Chip is confusing me

With the addition of a new savings account to consider (feels like Chip changes in some way every other week now) I’ve realised how confused I am when it comes to this app. I’m a long(ish) term user from back in the days when it was just an auto-save AI but now I can’t get my head around which path I should be taking. I’m on ChipX but rarely have more than 1 - 1.5k in savings, and even then that doesn’t go untouched for more than a month or two, so… Should I be changing my tier? I can’t figure it out. One of the original Chip draws for me was how simple it was…


If you’re not investing in the funds, then you probably don’t need chipx


At that level of savings the fees you are paying would exceed any interest you are earning and the account will be costing you money. Unless you intend to invest in funds, with that level of savings you’d be financially better off to downgrade to Chip Lite which allows a maximum balance of £2000 but charges no fees.


I had a feeling that might be the case. Would my current funds move with me if I downgraded?

1 Like

You won’t be able to downgrade if you have funds invested as you have to have chip x in order to hold the funds, that’s how I understand it anyway

If you only have your money in one of the interest-bearing accounts and have not invested via the funds offered, it makes no sense to be paying the fee with only a small amount in the account at any time. As suggested above, downgrade to Chip Lite and save yourself the £1.50 every 28 days.

If you have money in funds however, you cannot downgrade without first selling the funds.

Nothing in funds. Just the straight savings. Will that downgrade with me?

As long as you have less than 2000 saved you should be able to downgrade as that’s the limit for ChipLite accounts. If you regularly have only 1-1.5k saved it sounds like this is the best option for you.

Yep, I got that bit. I just want to know if the money I do have saved transfers with me or do I have to withdraw it and re-save?

It transfers across automatically as long as you’ve done the permission for Chip to do it

Great. Thanks for the help.