Users will pay a £1 fee if they save over £100 in a 28-day period.
AI-powered savings app Chip has begun charging both new and existing customers £1 if the fintech saves you more than £100 in a 28-day period.
Currently, users aren’t charged anything to use the money-saving app but from this week, if they set aside more than £100 over four weeks users of the app will be charged a £1 fee, up to a maximum of £13 per year.
If users don’t save more than £100 then they won’t be charged and can still manage their savings for free.
Users will be able to see how close they are to the £100 limit and will be able to track their saving and moderate it accordingly.
“We wanted to do things differently and make it totally fair for all our savers. This small charge means Chip will be free for our more vulnerable customers, whilst not charging anything for storing your money.”
Latham went on to say that the money collected from the £1 fee will cover Chip’s costs and help the fintech realise its global expansion plans.