Chip Bank and App Review – 4.84% Interest (Personally Tested 2024)

We have evaluated the Chip App using our six-pillar method. This method considers useful features, customer service, user experience, fees, feedback, and suitability for beginners.

 I personally recommend Chip for building an emergency fund in a high-interest savings account. Also, it is a gateway to dipping your toes into investing.

In this article, we are going to look all about the Chip Bank and will let you know everything that you should know:

What Is Chip?

Chip is a fintech app that aims to make saving and investing easier for everyday folks like you and me. It is not a bank, but it is fully regulated by the Financial Conduct Authority (FCA). Here is what you need to know:

  • Founded in 2017: Chip emerged with the help of crowdfunding, and it now boasts around half a million active accounts.
  •  How It Works: You manage your Chip account through the app, which is linked to your main bank account via open banking technology. Think of it as your financial sidekick.

How Does Chip Bank Work?

Chip Bank is regulate by the Financial conduct authority(FCA). Here is how it works:

Savings Accounts

Chip offers three types of savings accounts:

  1. Instant Access: This one is like your digital piggy bank. You can start with as little as £1 (that is about the price of a fancy coffee) and save up to a maximum of £250,000.
  2.  Cash ISA: Tax-efficient savings for those rainy days. It is like a cozy financial umbrella.
  3.  Prize Savings Account: This account gives you a shot at winning up to £10,000 a month or even luxury travel experiences.

Autosave with AI Magic

  • Autosave: Chip’s secret sauce. It is an artificial intelligence (AI) tool that analyzes your spending habits and bank balance. Then, it squirrels away small amounts of money into your savings or investment accounts. You would not even notice it happening, but over time, your stash will grow.
  •  Cost: Each autosave transaction sets you back 45p. Not bad for a little financial wizardry, right?

Investment Accounts (ChipX Plan)

ChipX Plan: The premium version. For a small monthly fee, you get access to more features:

  • General Investing Account: Dip your toes into the investment pool.
  •  Platform Fee: 0.50% (minimum £1 per month). Hey, even wizards need a tiny fee.
  •  Fund Options: You can choose from two funds: the FTSE 100 index fund and the S&P 500 tech fund.

Pros and Cons of Chip Bank

Some pros and cons of Chip Bank are:


  • Competitive Savings Rates: Chip knows how to woo savers.
  •  Autosave Magic: It is like having a financial fairy godmother.
  •  Set Savings Goals: You can aim for that dream vacation or a new gadget.


  • 45p Charge per Autosave: Not everyone’s cup of tea.
  •  No Standing Orders for Saving: Sorry, no robot butlers here.
  •  One Bank Account Link Only: Chip’s a bit monogamous when it comes to bank accounts.

What are the security features of Chip Bank and App?

Let us explore the security features of the Chip App to ensure your hard-earned money is well-protected:

  • Bank-Grade Security: Chip takes security seriously. They use robust encryption protocols to safeguard your data. Think of it as a digital fortress for your finances.
  •  FCA Regulation: The app is fully regulated by the Financial Conduct Authority (FCA). This means they play by the rules and adhere to strict standards.
  •  256-Bit Data Encryption: Your information is encrypted using a 256-bit encryption algorithm. In simple terms, it is like wrapping your data in an unbreakable code.
  •  Live Chat Customer Support: Got questions or concerns? Chip’s got your back with live chat support right within the app. No more waiting on hold.
  •  Financial Services Compensation Scheme (FSCS): All Chip savings and investment accounts are covered by the FSCS. If the provider ever goes bust, you are protected up to £85,000 per person (not per account). Safety first.

How does Chip handle account authentication?

Chip takes account security seriously and offers two-factor authentication (2FA) to keep your account safe. Here is how it works:

Enable 2FA:

  • Download Google Authenticator on your mobile phone.
  •  Go to Settings > Security in the Chip app.
  •  Turn on 2FA by switching the feature to Enabled.
  •  A QR code will be generated.
  •  Scan the QR code with Google Authenticator and submit the six-digit code.
  •  Now, when you log in to Chip, you will need your Google Authenticator code as a second layer of security.

Key Points:

  • 2FA ensures that even if someone knows your password, they cannot access your account without the unique code.
  •  Google Authenticator codes regenerate every 30 seconds.
  •  You can disable 2FA in Settings > Security if needed.
  •  Lost access to Google Authenticator? Contact [email protected] for help.


For Savers Chip’s a solid choice if you want competitive rates and a nifty autosave feature. Moreover, for investors, you get access to funds with low fees, but watch out for those charges.

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