Saving money with the Chip app (AD)
I’ve been saving money with a really handy app called Chip since October last year and wanted to tell everyone about how brilliant I think it is!
In September last year I was invited* to a brilliant event hosted by top money bloggers offering tips and advice on everyday savings, building up your credit score and mortgages.
You can find out more about the GiffGaff GamePlan Life Goals Workshop including top tips to save money and improve your credit score here.
The first workshop was ran by Eileen who has a brilliant blog YourMoneySorted.
She recommended using a clever savings app called Chip which puts money away for you in an intelligent way, based on your spending behaviour.
I’ve downloaded it and have since been saving money without even realising it.
About the Chip app
Chip is a very clever and handy app.
The algorithm calculates how much you can afford to transfer into your Chip account, without having an impact on your life.
A small amount of money is automatically transferred every few days into your Chip account.
Your Chip account is a cash account held at an E-wallet Barclays.
You can get 1% on your stash for every friend you invite.
If you want to cancel a save or withdraw savings you can do so very easily.
The chatbot interface makes it a bit more fun and interactive too.
How does it work?
Chip securely connects with Barclays, HSBC, Santander, Lloyds, NatWest, Nationwide, RBS, TSB, Halifax, First Direct, Co-operative Bank and Metro Bank accounts.
My overall thoughts of the Chip app
Avid readers will know from my 30 before 30 bucketlist that at number 12 was to pay off my credit card.
Now while I haven’t quite achieved this yet I have made bloody good progress.
I currently owe less than £100 on my credit card.
I’ve managed to quite literally chip away at the credit card debt thanks to the Chip app.
The small savings it has made for me I have withdrawn and transferred straight into my credit card and this has massively helped me to get the outstanding amount I owe right down.
When I got my new phone I had to reconnect the Chip app with my bank which was a little bit fiddly but honestly it is worth it.
There’s been a few times close to pay day where I’ve felt the need to cancel a saving and it’s so quick and easy to do.
I’d 100% recommend the Chip app if you’re wanting to save or like me pay off a credit card.
Earn free money with Chip
For each of your friends that signs up you get an extra 1% interest on your savings for a whole year.
My friend code is QREN05 if you’d like to help me earn some free money!*
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Disclaimer
*I was invited to attend this event by a PR agency on behalf of GiffGaff. This post has been written with 100% honesty. I was not financially compensated for this post.
I received a goodie bag as a thank you for attending the event. The opinions expressed in this post are completely my own based on my own experience.
My friend code will earn me 1% interest on the savings I make in a year but will not have an impact on yours.
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Thanks for the share. We have been using Save with Plum for sometime now which is a very similar concept. Although this one lives in Facebook messenger as a little AI Bot. We paid for a holiday using it.
GR | https://www.thegreat.uk/save-with-plum/
Yes Plum has been recommended to me too and sounds very similar!
This seems very similar to Ebates. Is it the British version??
I’m not sure haven’t heard of Ebates before.
Very cool, I’ve actually never heard of this before!
The September event sounds fab, great way to discover new things. I hadn’t come across the Chip app before, so learning more about what it does it now makes sense why it’s called that, to ‘chip’ away at money. It’s brilliant that you’ve already made such progress with adding small savings this way, it definitely seems more manageable when considering you only need to be saving a little regularly.
Thanks for sharing – this is something that could probably help a lot of people towards their savings goals!
PS. I love GiffGaff, been with them for several years, so it’s great they were behind your invite for the event! 🙂
Caz xx
This sounds like such a handy app! It’s great that it calculates a small amount so that you don’t really notice the difference but over time it all adds up. Well done on almost clearing your credit card too, that’s fantastic progress, go girl! Thanks for sharing the review Rachael, I think I’ll download this and see how much I can save <3 xx
Bexa | http://www.hellobexa.com
Never heard of this app before, that’s so clever!
Hi, Very Good Article. I really appreciate it. Now you got one regular visitor to your website for new topics. Keep up the Good Work Thanks for always sharing. Nicole Graham
How interesting! I started using the Stash app recently, which is similar method and thinking but geared more toward investment.
There’s some really clever apps out there.
This sounds super-handy to have!
It really has made such a difference to me.
I have been using Chip for over a year and I can’t stop recommending it. The interest rate goes away after 12 months, but it’s still good to have someone that helps you save like that. 🙂 I’d also suggest Emma, the budgeting app. It’s really colourful. https://emma-app.com/
I’ll have to check out the Emma app thanks Jenny!
I’m trying to find a way to boost my savings again after buying our first house last year so I’ll definitely check this app out!