Whilst interest rates had massively improved since the depression in 2008- the recent brexit wobbles threw them into instability again. Banks instantly cut their interest rates and that left us – the consumers – feeling disappointed. Chip is the new mobile app that’s set to get banks shaking in its wake. Chip app promises up to 5% interest on your savings, a interest rate that tops even the highest saving account available.
So what is Chip?
Chip is a automatic savings app that has been designed to help those who struggle to save to start putting aside money for the future – whether that’s for a house, car or a rainy day. Effectively it is your own little personal assistant that will assess how much you can save and put it away into a account, without you having to lift a finger. If you find it hard to save in the traditional ways then this is a great way to start putting money aside.
How does Chip app work?
Chip app is a chatbot that takes all the hard work out of saving. The interface is very informal and you’ll be seeing lots of emojis, gifs and friendly banter – not a huge difference between you and your best friends daily chats. It needs access to your bank to be able to assess what you spend and how much you can save, but be reassured it can only access a read only version. The app is completely free and can be downloaded on both iOS or Android mobile platforms. The best bit about the app is that it gives you the potential to save up to 5% on your savings with no cap, this is significantly larger than the top no cap savings accounts interest rate of around 2.25%. The current account or savings accounts that do have a 5% interest rate are often fixed for a year or specify that you can only put up to a specified amount in each month. On download of the app you will start at 0% interest however if you enter my code HCB3PY we will both earn a further 1% on our savings. By inviting a further 4 people you will benefit from the top 5% interest rate.
Whilst Chips algorithm will decide how much you could save, you can always save less or more, the choice is always yours at the end of the day. You can set goals for what you’re saving for and easily check how much you have saved. If you’re struggling with anything there is a frequently asked questions section and even a live chat.
Is my money safe?
Chip has a data control license and is registered on the ICO register. No data is stored and any online banking details are fully encrypted to avoid your details being intercepted. Your money is stored in a Barclays Bank account in your name so should Chip go under your money should be safe (as long as Barclays don’t also go under which is of course unlikely).
I’ve had the app a few days now and have already saved £17.20 with very little effort at all. If you want to start saving but struggle to put any money aside yourself this is a great way to start putting money away. Download the app on the Google Play store or the App store and don’t forget to enter my code HCB3PY to earn your initial 1%!