• Skip to main content
  • Skip to primary sidebar
Tiktok
Work With Us
Work With Us
The Humble Penny
  • Home
  • Courses
    • One Grand Plus
    • Take Control Bootcamp Planner
    • Make Money Monthly With Affiliate Marketing
    • Budget For Life
    • Super Simple Investing
    • FIRE Superpower
    • Rocket Your Income
    • Value Bundle
  • Programmes
    • Financial Joy Academy (FJA) Membership
    • Architect Programme
    • Financial Joy Academy (FJA) VIP
    • FIRE SuperPower
  • Workshops
  • About
    • About Us
    • Contact
  • Blog
  • Free Resources
    • Free Courses
    • Start a Blog Tutorial
    • Best Resources
    • Books We Love
Start Now
The Humble Penny
  • Home
  • Courses
    • One Grand Plus
    • Take Control Bootcamp Planner
    • Make Money Monthly With Affiliate Marketing
    • Budget For Life
    • Super Simple Investing
    • FIRE Superpower
    • Rocket Your Income
    • Value Bundle
  • Programmes
    • Financial Joy Academy (FJA) Membership
    • Architect Programme
    • Financial Joy Academy (FJA) VIP
    • FIRE SuperPower
  • Workshops
  • About
    • About Us
    • Contact
  • Blog
  • Free Resources
    • Free Courses
    • Start a Blog Tutorial
    • Best Resources
    • Books We Love

How To Save Money Automatically With Chip

January 1, 2020 by The Humble Penny 0 Comments

This post may contain affiliate links and we may get paid a small commission if you click on a link. Please read our disclosure.

WhatsApp
Share
Share
Pin
115 Shares

How To Save Money Automatically With Chip – Ad | This is a paid partnership with Chip

how to save money automatically with Chip“Show me someone who has saved money and I’ll show you their future”?

If you’ve never heard that saying, it’s probably because no one has ever quite put it that way until now.

My experience of those who achieve their money goals in life and those who don’t, is usually highlighted by the attitudes to save money.

One of my key beliefs in life is that anything can be achieved, but it usually starts with taking small steps.

The same idea can be applied to our finances, goals and dreams.

If your goal is to become financially secure or financially independent one day, that journey begins with being able to manage the small amounts of money in our lives.

This is usually where the battle is lost for most people either due to persistent bad spending habits, or purely due to using the wrong tools for budgeting to save money.

As someone who meets many people struggling to save money, the one thing that I know for certain that would be helpful is if more people automated the process of getting money saved.

I’ve been able to achieve this in my life my using budgeting tools and setting up standing orders to make sure that a portion of our monthly income is saved and invested without fail.

This approach doesn’t always work though and requires a level of discipline to make sure that everything works as it should.

As such, I’ve been on the lookout for tools that can better help my friends, family and readers of this blog save money better.

This is why I’m writing this post today as I’ve come across as innovative app called Chip, which helps you save your stash automatically using AI technology.

Table of Contents

  • What Is Chip?
  • How Does Chip Work?
  • How Chips Works Out How Much To Save
  • What About Withdrawing Your Money From Chip?
  • How Secure Is Chip?
  • £10 Bonus Offer – Get Paid To Save With Chip

What Is Chip?

Chip is a clever app that automatically puts money aside for you, so you can save up for your goals without thinking about it.

The app is smart enough to move and save the right amount and usually saves an automatic average of £20. 

Essentially, it will save enough such that you won’t notice your bank balance dropping. 

Plus, it will ensure that you do not miss any direct debits and will never push you into your overdraft.

how to save money with Get Chip

How Does Chip Work?

It works based on artificial intelligence and plugs into your bank using your bank credentials.

Your bank essentially shares your transactions with Chip via Open Banking (a new data sharing initiative set up by the government).

Chip connects to various major banks such as HSBC, NatWest, Halifax, Lloyds, Barclays, First Direct, Nationwide, Santader, Metro, TBS, RBS and Co-operative Bank.

It even connects with the new challenger banks such as Starling, Revolut and Monzo! Basically, you can get connected to Chip no matter who you bank with.

Note though that there is limited connectivity to the challenger banks, but they’re working on this.

To learn more about how Chip works, read more here.

how to save money with get chip

How Chips Works Out How Much To Save

Chip takes away the need for your to decide how much to save.

To work out how much the app saves on your behalf, it uses average data from all Chip savers.

It then cross references that data against your profile to calculate how much you should put aside.

What I particularly like about it is that you have the opportunity to cancel an automatic save before it leaves your bank account.

You can also move money manually and put up to £10k in your Chip account.

A particularly neat feature of Chip is that you can set yourself money goals and track your progress towards hitting them.

Such goals can include such things as clearing an overdraft, putting money aside for a new holiday, etc.

The app helps you save towards such goals, and you simply withdraw your stash when you’re ready to make those goals happen.

What About Withdrawing Your Money From Chip?

You can withdraw your money whenever you want!

Simply hit the ‘withdraw’ button before 5pm on a working day and the money will be sent to your account to arrive the same day.

If you tap withdraw after 5pm or at the weekend, it will be with you the next working day.

How Secure Is Chip?

It’s important to note that Chip is not a savings account and does not have FSCS protection.

Your money is stored as e-money and Chip works in partnership with an electronic money specialist PFS (Prepaid Financial Services FRN: 900036) to store your money.

PFS keep the money with a major retail bank, which is currently Barclays. 

This is stored in a ring-fenced account, which means it will never be used for any trading activities as it’s your money.

The money Chips puts away for your is put into your Chip account. Your data is protected by bank level 128-bit encryption.

For the geeks, this means it would take 2^128 combinations to break the key – using the world’s most powerful computers, this would still take a billion years.

Basically, Chip only ever move money between your Chip account and your bank account.

So at all times, your money will always be in an account with your name on it.

£10 Bonus Offer – Get Paid To Save With Chip

How are you taking charge of your finances in 2020? 

We have a great deal for all readers of The Humble Penny who decide to download get Chip and start to save.

OFFER: Sign up now using our unique code, and you’ll get £10 as part of our exclusive welcome offer*.

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 goals!

*After two auto-saves, you will be eligible for the £10 welcome bonus. This is usually within 2 weeks. The bonus will then be credited to their Chip account within 30 days.

how to save money with Get Chip

 

What To Read Next>>

  • How Much Money You Should Have Saved By Age
  • 10 Reasons Why People Spend More Money Than They Earn
  • How We Live Well On A £50/Week Food Budget (Family of 4)
  • 50 Ways To Save Over £10k Per Year

Have you used Chip before? What is your experience of using the app? Please comment below.

Do please share this post if you found it useful, and remember, in all things be thankful and Seek Joy.

How To Save Money Automatically With Chip
WhatsApp
Share
Share
Pin
115 Shares

What To Read Next On Make money >>

  • Get a FREE Domain Name to Start a Blog or Side Hustle
  • Travel Business Class Cheaply By Collecting Avios Points
  • Combine All Your Old Pensions Into One With PensionBee
  • Replace Your Salary By Learning How To Code Without a Degree

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

About-the-humble-penny

We are Ken and Mary Okoroafor, founders of The Humble Penny®.

Learning how to take control of our finances, grow our money and develop healthy money habits has transformed our lives since our early days as a young couple with little money having started out as immigrants. It enabled us to become mortgage-free in 7 years and also achieve Financial Independence aged 34!

Today we live purposefully to help others achieve Financial Freedom and ultimately create meaningful lives of Financial Joy.

Follow us

  • mail
  • facebook
  • twitter
  • instagram
  • youtube

Popular Posts

  • BEST SIDE HUSTLE IDEAS UK | 50 Ways to Make Extra 1000 a Month
  • 7 Guaranteed Ways On How To Make An Extra £1000 A Month (2022)
  • 12 Best Income Generating Assets for Passive Income (2022)
  • How To Prepare For a UK Recession 2022 (ACT NOW)
  • BEST VANGUARD FUNDS: ETFs and Index Funds For Financial Independence
  • How To Start An Online Business In 7-DAYS

Create a financial life you love. Subscribe via email:

  • HOME PAGE
  • About
    • About Us
  • Blog
  • Course
  • Programmes
  • Workshops
  • Free Resources
    • Free Courses
    • Start a Blog Tutorial
    • Best Resources
    • Books We Love
  • PRIVACY POLICY
  • COOKIE DISCLOSURE
  • DISCLAIMER
  • CONDITIONS OF USE
  • Contact Us
Tiktok

To help you remove money stress and achieve financial independence

Create a financial life you love.
Subscribe via email:

  • HOME PAGE
  • About
    • About Us
  • Blog
  • Course
  • Programmes
  • Workshops
  • Free Resources
    • Free Courses
    • Start a Blog Tutorial
    • Best Resources
    • Books We Love
  • PRIVACY POLICY
  • COOKIE DISCLOSURE
  • DISCLAIMER
  • CONDITIONS OF USE
  • Contact Us
Tiktok