Chip

Chip is a UK savings and investment app for people who want automated transfers alongside several account types. It suits goal-led savers who are comfortable managing money entirely on a phone. The key decision is whether the convenience of automatic saving and broad investment access outweighs per-save charges or a monthly subscription.

Overview

Chip combines savings accounts, investment products and personal-pension access in one Android and iOS app. Founded in London in 2017, it connects a current account through TrueLayer’s Open Banking API, using income and spending patterns to estimate an affordable amount to save.

The service is not a bank. There are no branches, debit cards or ATM access, and Chip does not provide financial advice. Withdrawals are instant, and support is available from 8am to 8pm on weekdays and 9am to 6pm on weekends.

Key features

Automatic saving: Chip calculates a suggested amount and transfers it automatically. Basic charges 45p for every autosave, making frequent small transfers expensive; ChipX removes that per-transfer cost.

Savings goals: Set a target and deadline, then assign existing savings to the goal. This is useful for planned purchases or milestones rather than an undifferentiated cash balance.

Account range: Savings accounts sit alongside a Smart Cash ISA, Stocks & Shares ISA, General Investment Account and personal pension. That breadth suits users consolidating savings and investing, but it also demands attention to product suitability and market risk.

Recurring deposits and transfers: Scheduled funding supports a fixed routine in addition to Chip’s variable autosave calculation.

Protection and security: Eligible deposits in Chip savings accounts powered by ClearBank have FSCS protection up to £120,000 across ClearBank accounts, subject to eligibility. Eligible Stocks & Shares ISA and General Investment Account claims may qualify for compensation up to £85,000; that does not protect investment performance. Open Banking permissions are re-authenticated every 90 days, and the relevant Chip entities are FCA-authorised for payment services and investment activity.

Pricing

Basic — £0.00 per free, billed monthly. You get savings accounts, recurring deposits and autosaves at 45p each. The investment platform is limited to thirteen funds, charges a 0.25% annual platform fee, and has a £1 monthly minimum per product. This is the sensible entry point for occasional saving or for customers who want to try the app without a subscription, but regular autosaving and investing can make the ongoing charges noticeable.

ChipX — £5.99 per month, billed £5.99 every 28 days (paid monthly), or £65.05 paid annually. A 28-day free trial is included. ChipX provides unlimited free autosaves and recurring deposits, removes investment platform fees, and unlocks all investment funds. It is aimed at active savers or investors whose transfer frequency, balances or fund choices would otherwise make Basic’s charges restrictive. The subscription costs more than Basic even when usage is light, so infrequent savers should not upgrade solely for the wider fund menu.

Platforms

Chip is available on Android and iOS. The app-only model excludes browser access, branches, cards and ATMs.

Who it's for

Chip is a good fit for someone who wants savings goals, automatic contributions and cash and investment accounts under one mobile login. ChipX is more compelling for frequent autosavers and customers seeking the full investment range without platform fees. It is a poor fit for anyone who needs branch service, card or ATM access, financial advice, or a web interface.

Pros and cons

Pro: Automatic saving is tied to affordability estimates rather than a fixed amount alone.

Pro: Goals, scheduled deposits, instant withdrawals and multiple savings and investment products cover a broad routine.

Pro: ClearBank savings deposits and specified investment-claim limits provide defined protection, subject to eligibility.

Con: Basic autosaves cost 45p each, which penalises frequent transfers.

Con: Basic offers only thirteen investment funds and a 0.25% annual platform fee.

Con: ChipX renews every 28 days at £5.99 monthly, so the subscription needs regular use to justify it.

Con: No branches, cards, ATM access, web app or financial advice limits it as a complete banking service.

Alternatives

Choose Guac if web access alongside Android and iOS matters. Plum is an alternative with a free Basic plan and a €3.99-per-month Pro tier. Betterment suits readers seeking a web-enabled investing and cash platform with Digital and Premium tiers. finbee is another free Android and iOS savings option. SavingsBox adds web access and a $4.99-per-month Premium plan. Spave focuses on automatic saving and giving at no charge. Piggo is free while in beta. PiggyVest has no transaction charges or monthly fees, although some products charge processing fees and early withdrawals may incur penalties.

For broader comparisons, see Automated Savings Apps and Personal Finance Software.

Verdict

Choose Chip if you want affordability-based autosaving, defined goals and savings and investment products together in a mobile app. The main reason to look elsewhere is the combination of Basic’s per-save and platform charges, ChipX’s recurring subscription, and the absence of conventional banking access.