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Cost of Living and Chip
Cost of Living and Chip

Making Chip work for you during the cost of living crisis and where you can find help.

Antony avatar
Written by Antony
Updated over a week ago

We understand that these are very difficult financial times, and all of us have been impacted in one way or another. We at Chip want to empower you to make the best and most sustainable financial decisions possible, so if you’re struggling, please read our advice below on using Chip and see our links to external resources that can offer more help and advice.

If you’re in need of help with your Chip account, our customer service team is here to help from 8-8 Mon-Fri and can be reached at or via the “Contact Us” section of the profile tab.

Using Chip


Chip has both a paid and a free membership plan (ChipX which is £5.99 per 28 days or £4.99 when paid annually, and Chip Basic which is free). When you activate the free membership plan, you will not be charged a monthly fee however, there are some transaction fees. In the new fee structure, autosaves cost £0.45 each and recurring saves cost £0.25 each. For investments, there is a 0.5% platform fee. All of these fees will be removed for users on the ChipX membership plan.

For more information, please click here.

If you’re struggling to manage these fees, please contact our customer service team.


While savings are a powerful financial resource, it’s important that you only save what’s within your means. To find out how much money you can comfortably save each month, it is generally considered a good idea to create a budget plan. There are plenty of online resources that can make this as quick and easy as possible - for example, money helper has a brilliant online tool that can help you create a budget within minutes. Additionally, budgeting apps like Snoop can help you to organise (and sometimes even reduce) your outgoings.

Our autosave feature is specifically designed to put away small amounts of money that you can afford (based on previous outgoings, income and your settings). For help with amending your autosave settings to best suit your needs, please see the article here.

Remember: you can cancel or amend any autosaves before they’re charged at 3 pm on the day they generate.

We also offer Recurring Saves, which - unlike autosaves - can be customised in amount and frequency, so if you know how much you want to save and when, this might be the better option for you. Please note that since Recurring Saves are created by you, you do not have the option to cancel them before they are charged on their set date. To cancel a Recurring Save, you can delete it ahead of time.

More information about Recurring Saves can be found here.

Deposits and Withdrawals

It may be that you need access to your money in a pinch, so please be aware that deposits into any Chip savings account can take a maximum of three working days to clear, and you will not be able to withdraw your money until it has finished processing. Deposits into investments can take up to nine days to clear.

For withdrawals, our Chip Cash ISA, Prize Savings Account and Instant Access Account offer withdrawals that are typically completed in a maximum of two hours (on working days). For investments, withdrawals can take up to five working days to clear.

Legacy Product* Withdrawals:
For the Allica Easy Access account, withdrawals can take up to two working days to clear.

Withdrawals from the Oaknorth 90-day Notice Account are subject to the 90-day notice period, this is not something that you can bypass.

Please note: these accounts are no longer available to new customers.

Further Help

There are countless excellent resources available to help those who are feeling the impact of the cost of living crisis. See below for some of our top picks:

Most of the banks that Chip supports a connection with have also issued advice for coping with the cost of living. Please check below for your bank:

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