Chip - Automatic Savings

Chip is a Savings application that works by monitoring your bank account for your spending patterns, then it sets an amount and saves that away for you automatically.

Once you get the application, you create your Chip account then you connect it to your current account, at the moment it works with Barclays, HSBC, Halifax, Santander, Lloyds, First Direct, Co-op, Metro bank and Nationwide.  the algorithm they have monitors your spending for the first couple of weeks to see your spending patterns it will then offer an amount for you to save.

Every few days it will transfer money across, the more you spend the less you save etc.  You can adjust things in the app as you go, so you can say to save more or save less depending on your current circumstances, or you can ask it to pause so it will not transfer anything.

You can ask in the app for Spending and it will show you a summary of how much you have spent so far, and what that is over from the last month.  Inside the application there is also a live chat feature.  I have tried to use this once and it didn't really work as no one cam into the chat.  It says its going to get someone, and no-one actually came to chat.  

You can withdraw your savings from your account back into your current account, and you can do this at any time.  The money they say is deposited the same day.

So far it has come up with one figure for me, 9 days ago and said that it is in my savings account. This seems strange as from looking at my bank account the money has not left yet.  I can't find why is hasn't shown up as no one comes into the live chat feature is not working.  I have emailed them today so I will see what they come back with.  

You get 1% on your savings, but you can get up to 5% when you refer friends.  Currently I won't publish my code until I get a couple of answers about the application.  It seems like a great idea to help you save a little each month, but from first impressions I am not convinced it is working correctly.

One feature I don't like is that it will only work on one device, I think they need to put it into an app where you can login to it from your phone or your tablet so you have more options.  I am hoping support get back to me soon, as I would like to find out where my savings is currently, ans also why I have only had one amount since opening the account.  I will keep you posted.

I am always interested in your thoughts so if you have any comments or feedback then please feel free to add any comments, or you can mail me  here.

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