chip automated saving for freelancers

How to save… without even trying!

Ever since I moved into my new house, I have so many outgoing expenses it’s been literally impossible for me to save. I had to buy furniture, home appliances then my boiler broke and now my bath broke, seriously it has been non-stop EXPENSES. It’s driving me crazy because normally I am a really resourceful saver. I don’t want to be a moan, but over the last year, I’ve really struggled to save at all. It’s quite strange for me to admit to, but it honestly made me feel really crap being out of control of my finances.

I then saw a tweet about Chip from another blogger – I’m so annoyed I can’t remember who it was that tweeted about it! But they mentioned the Chip app and it got me looking into it.


chip automated saving for freelancers

What’s Chip?

Chip is an automated savings app that uses an algorithm to calculate the exact amount you can afford to save. So, after it calculates how much you can afford and confirms everything with you, it will deduct that amount from your bank through a direct debit. This could be as little as a few quid or a bit higher depending on how much spare cash they think you can afford. The money Chip saves for you is then deposited into your Chip account which is hosted at Barclays Bank.

Straight away, because of my current predicament, I was obviously like helll yeaaa sign me up! But I know that I have a tendency to react on impulse, so I decided to speak to my inner circle ? to find out what they thought of it. I’m not going to lie, they did plant a few little seeds of doubt into my head about the security of using an app for my money management. So it got me thinking…

How safe actually is it?

So I downloaded the app, but I put it on standby for a little while until I could understand all the nitty-gritty. This is what I found out:

How am I covered if they go bust?

Chip is obviously a start-up and I know that 90% of start-ups fail which is pessimistic, but true! This means that there is a higher risk of them going bust. So, I did a little research and found out that they are regulated by the Financial Conduct Authority (FCA). I have actually come into contact with the FCA before, as my bank messed me about and mishandled my finances to a point where a massive investigation was opened and the FCA had to get involved with my case (and several others). So, I know that the FCA doesn’t play about. This article on their website also confirms that if a company goes (legitimately) bust, you can claim up to £50,000 back with investments.  You can read more here.

I also know that they’ve got 25,000 active users and have just secured a huge partnership with MSE, and I have subscribed to their investor emails and they have some massive plans (good ones too) in terms of growth. I’m actually thinking about becoming an investor (on a small scale) so my thoughts are that they are unlikely to go bust anytime soon!

Is my data safe?

Chip have read-only access to your account so it isn’t able to do anything to your account other than review your transactions (to see how much you can afford to save) and they also have a data control licence – you’ll find them on the ICO register. As for your online banking login details, it is protected using 256-bit encryption (which is what banks use) and Chip does not store ANY of your data. Also, with the new data protection laws that are going to be put in place early next year along with their expansion plans, I highly doubt they would jeopardise their entire business by not abiding by the law, especially at such an early stage.

How is my interest calculated?

Any interest you earn is calculated weekly and paid to your Chip account quarterly.

Can I access my money instantly?

You can withdraw money from your account at any time. It’s an easy process. When you enter the Chip app you simply click withdraw, then enter your amount and that’s it. If you withdraw before 2 pm on a weekday and you will get your money back into your bank account on the same day. If it’s after 2 pm or at the weekend then your money will be in your account the next working day.

What if it goes into my overdraft?

Chip has set up an overdraft guarantee. So if they ever make an automatic save which dips into your overdraft, they’ll add £10 to your chip account to make up for it.

This is just all the knowledge I’ve gained from doing my own research. I’ve had a few live chats on the app and via email with their team. They are usually quick to respond, this might be something to consider if you want to find out more info!

chip automated saving for freelancers


But let’s get to the real question, how much can you earn…

What I could potentially earn in interest is really what got me actively using the app, despite my initial doubts. The fact that you can earn up to 5% interest with Chip is crazy because it’s UNHEARD of in today’s economy. I’ve already saved £60 with my Chip app and I look forward to the interest benefits in the future!? I think my bank only offers something ridiculous like 0.15% in its instant access everyday saver.

The tricky part of Chip’s system is that to gain extra interest it works on a referral system. So for every friend you refer, you get 1% interest. Invite your family – Mum, Dad, Cousins, Siblings and there you have 5% waiting for you.

But I can offer you something even better…

How you can get an instant 2% interest on your savings…

Sign up to Chip here and use my code ‘KUMBEAR’ and you can get 2% added immediately to your account! So easy.

I don’t want to try to pull the wool over anyone’s eyes and I always want to keep my blog open and honest. I did find and use Chip myself without sponsorship or anything, but I did speak with their team in order to get you this exclusive deal and it’s mutually beneficial so I will receive a small fee for anyone that signs up and activates the 2% interest using my code.

I am glad that I did come across Chip because I’ve been setting saving goals on the app and I’ve saved over £60 since October which is going straight to my Christmas shopping!

 C’mon I want to hear your saving goals in the comments! ???


  • Sam November 23, 2017 at 10:59 pm

    Such an interesting article, thank you for this. Very interesting

    I decided to sign up to Chip.
    Very easy to set up and start using.

    If anyone wants to use my referral code, it’s : Q0BQMT
    Using this we both get 1% interest each .

    Thank you so much if you use this code.

  • Olivia November 24, 2017 at 7:44 pm

    Ooo this app sounds so interesting and so handy!

  • Caitlin Houston November 24, 2017 at 9:54 pm

    great post, must have a go at this app!!

  • Sarah November 26, 2017 at 5:32 pm

    This sounds really interesting xx

  • Poppy Mayy November 28, 2017 at 1:26 pm

    This app sounds really good. I currently have a budgeting app where I store all of my spending and receipts however I haven’t come across one that does the savings for me and adds interest! Very interesting article, I’m going to check out the app now.

  • Helena November 30, 2017 at 1:04 am

    This sounds like such a good idea I’m going to have another look into this!

  • Jessica December 1, 2017 at 8:52 am

    This sounds a really good app and I love all the research you’ve done beforehand. I’ve just recently quit my full time job to study so I’m being extra careful with money and this sounds amazing right now! So glad I came across this and your post, loved your style of writing!xx

  • Natasha December 7, 2017 at 5:51 pm

    This sounds like a really good app. I’m desperately trying to save money

    Tasha x