The future of Chip

Why you will now need to connect your card to keep using Chip

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So, you’ll have heard a lot about ‘instant saves’ and ‘connecting your card’ in the past few weeks.

If all this has passed you by, you can now connect your card to Chip, which is good for a few reasons:

  • 🏃 Save faster - your saves will reach Chip instantly (you still have between 9am and 4pm to cancel an automatic save)

  • 💸 Spend sooner - enjoy your money right away, no need to wait 2-3 days for it to reach your bank account

  • 🕹️ More control - your money right where you want it

  • 🔒 Improved security - complete visibility over your cash all the time

You will need to connect your card to keep using Chip

We used to move your money via Direct Debit, but our big Chip 2.0 update introduced ‘instant saves’, which move your money via card payment (but you need to connect your card).

We’ve tested the two systems over the past six weeks and basically found that everything, absolutely everything, works better for our savers who have connected their card.

And as it’ll get increasingly difficult for us to maintain two systems as we grow, we’re going to phase out Direct Debits and only support card payments.

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We’re not quite sure when we’ll be phasing them out entirely (this news is hot off the press today), but our engineering team won’t be working on Direct Debit fixes from now on.

So, if you encounter any issues with your saves and you’ve not connected your card, the customer service team might recommend simply connecting your card as a solution.

How to connect your card ⚡💳

Just open Chip and head to Account > Connected account > Bank card and add the debit card for the bank account you've connected to Chip.

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You can even just take a picture of it, instead of messing around typing out your card number and expiry dates.

What’s so great about card payments? 💸

The bottom line is moving money as a card payment is far less complicated. Your money is usually moved instantly, and always within the same working day. We go into more detail and explain all the benefits here.

We’ve also found that our tech runs much more smoothly once debit cards are plugged in.

Without going into too much detail (for security and trade secret reasons), card connection makes Chip a much more stable and secure app, and massively reduces the number of possible bugs that could pop up.

What’s wrong with Direct Debit? 🐌

To put it simply; they’re far too slow.

It takes around 2-3 days to move the money back and forth via Direct Debit. So, to give you (and us) accurate visibility over your money, involved some complicated behind the scenes tech to predict where the money is.

This worked fine for the big banks that developed and designed Direct Debits, but we wanted to find a better, simpler way to move money. And with card payments, we’ve found it.

Chip's Money Diaries - part one: Game of Thrones

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We think money diaries (where people talk candidly about their income and spending, usually anonymously) are a great way to take some of the mystery out of finances.

We want to share money diaries from our community, but until we’ve got some, we thought it’d be fun to kick things off with a series of money diaries by fictional characters.

This week we’re looking at what the characters from Game of Thrones might do with their money.

If you’ve never watched, or have no interest in, Game of Thrones, click here (or scroll down) to get to the form at the bottom of the page.

 

My money and me - Jon Snow

I’ve never really thought about money. I think about t’north and my vows.

What are your savings goals?

I guess, it’d be good to get some education, so people stop saying I know nothing.

What do you mostly spend your money on?

T’north.

The little luxuries

Is shampoo and conditioner a luxury?

Biggest ever single purchase

All that bloody dragonglass.

 

My money and me - Tormund Giantsbane

No need for money. Free folk don’t worry about such things in the true north.

What are your savings goals?

Take big woman out for nice dinner.

The little luxuries

Milk. Never have enough milk from giant lady. Grow big and strong.

Biggest ever single purchase

Big knife. Beard oil.

 

My money and me - Daenerys Targaryen

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I’m now at the top of the food chain, but I know what it’s like to have nothing. I’ve worked hard to get where I am now, no-one’s taking it away from me.

What are your savings goals?

So I’ve been working towards getting the Iron Throne my entire life. But in the short term I’m putting some of my money towards a DNA test (for a friend).

What do you mostly spend your money on?

Feeding hungry full-grown dragons doesn't come cheap.

The little luxuries

My daily Starbucks® Blonde Cinnamon Cloud Dracchiato.

Biggest ever single purchase

My winter wardrobe, after spending so long in balmy Essos, I was lacking in layers. And as I I couldn’t come to Westeros looking anything less than the Unburnt, Queen of the Andals and the First Men, Khaleesi of the Great Grass Sea, Breaker of Chains, and Mother of Dragons, this was quite a big investment.

 

My money and me - Sandor Clegane (aka the Hound)

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It’s easy to get what you want, when all you want is booze, chicken and revenge.

What are your savings goals?

I’ve got one thing left to do. There’s a big journey first, so I’ve been saving up for that.

Biggest expense

Chickens. I’m a big f*cker, and I take a lot of feeding.

The little luxuries

Hairspray to hold my fringe in place over my burn scars.

Biggest ever single purchase

That big stupid hound-shaped helmet I used to wear. Seemed like a good idea at the time.

 

My money and me - Cersei Lannister

I’ve been Queen of the Seven Kingdoms for a long time now, so I understand how to budget.

What are your savings goals?

Where are my elephants?

What do you mostly spend your money on?

I wish it was elephants, but mostly all those big crossbows, feeding a walking mountain.

The little luxuries

I’ll have to say regular hair-cuts to maintain my fierce post “Walk of Shame” look. Seriously, where are my elephants?

Biggest ever single purchase

The Iron Bank charged obscene rates of interest. So I decided to consolidate all my debts and pay them back in one big lump sum, which was prudent (father would be proud).

 

My money and me - Ayra Stark

I don’t have time for this...

What are your savings goals?

A girl has no savings plans.

What do you mostly spend your money on?

Face masks.

The little luxuries

Dancing lessons. Pastries from Hot Pie.

Biggest ever single purchase

My NVQ course in assassination from the University of Bravos.

 

My money and me - Sansa Stark

Ever get that feeling that you’re the only one making any sensible financial decisions in your family?

What are your savings goals?

I just want to try and rebuild Winterfell, the North and get through this long winter, why isn’t anyone else talking about food?

What do you mostly spend your money on?

Literally keeping everything afloat.

The little luxuries

Lemon cakes.

Biggest ever single purchase

Life insurance policy. Why doesn’t everyone else have one?

Want to share your money diary?

We’d love to hear your stories about your relationship with money.

Hopefully you’ll inspire some other Chip savers to make their goals, or kick off some big conversations around how we deal with our finances.

We’ll publish your diary anonymously and remove any references that could give away your identity. We think it’s easier to be honest this way.

And if we use your diary, we’ll get in touch and give you an extra bonus code to add to your Chip account, just to say thanks.

You can get into the details, or just paint a broad picture, just roughly describe what you do for money and your general financial situation.
This can be big or small, short term or long term.
Think your regular expenses, you can just list out: rent/mortgage; bills; groceries; beer money etc... But again you can just paint a picture, we don't need nitty gritty details!
Car, bike, house, furniture, Louboutin shoes, a round-the-flight, a super-yacht...

Again, your story will be completely anonymous and we’ll only use this information to create a money diary we’ll share with our community.

Why we're going on (and on) about instant saves

Sorry for hammering the point home about instant saves…

Sorry for hammering the point home about instant saves…

You can now have complete visibility over where your money is, at all times! If all of this has passed you by, take a look at this sensible guide and this fun blog article.

We’re aware we’ve been hammering this point a bit, but we’re only doing it because;

  • A lot of you asked us to give you instant saves!

  • We want to improve our security and give you better visibility over your money

  • We want to make using Chip as simple as possible for you

  • So we can crack on with developing some new features that rely on instant saves

The original problem - ‘pending’

Our community flagged that sometimes it could be complicated, slow and confusing to move your money in and out of Chip.

This was because of the way Direct Debits work, where there is a 2-3 day processing time between the money leaving your account and reaching Chip, and vice versa.

And at times this could be confusing, leaving some of our savers wondering where their money is, as we all waited for the banks to move their money (and doing whatever it is that banks do when it takes them 2-3 days to do something…) either in or out of Chip.

A few of you got annoyed. And fair enough, this wasn’t good enough.

Slowwwww banks 🐌

Banking in the UK has traditionally been a slow moving business - it’s only in the last few years that start-ups like Chip have been trying to inject some life into the sector.

So, the existing infrastructure (yes I’m writing about banking payment infrastructure, no it’s not dull) was slower than our ambitions.

The solution - card connection ⚡ 💳

We needed to get creative to solve the problem and came up with a neat solution.

You know what doesn’t take 2-3 days to process? Card transactions!

So, we did a lot of work to set ourselves up to be able to process your saves and withdrawals as a card transaction. We decided it made sense to deploy as part of our big Chip 2.0 update so all new savers can avoid the pain of ‘pending’ saves.

The result - instant saves and withdrawals

So now you can move your money in and out of Chip instantly.

  • 🏃 Save faster - your saves will reach Chip instantly (you still have between 9am and 4pm to cancel an automatic save)

  • 💸 Spend sooner - enjoy your money right away, not wait 2-3 days for it to hit your account

  • 🕹️ More control - have your money right where you want it

  • 🔒 Improved security - have complete visibility over your cash all the time

"Eh, didn't I already connect my card?"  

If you set up Chip before 02 April 2019 you would have set up a direct debit mandate, but you wouldn't have given us your card details back then.

Which is why we're asking for them now. 

And anyone who’s new to Chip now needs to connect their card to get set up.

It only takes a moment!

We’ve made it as easy as possible. We’re working on making it even easier (we’re trying to figure a way to be able to send you links that’ll take you to the right place in your app).

Just open Chip and head to: Account > Connected account > Bank card

And add the debit card linked to the bank account you've connected to Chip. You can also just take a picture of it instead of faffing around typing out your card details.

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Why don’t you want to be able to move your money instantly?

There’s only a few of you left who haven’t connected your card and can’t instant save.

We could keep telling you why it’s better, faster, smoother, and something most of our community has been begging us to implement, but no one likes to have a one way conversation!

So tell us what’s stopping you from (or why you just don’t want to) connect your card to Chip.

Name *
Name

Things not as fast as instant saves

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As part of the shiny new Chip 2.0 update you can move money in and out of your Chip account instantly. Read more about it here.

To get instant saves. You just need to connect your card. Open Chip and head to:

Account > Connected account > Bank card

Then add the debit card linked to the bank account you've connected to Chip. Easy. Fast. Instant.

But what does fast mean? You need a reference point to understand it. So check out these fast things, that are still slower than our instant saves.

 

Usain Bolt 🏃🏿

The world’s fastest human, Olympic gold medallist, Usain Bolt set the 100 metre world record at 9.58 seconds, and his absolute fastest recorded speed was 29.55 mph.

That’s absurdly fast for a human, but much slower than everything else on this list, and doesn’t come near how fast our instant save feature is (also, whilst he’s a stand-up guy, I’m sure he’s got better things to do than run around delivering your cash).

 

Cheetah 🐈

As every child, on every playground ever knows, the Cheetah is the fastest animal on earth, clocking in at 75 mph going at full speed.

However, even if you were to duct tape your cash to a cheetah, give it a slap on the backside and send it tearing towards ChipHQ, it still wouldn’t be as fast as connecting your card to Chip and enjoying instant saves.

 

Mantis Shrimp 🦐

OK so this funky little sea creature isn’t the fastest animal, but it gets an honourable mention as the fastest accelerating animal, as it’s able to flick out its claws at 51 mph from a standing start, that’s an accelerating force of 10,400g (basically the same as a cannon).

But even if you got one of these amazing critters to flick over pound coins to us, it’d still be slower than our instant saves.

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Peregrine Falcon 🦅

So the fastest animal is actually a peregrine falcon on an attack dive, blasting down through the sky at a ludicrous 242 mph, there’s no chance of anything out-pacing a falcon…

Unless it’s one of our instant saves. Even the fastest animal alive can’t catch your money as it moves back and forth between your Chip account.

 

Bugatti Veyron 🏎️ 

The beautiful Bugatti Veyron is the fastest street-legal production car in the world, with a top speed of 268 mph.

It’ll set you back at least a cool £1 million to buy, and given you probably still need to obey traffic laws, there’s probably no way you can get your money to and from Chip faster than using our instant saves.

Though, we will concede this is a much more stylish way for your money to travel.

 

Amazon Prime 📦

We don’t know how they do it (we feel it’s probably better to not ask Alexa too many questions about how they do it, if you want to sleep at night and keep enjoying the hyper fast deliveries), but there’s no getting away from the fact that Amazon Prime is ludicrously fast.

And they’re getting faster - their new experimental drone powered Prime Air promises a ridiculously fast 30 minute delivery time!

But, guess what, even if you got an Amazon drone to fly your money directly to Chip HQ, it’s still not as fast as instant saves.

 

Lockheed SR-71 Blackbird 🚀

This cold war spy plane is the fastest plane ever built, back when it flew, it hit speeds over three times the speed of sound (Mach 3). Whilst the Blackbird’s top speed is still classified, its fastest recorded speed was 2,189.9 mph.

But even if you were to get elected US President, pull the Blackbird fleet out of retirement, hand your cash to a trusted pilot, and send them on a beeline for the Chip office (we’ll assume you could land this thing on Shoreditch High Street), it still wouldn’t come near to how fast instant saves are.

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The Millennium Falcon 🛸

So, the fastest ship from a galaxy far far away, and a long time ago, could theoretically beat our instant saves, because the Millennium Falcon does strictly speaking travel faster than the speed of light.

This means some funky things could potentially happen with time travel and the like.

Let’s say you were to get Han and Chewie to deliver your money to Chip, it could lead to the kind of confusing things like the Millennium Falcon landing in the heart of Shoreditch with your money before you sent it.

And that just wouldn’t really be practical… so… just connect your card and enjoy instant saves that way!

 

How to get instant saves working

It's very, very, very easy. Just open Chip and head to:

Account > Connected account > Bank card

And add the debit card linked to the bank account you've connected to Chip.

You can also just take a picture of it instead of faffing around typing out your card details. The future is now.

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ChipLead gets 13k shares on April Fools day

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We raised a few eyebrows on 1 April when we released ChipLead - Chip’s answer to the metal card craze in Fintech. A few day’s after Apple launched their own card made of titanium, we knew we had to join the party...

But ChipLead was different. Dreamed up by our very own Harry F, the card was designed to ‘weigh down your spending’ to help you hit your saving goals. It was the card you would never want to use.

We put together a sleek video and some cool designs, then asked users to share this page to join the queue for one of our 10,001 cards.

Some Chip fans were a little hasty to hit the share button, and probably missed the disclaimer pictured below. Look closely!

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ChipLead made people laugh, and as a result, was shared over 13,000 times with an estimated 1,000,000 impressions. #viral

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It created a buzz around Chip and at the right time too, because on 2 April we launched Chip 2.0, our total redesign of the Chip app, which is far from a joke.

Have a look at the ChipLead page here to see what all the fuss was about.

What will we do next year? Who knows... just make sure you’re on guard.

All the awards, all the time

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OK, so we’re aware we’re at risk of getting into bragging territory… but we’ve got three new awards to add to our trophy cabinet (well, we don’t have one, but we should look into it now).

We picked up two awards at the Crowdcube awards, and we're absolutely ecstatic to have won “Best Personal Finance App” at the very prestigious and very proper British Bank Awards (other winners included the likes of Monzo, Natwest and Starling Bank).

Chip’s fast-growing team here delighted to take to the stage and celebrate. Tali, our COO, says she should be holding the award here.

Chip’s fast-growing team here delighted to take to the stage and celebrate. Tali, our COO, says she should be holding the award here.

So once again, team Chip dusted off our black tie gear, scrubbed up, and headed off to Cafe de Paris to scoop up some awards.

It was a great night, we got to meet some of our competitors and connect with potential partners too.

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We were up against some tough competition, so when the nominees were read out, the tension was real. But we erupted into cheers when we took to the stage to thunderous applause.

We want to say a huge thank you to everyone who voted for us. The help, support and belief we get from our community is powering us to the next level, and really puts us head and shoulders above our competition.

We loved the screen announcing the finalists, however, they did use our old logo, so just pretend the new Chip smile is in there.

We loved the screen announcing the finalists, however, they did use our old logo, so just pretend the new Chip smile is in there.

What’s next for Chip?

We’ve got big plans both for Chip in 2019.

First up is Chip 2.0, our shiny new update of the app that will be deployed gradually in the coming months. Currently 2,000 of our dedicated Chip Champions are testing the final beta version before we make the last tweaks and bug fixes and release to everyone.

Then there’s ChipX, our community lending platform that will see savers get solid returns and borrowers benefit from fairer lending.

So watch this space.

MAILCHIP #012: Winning awards and building the team

This picture is way cooler without the two people in high-vis holding the ladder still…

This picture is way cooler without the two people in high-vis holding the ladder still…

Usually, we would say it’s been a while, but that’s not entirely true…

We’ve actually never spoken because I’m Tom, Chip’s new content guy and this is my first ever Mailchip (if you’re on Facebook you might have already bumped into me). Read all about me here.

One of my aims is to make Mailchips a more regular thing, so you’ll be hearing more from me in the future. But, don’t worry, Alex and Paul aren’t going anywhere!

Awards season 🏆

We know it’s not quite the Oscars, but we won ‘Best App’ at the World Banking Awards, and Simon (our CEO and founder) channeled his inner Olivia Colman and gave a great acceptance speech.

But wait. There’s more....

We’ve been shortlisted for ‘Best Personal Finance App’ in the British Bank Awards. We’ll find out if we’ve won on Thursday. Fingers crossed. We finished the popular voting round in first place, so a huge thanks to everyone who voted!

And we’re hoping to clean up at Crowdcube’s awards too. We’ve been nominated for two awards; ‘Campaign of The Year’ and ‘Video of the Year.’ 

New Talent - The A-Team 🚁

Since our record-breaking crowdfund at the end of 2018, we’ve been focused on hiring some great talent. 

So say hello to Adam (iOS developer) and Alan (Head of Engineering), they bring over 20 years of collective tech experience to the Chip team. We’ve nick-named them the A-Team, learn about them here.

Since joining they’ve released the Chip 2.0 beta to 2,000 more Chip Investors, and have set up a timeframe for the full release. They love it when a plan comes together.

Recommend a PHP developer and we will buy you an iPhone X 📱

We’re after talented PHP developers, if you know any and think they’d like the challenge of building Chip, send them our way. If we hire them, we’ll give you an iPhone X!

Just send an email to careers@getchip.uk and CC in who you’re recommending. The only catch is you need to be Chip customer and we won’t accept any referrals from recruiters. 

Our new tech blog ️📰

If you want to have a look at how we’re building Chip and what we think about FinTech and the world too, check out our new tech blog. 

Instagram takeovers 📷

We’re three weeks into our “Team Takeover” series. We think they’re a fun way to share the highs, lows and hard work that goes into making things happen at Chip. 

@get_chip

Until next time.

Tom 

We've won an award!

We too, like to celebrate our victories by shouting jubilantly into a field, like this man. Don’t you?

We too, like to celebrate our victories by shouting jubilantly into a field, like this man. Don’t you?

We’re delighted to say we’ve just won an award for the “Best Banking App 2019” at London’s inaugural World Banking Awards!

Not to be confused with the British Banking Awards that’s happening March. We’re gunning for victory there too, we reckon we’ll be a shoe-in with your votes behind us!

The boys from marketing looking #superfly before heading off. Tom is channelling his inner Don Draper.

The boys from marketing looking #superfly before heading off. Tom is channelling his inner Don Draper.

We scrubbed up into our best black-tie outfits, stepped out and saw off some stiff competition from the likes of Moneybox, Money Dashboard and Cleo.

Simon, our founder and CEO, did his best to hold off from giving a full-blown Oscar-style speech, but does want to say thanks to his mum.

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Exciting things to come

We’re not going to rest on our laurels, and after we launch Chip 2.0 and ChipX this year we’re going to be even better than the best banking app.

We’ve hired a lot of great talent after our record breaking crowdfund, and we’re now supercharged to shake up consumer finance in the UK with some exciting and innovative ideas.

Green is the new green

It’s about time we come up with a name for our new green, we’d love your help.



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The beady-eyed among you will have noticed there’s a slightly new green in town. It’s a bit nearer to turquoise than our old green.

That’s the new green on the right. Look at it, evoking feelings of hope and excitement. The old green will always have special place in our hearts.

That’s the new green on the right. Look at it, evoking feelings of hope and excitement. The old green will always have special place in our hearts.

We like to think it’s bright, bold and makes you think of the exciting things you’re going to make happen. Or at least that’s what our design people say.

We’re moving Chip over to this new green as we launch Chip 2.0 and it will become Chip’s new main colour. We’ve already used it for our socks and this community site, and soon we’ll use it across our shiny new main website too.

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Name that colour

We’re trying to come up with a name for it (it’s currently got the very sexy name of #07CEB3, ie just its hex code) and thought 100,000 heads would be better than one, so we’re asking the Chip community to send us in their suggestions.

Name *
Name

Chip's A-team

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We’ve got two new faces joining the team here at ChipHQ, say hello to Alan and Adam! We’ve nicknamed them the A-team.

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Alan - Engineering

Alan is our new Head of Engineering, with 15+ years experience of delivering exciting tech products and building amazing teams.

He comes to us by way of the Labour Party, the Discovery Channel and TimeOut (to name just a few) and is excited to make his mark on the fast-growing chip family.

Alan is a keen quizzer and regularly competes with his team across Surrey, he’s also obsessed with technology.

So when he’s not answering general knowledge questions in a pub, he can be found coding solutions to wider technical problems, or following his other passion, live tournament poker.

Adam - Apps

Adam is our Lead iOS Developer.

With a keen interest in the intersection of technology and design, Adam graduated during the explosion of the iPhone. He's since had 7+ years of experience delivering user-friendly apps for a range of businesses including Expedia, Resident Advisor, and DigitasLBi.

When Adam's not writing code you'll probably find him swimming far, cycling far, running far, or doing the three back-to-back in a long-course triathlon.

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Chip is hiring!

Do you like what we’re doing? Join us and help us make more good things happen.

Check out our careers site for current vacancies, or if you think you’d be a good fit and can’t see a role that’s quite right just now, send your CV to jobs@getchip.uk.





Chip Socks - a monumental feet

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“Nothing feels as good as a new pair of socks” - Everyone

We recently completed the greatest logistical task in our short history.

We don’t mean the responsibility of saving £58,000,000+ for our 75,000+ users. No, we mean the designing and disseminating the iconic Chip sock.

THE OFFER - A PAIR OF SOCKS

Back in November, we promised a pair of Chip socks to the investors that really believe in us, and because we didn’t want to do things by halves, we offered two designs.

If you put in £300, we sent you an exclusive ChipMunk sock, and for our champion investors who put in more than £1,200 we sent out some very swanky Chip Champion socks.

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THE DESIGN

We got to work, spending long days and sleepless nights painstakingly crafting the perfect sock (all the while managing the small business of the most successful crowdfund in UK history 🚀).

After lengthy consultancy sessions with Shoreditch fashionistas, we settled on a design that was sleek and refined, subtle and sharp.

See exhibit A, the ‘ChipMunk’ sock with the cheeky ears, and the ‘Chip Champion’ sock, with its triumphal crown motif.

“ Take my money!  😍” - @DBeckham7

Take my money! 😍” - @DBeckham7

“ Rarw  🔥” - @AnnaVogueWintour

Rarw 🔥” - @AnnaVogueWintour

THE PACKING AND POSTING

Once the socks were ordered, designed and responsibly produced, it was the task of Chip’s house elves to wrap, pack and post them.

The effort was vast, and the whole office chipped in, the socks are now with their rightful owners and warming the toes of Chip investors all over the country.

We’ve sampled a few of our favourite pics below… see if you can spot yourself, or your pet.

If you invested over £300 and for some reason, the socks didn’t get to you, fill in the form below and we will chase them up.

We will cross-reference the list with our data too, so no cheating!

Name *
Name

And if you, like a few other Chip users, are interested in the socks but didn’t invest, keep your eyes peeled for ways to get your pair (and other #ChipMerch) in the future!

You’re the best.

-TeamChip

Chip is growing!

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It’s exciting times for Chip, we’re going to see a few new faces join the team, so say a big ‘whale hello there’ to Tom!

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Tom - content

Tom is our new Head of Content and has spent the past six years writing about consumer finance for the likes of Experian, Zoopla and uSwitch.

He knows a thing or two about managing money and has a way with words. So, if you need someone to tell you anything you want to know about borrowing, saving and banking, and then write you an amusing short story, he’s your guy.

When he’s not smashing out words for Chip, Tom likes to go on epic cycle tours (his last big tour took him from Greece back to London).

Here he is staring out at the Greek countryside with his bike.

Here he is staring out at the Greek countryside with his bike.

And he’s got a mad plan to use his looming 6’9 (206cm) height to get cast in movies as some variety of henchman. He is learning some stage fighting techniques so he can professionally play fight. Watch the video below to see him in action.

We’ve got big plans for 2019

After breaking records with our crowdfund at the end of 2018, we’ve committed to some big plans this year.

To make them happen, we’re hoping to see lots more bright, talented and fun people join us at Chip HQ. So expect to see a few more welcome posts in the coming months

If you’d like to join the team behind Chip take a look at our careers site.




Help us win!

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We’ve been nominated for a British Bank Award in the Best Personal Finance App category!

First of all, we’d like to say a huge thank you to everyone who nominated us. We want to build the best savings account in the world, and your support is one of the things that’s helping us get there.

But we’ve not won yet, and we’re up against some stiff competition. So, we need your votes to win.

How to vote

Voting is as easy as one, two three. Just head over to British Bank Awards website and:

  1. Type “Chip” into the ‘Choose a company’ box

  2. Select “Savings App” for you product

  3. Rate us, write us a nice review, and hit submit

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Fingers crossed

Like we said we’re up against some great apps, but we think we’ve got a strong chance.


Suraya's 'effortless' saving

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Meet Suraya. She’s studying for a PHD and struggles to make time to even think about saving thanks to her hectic student lifestyle.

With plans to move back to Malaysia after graduating and a love of treating her family to some pretty big Christmas presents, she wasn’t sure if it would all be possible. 

That is, until she downloaded Chip… and the rest is history. 

This is Suraya’s Chip story.

“I started using Chip back in July 2017, so just over a year now but it doesn’t feel like it,” says Suraya. “I actually didn’t have to give it too much thought. Saw the app, installed it and boom! Just the right amount of money was squirrelled away every month.

“I’ve used it to get Christmas presents (one of the presents was a flying lesson for my boyfriend - but we still haven’t booked a session). The rest I’m saving up to cover shipping costs when I have to move back to Malaysia at the end of my studies.”

Suraya tells us what she loves most about Chip is that it makes saving effortless. 🤑

“This app has definitely helped me save a lot of money in the best way possible - without me needing to think about it. As a PhD student, things are stressful and hectic as is and Chip has definitely helped to take savings off my plate in a fun effective way. So I’d like to say thank you to the team!”

As well as helping her save up for the things she really wants, Suraya actually enjoys using the app - especially chatting to our friendly bot. She also loves checking out the latest gifs whenever she pops in to make a manual save or check her Chip balance.

“The Chip chat interface is great and and having a chat interface adds a nice personal touch - almost feels like you’re texting a friend,” she says. “Also, I personally am obsessed with gifs so the gifs on Chip chat has definitely kept me hooked onto the app!”

That’s what we’re all about here at Chip. Making saving easy and making it fun. 🙌

If you’ve got a story you’d like to share, then get in touch with us! We love hearing all about your Chip journeys! Just send it over to hello@getchip.uk. 🚀

Savings terms you need to know

There's never been a more important time to get good at saving.

In today's economy, putting money aside for the future is the best way to ensure you'll be able to get what you really, really want in life.

But, like everything, saving lingo can be a little difficult to understand sometimes.

So, here’s everything you need to know about those tricky savings terms.

What you need to know

Interest

If the banks called interest ‘free money’, we’d be biting their hands off. Unfortunately, they don’t – but that’s basically what it is. The interest rates offered by banks are influenced by THE bank – the Bank of England – which sets the base rate. Interest rates are infamously low at the moment because the base rate is 0.25% – it’s been taken down a peg or three since 2008. You’ll see interest advertised as AER (annual equivalent rate) which simply makes it easier to compare accounts.

 

Compounding

As interest accrues on your savings, it compounds. Einstein thought that compounding was the eighth wonder of the world, apparently. It means extra free money for savers because you get paid interest on your interest. You can maximise compound interest by starting as early as you can, and leaving the money to grow for as long as possible. You can read more about the magic of compounding here.

 

Inflation

Sadly, as you’re busy saving, the world is busy getting more expensive, thanks to inflation. Depressing right? Inflation is the reason pay rises exist and savings earn interest – so your money keeps pace with how much everything costs. If you’re interested in inflation, there’s more info here.

 

Tax

While we’re on depressing topics, don’t forget tax. Nothing is safe from tax, including savings. However, if you’re a basic-rate taxpayer the first £1,000 you earn in interest on your cash savings each year is tax free. As an example, £50,000 savings earning 2% interest equals to £1,000 interest in a year – so your money is safe until then. If you’re a higher-rate taxpayer (40%) your allowance is £500 and if you pay 45% tax then all of your savings interest is taxed.

5 common credit score myths: BUSTED

The face you’ll make after we bust these myths.

The face you’ll make after we bust these myths.

Ooooh. My credit score. 😴Yeah, okay, it’s not exactly the most exciting of subjects. But your credit score is a boring thing than can take you to exciting places.

Think of it a bit like saving. Saving isn't fun (at least, it wasn’t until Chip came along 😜) but it can lead to whole lotta fun stuff.

In fact, learning about your credit score is even easier than saving, because all you have to do is read these five fun credit score myth-busters - and you'll be a pro. 😎

Myth 1: You have a credit score

Nope.

You don’t have a credit score – you have a credit report (also called your credit file). Each lender or bank looks at your credit report and assesses you independently before deciding whether to lend you money. Your credit report includes details of any current accounts, loans, bill payments along with public information such as your name and date of birth. Three main companies in the UK compile credit reports: Experian, Equifax and Callcredit – you can ask any of them for your credit report. They might also give you a ‘score’, which is a rough indication of how you’re doing (but it’s not the be-all and end-all).

 

Myth 2: If you’ve never borrowed money, you’ll have a great credit score

Er….nope.

When you apply for any kind of credit or loan, the lender runs a credit check on you to decide whether to approve you. They run all kinds of calculations to try and predict your future behaviour, based an overall picture of how you’ve used credit recently. If you you’ve never borrowed money before, it can be really hard to get credit because there’s no proof that you can use it properly. That’s why starting early to build up a good credit history is really important (more on that later).

 

Myth 3: There is a credit ‘blacklist’

Good news: nope!

A low credit score can stop you getting access to credit. Mortgages, car finance, overdrafts, credit cards…they’re all hard to get if your credit score is low. However, the idea that there is some kind of ‘blacklist’ isn’t true. Just because one lender has rejected you, doesn’t mean they all will. They all have different criteria and ways of deciding whether to lend to you. That said, applying for credit leaves a ‘footprint’ on your file, and having lots of footprints can make it even harder to get credit in the future. Instead, use an eligibility calculator like this onebefore applying, to avoid avoidable rejections.

 

Myth 4: Your credit score is based on every detail of your life ever

NOPE.

The information contained in your credit report is designed to flag up potential warning signs to lenders, such as missed loan repayments or defaults. Most of it only stays on your file for about six years, because lenders only care about your recent behaviour. There are loads things that people think show up on their credit report which in fact don’t – including ‘soft checks’ such as the one we carry out to verify your identity you sign up to Chip. Lenders can’t see your salary, any savings accounts or any student loan debt, and none of these things affect your credit score.

 

Myth 5: All debt is bad for your credit score

NOOOOOOOOPE.

Like we said earlier, borrowing money and paying it back is pretty much the key to a good credit score. So borrowing money isn’t the risky part – paying it back on time is what matters. Never take a payday loan though – the lender might claim that repayments will improve your credit rating, but in reality it’s a big black mark on your credit history. For people just starting out, this might mean getting a credit card for regular purchases and paying it off in full each month. It’s also okay to use an arranged overdraft (and keep saving while you’re using it), as long as you go back into the black on payday.

Lee is student loan free!

Meet Lee. She graduated from university in 2004 and has been giving up a large part of her wage to pay it off EVERY month, ever since. 

That's 14 years of being a slave to her Student Loan Company. 14 years! 

Now, with the help of Chip, Lee is finally free from her student debt. 

She got in touch with us to says thanks and tell us a little bit about her Chip journey...

So here it is...

"I was on the lookout for anything that could help me improve my saving when I came across Chip," Lee told us.

"I was drawn to the notion that Chip helps people save automatically and decided to give it a go.

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"I remember thinking, if this app gets rid of all that lingering debt it will change my life."

Surely enough, with a little patience and determination, Chip helped her to achieve her goal. 😎

Lee says what she loved most about her Chip journey was the automatic app's AI and the fact that for the first time she could really save up without having to think about it.

“I love the app, I love how easy it is to use. It’s a ‘set it and forget it’ system. The tone of the communications is great and engaging and I think the Chip team are doing a great job."

In fact, Lee loves Chip so much, she' already set up a brand new goal which she hopes to reach by next year. 🙌

“Since paying off my student loan, I’ve set up a new goal," she told us. "I’m starting my daughter at Stagecoach theatre school which isn’t cheap - so I have a goal in place to save the fees for that for the next year.”

Thanks so much for sharing your story Lee! Your Chip journey really made us all smile over here at Chip HQ.

In fact, every Chip story makes us happy, so don't be shy and send them our way. We love getting to know our savers and hearing about what Chip is helping them to achieve. 

If you've got a story you'd like to share with us, then drop us a line at hello@getchip.uk. 💌

 

Discover the Chip overdraft escape route

Your face once you’re overdraft free.

Your face once you’re overdraft free.

Let's face it, bank overdrafts are EXPENSIVE. Once you've been pulled in, it can feel like you'll never be able to drag yourself back out. With the average overdraft fee standing at around 30% - it's not hard to understand why.

Well here at Chip, we're dedicated to helping you out. Not like the banks are 'helping you out' but really helping you out. 

If you google “how to get out of my overdraft” you get pages and pages of advice telling you to scrutinise your bank statements, create various spreadsheets, curb your spending and monitor your progress month by month. Chip is here to tell you that you don’t need to do all that stuff. We’ve found another way. We call it the Chip overdraft escape route.

So here it is... The Chip overdraft escape route

Getting out of your overdraft requires a totally different approach to paying off a credit card or personal loan. An overdraft is instant, easy and flexible – but it’s also a slippery slope. Getting stuck in the overdraft cycle is a horribly easy mistake to make; you end up borrowing slightly more each month until payday barely takes you above zero. Without monthly repayments to make, it’s really hard to reduce your overdraft debt gradually.

Being stuck in your overdraft is no fun. No fun at all. We at Chip know this, because we’re in our early twenties and we live in London and we’re not on corporate salaries (cheers, boss). However, we’ve been using Chip since we launched it in September 2016 and we’re here to tell you that we’ve found the escape route. If you want to get out (and stay out) of your overdraft, just follow these three steps and we swear you’re golden. 

1. Realise you’re using your overdraft

According to data collected by the CMA. Of every ten people who go overdrawn regularly, four of them have no idea that they’re using their overdraft. It’s hardly surprising; no one enjoys checking their bank balance. In the week before payday, most of us choose to bury our heads in the sand. But that’s a problem if it means you’re spending money you don’t have.

If you’re using your overdraft, you need to know about it. You also need to have a rough idea how far overdrawn you go in a typical month. However, we know it hurts to look – which is why we email you when your balance is low. Then, if you’re overdrawn and Chip can’t save for you, you get a notification to let you know what’s going on.

2. Keep your saving habit

This is the crucial step. We’ve found that saving is the key to successful overdraft escape. It’s really hard to try and spend slightly less – and leave slightly more in your account – each month. It’s especially difficult when your online banking is busy tempting with so-called ‘available balance’. But you can keep saving automatically and steadily build up a stack of money in your Chip savings account. You won’t even miss the money, and we found that we built up savings without increasing our overdrafts.

You need to set a Chip goal for the amount you usually go overdrawn each month. Then you need to switch on overdraft saving. As long as your bank account has an arranged overdraft facility, you can keep saving when your account is overdrawn. You’ll see an ‘Overdraft’ tab in the side menu – just flick the switch to enable overdraft saving, and use the slider to set how much of your overdraft you’re happy for Chip to use. This can be anything up to your arranged overdraft limit and you can adjust it any time.

3. Enjoy that cash injection

Just sit back and wait to hit your goal. Chip will save for you automatically and you’ll hardly notice it happening. You might not borrow exactly the same amount each month, but for most people it’s broadly consistent month by month. If you need to adjust the goal to save up a bit more or a bit less, you can edit it any time in the app.

Once you hit that goal, it’s go time! We found that the best strategy was to wait until the last day before payday (or whenever you’re most overdrawn) and then withdraw your Chip savings straight into your current account. Enjoy that amazing cash injection, and see the numbers change from red to black. Hopefully, you’re back to zero (or just above) so that when you get paid you can start from scratch – without using your overdraft.

Remember: clock the fact that you’re in your overdraft, set an ‘Overdraft’ goal, turn on overdraft saving and then sit back and wait. Good luck guys!

Beth's Ibiza Weekender

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Meet Beth. Beth is 27 and works in TV. She lives in London and earns good money but she STILL struggles to stash money away every month. 

Why? Because let’s face it, spending is just more fun than saving!

The problem with that simple fact is, it leaves you with little money left over for emergencies, or in this particular case, spontaneous trips to the Med.

With a month to go, Beth downloaded Chip and (spoiler alert) she made it to Ibiza.

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This is how she made it happen…

I’ve always wanted to put a little away every month, but, especially over summer, I can easily spend my entire paycheck. Cue me desperately waiting for the next one to land in my account. 

Being so used to this routine, I was a little disappointed when my friends suggested an impromptu trip over to Ibiza for a weekend break. They were planning to go in just under two months time. Fantastic. 🙄

While I had enough left from my paycheck for flights and accommodation, it didn’t seem likely that I was going to be able to save up the £200 or so I’d need for spending money on the notoriously pricey island in such a small amount of time. It would also mean seriously cutting back for the next few weeks. 😤

When I asked the others how they were saving enough each month to be able to book a spontaneous weekend (and not a cheap one) at such late notice, one friend Alice told me she'd been saving up with Chip for a few months. 

Alice had put away more than enough for the entire break and claimed she hadn’t really noticed that she was saving over the course of four months. I'll admit I was intrigued but I also wasn’t sure how I was realistically going to save enough in time. 

I downloaded Chip anyway and set my save amount to the maximum level possible. (This means its clever algorithm stashes away as much as it feels it can do, into my Chip savings account.)

To be perfectly honest I was worried that the saves would be too much for my dwindling bank account to take — but I was pleasantly surprised. 

Even on the maximum save amount, Chip’s saves mirrored my regular spending. They were no more than a trip to the supermarket or picking up a few toiletries here and there. I never had to cancel a save! 

After a month and a half I’d saved up £150 and was no longer worrying about the weekend, I could just look forward to it. All thanks to Chip! 

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Even though the trip has been and gone, I've kept on using Chip.

I've lowered my save level and I'm putting away a little less each week, but i know I'll still have a healthy little present stash saved up in time for Christmas...

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Get financially capable in 3 easy steps

We’re going to ask a grown up for a proper answer to this one.

The Money Advice Service (MAS) is a government service that, well…it gives money advice. It’s the driving force behind the financial capability hype. The MAS reckons that financially capable people are those who:

  • Shop around for deals to make their money go further 💪

  • Understand compound interest 👊

  • Save money regularly 👏

  • Avoid impulse spending 🙏

The MAS has worked out that getting our act together could bring massive benefits over the next 30 years. Improving how we manage our money could add £20 billion to the UK’s collective savings pot , boost our pensions by £10 billion and put £50 billion in investments. 🙏  ( that’s a high-five, remember).

This is the Strategy

Rest assured, there is a Financial Capability Strategy for the UK – the bright new dawn is coming. But realistically, it could be a while away yet. So, in the meantime, what can you do off your own back to become more financially capable?

1. Read up. Getting a handle on your money situ is easier when you understand it. The finance world is murky and full of jargon, which is why this blog exists. We give you straightforward money and savings advice which informs and possibly even entertains you.

2. Look at the numbers. Come on, you can do it. Most of us would rather go to the dentist, fall in a puddle or wrestle a bear than look at the intimate details of our spending up close. But just like two out of those three examples, it’s an important thing to do regularly. It’s also useful to categorise your spending to give you an idea of how much of your cash is going on essentials, how much on food, how much when drunk etc. etc.

3.Find your savings mojo. Realistically, you’re only going to be motivated to put money aside if you’re excited about what you’re saving for. The thing you’re saving for has to be more important to you than the random stuff you buy day-to-day. Whether it’s a holiday, your wedding day, your first home or a comfy retirement, keep your eyes on the prize.

But where to start?

Financially capable people are confident with money and financially secure, and they make informed and empowered financial decisions. 💪

At the heart of that is being able to save for the future. That's where Chip comes in handy! 😉