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I've had funds debited from my bank account, what for?
I've had funds debited from my bank account, what for?

Autosaves Explained

James avatar
Written by James
Updated this week

When you first join Chip we will calculate for you what is known as an "autosave" the app then does this for you every four days to help you put money aside seamlessly and hit those savings goals.

Through open banking technology Chip analyses your income and spending habits and automatically calculates what you can afford to save, then moves that money to your Chip account for you. To put it simply, if you spend more, the AI will save you a bit less, or if you aren't spending as much, it'll put aside a bit more. Our AI also learns, so if you skip or edit saves, Chip will take note and save you a bit more or less in the future.

You're still in control and can cancel or amend any of your autosaves when they generate in the morning anytime before 3pm. You can also set rules so Chip does not save while you are in your overdraft or if your account goes below a certain balance (go to Profile > Savings Plans > Auto-save Settings to do this).

If this isn't for you or you would prefer to just save a lump sum, no problem! Just go to your Profile tab in the app and select Savings Plans > Auto-save settings. Here you can skip autosaves for a period of up to 3 months or permanently by using the toggle at the top of the page.

Thank you,

Chip Team

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