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How to save money without even noticing

save money Wouldn’t it be great if you knew how to save money without even noticing?  Well, now you can.

There are a couple of new kids on the block when it comes to saving money and I have been testing them out, so that I can give you the lowdown on them.

Save money easily

Chip and Plum offer a new way to build up your savings, and you genuinely will find it easier  to save money than ever before.

Both services work by linking themselves to your bank account and analysing your spending.  They work out how much you can afford to save, and will automatically transfer small amounts from your bank account into your linked savings account.

Big savings

I have been using Plum and Chip for 6 months and have saved £1075.36 between the two of them.  If that money had been left in my current account, then I know that it would have got spent.


save money Both are really fun services to use, because when they message it feels a bit like talking to a friend.  Bizarre, I know, but true!  Chip works by downloading an app and Plum operates through Facebook messenger.  Both have a really helpful menu where you can see the commands, such as “save”, “withdraw” and “savings” which allow you to manage your account easily.

As well as saving automatically, using the command “save £10” will allow you to add £10 (or whatever amount you choose) to your savings account.  Withdrawing the cash works by exactly the same principle, and the money will be back in your current account by the end of the next working day.

Help is available

Each of the services both have a live chat function, as well as a great help menu, so it is quick and easy to get answers to any questions you may have.

save money A main difference between the two is that Chip chats more often.  Chip will message to say that they are going to save a certain amount, which can be cancelled up to 4pm.  Plum just take the money and don’t give the option to cancel.  Both systems have their merits. With Plum, it is a lovely surprise when you realise how much the little amounts that you didn’t even know had been taken have added up to. With Chip, I guess some people might be tempted to cancel the proposed save, which then means that they are benefiting less from having the app.

Is my money safe?

A key question is whether or not they are safe, especially as they are linking to your bank account.  Both services use Barclays bank and your money will be sitting in your new savings account with Barclays.    This money will be protected by the FSCS for up to £75,000, just as other banks are.  Both services use bank level security and are in compliance with the Data Protection Act.

Both services will allow you to save while in overdraft, but they also allow you to have full control over that.  If you don’t wish to save in your overdraft, then they allow you to turn that function off.  They also both promise to refund any fees if they make a mistake that causes you to be charges fees by your bank.

Will I get interest on my savings?

Plum doesn’t pay any interest, but you are able to invest your money in a peer-to-peer lending plan with RateSetter.  This does not guarantee a specific interest rate and your capital may be at risk, so you should investigate investing carefully to check if it is suitable for you.  If you choose not to invest, then there is NO RISK to your capital.

Chip will pay up to 5% in interest, allowing you to earn 1% interest for every friend that you invite, up to a maximum of 5.

A wee bonus!

Plum also pays a generous £25 for every 3 friends who sign up on your recommendation.  Chip will pay an even more generous £10 per person for everyone who signs up using your code.  My code is JNLTLF and it is available until 13th October only.

Which one?

In conclusion, I really love both Chip and Plum, because they offer an easy way to save money without even noticing.  If you want to make saving money seem fun, then try them both out – you have nothing to lose.

If you have any other questions about them, comment below and I will get back to you.

Eileen x

Eileen Adamson Your Money SortedI am Eileen, Your Money Sorted coach, working with UK based women helping them to become financially empowered.  Being calm, confident and in control of their finances, allows them to concentrate on the things that are important to them. Previous clients feel that they can spend more quality time with family, friends and having fun. That has to be a great thing doesn’t it?


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About Eileen Adamson

I am Eileen Adamson, a Your Money, Sorted coach, working online with UK based women, helping you to develop a better relationship with money. I can help you to understand your money mindset and implement changes which will allow you to feel calm, positive and confident that you are in control and making good financial decisions. By doing this I can help you to create a stable, secure and exciting future for yourself.

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