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  • FIRST POST
    • hotnuts21
    • By hotnuts21 29th Oct 16, 12:04 PM
    • 57Posts
    • 7Thanks
    hotnuts21
    Automated saving Plum or Chip?
    • #1
    • 29th Oct 16, 12:04 PM
    Automated saving Plum or Chip? 29th Oct 16 at 12:04 PM
    MoneySavingExpert.com Insert:

    Hi, if you're looking into app-based banking we have a fully researched guide that may help.

    App-based banking

    Back to the original thread...


    Just wondering if anyone had any thoughts on the two automated saving apps that have appeared recently.

    Plum https://withplum.com/
    Chip https://getchip.uk/

    Plums FAQs seem to give a bit more info on security etc, but im always dubious giving access to my accounts for SASS products.

    Thoughts/Experiences?
    Last edited by MSE Andrea; 09-01-2018 at 12:55 PM.
Page 2
    • picks
    • By picks 5th Apr 17, 5:57 PM
    • 181 Posts
    • 68 Thanks
    picks
    True but Chip's up to 5% sounds interesting.
    Originally posted by iAMaLONDONER
    If it sounds too good to be true, it probably is.

    Do people seriously hand over their security details for their bank / savings accounts to bots? It sounds like bargepole territory to me and I wouldn't be so naive.
    • alph
    • By alph 10th Apr 17, 9:55 PM
    • 20 Posts
    • 3 Thanks
    alph
    The Chip app now lets you use overdraft for savings.

    seems to be a new feature.

    May be useful for some people?
    • alph
    • By alph 10th Jun 17, 6:35 PM
    • 20 Posts
    • 3 Thanks
    alph
    Chip is stopping the 10 referral cash by the end of the month.

    I got a message from them yesterday saying this.

    I have been using Chip for a few months now and find it excellent.
    I have posted my experiences on here before already.

    So do sign up quickly if you want the 10 cash.. After the end of this month it stops.

    Thanks to anyone that uses my referral code.

    I hope this helps a few people on here.
    • surreysaver
    • By surreysaver 10th Jun 17, 10:32 PM
    • 2,467 Posts
    • 1,373 Thanks
    surreysaver
    Just had a look at Chip. The conditions say it might keep funds inaccessible for up to five days after it takes a direct debit.
    And I don't like the way it pretends to be a human when it talks to you, so I uninstalled it.
    I consider myself to be a male feminist. Is that allowed?
    • Ashen
    • By Ashen 11th Jun 17, 5:25 PM
    • 481 Posts
    • 334 Thanks
    Ashen
    Just had a look at Chip. The conditions say it might keep funds inaccessible for up to five days after it takes a direct debit.
    And I don't like the way it pretends to be a human when it talks to you, so I uninstalled it.
    Originally posted by surreysaver
    Isn't that simply because DD's take some working days to process? Seems perfectly reasonable to me.

    For withdrawals, it says on website that they will be returned to account same day if before 2pm.
    • alph
    • By alph 17th Jun 17, 4:17 PM
    • 20 Posts
    • 3 Thanks
    alph
    Thank you Sam, for using my code.

    The 10 referral is being withdrawn at the end of this month, so I am glad you managed to get this with in the time limit.

    You just need to connect the app to your bank account, to now qualify for the 10.

    Thanks again Sam
    • alph
    • By alph 22nd Jul 17, 10:10 AM
    • 20 Posts
    • 3 Thanks
    alph
    So I have been using this Chip App now for 4 maybe 5 months. I have had no issues so far with this at all.

    I got my first 3 months interest paid to me.

    Savings happen automatically, so its nice and easy.

    Seems to be a great app so far.

    I love how easy it is.

    Alph

    Just posting my experience so far.
    • alph
    • By alph 2nd Sep 17, 3:37 PM
    • 20 Posts
    • 3 Thanks
    alph
    Using Chip for a few months now,

    and I have been able to save a nice amount with out even thinking about it.

    Its great for those of you , like myself, that have always struggled with saving.

    its working great for me
    • bowlhead99
    • By bowlhead99 28th Nov 17, 8:09 PM
    • 7,970 Posts
    • 14,499 Thanks
    bowlhead99
    Just signed up to Chip, any idea if they are going to continue with the 1% interest bonus for referrals? My code is [XXXXX]., if anyone is interested in a 1% bonus
    Originally posted by homer1195
    As mentioned above, please stop spamming referral links on this board, there is a referrals board for that explicit purpose.

    I see Chip are on crowdcube at the moment trying to raise more funding to help them get enough customers to turn a profit before they run out of resources

    They have hit their target for now at a 4.8m pre-money valuation; EIS status pending and business model not proven, so not one for me.
    • Roseanne1
    • By Roseanne1 19th Apr 18, 10:56 PM
    • 131 Posts
    • 30 Thanks
    Roseanne1
    Sorry to sound thick but I have signed up, linked account and connect to messenger. What happens next?

    I got the following on messenger:

    I see you've just completed your account setup, congratulations

    I'm now analysing your data and, when I'm done, I will save a small and safe amount for you every 4-5 days.

    In the meantime, tap on Home to check out what I can do for you.

    Oh and one last thing, did you know that you can invite your friends as well? For every 3 friends who accept your invitation and make their first saving, I'll put 25 in your Plum savings
    What is the "home" button they refer to, I can't see anything. I am using a desktop PC if that is relevant.

    Can someone help please? I know you can pause auto saving but can you select exactly how much you want to save and how often so that it pulls a DD from my account every month.

    Thanks.
    • Roseanne1
    • By Roseanne1 20th Apr 18, 7:08 PM
    • 131 Posts
    • 30 Thanks
    Roseanne1
    Well I managed to find the "home" menu and get 50 from my linked account to Plum, well it is sitting as a pending transaction.

    What I want to do is set up for this to go in monthly but when I try to type something like "Deposit 50 monthly", they don't seem to understand the monthly bit and just ask if I want 50 transferred. I also don't see anything on a menu to set this up. Can anyone here advise?

    Thanks.
    • tonycottee
    • By tonycottee 25th May 18, 11:03 AM
    • 1,104 Posts
    • 2,083 Thanks
    tonycottee
    Having used both, I prefer Chip, just because I find it far easier to use the app.
    • peachplumpear
    • By peachplumpear 5th Jun 18, 1:28 PM
    • 3 Posts
    • 0 Thanks
    peachplumpear
    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.
    Originally posted by mandanarchi
    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!
    • FriendlyFoe
    • By FriendlyFoe 12th Jun 18, 11:52 AM
    • 72 Posts
    • 40 Thanks
    FriendlyFoe
    Has anyone tried withdrawing the full sum of their savings with Chip and how was the process if so?
    • GPK10
    • By GPK10 13th Jun 18, 7:11 AM
    • 5 Posts
    • 1 Thanks
    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
    • By Mrtanner 16th Jun 18, 7:50 AM
    • 1 Posts
    • 0 Thanks
    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
    • By Mildredlucky 17th Jun 18, 7:13 AM
    • 2 Posts
    • 0 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?
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