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Happy New Year everyone, let’s get 2020 off to a great start by looking at a fab little app called Chip that will help you meet your money goals AND give you a £10 Welcome bonus!
I’ve been using Chip for just over 3 weeks now and already have £37.46 that it’s helped me to auto-save without even noticing
What is Chip?
Chip is a very clever app that uses a personalized AI system to automatically put money aside for your based spending habits.
How does it work?
Chip connects to your bank account (they can fully connect with all UK Highstreet bank accounts and if you use a challenger bank then you can connect to Chip with your bank card) and makes quick and painless auto saves for you every few days.
You can withdraw your money at any time. All you have to do is tap the ‘Withdraw’ button on your account and, if done before 5pm on a working day, it’ll land back in your account the same day. If you ask to withdraw on a weekend or after 5pm it’ll hit your account on the next working day.
How does it know what I can afford?
Robots…very clever robots…well, AI actually! Chip have analyzed data from over 180 million transactions and cross reference that with some data from your profile such as age and where you live to calculate how much to put aside. They’ll let you know their calculation and drop you a message to say that it’ll be moved to your Chip account at a certain time, (you can choose to cancel an automatic save before any money leaves your account if you wish to) and Bobs your Uncle…or rather Chip is your friendly cash stashing robot that lives in your phone…you’ve made another painless automatic save to your Chip account and you’re well on your way to funding your sinking funds and goals!
Talking of goals…
Thinking of putting money aside for something particular in 2020? Maybe you need help to build up your Emergency Fund or want to cash flow something fun for the summer. In the Chip app you can set up Goals and designate a portion of your funds in your Chip account towards them! I decided to set mine up to cash flow Phase 5 of the Extreme Garden Makeover, I’m determined to get it sorted by Summer.
Is it safe?
Yes, 100% safe. Chip ‘plugs-in’ to your bank account using your online banking credentials and then your bank shares your transaction data with them via Open Banking. They can only ever move money between your Chip account and your bank account, so whatever happens, your money will always be in an account in your name and Chip are a registered agent of Prepaid Financial Services Ltd., which is authorised by the Financial Conduct Authority. In short, your money and personal details are safe!
