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Chip is the AI money saving app you should be using

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This app is the answer to the age-old problem of saving.

The key to building up your savings is planning your budget, monitoring your expenditure, and sticking to your monthly allowance.

This automated micro savings app will do all of these things for you and update you through a simple chatbot interface where you can get information on your spending habits and current savings.

Here's how it works: Chip is plugged into your current account and is compatible with major UK banking providers.

Using an AI algorithm the app will calculate how much money can be cached away via Direct Debit into a virtual saving pot from your current account based on your spending patterns.

Thanks to this algorithm the savings are guaranteed not to affect your day to day spending, saving less when you spend more and saving more when you are spending less. You can also manually add money to your savings account with a limit of £100 per day.

While you carry on cheerfully and guilt-free Chip will take on this stressful task for you.

You may not even realise you're saving anything since the money automatically leaving your account will amount to just a few cups of coffee, essentially scamming you into leading a more frugal lifestyle.

The team behind Chip promises that the app will never transfer more than it should but still gives you the ability to pause saving at any point.

Your savings account will have instant access allowing withdrawal whenever you need it and the app is both FCA certified and protected by 256-bit bank grade encryption.

As of now, only one current account is supported but in the future Chip may offer multiple/shared savings accounts.

Chip's goal is not only to let you save up with up to 5% interest. By gradually building up to the outstanding amount, your savings can be used to pay off your overdraft.

In fact, Chip CEO Simon Rabin has an own brand overdraft feature in the works, offering more transparency and ease to its customers.

In light of the PSD2 directive becoming implemented and enabling both customers and businesses to use third-party providers to manage their accounts, banks are inevitably going to face competition.

This is the future of "plugin banking", which will do away with the monopolising of bank information for good.

You can get your hands on Chip for iOS here and for Android here.

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