Product Burger 4

Everyone’s wealth?manager?

Welcome to Product Burger 4, time to smell the money* ??????

Today I’ll be diving into an innovative product that originates from a sector I tend to get really geeky about, fintech.?

Spread the whiffs of money?

In 2021 when markets were high on low base rate steroids I wrote this article; ‘9 links to NOT get rich quick’, much of it still holds true in terms of approach despite base rates and thus savings rates having increased since.

Diversifying that hard earned cash into savings and investment options, no matter how little is left at the end of the month, is crucial. Even with higher savings rates sustained high inflation continues to decimate cash hoarded besides reducing the ‘value’ of our income in general. Of course, saving or investing as part of personal/family budgeting can be a daunting task, yet the latest wave of fintech and wealth management tools, including Chip*, makes it less so.?

Prior to this wave holistic wealth management was highly inaccessible to the vast majority of us. Yet Chip has and continues to make it more accessible.?

So what does Chip do for me?

As you can see below the product’s user interface (UI) is fairly intuitive. It opens to an overview of your total amount saved and invested, while also including financial education elements. Flipping between the savings and investments tabs, this is a selection of what it offers:

• the Chip Instant access account, with the highest easy access account interest rate in the UK
• other savings options, such as the ￡10k prize winning account (each ￡10 provides an entry)
• General investment account (GIA) with a selection of funds (all passive investing so no need to get too technical) or benefit from tax benefits by setting up a Stocks & Shares ISA
• Although asset onboarding is somewhat harder and allocation is limited, they have also launched an alternative investment account where you can buy ‘shares’ in assets that tend to appreciate over time such as wine, cars, etc. — such asset classes usually being inaccessible to most it’s a great example of this product’s democratising power?

Why should I use it?

Finance and money management are a hassle and many either won’t or can’t spend too much time on tracking accounts in various apps. Especially when it comes to money related products I hear the question: ‘why should I use that over this one that I currently use?’ And where I get that you potentially won’t need both a Wise and Revolut, I think with the long term savings and passive investing game it makes sense to make an effort beyond your existing bank’s options.

The app offers a few unique features that you won’t get with the incumbents:?

• it offers the “autosave” feature which automatically saves money (money automation; check out Flow and ask your bank to integrate it ??)
• it makes an effort the most competitive interest rate on savings, topping Money Saving Expert’s list continuously

In short, Chip is a great product for individuals who want to save and invest money effortlessly and without having to think about it too much.

Given my passion for various types of innovation I’d say it is worth looking beyond just one option yet I’m aware money is a delicate topic. So starting out with an easy to use option like Chip is a great starting point to fill that digital wallet of you and your family’s future ????

*= Chip did an online marketing campaign creating a perfume based on what people think money smells like