What is the Chip savings app?

Chip is a UK savings app that uses open banking to analyse your spending and automatically move spare money into a savings account. Founded in 2017, Chip is FCA-regulated and offers easy-access savings accounts, fixed-rate accounts, and a cash ISA in partnership with FSCS-protected partner banks. Chip is not itself a bank — it is an e-money institution that uses open banking to connect to your current account.

Which bank accounts work with Chip?

Chip connects to most major UK banks and building societies via open banking APIs, including Barclays, HSBC, Lloyds, NatWest, Santander, Halifax, Monzo, Starling, and many others. The connection is read-only — Chip reads your transactions to calculate how much to save but cannot initiate payments without your direct authorisation. This is the standard FCA-regulated AISP framework.

Is a Chip savings account safe and FSCS-protected?

Chip’s savings products are offered in partnership with FCA and PRA-regulated banks. Deposits held in Chip’s partner bank accounts are FSCS-protected up to £85,000 per institution. Chip holds its own e-money liabilities in safeguarded accounts, meaning your money is ring-fenced from Chip’s operating funds. Chip’s cash ISA product also benefits from FSCS protection via its partner bank.

Open Banking in Practice: Chip’s autosave feature calculates a safe amount to set aside based on your income and spending patterns — detected through open banking — and moves it to your Chip account. You can adjust or pause autosaving at any time. Chip also offers manual deposits and fixed-rate savings for those who prefer to manage savings themselves. Read our guide to open banking-powered savings apps on openfuture.world.

FAQ

Where can I get 7% interest on my savings in the UK?

Rates above 5–6% are rare and typically short-term promotional offers; check best-buy savings tables on comparison sites for current top rates across all providers.

Is a Chip cash ISA a good option?

Chip’s cash ISA is competitively priced and offers FSCS protection; compare it against other cash ISA providers on savings comparison sites for the best current rate.

Does Chip have a card or current account?

No — Chip is a savings app only; it does not offer a debit card, current account, or payment services.