Startup of the Week - Chip
by Startacus Admin
Chip - the FinTech startup that's on a mission to help you save money in an intelligent and innovative way.
Whilst some of us are naturally good at managing our finances and can both budget and save money with ease; the reverse can be true for others – we’re permanently in the red and saving money is one of those things we claim we’ll get around to one day.
Whichever camp you fall into, our latest startup of the week ought to be of interest.
Chip is “an iOS and Android app which saves money for you in an intelligent way”.
Here’s how Chip works:
When you register with Chip, you provide it with read-only access to the transactions in your online banking accounts.
The Chip algorithm will then analyse your spending habits and calculate what you can afford to save. This amount is then transferred automatically from your current account into your Chip savings account. This is an instant access savings account which is held with Barclays.
Of course you can also transfer additional money into this account – anything from £1-£100 can be transferred up to 6 times in any given month.
Although you don’t initially earn any interest on your savings with Chip, you can earn 5% on your savings by inviting a friend to register for their own account. Even better than that, you can earn an extra 1% for each person you invite for up to one year. This interest is worked out weekly and paid into your account every 13 weeks i.e. every quarter.
Apart from making saving easy, what we particularly like about Chip is the ability for users to set Chip goals. For example, if you’re saving for a particular item – whether it’s a new car or a holiday, you can input the amount you need to save and Chip will work out how long that will take you to reach, based on your current spending and indeed saving. Having that visible target can be one of the most motivating factors to help you achieve your goal. A simple but effective idea, wouldn’t you agree?
This innovative FinTech startup is on a mission to make saving easier for everyone – even for those of us who find it impossible at times! We like it lots.
If you like Fintech startups, you might want to also read our recent features on Trezeo, an Irish startup that aims to keep a freelancer’s income consistent, or Fountain, a London based fintech startup aiming to make investment advice more accessible
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Published on: 14th March 2018
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