Money management app Chip has been approved by the Financial Conduct Authority.
In Brief:
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Chip is now an Authorised Payment Institution.
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The app allows users to automatically put away funds into savings.
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Chip is now introducing a number of news services like changes to save limits and an open banking update.
What does this mean?
This is a big step forward for Chip – but it is now going on to introduce FSCS protected savings accounts through partner banks.