Auto-save with Chip
Regular readers will know of my love for the Auto-save tool Chip. Chip is an ever-so-clever app that makes putting money aside so easy, it is done without any intervention from me and allows me to build up a great safety net of cash.
And I have the best offer for you, open an account right now by clicking here and you will receive a £10 bonus for doing so. Simply use my special promo code MUMMYPENNY10 when signing up to Chip.
I am a Chip Customer
I have been a Chip customer for two years now. It is connected to my current account and tracks my spending and balance history. If it sees a good week with me spending less or fewer transactions it will calculate an amount to move aside to an auto-save account. This account is held with Barclays, so you know that the money is in safe hands.
I tend to dip in and out of overdraft on my current account dependant on transfers from my business accounts, so I have set up my Chip account to only auto-save money when my account is in credit. This means that an auto-save normally happens 2-3 times per month. If you are always in credit, then the auto-saves happen roughly once a week.
My current Chip Behaviour
I tend to let my Chip money build up for a few months and then use it for meaningful things like putting it towards a family holiday or towards birthdays gifts. Or on occasion I have used the money in an emergency when funds are running short. I love the way it encourages you to save up emergency money if this is your goal.
The withdrawal process is ever so simple, as in your click withdraw on the app! You state the amount you want to withdraw, and it is done. No visiting a branch, making a phone call or even going online. Each time I have requested a withdrawal the money it has arrived back into my current account within a couple of days.
My 2020 Plans for Chip are changing
For 2020 I intend to auto-save for a whole year without withdrawing any money. If I keep my account always in credit this should mean a Chip contribution every week. Based on my current level of savings this should mean that by December I will have around £1200 stashed away. More than enough to pay for Christmas. With plenty spare for some treats for me!
Set up a Chip Account now and do the same!
Why not set up a chip account and do the same. Auto-save some money without even noticing it leaving your account and build up a wonderful Christmas fund for the end of 2020. What a relief it would be to have Christmas paid for.
If you have never saved before or never gotten around to it this is the ideal tool to help you. It is so simple and easy, and the money is saved without any effort from you. And it magically builds up in the app. It is such a nice surprise to go in and check every few months to see the balance growing nicely. Ans to know there is some spare money sat there if needed.
How Does the £10 offer work?
You need to sign up for the offer using this link here. You will be whizzed over to a Chip landing page with all my Mrs Mummypenny details on it. Just to let you know that as well as you receiving a lovely £10 credit to your chip account, I will also get a £5 referral payment. Thank you for this if you do choose to sign up for a sparkly new Chip account.
Set up the chip account on your phone via the app and connect it up to the bank account that you want Chip to analyse and auto-save money from. Be sure to pay attention to your settings, do you want to save at a low, medium or high level. Do you want to auto-save when your account in in overdraft?
Then you are set up. Chip will work its magic. The £10 will be applied after two auto-saves have happened, normally two weeks after your account has been set up.
This is a collaborative post with Chip. The offer currently is open from 1st January 2020 on going.