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Autosaves Explained
Autosaves Explained

What are autosaves and how do the settings work?

Antony avatar
Written by Antony
Updated over a week ago

What Are Autosaves?

Autosaving is just one of many ways that Chip can help you to save. An autosave is an "automatic save", meaning that using settings chosen by you, the app can save money on your behalf. If you have autosaves enabled, Chip will generate one every 4 days.

Chip uses Open Banking technology to integrate with your linked bank account. So long as you have a bank connection, Chip can create autosaves that are tailor-made to suit your specific needs; to put it simply, if you're spending more than usual, Chip will make smaller saves, and if you're being particularly frugal, Chip will make larger saves for you.

Autosaves allow our users to sit back as Chip does the work for them, but you can still have as much control as you'd like. You will receive notice when the autosave generates in the morning so that you have the final say in whether or not the charge is made. We have autosave settings that allow you to set your boundaries, and you're able to cancel or amend generated autosaves up until 3 pm on the day they generate (as this is when they're charged).

Autosaves are currently available for both membership plans.

Autosave Settings

Below is a breakdown of each of the settings:

Overdraft Saving

Directory: Profile > Savings Plans

Here you can choose whether you're happy for Chip's autosaves to take you into or use your overdraft, and how far into your overdraft Chip can take you. This is off by default, but if you toggle this on, please make sure you set an amount in the "Max overdrawn" section. If you do not specify how far into your overdraft Chip can go, we will not take saves when you're in your overdraft as a protective measure.

Min. Bank Balance

Directory: Profile > Savings Plans

Here you have the option to get Chip to stop making autosaves if your balance falls below a certain amount. Just toggle this setting on and type and amount in the "Set minimum" section to set this up.

IMPORTANT: This setting will only stop saves if you are already below the set amount. It will not stop saves from taking you below the amount specified, so we'd recommend setting it to be slightly higher than the actual amount you'd need to be left in your bank account.

Please also note that with Open Banking technology it's only possible for us to see your cleared balance. This means that any pending debits to your account could make your balance appear higher than it is.

Turn Autosaves On/Off

Directory: Profile > Savings Plans > Auto-save Settings

At the top of this page you will see a toggle to switch autosaves on or off completely. All you need to do is switch the toggle as desired and you're all set!

Please note that disabling your autosaves will not cancel any existing autosaves that have already been generated - please ensure to cancel any existing autosaves when disabling them.

AI Save Allocation

Directory: Profile > Savings Plans > Auto-save Settings

Here you can choose which account you want your autosaves to go into. Please note that you can only autosave into one savings account or investment fund at once, you cannot split autosaves across different accounts. If you wish to do this, Recurring Saves might be a better option!

AI Save Level

Directory: Profile > Savings Plans > Auto-save Settings

The AI save level tells Chip how generous or conservative to be with the saves it generates. In short, level 1 will have the AI be very cautious when deciding how much you can save, whereas level 5 will be more aggressive with how much it puts away for you.

As autosaves are generated specifically for you based on your spending habits, the save levels aren't linked to specific amounts.

Skip Auto-Saves

Directory: Profile > Savings Plans > Auto-save Settings

You always have the option to take a break from autosaving should you wish to do so. In the skip saves menu you can choose to skip for one week, two weeks or until a custom date set by you. You can skip for a maximum of 90 days at a time. Once a pause is in place, you can return to saving early by tapping the red cancel button that will appear at the top of this page. Once done, a save will generate the next morning.

If you're having trouble with autosaves, need help with your settings or simply have a question, please get in touch with our customer service team either via the "Contact Us" section on the profile page or by emailing us at Alternatively, you can find more information about autosaves throughout our help centre!

Please note that from the 12th of October 2022 fee changes are applicable, to see more detail on what's changed, please click here.

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