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

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

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! 😉

7 ways to improve your saving

We all know saving is hard - that's why we created Chip! But (as well as downloading our super little green app) there are plenty of ways you can train yourself to stash more away. All you need is a little guidance...

If you’re struggling to save, here are the most common reasons why this might be – along with the quick fixes that actually do work. Think of it as our how-to guide to being better off, with pretty little effort.

These 7 things could be standing in between you and the riches you know you deserve... it's time to overcome them.

You’re skint

If there’s never enough cash in the bank, savings are off the table, right? Wrong: you’ve just got to get tactical. If there’s something you enjoy, work out how to make money from it. Whether it's a full blown one-man business or a spare-time filler you could be raking it in and enjoying yourself at the same time. If not, you could always ask for a pay rise (or get a better paid job) – we dare you. If you’ve got the skill, the experience and the cojones, the worst your boss can say is ‘no’.

 

You don’t have the savings habit

It doesn’t matter – you don’t need it. Lots of personal finance gurus say the best way to get the savings habit is to ‘skim’ your bank account – just sweeping spare change into a savings account little and often. Luckily, this is the process that Chip automates, so you don’t need to remember, you don’t need to motivate yourself and you definitely don’t need to do any calculations.

 

Your quirks get in the way

It could be your love of Little Mix, or your daily devotion to extra-hot almond milk lattes – either way, it’s about priorities. Everyone should have a frivolous blow-out at least once in a lifetime: the secret is to do it strategically. Challenge yourself to cut down and hoard the extra cash (in your savings account) for something truly special later in the year. Having a savings goal – something you really, really want – makes going without much less painful.

 

Saving is boring

Yes, of course saving isn't as fun as spending your money on the things you love, but think of the bigger picture. That picture gets a hell of a lot brighter when the people you love are saving with you. That's why with Chip 2.0, we've created Squad Goals. So, if you've got a Lad's holiday or a girl's weekend planned, you can save up together. Invite your friends to a goal, track their progress, motivate them and make enjoy the saving journey.

 

You don’t see the point

Why save, when you could be sipping on your latte? Because free cash. Interest is free money paid to patient people, and your Chip savings account pays up to 5% interest on your stash. That’s got to be worth having.

 

You don’t ‘do’ money

You’re allowed to think saving is boring and time-consuming – but it’s also making other people richer than you! If you really don’t want to give any head space to thinking about saving, just let Chip do it for you. We hear from people all the time who’ve literally forgotten about Chip – and then discovered a handy £300 that’s been quietly piling up without them noticing.

 

You’re in debt

While most of us rely on credit cards, overdrafts or mortgages to get things we need, borrowing gets stressful if you can’t afford to pay back what you owe. If debt is stopping you getting on top of your savings, get professional help: try StepChange Debt Charity for free advice about managing and reducing what you owe. You can also use savings to pay off overdrafts or credit cards, to give yourself a fresh start.

 

Sh!t happens

Life is what happens while you’re busy making other plans. Unexpected costs are sometimes just part of the deal, and savings are a buffer against them, so keep a stash just in case. Have a separate savings pot for the cool stuff you want to do, buy or achieve.

Chip downtime. What actually happened?

At around 11pm on Friday evening we ran a maintenance script, the primary goal of which is to prevent downtime. Ironically, it caused our database to malfunction. We followed procedure and switched it off. However, it had entrenched several bugs in the stack which in turn caused numerous disruptions to Chip throughout the night until approximately 8:00 am Saturday morning when the issues were finally resolved.

To make matters worse, we had an unexpected spike of user activity on Friday evening and the server struggled to cope with the maintenance issue and the increase in volume. Sod's law as they say - the perfect storm of problems.

Has the issue now been resolved?

I would like to reassure you that the issue has now been resolved and we won't be running that maintenance script again! I can also confirm that all personal data and customer savings were completely secure at all times.

Our promise to you

It is never acceptable for our savers to be without access to their savings  — period. We have learnt a great deal from this experience and we are actively working on implementing a number of processes to constantly improve our technical infrastructure and eliminate incidents like this.

Thank you for your trust and continued support.

Simon

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The Big Chip Tee giveaway winners!

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We loved hearing about the ways Chip is helping you all live your best life and save for the things you want. There were so many wonderful stories it wasn't an easy task picking our winners. 

But here they are... the first batch of Chip tee owners!

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Meet Hamish. 

He's been using Chip to save up and support himself while he volunteers at a refugee camp in Greece. If anyone deserves a Chip tee, it's definitely Hamish!

This is what Hamish had to say about his Chip journey...

Using chip over the course of this year has enabled me to save up a surprising amount! I'm a Doctor working for the NHS but I'm taking a break from working in the UK to go and work in a refugee camp in Greece.

Chip has made saving effortless and it builds up really quickly. 

This is a voluntary post so I've been using Chip to help me put away the pennies to make sure I have enough to get out there and pay for accommodation too! Chip has made saving effortless and it builds up really quickly. Really pleased with the app! Thanks guys!

You're more than welcome Hamish! 

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Our second Chip tee winner is Nick. 

Nick got Chip to save up for his son's school cricket tour to Barbados. Fast forward a few months and he's not only saved up for the trip - he's booking his own holiday to Barbados too! 

Here's his Chip story...

'We’re going to Barbados for our school cricket tour!'

Imagine that as the first thing my son says coming home from school earlier this year. My first thought was, 'well you’re not going then', but that would be too harsh so my next thought was how expensive is that going to be?

£2400 it turns out. I only got to go to the Lake District for my school trips - he gets to go to Barbados for 10 days.

Anyway I have resigned myself to the expense and I'm using Chip to get me to save as much of the money as possible. It’s going pretty well on top of the monthly payments the school in their wisdom allows us to pay in.

It's going so well in fact I’ve decided I’m going to Barbados too and staying in a different hotel to him! I’m sure the Chip tee will look good by the pool as I sip rum and think about watching some cricket. Perfect 😊

 

That does sound perfect, we're glad we could help! 😍

In fact, there's nothing we love more here at Chip HQ than feeling like we're helping our savers get the most out their money. We want you to enjoy the things you really want in life so please do get in touch if you have a Chip story you'd like to tell us about!

And don't be too disappointed if you didn't bag yourself a tee... there will be tons more ways to get your hands on cool Chip sh*t coming soon.👊

Steph's summer abroad

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Meet Steph. As a student, she'd constantly struggled with saving.

Steph had always planned to go travelling around Europe after graduating but with expensive student loans to start paying off this was looking less and less likely.

That was, until she found Chip.

This is her story. 

Exploring Europe after finishing my degree was something I'd always wanted to tick off my bucket list. It wasn't until I was heading into my final year that I realised I was going to seriously struggle to afford it. 

Then, around October, I found out about Chip and decided to give it a go. Three months in and I couldn't believe how much I'd saved without even trying. After five months, I actually started planning my trip.

Chip's intelligent saving algorithm and adaptable saving level meant I never had to cancel a save. I was constantly building up my fund even when my bank balance was low. 

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I even had enough to rent a small camper van to drive along the Spanish coast, making unforgettable memories along the way. 

It's thanks to Chip that I was able to spend my last summer before going into full time work doing what I'd always dreamed of.

Thanks Chip. I really couldn't have done it without you! 

 

 

 

Tom's overdraft escape

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Meet Tom, he’s been struggling for years to get out of his overdraft.

He downloaded Chip to try and save a little extra each week before he discovered our amazing overdraft saving feature.

A year and a half later, Tom's overdraft is no longer holding him back and he's putting his weekly Chip saves towards the things he loves instead.

After reaching his goal and finding himself free from debt worry for the first time in a long time, he got in touch with us to say thanks. 

Here’s his story.

I’ve always hated missing out on things my friends are doing. Lads' holidays, nights out etc. So I’d do everything possible to keep up — even if this meant spending way out of my budget.

Not the smartest idea really, as I was racking up a pretty substantial amount of debt with most of my monthly income going towards rent and paying it off. 

A friend of mine had been saving up for a holiday with Chip and told me to give it a go. He said I wouldn’t really notice the saves and I’d finally be able to put away a little bit of cash each week. Great stuff!

After downloading the app I switched on overdraft saving and without even thinking about it, I was able to build up a healthy savings stash despite dipping in and out of my overdraft.

If you’d told me a year and a half ago that I’d have saved up for a new TV to watch the World Cup (and not just feel like I'm drowning in my overdraft), there’s no way I’d have believed you. But here I am. 

Thanks Chip!

The big Chip T-SHIRT giveaway

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Be the first to own your own Chip T-shirt!

Demand for our Chip stickers keeps on growing and our cool new logo for Chip 2.0 is finally complete. So, we decided to have some Chip T-shirts made. We couldn't be prouder to be part of the Chip team and now our biggest fans can show off their Chip love too! 

To be one of the first to get your hands on our exclusive Chip merchandise, all you have to do is drop us a line and tell us why you love Chip and how it´s helping you to reach your savings goals!

Our favourite saving stories will also get shared on our community site so if you´ve got photos you’d like to show off, that´s even better!

To get a Tee just tell us your story below...

We'd also really appreciate it if you could share the love and invite a friend or two to Chip as well! 🙏

Name *
Name

 

 

Behind the avocado...

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There’s been a lot of debate over what our ‘I choose avo.’ stickers mean recently, so we thought we’d clear up the mystery once and for all. ☝️

We came up with the ‘I choose avo.’ design because it perfectly embodies what we stand for here at Chip. 🙌

You might remember the 'words of wisdom' shared by millionaire Tim Gurner last year.  He told millennials across the globe they’d never be able to afford their own homes if they continued to buy smashed avocado on toast. 🤔

“We’re at a point now where the expectations of younger people are very, very high. They want to eat out every day, they want to travel to Europe every year. The people that own homes today worked very, very hard for it, saved every dollar, did everything they could to get up the property investment ladder.”
— Tim Gurner

 

Sorry Mr Gurner, but we don't think millennials need another lecture on their spending habits - what they (and everyone else for that matter) really need is a little help when it comes saving. 

We love avocado toast, we love technology and we love saving up for the things that matter to us. That's why we built Chip.

“It’s all about using technology to help people spend their money in a better way", says our CEO Simon.

He didn't set out to change what Chip savers have for lunch, but to use AI to enable them to afford the things they really want without having to change their lifestyle.

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That’s what Chip is all about. We help people to save without thinking about it. You don’t have to give up your avocado toast, morning latte or night out with friends to reach your goal. 

With just a few small saves each week you can save for the important things in life and still give in to your daily guilty pleasures. 🥑

We choose avo, you can choose whatever you want…

 

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Chip's got a new HQ

Last week was a pretty busy one. Not only were we working around the clock getting ready for the launch of Chip 2.0 — we also moved to our brand new offices in Shoreditch. 

On Wednesday morning, we packed up and said a fond farewell to our place in Angel. 

We didn’t have enough room for our growing team and space was becoming a little bit of an issue. 

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So, after saying our goodbyes we headed a few miles east to our spacious new office and it’s safe to say we all love it. 

Here we are hard at work... 

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Our CMO Alex was the first to explore the area as he headed off on a mission to find the perfect bacon sandwich to send to a few of our lucky investors.

Here he is about to tuck into the first sarnie. 

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Now we're all settled in we can't wait to make some memories in our new home.

With the launch of Chip 2.0 just around the corner, we're sure some pretty big things are about to happen here...

Meet Donald

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This is Donald, he’s Head of Customer Success here at Chip.

What that really means is — he’s the person who keeps our savers happy.  If you’re on our live chat then Donald is at the other end! 

He really does have ALL the answers and helps our savers out with any queries. He’s also on the other side when our savers get in touch through email and social media.

Thanks for always being there Donald! 

He's been working at Chip since September 2017. Here's what he has to say about us...

“What I enjoy most about my role in Chip is the opportunity not only to help others save, but to make them happy savers. We all need a bit more happiness.”

As well as our live chat hero, Donald is professionally trained musical-theatre performer.

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He loves all things French and is on a lifelong mission to find the perfect product to tame his curly hair.

Say hello to Tali

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This is Tali, she’s our Head of Operations and pretty much runs the show here at Chip HQ. She project manages the development of the app to make it even better for our happy savers. Hurray!

She also manages our customer support dept and ensures that everything at Chip HQ is running smoothly. Thanks Tali! 👍

Here's our favourite Head of Ops hard at work...

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And here...

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And here she is on the tube with our CEO Simon (after the Chip Christmas party)...🙈 

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When she's not at Chip HQ, Tali likes to play softball. She's actually pretty good! 

Here she is scoring a home run for her team 'The Tecumsehs'. 💪

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Tali joined Chip back in November 2016 and it really wouldn't be the same without her.

This is what she had to say about working at the best savings app in the world.

"What I love most about Chip is the working environment we’ve created. We work hard and have fun as a team." 

Thanks Tali! We ❤️you too.

A sneak peek at Chip 2.0

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We're so excited about the launch of our shiny new app, we just can't keep it in any longer. 

Don't worry, we won't spoil the surprise completely, but we will show you a little something we've been working on and introduce our cool new logo. 😉

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We’re all about sharing experiences and finding ways for you to enjoy your savings with all the incredible people around you.

So, we set out to create a feature which could help our users do just that — save up for the things they want with the people they love. 

Introducing - Squad Goals  🙌

Saving with Chip is pretty easy (thanks to our algorithm that does it for you) and now we’re making it even more fun.

Save up for multiple goals with Chip 2.0 and invite friends to join the journey with you, that way you can encourage each other to keep on saving for the things that matter.

We can’t share too much with you right now because it’s top secret, but we can give you a sneak peek of how the new Chip will work.

Drum roll …

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Don't worry, you won't have to wait too long to get your hands on the full Squad Goals feature (or any of our other amazing new features for that matter!). 🤗 Chip 2.0 will be launching very soon, so watch this space...

Liv's adventure in Asia

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One of the best things about working at Chip is getting updates from our users. Hearing stories of how Chip has changed their life for the better always gets us smiling.

Meet Liv. She’s 27. A part-time nanny and Yoga instructor. 

Liv got Chip last year to save up for a holiday to Asia with her boyfriend. 

Not only did she reach her goal, she had such a good time that she got in touch to say thanks. She even sent us some super cute snaps from her hols. 

This is her story...

I was desperate to get away and have real break from London but wasn’t sure how I was going to save up for a two week holiday and keep doing the things I wanted to, like going out with my friends.

With 9 months to go, I downloaded Chip and started saving straight away. I can’t say I was completely confident the app alone would help me to reach my goal — but it certainly wasn’t going to do any harm, so I gave it a try. 

Little did i know! Three months in, I had already saved over a third of what I needed and started planning the trip. I even upped my Chip save amount to add in a visit to Cambodia after Thailand. For the first time my savings were opening up possibilities rather than closing doors! 

It sounds impossible, but I genuinely didn’t notice the money leaving my account. I’m prone to an impromptu supermarket stop or after work drink, and each Chip save fell into the same little affordable bracket.

Fast forward nine months and Josh and I set off on our merry way. We wanted to fit as much in as possible (and we really did)!

It would take forever to talk you through the best moments from our two-week stay, so I’ll just share with you a few photos from our favourite parts.

 Meeting elephants at the Sai Yoke Elephant Camp.

Meeting elephants at the Sai Yoke Elephant Camp.

 Trekking up the mountains in Chiang Mai.

Trekking up the mountains in Chiang Mai.

 Exploring Battambang on the Sangkae river in Cambodia.

Exploring Battambang on the Sangkae river in Cambodia.

The thing that took me by surprise the most was how little I had to cut back. Over the nine months before our holiday, I still can’t believe I didn’t have to change my lifestyle. I didn’t miss out on anything yet I’d managed to save up for the trip of a lifetime! 

 Taking a well deserved break in Pai, Thailand.

Taking a well deserved break in Pai, Thailand.

We were so pleased when Liv got in touch with Chip HQ to share the memories she made. It really doesn’t matter whether your goal is £100 or £10,000, for one month's time or one year's time. If we’ve helped you reach it — then that makes us happy. So keep on saving and sharing! 

We're on a mission... to find the strangest savings goal

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One of the most exciting things about Chip is that every user's journey is completely unique. So we've embarked on a new mission to find the weirdest and most wonderful things Chippers are saving for.

Is your goal a pet llama? Are you stashing money away for a secret adventure? Or getting some cash together to donate to charity? Then tell us about it. 🙏The quirkier the better!

Share your story with us here and you might even land yourself on our front page. 🙌