Chip discussion

I had a direct email from Chip on Friday and they advised they are hoping to be availble to Monzo account holders by September… fingers crossed as seems a useful saving tool.



If anyone is signing up to Chip, please feel free to use my invite code!

Thanks! :smiley:

I’ve had no luck getting any of my friends to sign up to Chip with my link :sweat_smile:

I’m going to leave it here incase anyone wants to use it, I know theres lots of other codes been posted here already but it can’t hurt right?

Thanks :smile_cat:

Code: 4KNN13


used your code :raised_hand_with_fingers_splayed:

1 Like

Hi anyone here wishing to sign up for chip please use my referal code to instantly get 1% interest, chip 2.0 is coming within the next month the app has a full revamp and features Advanced AI, Instant saves, squad goals, freinds, goals interface and more…

Promo code RFQIZK :+1:

1 Like

Is there a Chip-type app for credit cards?

Don’t think so. But not quite sure what you have in mind. Where would the credit card come in?

My Chip referral code (in case anyone’s interested): XHWVGC

Just learnt about this chip existing and I’m wandering if it has any benifits over Monzo now that Monzo has pot, pot goals, and change round up? At the moment I can’t see what it does that Monzo can’t.

Takes automatic deductions far larger than just round up. And pays interest (if you want interest, help yourself to my code: MT90V9 will get you 1% interest more than Monzo will pay you).

Chip uses an algorithm to determine how much you can save based on how much you have in your account and your rate of spending. It calculates this weekly and moves the money over to a savings account. This is different to simply rounding up each transaction.

If I’m reading correctly, you’d like to use a credit card (charging you 15%+ interest on your borrowings) to pay into a savings app which pays between 0-5% interest on your savings. The math doesn’t add up!

Ha ha - no! I don’t pay interest because I always pay in full. I don’t use Monzo for retail payments because I’d miss out on airmiles and Section 75 protection, so I want an app that will save the pennies from my credit card instead.

1 Like

If you mean saving spare change (rounding up individual purchases) that’s not how Chip works. In this case, you want a Moneybox-type app for credit cards. Not sure this would be workable though. Presumably the money sent to savings account from credit card would be treated as a cash advance and attract a fee as well as interest from the moment it’s sent, making it unattractive. Perhaps the saved amounts could be pulled from a current account instead of the credit card itself, but this seems potentially a bit messy.

Ah good point. Yes cash advance would be bad.

Hi everyone. I’ve been using Chip for a while now. Linked to an old account. I prefer it to Plum because you get interest on the savings (which will hopefully be coming to Pots). But if anyone has a legacy bank account and wants to sign up to chip if you use my referral code we can both get an extra 1% interest (whoppeeeee). Cheers. Code is 7FMJD7

I’m nterested in signing up to chip as a way to potentially save for a holiday for next year. Just wondering what sort of amounts are achievable ie what have some of you guys managed to save without noticing, and how much have you made in interest on top at what percentage? My ultimate question is, is it any good, because I’m already putting money into a holiday pot using monzo (with roundup also) so mainly interested to find out if chip is better?

I’ve reached out on twitter to ask a few questions to chips themselves but have heard nothing in 3 days.

Bit long winded that one, apologies.


I think it’s a hard one for Monzo users to answer. Chip only really makes sense if you can connect it to your main spending/current account, which us Monzo users can’t do yet. Out of curiosity I’ve connected it to one of my other current accounts which is mostly dormant but has 1-2 incoming and outgoing transactions per month (aside from Chip-related transactions). The account has probably had an average balance of about £250-£500 for the last few months, never going much below £250, and Chip has decided to save £10-£20 per week. I also manually save into Chip. You can manually save up to £600 per month.

The way Chip does automatic saving (algorithm based on account balance and transaction history) is different to Monzo (simple round-up). I think its entirely a matter of personal preference as to which one is better. Personally, I prefer Chip’s approach. However, I would say both approaches are inferior to putting aside a pre-decided fixed amount as soon as you get paid.

The app works well enough but I don’t find the Chip team to be very responsive to communication. I’ve emailed them 3 times with various questions and suggestions but only received a response once.

I haven’t yet received any interest, but interest is paid every 13 weeks, and I haven’t been with them for that long yet.

If you do want to give them a go, please consider using my referral code - XHWVGC (we would both benefit with 1% added to our Chip interest rates).

1 Like

Thanks for replying. They do seem a bit useless at communicating, even with a potential customer.

use your code if I sign up :wink::+1:t2:

1 Like

I received communication from chip this morning, saying they’re working on Monzo integration and it’ll be implemented before years end if anyone is interested.


I’ve just moved from Plum to Chip because I like the idea of a guaranteed interest rate. And I’m holding out to see what Monzo produce for interests on pots!

If anyone else cares to try chip use my code and we both get an extra 1%