Details for Chip neobank
A UK neobank that offers automated saving, investment and overdraft facilities through a mobile app.
Chip is available in:
What is Chip?
Chip is a UK-based FinTech that offers an automated savings and investments app which utilises open banking technology to enable customers to save smarter and faster.
This neobank's app uses AI and machine learning algorithms to analyse customers' spending patterns and identify opportunities for saving. Once connected to a customer's bank account, the GetChip app automatically calculates an affordable amount to save based on the user's spending habits and sets it aside in a separate savings account. This digital bank also offers a number of additional features, including the ability to save for specific goals or events, be it a vacation, a payment on a house or university fees.
Users can also earn rewards for referring friends or achieving their savings goals.
It was founded in 2016 and is headquartered in London, UK.
Today, Chip is one of the leading automated savings apps in the UK. Chip offers a savings account with** high interest rates**, which are significantly higher than the rates offered by many traditional banks.
GetChip app also allows users to spend money in foreign currencies with no fees, making it a go-to option for travellers, entrepreneurs and expatriates."
Which services does Chip offer?
Chip offers a broad range of financial services, including:
- free or low-fee bank accounts,
- free physical and virtual bank cards (included in the plan),
- current accounts with a unique IBAN number,
- flexible in-app customisation,
- high-interest savings account,
- expense management solution,
- automated savings,
- spending tracker,
- overdraft protection.
What are Chip's main advantages?
One of the core advantages of this neobank is its versatile mobile app (both Android and iPhone apps are supported). Chip app offers a high level of customisation and real-time notifications for transactions and spending insights, as well as budgeting tools for tracking spending and ultimately saving money.
Chip has gained a large following in the UK and in particular among younger consumers, expats, frequent travellers, freelancers and entrepreneurs.
Chip has over 200,000 customers across Europe.
Who is eligible to open a Chip account?
Chip currently opens bank accounts solely for legal residents of the United Kingdom.