Chip is a savings and investment app that brings savings accounts and investment funds together to help customers build long-term wealth. Available on Android and iOS, it offers a Smart Cash ISA, a Stocks & Shares ISA, a General Investment Account and a personal pension, alongside savings goals with target amounts and dates. Customers can allocate existing savings to a goal. Chip can analyse income and spending habits to estimate what a customer can save and move money automatically; on Basic, each autosave costs 45p. The free Basic plan has a 0.25% annual investment platform fee and access to thirteen funds. ChipX costs £5.99 every 28 days, or £65.05 annually, and includes unlimited autosaves and no platform fees. Chip connects current accounts through TrueLayer and Open Banking, with permissions re-authenticated every 90 days, according to the company. Eligible ClearBank savings deposits may qualify for FSCS protection up to £120,000 across ClearBank accounts, subject to eligibility; eligible investment claims may qualify up to £85,000, excluding investment performance. Chip says it has no branches, debit cards or ATM access.
Who it is for
Chip suits people who want savings goals and savings or investment products managed through an app. Its free plan may suit customers comfortable with paid autosaves and a limited investment fund selection.
What is good
- Savings accounts and multiple investment products in one app
- Savings goals can include target amounts and dates
- Instant withdrawal method listed
- ChipX includes unlimited autosaves and no platform fees
What to know first
- Each Basic autosave costs 45p
- Basic investment platform limited to thirteen funds
- No branches, debit cards or ATM access
- No financial advice
Verdict
Chip combines savings goals, automated saving and several investment products in one mobile app. Compare Basic's autosave and platform fees with ChipX's £5.99-per-28-day charge, and note that Chip does not offer branches or ATM access.
Chip plans and pricing
All plansCompared on personal finance software
- Free plan
- Yes
- Scheduled transfers
- Yes
- Interest on savings
- Yes
- Withdrawal method
- instant
