Chip vs PiggyVest
Chip
getchip.uk
PiggyVest
piggyvest.comSide by side
| Figure | Chip | PiggyVest |
|---|---|---|
| Price from | £5.99/mo | Free |
| Free plan | Yes | Yes |
| Free trial | Yes | — |
| Open source | — | — |
| Web | — | Yes |
| iOS | Yes | Yes |
| Android | Yes | Yes |
| Plans published | 4 | 1 |
| Spec score · Savings Apps | 8.4 (#4) | 7.7 (#6) |
| Spec score · Automated Savings Apps | 8.3 (#6) | 7.7 (#13) |
| Company history | Chip says it was founded in late 2017 and began with automatic savings. | PiggyVest says it launched as Piggybank.ng on January 7, 2016, and rebranded in April 2019 as it began offering direct investment opportunities. |
| Headquarters | London, England, UK | Victoria Island, Lagos, Nigeria |
| Security | Chip says Open Banking is regulated by the FCA and permissions are re-authenticated every 90 days. | PiggyVest says it uses 256-bit SSL encryption, encrypts card and bank data, and provides two-factor authentication. |
| Support | Chip says its support team is available from 8am to 8pm on weekdays and 9am to 6pm on weekends. | PiggyVest lists an office in Victoria Island, Lagos, and provides an email address, social accounts, and phone number for contact. |
| What it does | Chip offers savings accounts and investment funds in one app to help customers build long-term wealth. | PiggyVest helps customers save and invest to achieve financial goals. |
Plans
In their own words
Chip
Chip is a savings and investment app for Android and iOS, bringing savings accounts and investment funds together for people building long-term wealth. Customers can create goals with target amounts and dates, then assign existing savings to them. The app can analyse income and spending to estimate what a customer can save and move money automatically. Each autosave costs 45p unless the customer has ChipX. Available products include savings accounts, a Smart Cash ISA, a Stocks & Shares ISA, a General Investment Account and a personal pension. Chip connects current accounts through TrueLayer and an Open Banking API; Chip says permissions are re-authenticated every 90 days. Basic is free, with autosaves at 45p each and a 0.25% annual investment platform fee. ChipX costs £5.99 every 28 days and includes unlimited autosaves and no platform fees. Eligible ClearBank savings deposits may receive FSCS protection up to £120,000 across ClearBank accounts, subject to eligibility. Eligible investment claims may qualify for up to £85,000, excluding investment performance.
PiggyVest
PiggyVest helps customers save and invest toward financial goals, with options for scheduled saving, goal-based saving, locking funds, and investment opportunities. PiggyBank supports automatic daily, weekly, or monthly deposits as well as manual top-ups. SafeLock lets users set funds aside for 10 to 1,000 days, with interest paid upfront or at maturity. Target Savings supports personal goals and group savings challenges. HouseMoney is for rent and household bills and states that it pays 15% interest per annum, monthly. Investify offers pre-vetted opportunities with minimums that vary by investment; it can only be funded from a Flex Naira wallet, and some investments have a 1% processing fee. PiggyVest says it uses 256-bit SSL encryption, encrypts card and bank data, and offers two-factor authentication. It says customer funds are managed by PV Capital Limited, which it describes as registered with Nigeria’s Securities and Exchange Commission. The service is available on Android, iOS, and the web. It has no monthly fees or transaction charges, though some products may involve fees or early-withdrawal penalties.