Automated saving Plum or Chip?

tonycottee

Having used both, I prefer Chip, just because I find it far easier to use the app.

peachplumpear

mandanarchi wrote: »

I actually use both.
Both were quick and easy to set up, main difference being Chip is an app you have to download, Plum is done through Facebook messenger (but you can view extra details on a website it links to you).

Plum seems to be more regular at making savings, but with Chip you get interest and an extra 1% for a year for every friend you introduce. Mine is currently 6%, far higher than any of my savings accounts! Also the referred gets an extra 1%, so if anyone would like the code, I'd be more than happy to share

I've resolved to let Plum save £100, then withdraw and deposit it into Chip.

This is a clever idea. I started off with just Plum but now also use both after reading the above (but with Chip's auto saving disabled). I transfer lump sums into Chip at beginning of the month (you can do a max of £100, six times a month) and then let Plum do it's auto saving (which as mandanarchi says seems more effective at saving) and sweep into Chip.

If you just want one though I think I would say Chip is better overall - I prefer having an actual app (than chatting to an AI on facebook messenger which for some reason just freaks me out more I don't know why!), Chip's 'chat' ability seems technically superior than Plum's (which seems to have limited commands) and Chip has an excellent (and reliable) interest rate (unlike Plum where you have to invest with peer to peer lending so not guaranteed and some risk).

You can use MSE's code 'MSE3' to automatically start on 3% with Chip (otherwise you start on 0%) and then can top up to max of 5% by other people signing up with your code (both giver and receiver get 1%). If you choose Plum for a limited time you can get a bonus £5 to start with by using link friends.withplum.com/r/tJHJP5 (until 15th June 2018).

Whichever one you go for, as someone who struggles to save, I really recommend these as they just keep up an unnoticeable trickle of savings that builds up and really helps!

GPK10

Although not quite what you have asked, when I changed my linked bank account I seemed to have no option but to withdraw the existing balance(!) The process was done via live chat and was very quick - funds were in the bank within a few minutes.

Mrtanner

Hello, I have signed up for chip.
It works by giving you a code to share, when a new person joins with the code we both get a one percent bonus, valid for a year.
Heres my code:
WLJ397
Thanks

Mildredlucky

Hi can anyone tell me if i max out the 5 x £100 deposits allowed a month over to chip...will this stop the app from taking auto savings.

E.g. is 500 the absolute maximum you can save a month with chip?

youngretired

You can only manually save up to 6 x £100 a month so £600. The automatic saves will still happen unless you turn off/pause it for 90 days, so it is possible to save more than the £600 a month.

chm204

I signed up with Chip in April and have found it really great. The app works really well (I have an iPhone) and in addition to automatically calculating savings and transferring it from your linked account, it also lets you manually save - I think it's roughly £500 per month.

If you are interested in signing up, you can use this code to get an extra 1% interest on your savings (and I also get an extra 1% so everybody wins!): PWAY2L

Hope that helps!

scaredofdebt

Have a look at Moneybox.

I used Chip but found it too easy to withdraw the savings, so I didn't really build up much of a savings pot.

With Moneybox I was able to save up a few hundred pounds in about a year as it is more difficult to withdraw it, but of course that may not suit you!

nrsql

I would look at:
Who is liable if something goes wrong and you get charges
What limits are there on what they can do and what data/control do they have (especially over funds transferred.
How and how quickly can you get out.
How do they make profit. Is it sustainable and sufficient to maintain and develop the business.
What happens if the company folds
What's the history of the people involved.

scaredofdebt

Yes I have a few times, it's very simple and the money was in my bank account the same day.