What are autosaves?
Autosaves are our smart way of helping you save money without even thinking about it. We look at your spending from your linked bank account to find small, affordable amounts to put aside for you. For example, if you've been spending a bit more than usual, we'll save a smaller amount for you. If you've been spending less, we can save a little more.
You're always in control. We'll send you a notification before every autosave, and you can set your own saving boundaries in your app settings. It's a key feature of your overall Chip account and is available to all members.
How much do autosaves cost?
The cost of autosaves depends on your Chip membership plan.
Standard Plan
For members on our Standard Plan, we charge a small fee of £0.45 for each autosave. We take this fee from the amount before it's deposited into your account. For example, if we autosave £5.50 for you, we'll deposit £5.05 into your account.
ChipX Plan
If you're a ChipX member, you can use autosaves for free.
How do I pause or turn off autosaves?
You can easily pause or turn off your autosaves at any time.
Just go to your Profile tab, then tap Savings Plans > Autosave Settings. From there, you have two options:
Need a break? Skip autosaves: Tap here to pause your autosaves for up to 3 months.
On/Off toggle: If you want to stop autosaving for a longer period, simply use the toggle at the top of the page.
One thing to remember: Turning off your autosaves won't automatically cancel any that are already in progress. Make sure to cancel any existing autosaves if you need to.
How often do autosaves happen?
We take an autosave every four days.
Can I cancel an autosave?
Yes, you can easily cancel an autosave in the app as long as you do so before the 3 pm deadline on the day it was generated.
Here's how:
Go to your Savings tab and find the autosave you want to cancel.
Tap on the autosave, and you'll see a Skip save option.
Tap Skip save.
Just remember, you must do this before 3 pm on the same day the autosave was generated; otherwise, it cannot be cancelled.
Can I adjust an autosave?
Yes, you can easily adjust a specific autosave.
Just follow these steps:
Go to your Savings tab and find the autosave you want to change.
Tap on the autosave to adjust the amount.
Confirm the change.
We'll process your new autosave amount at 3 pm on the same day.
Why have my autosaves stopped?
If your autosaves have stopped, here are the most common reasons why:
Your linked bank account's debit card has expired. This could also be the case if it's due to expire within the next month.
You didn't have enough money in your account when the autosave was generated.
Your autosave settings are preventing a save. For example, your minimum balance or overdraft protection settings might have stopped it from happening.
Your balance is much lower than usual. When a balance is very low, we may not be able to generate an autosave of at least £1, so we'll skip it.
You haven't selected an account for your autosaves to be allocated to. You can check this by going to Profile > Savings plans > Autosave settings.
What do the different autosave settings mean?
You have total control over your autosaves. Here is a simple guide to what each setting does.
Overdraft saving
This setting lets you decide if you're happy for us to take an autosave even if you're in your overdraft. We turn this off by default. If you switch it on, you'll need to set a limit in the Max overdrawn section. As a safety measure, we'll never take an autosave if you're in your overdraft and haven't set this limit.
Min. bank balance
You can set a minimum amount for your linked bank account here. If your balance is already below this amount, we will pause your autosaves.
Important: This setting won’t prevent an autosave from taking you below the amount you've set. We recommend setting this figure slightly higher than you need.
Autosave allocation
This is where you choose which savings account or investment fund your autosaves will go into. You can only autosave into one account at a time. If you want to split your savings across multiple accounts, setting up recurring deposits might be a better option for you.
Autosave level
This tells Chip how conservative or aggressive to be with your autosaves. A level 1 means we'll be very cautious, putting aside smaller amounts. At level 5, we'll be more confident and save a larger amount for you. Since your autosaves are personalised to you, these levels are not linked to specific amounts.
Need further help?
If you have any further questions, get in touch with our support team using the in-app chat (this can be found in the Contact us section on the Profile tab) or by email at hello@getchip.uk for further help.