ChipX calculator: free plan with 45p autosaves or ChipX?

The calculator is above. This page shows the sums behind it, so you can check them, and covers the cheaper route many savers miss. For the wider question, including whether you need autosave at all, see is ChipX worth it?

How the calculator works

The calculator compares a year on each plan, counting only what you pay Chip.

Basic costs your autosaves a month, times 12, times 45p. Twelve autosaves a month is £64.80 a year.

ChipX paid monthly is billed every 28 days, so there are 13 payments a year, not 12: £77.87. ChipX paid annually is £65.05 a year. The number of autosaves makes no difference to either.

The break-even point

Each extra autosave a month adds £5.40 a year on the Basic plan. Divide the ChipX price by that and round up:

• Paying monthly, ChipX costs less from 15 autosaves a month.
• Paying annually, ChipX costs less from 13 autosaves a month.

Below those numbers, the free plan is cheaper. Near the line, the difference is a few pounds a year either way, so it is worth weighing other things: whether you would rather not think about a per-save charge, and whether you would keep the habit going without autosave. Our guide to Chip autosave explains how it decides how much to move and how often.

Three examples

Here is how the sums work out for three typical patterns, using Chip’s published prices.

• A light saver, 4 autosaves a month. That is £21.60 a year on Basic, against £77.87 for ChipX paid monthly. The free plan wins by £56.27.
• A steady saver, 12 autosaves a month. That is £64.80 on Basic. ChipX paid annually costs £65.05, so the two are within £0.25 of each other, and monthly ChipX costs more.
• A frequent saver, 30 autosaves a month. That is £162.00 on Basic. ChipX paid annually saves £96.95 a year, and paid monthly saves £84.13.

The pattern is simple: the more often autosave runs, the more the per-save charge adds up, while the ChipX price stays the same. If you do upgrade, paying annually is cheaper than paying monthly over a full year, but it commits you for longer. Paying monthly lets you drop back to Basic at the end of any 28-day cycle.

The third option: recurring deposits

Recurring deposits are free on both plans. A recurring deposit is a fixed amount on a schedule you choose, such as £25 every Friday or £100 on payday. It costs nothing on Basic, however often it runs.

The difference is who decides the amount. Autosave looks at your spending and moves small sums when it thinks you can afford them. A recurring deposit moves the same amount every time. If you already know what you can put away, a recurring deposit on the free plan beats both options in the calculator. Our explainer on how autosave apps work covers the trade-off across apps, and the Chip vs Plum comparison looks at how Plum charges for its saving rules.

Counting your autosaves

The calculator is only as good as the number you give it. Look back over a normal month in the Chip app and count the autosaves, leaving out anything you moved yourself and any recurring deposits. If you have changed the settings recently, use a month after the change.

If you are new to Chip, you will not have a number yet. ChipX comes with a 28-day free trial, which is roughly one billing cycle to count. Or stay on Basic for a month and see what the per-save charges add up to.

What else ChipX includes

Chip’s pricing page lists other ChipX features, some of which relate to its investment accounts: a Stocks and Shares ISA, a General Investment Account and a pension. This site covers savings only, so the calculator leaves those out and compares autosave costs alone. With investments, your capital is at risk.

If you are still deciding whether Chip suits you at all, our Chip review covers the rates, withdrawals and support. To compare what your savings would earn in each Chip account, use the savings interest calculator. And if you are new to Chip, joining through our referral code on the free plan can earn a sign-up bonus, with conditions set out on that page.