Jasmine Birtles
Your money-making expert. Financial journalist, TV and radio personality.
Chip: How a new app uses AI to auto stash cash for you
Reading Time: 3 minutesWhen it comes to putting money aside to hit your long-term goals or get enough together to cover your summer holidays, we know how hard it is. However, with developments in Fintech shouldn’t there be an easier way to manage your money by now?
Well, actually, yes there is. It’s called Chip and it uses AI to auto-save for you a little at a time, whatever you can afford, and it knows just how much that is, because it’s a super clever little piece of tech.
What is Chip?
Chip is a new app that you can connect to your bank account. Because of its super clever AI it will automatically put as much money aside as you can afford to. It works based on your spending habits so it’s pretty accurate, and you won’t even notice the money being put aside. We’re talking small sums intelligently stashed away to hit your money goals.
Want to get enough together for a new TV, a nice treat for the family, or even something bigger such as a holiday? Chip will sort you out, easily and securely without you ever having to think about what you actually afford to set aside. It knows what to save, and it does it for you.
How does Chip work?
When you open an account with Chip, it verifies your identity, so it is super secure just like any bank.
Whenever the app does an auto-save for you, it simply instructs your current account to move money to your Chip account (with Barclays, via a direct debit). It’s as simple as that.
What does that mean in practice?
All that’s happening is money moving from one of your accounts to another, but Chip does it for you. It’s no different to you sending money from one of your accounts to another and not unusual. The only way this is set apart is through the AI. This works out just how much you can put away at a time and does this in tiny chunks so you won’t feel it.
Open Banking
This type of thing has come about through Open Banking, a UK government initiative that is encouraging banks to open up their APIs. So that people can harness their own financial data. It means more control for you and more possibilities in how you want to do banking. That’s why Chip can do what it does.
What is so great about Chip’s AI?
By harnessing the power of AI, Chip sets itself apart and completely revamps how you would usually put money aside.
The AI works by using average data from all Chip savers. It then cross references this data against your profile (age, where you live, etc.), to calculate how much it can auto-save.
Rather than spitting out some numbers and you having to do the work, the great thing about Chip is that it does it for you. It knows how much you can afford to stash and it just does it.
Even better, if you really want to you can do things manually and put money into your Chip account yourself or cancel transfers that Chip makes. Your Chip account holds up to £10k total.
If you connect your banking data, Chip can personalise itself to you based on your transaction data, and it will know exactly how much you can put away based on your spending.
Don’t worry the AI is smart enough to auto-save just the right amount, so you will still have enough left for your daily spending. It really knows your habits and thus can stash exactly the right amount.
How can I get started?
It’s pretty simple to get set up with Chip. Firstly, you’ll need to download the app. You can get it both on google play and the apple store. So everyone is covered.
Type in your full name and address with a pic of your card and you’re ready to set the AI magic start stashing for you. We really believe this a no-brainer in terms of your money being just where you need it. This could well be the future, and it’s happening right now.
Get started with your £10 welcome bonus here.
Dose this have the same protection as the high street banks shuld it get hacked or go bust ?
Interesting app.