Money management app Chip has been approved by the Financial Conduct Authority.

In Brief:

• Chip is now an Authorised Payment Institution.

• The app allows users to automatically put away funds into savings.

• 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.

Read more here.