Earn whopping 3%+ interest via new automatic saving app - Google play
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Earn whopping 3%+ interest via new automatic saving app - Google play

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Found 13th Dec 2017
Earn whopping 3%+ interest via new automatic saving app
Smash the best buys via our code for robo-savings - the app works out what you can save & does it for you

This isn't about turning the Terminator into a bank (not yet anyway)... but Chip, an app that uses AI or machine learning to analyse your spending habits, works out what you can afford to save, and puts your spare cash aside for you. It's aimed at younger people, though anyone can use it. We've blagged a corking rate, so decided it was time to run through pros (easy saving) and cons (not covered by the usual savings safety protection).

Chip app - get a min 3% interest for a year. Normally the Chip app's* savings interest starts at 0%, yet newbies who use our 47NU04 codestart on 3% interest for a year. It then rises by 1 percentage point for a year per person you recommend who starts saving through it, up to a max 5%.

Interest accrues weekly, but is paid quarterly, and you can withdraw money whenever you want. On rate alone this more than DOUBLES the 1.36% top easy-access savings.

- How does Chip work? You need to give Chip 'read-only' access to your current account. It then analyses your income and spending then every 4-7 days calculates what you can afford to save, and uses a direct debit to move that to a separate 'savings' account, without you noticing. The average amount put aside is £25 five times a month, the max is £100 (so £500/mth). You can also manually move an additional max £100/day up to six times a month.

- What if it makes me overdrawn? It'll cover your fees and pay £10 compensation - though you can choose to allow it to take you overdrawn (for example if you had a 0% overdraft).

- Is the whole thing worth bothering with? Some rave about robo-savings, but our feedback is limited, and part of doing this is to help us learn so please feed back. The rate is definitely good though.

Is my money safe in Chip savings? Chip isn't a bank, it's an agent of 'e-money provider' Prepaid Financial Services (PFS), which is regulated by the Financial Conduct Authority. Your money is held in a ring-fenced Barclays account. Under e-money regs if Chip or PFS went bust your money remains in Barclays together with any interest already paid to you, though you may end up paying insolvency fees (likely small). In the unlikely event Barclays went bust, your money ISN'T protected by the usual £85,000 savings safety limit, so you'd lose it.

This app currently has no way of making money - the interest comes from its marketing fund. Its aim is to gain market share then make money offering users access to other services in future, such as overdrafts and credit cards. Of course it may change its savings offering in future too. We've done all the checks we can, but you need to accept there are always unknowns with a new concept like this, so you might want to consider how much you keep in there.
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Author should probably acknowledge all this write up is lifted from Money Saving Expert moneysavingexpert.com/ban…ing
Edited by moderator: "trimmed link" 13th Dec 2017
19 Comments
I read down to the sentence "You need to give Chip 'read-only' access to your current account." and that was enough. How many banks will stop refunding any money lost to scams etc if they are aware you've given a third party access to your account?
'We've done all the checks we can, but you need to accept there are always unknowns with a new concept like this, so you might want to consider how much you keep in there.'


big disclaimer to reduce their liability....sounds like a well-worded scam...

plus that's the first post of the poster in a world full of offers? makes me sceptical..
Edited by: "Bubuka83" 13th Dec 2017
Agree. No heat here
redant4 m ago

I read down to the sentence "You need to give Chip 'read-only' access to …I read down to the sentence "You need to give Chip 'read-only' access to your current account." and that was enough. How many banks will stop refunding any money lost to scams etc if they are aware you've given a third party access to your account?

Author should probably acknowledge all this write up is lifted from Money Saving Expert moneysavingexpert.com/ban…ing
Edited by moderator: "trimmed link" 13th Dec 2017
Have a look at Martin Lewis. Recommend by him
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I’ve been using this for a few months now. I’ve saved a good amount with it and will continue using it.
Unfortunately my wife has the saving AI mode in built for things i like.
Edited by: "alanbeenthere" 13th Dec 2017
Jaestar6922 m ago

I’ve been using this for a few months now. I’ve saved a good amount with it …I’ve been using this for a few months now. I’ve saved a good amount with it and will continue using it.


This, except I had a code which gave 5% immediately. It lets you save up to 6x £100 every month, plus what it calculates itself. £600/month @ 5%, and fully protected.
Any means to get a better rate these days has to be considered
sadekmiah1 h, 8 m ago

Have a look at Martin Lewis. Recommend by him


Where? You've obviously copied the story from the MSE site, but that is only advising of its existence, so people can make their own decision about the obvious risk of giving away access to their money versus a possible way of boosting an interest rate. Even that is not as much as you can get with many Regular Savings Accounts anyway - e.g. 5% at Nationwide with their Flexclusive Regular Saver.
Edited by: "redant" 13th Dec 2017
terriclarkfan38 m ago

This, except I had a code which gave 5% immediately. It lets you save up …This, except I had a code which gave 5% immediately. It lets you save up to 6x £100 every month, plus what it calculates itself. £600/month @ 5%, and fully protected.


It's not fully protected is it though? It is made clear that the interest isnt fully protected by the FSCS compensation scheme where it is held, and there is also a risk of other fees.
Plus, it's something to do with Barkley's Bank which isn't the best of banks
sadekmiah1 h, 47 m ago

Have a look at Martin Lewis. Recommend by him


When he is putting his own money on the line to guarantee it, perhaps then I will sign up. Then again maybe not.
rubbertoe12332 m ago

Plus, it's something to do with Barkley's Bank which isn't the best of …Plus, it's something to do with Barkley's Bank which isn't the best of banks


I wouldn't trust it even if it was Barclays Bank! ;-)
Wouldn't work for me, failing to log into my bank and giving a technical problems error. Guff.
Edited by: "Scottc123" 14th Dec 2017
Skynet
I've been using chip for a while now and not zero issues. I'm terrible at saying and this really helps me. My referral code is PKORS7 if you want to use it to get extra interest when you sign up.
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