Chip launches automatic savings app for millennials
5th October 2016
Introducing Chip. The new Level39 member company, which provides a savings app designed to encourage and empower millennials to save their money.
They made their official launch today. It’s a bit like if your online bank account met Facebook Messenger – a painless – and fun way of managing your finances and saving a few pounds every day.
Chip connects to the user’s online banking, analyses their spending and calculates how much they can afford to save without having an impact on their day-to-day spending. That money is then automatically moved into their Chip savings account.
Chip was created in response to the clear need for change in the ways young people manage their money. Life is expensive, spending is seamless and banks don’t do anything meaningful to help their customers save.
CEO Simon Rabin said: “Chip’s mission is to make saving money as effortless as spending it. We used to find it really hard to calculate how much we should be saving each month and didn’t have the discipline to actually put it away. That’s why we made Chip”