Put simply, the Pay Day Put Away is a feature that allows Chip to automatically move a custom amount of money aside on your specific payday each month.
Please note, once set up, this will not take into account your minimum bank balance and overdraft settings on the app, and in order to use our Payday Put Away feature we are firstly required to verify your bank connection.
Enabling Pay Day Put Away (a) removes the pain of seeing your money leave your spending account; (b) means the spare money won’t be accessible for you to spend it come pay day and; (c) is a way to save more when you can afford it most.
How it works
Set the day you get paid, last Friday of the month; last day of the month; or select a custom date.
Choose the amount. You can change this any time, so if you felt last month was too much or too little, just tap ‘change payday put away’ in your app. We even show you your 12 month save projection if you stick with this amount each pay day for an entire year.
Your Payday Putaway is now set up!
In order to use our Payday Put Away feature we are firstly required to verify your bank connection. This just means that Chip needs to detect that the debit card you have connected to Chip is linked to the bank account you withdraw your funds to (for your security).
The verification should go through within 48 hours of an autosave being made in any of your Chip accounts. Once the save has fully debited your account the connection will be verified. If this hasn't happened within 5 working days please let the team know!