not earn interest. Earn one entry for every £10 in your account
• Chip instant access (3.82% return): deposit and withdraw your money almost instantly
• 90-day notice (4.10% AER): your money will be locked for 90 days but you will earn more interest
• Easy access (1.10% AER): your money will be easily accessible
• 0.30% (unavailable at the time of writing this Chip App review)

Automatic Saving

You can set up auto-save for each of the savings accounts. You can also split your savings between different account types.

The auto-save feature will take money out of your account every four days.

The amount taken will depend on your savings level (from level one to five). You can either stay in your automatically assigned level or adjust it in the app settings.

When you receive a notification that savings will be taken from your account, you can also reject Chip.

This means you can prevent Chip from saving for you during tight periods.

Saving Goals

Chip gives you the option to create savings goals. These goals will essentially be different pots that your auto-saved money gets allocated. This is similar to the savings pots on Monzo.

Thus, if you want the saving pots function without the fees of Chip, you might want to sign up to Monzo. Read my Monzo review for more details plus a £5 free cash bonus.

Chip Investment Account Review

With Chip, you can invest using a general investment account (GIA) or an individual savings account (ISA). Money saved in an ISA is tax free and you can add up to £20,000 per year.

Note that this allowance is split between all your ISA accounts.

You can invest in the following funds:

• S&P 500 Tech Companies
• FTSE 100
• Crypto Companies
• Healthcare Innovations
• Emerging Markets
• Global Companies Fund
• Physical Gold
• Clean Energy

There are also a couple of alternative assets. At the time of writing this Chip App review, you can invest in a share of a Ferarri Testarossa or iconic artworks (coming soon).

Overall, the investment options are fairly limited.

Chip App Fees

At the time of writing this Chip App review, Chip charges different fees depending on your plan:

	Chip Basic	ChipX Plan
Plan fee	£0	£5.99 per 28 days monthly or £4.99 per 28 days annually
Platform fee	0.5% per year (£1 minimum)	–
Fund charges	about 0.2%	about 0.2%
Auto-save function	£0.45	–
Recurring save function	£0.25	–
Withdrawals	£1.00	–

On their website, Chip advertises the Basic plan as free. However, there are quite a bit of fees you need to consider.

Chip is not very open about these and you have to search the website to find out about them.

How to Use Chip App

If you want to sign up to Chip, click here to get started. You can scan the QR code or head to the App Store or Google Play and search for the app.

How to Sign up to Chip App

Once you have downloaded the app, you can follow the steps to sign up. You will need to enter your:

• Email address
• Mobile number
• Date of birth
• Address
• Tax residency

And that is all! You will only need to enter your National Insurance Number if you want to open an investment account with Chip.

Compared to other investment apps, signing up to Chip is very quick and straightforward.

If you have a promo code, you can enter it in your profile under “Promos & Referrals”.

How to Deposit to Chip App

To deposit money to Chip, you can simply use the auto-save feature. Money will then be transferred automatically. If you want to make a manual deposit, you will need to link your bank card.

For this, you can click “Add a Connection” in your profile.

Then, you can go into your savings or investment account and tap “Add Money”.

Card payments typically take two business days to be processed. Bank transfers will be completed by the next working day.

The minimum deposit amount is £1.

How to Withdraw from Chip App

To withdraw money from Chip, head to the “Accounts” tab. Select the amount you wish to withdraw and tap “Withdraw”. Withdrawals from your savings account can take up to two business days.

Withdrawals from your investment account can take up to five business days.

Note that withdrawals from an Oaknorth 90-Day Notice account will take 90 days.

Banks Approved by Chip

Not all bank accounts can be connected to the Chip App. To be able to use Chip, you need to bank with:

• Bank of Scotland
• Barclays
• Danske
• First Direct
• Halifax
• HSBC
• Lloyds
• Monzo
• Nationwide
• NatWest
• RBS
• Revolut
• Santander
• Starling
• TSB
• Ulster Bank

What Are the Pros and Cons of Chip App?

Like any investment and savings platform, Chip has some pros and cons you may want to consider:

Chip App Review Pros

• Easy to use
• Save money automatically
• Can set saving goals
• Spending analyses available
• Low minimum deposit amount of £1

Chip App Review Cons

• Can only link one bank account
• Fees may be high
• Limited investment options
• Can only use with approved banks

Frequently Asked Questions

Chip vs Plum, Which App Is Better?

When comparing Chip vs Plum, it is important to understand that the two apps are slightly different. Chip automates saving. On the other hand, Plum automates deposits and investments.

Both belong to the best apps that round up change.

Both Chip and Plum are useful apps. Which one is better for you depends on your specific needs. You can read my Chip vs Plum comparison for a detailed account of their differences.

Is Chip a Good Investment?

If you are struggling to save money, Chip can be a great help. It automates the savings process so even people bad with money can build savings.

However, if you already save money by yourself, you will not benefit from Chip. You might be better off with a regular investment app such as Moneyfarm. Read my Moneyfarm review for more details.

Chip App Review UK Summary

Chip is a legit savings and investment app as you can see from this Chip App review. It automates saving money so that you still have enough money to spend.

Chip can be a useful tool for people who struggle to save money on their own. You can use Chip for both short- and long-term savings goals.

If you are able to save money by yourself, you can save on fees if you just open a regular savings account. You will also be better off with a regular investment account.

This is because you have more control over your investment and more choices.

If you just want to invest, you may prefer one of the best investment apps in the UK.

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