Money saving

How does Chip work – automatic bank skimming

January 16, 2018

How does Chip work? Automatic bank skimming and saving tool

Skimming money from your current account in to your savings account is a great way to build up savings. Doing it manually means logging in to your online banking, remembering what bills you have coming up so you don’t skim too much, and getting in to the habit of skimming regularly.

Chip is an innovative app designed to remove all this hassle and save in an intelligent way, based on your spending behaviour. And it is free!

How does Chip work?

When you sign up, you grant Chip read-only access to see the transactions data in your online banking. Every few days, Chip’s algorithm calculates what you can afford to save based on your spending habits.

It then automatically transfers small amounts of money from your current account into your Chip savings account, every few days. Your Chip savings account is a new instant access savings account, held at Barclays, which is opened for you when you sign up. Chip is fully regulated in exactly the same way as your bank.

The chatbot interface makes it all a bit of fun too!

Screen shot of Chip interactive chat bot having a conversation

Can anyone use it?

Chip can skim for you if you have a current account with the following banks:

  • Barclays
  • HSBC
  • Santander
  • Lloyds
  • NatWest
  • Nationwide
  • RBS
  • TSB
  • Halifax
  • First Direct
  • Co-operative Bank
  • Metro Bank

Interest rate

This is one of the best things about Chip! The savings rate can be a whopping 5% which you definitely can’t get on the high street. You can earn the interest on up to £10,000. You’ll start on a lower rate of interest and earn 1% extra by inviting your friends to join too.

Do I still have control?

If you are concerned that you lose control here to a faceless AI chat bot, don’t fear.

  • You can cancel any save before it goes ahead.
  • Automatic saving can be paused any time – just tap ‘pause’ to stop Chip saving for you and tap ‘resume’ to make it start again.
  • You can also ask Chip to increase or decrease the amount it saves by tapping ‘save more’ or ‘save less’.
  • There is no need to wait for Chip to make savings either – you can tell it to move across up to £100 a day, up to six times a month.

Chip has full confidence in its artificial intelligence that if it makes an automatic saving that pushes you into your overdraft, it promises to replace the money immediately. It will then pay the bank charges, and pay £10 in your savings account as a gesture of goodwill.


It’s worth downloading – here for iPhones and here for Android. Plus using the referral code N9MWCM will give you an extra 1% interest on your savings.

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  • Reply Sam January 27, 2018 at 11:59 am

    Really interesting read , very informative. Thank you for this.

    I decided to sign up for Chip to help me save a little while ago and its been great for me.
    Very easy to sign up and use.

  • Reply Phil April 11, 2018 at 8:55 pm


    When you are registering, the app will ask you if your friend has given you a code.

    Using this code when you sign up means that we will both receive 1% interest each (otherwise you’ll start on 0% interest and have to earn it!).

    Update: There’s a competition this week to win a holiday 🙂



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