Goals Explained

Goals are Chip's way to help you stay motivated while you save and keep track of your progress with a visual representation.

When you set up a goal, Chip will keep track of your savings and let you know how close you are to achieving your goal amount. You'll see a Completed section in the goals tab where you can see everything you've successfully saved for in the past.
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No, your entire balance is still within your selected Chip accounts. Goals are an entirely visual way of keeping track of your saving targets without having to move savings out of interest-bearing accounts etc. Think of them as a sort of progress bar rather than a separate account or pot.

Since goals are purely visual, you're free to delete them at any time and this will not have any impact on your savings or balance. Additionally, any money towards your goal is not an additional balance. Your total balance as seen at the top of the home page will always be the accurate number.

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Chip looks at your average spending and saving patterns to predict how long it will take to save up a certain amount. If you are new to Chip and have connected your bank account via open banking, it uses the last 90 days of spending data to work out how much you’re likely to save. The countdown might change as your automatic saving reacts to your spending behaviour.

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To set up a goal, head to the Goals tab at the bottom bar of the app. Next, you'll see the option to Create a goal at the top of the page. Start by naming your goal or choosing one of the prewritten names, then tap Next. Here you can specify the amount you want to save. Once you click next, if you have existing savings you'll be prompted to choose how much you'd like to allocate to the goal, so you don't have to start from £0. Once done, the goal has been created.

On the next page, you can choose to amend further settings, such as your target date, the goal photo and your automatic save allocation.

Target Date: If you choose a target date then Chip will let you know whether you are on track to complete your goal by this date based on your spending habits.
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Allocation: The allocation percentage you choose will determine what percentage of your saves will contribute towards your goal. This means that if you have multiple goals, you can have saves contribute towards more than one. This is set to 20% by default.

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Tap on the goal you want to edit and tap the Edit goal button. From here, you can change the name and image.

To change a goal amount, you will need to delete and recreate the goal.

At the moment goals are just visual aids to help you stay motivated while saving - they are not separate pots with your money in them. All your funds are physically held and withdrawn from your main balance.

You can withdraw your funds in the Savings tab which you'll see at the bottom of the app - please select which account you want to withdraw from then on the next screen tap the Withdraw button below your balance and confirm the amount.

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Yes, you can have up to five goals (handy for setting short, medium and long-term goals), and allocate a percentage of your autosaves to go towards each goal.

For example, if your autosave was £20, you could put:

If you have any further questions, please reach out to us via email at hello@getchip.uk or via the in-app chat and we'll be happy to help you further.