Chip App Review (2026): Is the Savings Account Any Good?

If you’ve searched “Chip app review” or “Chip savings review”, you probably don’t want a fluffy “money app” overview. You want to know one thing: is the savings account actually any good, and is it worth moving your cash over?

I’ve used Chip on and off for years. I’ve watched it morph from a clever autosaving chatbot into something much more straightforward: a savings app that tries to stay competitive on rates, with paid extras for investing and automation.

Here’s the honest version, updated for 2026.

Chip summary

Chip review

Savings app

Chip remains a top-tier contender for those who want a “hands-off” savings experience. While the AI-driven autosaves now come with a small fee on the basic plan, the app’s ability to consistently offer competitive tracker rates—often sitting near the top of the market—makes it a high-value tool for serious savers.

— Pete Chatfield

★★★★★ ★★★★★

4.1/5

Ease of use

★★★★★ ★★★★★

Functionality

★★★★★ ★★★★★

Interest rates

★★★★★ ★★★★★

Value for money

★★★★★ ★★★★★

Pros

• Highly competitive tracker rates (currently 3.76% AER boosted)
• Seamless integration with Open Banking
• FSCS protection on all savings products
• Excellent mobile interface and goal tracking

Cons

• 45p fee per autosave on the free plan
• Significant interest penalty for frequent withdrawals

Try Chip

Reviewed by Household Money Saving

Quick verdict

If you want a simple place to park savings and earn a decent rate without constantly switching providers, Chip is good.

If you want the absolute best easy-access rate on the market at all times, Chip won’t always be the winner.

What is the Chip app?

Chip is a UK savings and investing app launched in 2016. Everything is managed through the app, and you link a UK current account using Open Banking to move money in and out.

When Chip first launched, its big selling point was autosaving – automatically moving small amounts into savings based on your spending habits. That feature still exists, but it now costs money on the free plan.

Today, most people use Chip as a straightforward savings app rather than an AI budgeting tool.

Is Chip safe?

Chip isn’t a bank, but it is regulated in the UK.

Your savings are held with partner banks rather than Chip itself, which means they’re protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per person, per banking licence.

In plain English: your money isn’t “at Chip”, it’s held with regulated banks behind the scenes, and the usual FSCS rules apply.

Chip savings accounts explained (2026)

Chip offers three main savings products that most people care about.

Rates are variable and can change, so always check the app before moving large amounts.

Chip Instant Access account

This is the simplest option.

You can add and withdraw money whenever you like, with no penalties. Chip often offers a boosted rate for new customers for the first 12 months, after which the rate drops to the standard level.

This account works well for:

• Emergency funds
• Short-term savings
• Anyone who wants flexibility

Chip Easy Access saver (limited withdrawals)

This account usually pays a slightly higher rate than Instant Access, but there’s a catch.

You’re limited to three withdrawals in a 12-month period. If you go over that, Chip reduces the interest rate significantly.

This account only makes sense if:

• You’re confident you won’t dip into it often
• You want a better rate than Instant Access
• You’re happy treating it like semi-locked savings

If you think you’ll need regular access, this isn’t the one.

Chip Cash ISA

If you’re searching for a Chip ISA review, this is the key product.

The Chip Cash ISA allows you to save up to £20,000 per tax year and earn interest tax-free. Like the other accounts, Chip often offers a boosted rate for new customers for a fixed period, before reverting to a lower standard rate.

This account is best for:

• Larger balances
• Anyone starting to pay tax on savings interest
• People who want a simple, app-based ISA

How Chip compares to the best savings accounts

Chip doesn’t always pay the highest rate on the market.

There are often providers offering higher easy-access rates, especially as short-term teaser deals. The difference is that Chip tends to stay “competitive enough” without you needing to move money constantly.

If you enjoy chasing the top rate every few months, you’ll probably outgrow Chip. If you want convenience and simplicity, Chip fits well.

Does Chip cost money?

There are two membership options.

Chip (free plan)

The free plan has no monthly fee, but certain features cost extra.

Autosaves cost 45p per save, which can add up if you use the feature regularly.
Recurring deposits (where you choose a fixed amount and date) are free.

This is the plan most people should stick with.

ChipX (paid plan)

ChipX costs £5.99 every 28 days, or £4.99 per 28 days if paid annually.

ChipX removes autosave fees and investment platform fees, and unlocks more investment options.

For most savers, ChipX isn’t worth it unless:

• You autosave constantly and hate the per-save charge
• You invest regularly through Chip and want to avoid platform fees

Is autosave worth paying for?

This is where Chip loses points.

Autosave is what made Chip popular in the first place, yet it’s now a paid feature on the free plan. If you’re saving small amounts, 45p per autosave can seriously eat into your progress.

My advice: ignore autosave and set up a free recurring transfer instead. Same habit, no fees.

If autosaving is important to you, Plum is the closest alternative. I’ve covered this properly in my Plum vs Chip comparison and my full Plum app review.

Prize Savings Account (Chip’s Premium Bonds alternative)

Chip also offers a Prize Savings Account.

Instead of earning interest, your average balance gives you entries into a monthly prize draw. Prizes change regularly and can be large, but there’s no guaranteed return.

These accounts can be fun, but I wouldn’t use them for serious savings. Guaranteed interest beats “maybe winning” every time.

My experience with Chip

I’ve used Chip long enough to see it overcomplicate things and then simplify again.

Right now, it’s in a good place. The app is clean, the focus is clearly on savings, and it works well as a separate home for cash away from your main bank account.

I personally use it for savings rather than investing or autosaving, and that’s where it makes the most sense.

Chip referral and sign-up offers

Chip regularly changes its promotions.

Sometimes you’ll see guaranteed cash bonuses, other times prize-based incentives. Always check the current terms in the app before signing up based on a referral or bonus

.

Chip alternatives

If you’re asking “Plum or Chip – which is better?”, the answer depends on what you want.

Chip is better for:

• Straightforward savings
• Cash ISAs
• Parking money and earning interest

Plum is better for:

• Budgeting help
• Behaviour-based autosaving
• Nudges and money management tools

You can see the full comparison here:
Plum vs Chip

And if your main goal is managing your money rather than saving interest:
Best budgeting apps

Final verdict

Chip works best when you keep things simple.

Use it as a savings app. Ignore paid autosaves. Don’t overthink the features. As long as the rate is competitive enough for you, it’s a solid place to keep your cash.

FAQs