Anything that helps us to stash away some extra cash is a winner in my book. There are an increasing number of apps that allow you to do just that. I’ve been trying out one recently and I have to say I’m pretty impressed! So I thought I’d share my findings and show you how you can save money with Chip! I’ll also be sharing how you can earn up to 5% interest on your savings too!
What is Chip?
Chip is pretty clever savings app that calculates how much money you can afford to stash away each week. It then puts the money away automatically for you.
When you sign up to Chip and connect a bank account, Chip has read-only access to that account. It can’t move your money other than to transfer into your Chip savings account. Initially, Chip will monitor your spending for one week. You’ll then receive a notification telling you how much Chip will save for you. The notification gives you a few days warning, so if you know you can’t afford to save, then you can cancel the transaction in plenty of time.
Where does the money go?
Any money you save with Chip goes into a new instant access savings account you open with us when you sign up. This account is in your name and hosted at Barclays Bank PLC.
Earn up to 5% interest
When you first sign up to Chip, you’ll be on a 0% interest rate. That’s pretty rubbish in all fairness! However, if you register with code UR8YZU, you’ll start on 1% interest. That’s a bit better, right? Better still, for every friend you refer, who signs up and starts saving with Chip, you’ll earn an extra 1% interest, up to a maximum of 5%! Simply download the app, enter the code UR8YZU and you’ll be automatically earning 1% interest.
You’ll earn that extra interest for your first year with Chip. Interest is calculated weekly and paid into your account quarterly.
Saving extra cash
The idea of Chip is to literally “chip” away at your account, saving little and often so that you don’t really notice. However, if you decide that you want to take advantage of the fantastic interest rates, then you can stash away some extra cash. There are limits on how much you can move though. You can move up to £100 per day from your current account to your Chip savings account, a maximum of six times per month. It’s really easy to do this too. Just open the app, click the “Chip chat” option, and hit “save”. You can then tell Chip how much money you want to save.
I’ve been using Chip for a few weeks and I’ve found it really great! I honestly can’t fault it so far. Every few days I get a notification telling me how much they’re moving across. It’s never been more than I could afford to save and I’ve really not noticed the money going. It is important to be in control of your budget as always and to adjust your weekly/monthly money to reflect the amount saved.
I’m definitely going to continue to use Chip and just build that money up into a separate fund. I’m not sure what the money will be used for yet, but it’ll be great to have that extra amount of money to fall back on should we ever need it. You could use Chip to save up for Christmas, birthdays, holiday spending money, or whatever else you fancy! Let me know what you think!