Chip App Review – Is this the best money app?

Chip App Savings

Money management is something that many of us struggle with from time to time. Whether it’s a case of not actually knowing how much cash we have available to put aside or having unclear goals, it’s fair to say that financial stuff can get a bit messy. Thankfully, there’s a solution to this problem that can help you to start stashing cash for those items and experiences you’ve been meaning to pay for. You can get started today with the Chip app.

What is Chip?

Chip is an app suitable for iOS and Android that analyses your spending habits and available balance to automatically put money aside for you every few days. 

The main benefit of this is that you’ll be stacking cash for the products and experiences you’ve been dreaming about without having to spend hours calculating what you can afford to put to one side.

How Does Chip Work?

Chip app Set Goals

Although there are some complicated things going on in the background, Chip is a simple app to use.

Once you’ve signed up for a free account, you’ll need to link your bank account to the app and then provide some identification to confirm you are who you claim to be. At this point, Chip will start to monitor your account and will calculate how much money it believes you can afford to put aside. This is completed every four days and the amount automatically set aside will vary depending on how your finances are currently looking.

If Chip thinks you’re not in a position to take money away from your main account, it won’t do so. 

What Are the Features of Chip?

The key feature of the Chip app is its ability to analyse your financial position every four days and to then decide how much money you can afford to put aside. The longer you use Chip, the more it learns about your overall financial position. This will help Chip to better understand just how much expendable cash you have available to stash away for a rainy day or other big-ticket items.

As a bonus, Chip allows you to set up three specific goals at a time and will allocate a certain percentage of your auto-save budget into each one. For example:

  1. 20% for a long-term goal. This could be for a new car.
  2. 20% for a medium-term goal. This could be cash for a family holiday.
  3. 60% for a short-term goal. This could be for a new pair of shoes.

Of course, your goals will be whatever you want them to be, but Chip makes it easy to automatically work towards several targets at the same time within an affordable timeframe. 

How Much Control Does Chip Have? 

Chip app AI

One of the biggest concerns for many people when using an app like Chip is how much control it has over your finances.

The good news is that Chip will have as much control as you allow it to. You’re the boss and can make use of several features within the app to keep Chip working to your comfort level.

  • You can instruct Chip to increase or decrease the amount of money it puts aside for you.
  • You have the power to cancel any transaction Chip is going to make before 3pm.
  • You can pause Chip at any time and money will no longer be moved.
  • You can manually move money to your Chip account whenever you want.
  • You can instruct Chip to move money even when you’re in your overdraft by altering the settings in your ‘Account’ tab. Of course, you are responsible for any charges you may face by using this setting.
  • All money moved is stored in your Chip account and can be accessed at any time as you see fit.

How are you taking charge of your finances in 2020? 

Chip is a clever app that automatically puts money aside for you based on your spending habits, so you can save without feeling it!

Using AI to scan your transaction history, Chip moves the perfect amount so you won’t even notice it’s gone! 

Make that trip to Barcelona happen; get that house renovation paid for; sort out your Glastonbury tickets without lifting a finger and come join the 150,000 who are already on their way to smashing their 2020 resolutions! 

Important Details About Chip

It’s free to set up a Chip account and everything is dealt with through the app that can be downloaded for iOS and Android devices. All you’ll need to set up an account is your name, date of birth, current address, and your debit card details. Chip is not compatible with credit cards.

Chip has a data control licence and act in compliance with the Data Protection Act. Your online banking details are protected, and this data is not stored.

To withdraw funds from your Chip account, you need to tap the ‘Withdraw’ button in the app. If you do this before 5pm on a working day, the money will arrive in your bank account the same day. Any withdrawals made after 5pm or over the weekend will arrive in your bank account on the next working day.


Chip offers a great way for people to put money aside for all kinds of things. Whether you’re wanting to stash cash for a big-ticket expense like a house deposit or simply want to budget for a ticket to a sports event, Chip provides a way for you to work towards all these goals.

There are plenty of benefits to using the Chip app but the two that stand out above the rest are the fact that the process is automated and also done in a way that keeps you in the strongest financial position possible at any given time. 

Putting cash away manually for specific things can be a bit of a chore and often leads to people forgetting about it altogether. It can also be difficult to know how much you can afford to set aside at any given time. Chip takes all this nuisance out of the equation. By allowing the app to analyse your spending over a 4-day period, you’ll be putting away an appropriate amount of cash without having to do any of the sums yourself. You’ll also be working towards your spending goals without having to think about it. Finally, the fact that you have full control over how Chip operates means it’s a worthwhile app to try either way. You can always put Chip on pause if you’d prefer to go back to manual analysis but, once Chip is doing its thing, it’s unlikely that you’d want to revert the process anyway. 


What is the Chip App?

Chip is an app available for iOS and Android that looks at your spending habits and available balance and then uses AI technology to put money aside for you each month.

How does Chip work?

Once you have linked your bank account to your FREE Chip account it will look at your spending habits and see where there is an opportunity for you to put money aside for the future.

How much control does Chip have over your bank account?

If Chip decides that you are do not have any spare cash for it to move elsewhere it won’t do. It uses AI to scan your bank account so that when it moves money you won’t even know it has gone.

How much does Chip cost to use?

Chip is completely free to use no matter how much you use it.

What do you think?

Written by themoneyshed

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