How saving with Chip works.
At Chip, we offer savings accounts with highly competitive interest rates, big prizes and intelligent tools to help you build your wealth. Once you’ve downloaded our savings app – here’s how it all works.
Setting up your account.
After downloading the Chip app from Google Play or the App Store, it’ll only take a few minutes or so to set up a savings account with Chip. Here’s how you do it.
When you connect via open banking you're sharing more than just your sort code and acc number.
This is how withdrawals from Chip works too. By sharing your bank account details, you can quickly transfer money into our accounts, and you can withdraw funds right back into your bank account.
To deposit, head to the relevant account in the Savings tab. Tap “Add Money” at the top, which will prompt you to choose your payment method and amount.
You might also be prompted to complete a verification of the transaction with your bank. You’ll then receive confirmation in the app and via email if the deposit was successful.
Securely connect to your bank via Open Banking.
In order to help us keep your money safe and make instant saves and withdrawals, Chip requires you to securely connect to your bank using Open Banking.
We’ll ask for your name, phone number, date of birth, a UK address and you may be required to provide some form of photo ID.
Open Banking is a government initiative set up to bring more competition and innovation to the financial services industry. Open banking is a safe process that’s built on secure encryptions and security protocols as online banking.
Open banking is regulated by the FCA (Financial Conduct Authority) and requires providers such as Chip to follow strong customer authentication protocols, with open banking permissions re-authenticated every 90 days. Find out more here.
Choose the account you want to add money to
Select your account and tap the ‘Add money’ button to find our list of deposit methods. All our accounts are FSCS protected, find out more about our Savings Accounts here.
Our most popular account. Get a highly competitive interest rate, with almost instant deposits and withdrawals.
Designed to give you a tax-efficient way to save with full flexibility. Keep more of your interest in your pocket.
A fresh take on how you’re rewarded for saving. With the chance to win big each month just by depositing.
Yes, you can easily transfer between Chip savings accounts. Head to the account of choice, hit “Transfer”, choose your account and amount, then confirm your transfer. You can find out more, including which accounts are eligible, here. “Pending” transactions normally take 1-2 working days to process. While funds are in transit they are held in a Chip client money account with ClearBank.
Yes, it’s free to download the Chip app, open and hold a savings account. Other charges may apply, including auto-saves, but these are switched off by default.
Deposit the way that works for you
Select your account and tap the ‘Add money’ button to find our list of deposit methods. All the accounts offered through the Chip app are FSCS protected (subject to eligibility), find out how we protect your money here.
You can effortlessly add money from your linked bank account in the Chip app via Open Banking.
Send money to your Chip sort code and account number via your own bank.
Deposit with the debit card you’ve linked to Chip.
Ultimately flexibility up to £500.
Still have questions? Get in touch.
Our award-winning customer service team are here for you. If you need help getting started, or have any questions we’d love to hear from you. Here’s how you can contact the team.
Go to the profile tab and select ‘Contact us’ to speak us.
You can email the team at hello@getchip.uk.
Managing your account.
Chip is an award-wining app that let’s you manage your funds across our savings accounts. Learn more about how you can manage these accounts, all in one savings app.
To withdraw, just head to the relevant account in the Savings tab. Once you've selected it, you'll see the option to “withdraw” at the top.
After you've entered the amount and confirmed the withdrawal, you will receive confirmation in the app and via email if the withdrawal was successful.
You can transfer in and out of Chip accounts. Head to the account of choice, hit “Transfer”, choose your account and amount, then confirm your transfer. You can find out more, including which accounts are eligible, here.
Chip analyses your income and spending habits and automatically calculates what you can afford to save and moves that money to your Chip account for you. Each autosave costs 45p or if you subscribe to a ChipX paid membership, you receive unlimited use of autosaves.
For the Chip Instant Access Account and the Chip Cash ISA, interest is paid on the 4th business day of the month.
How to withdraw your money
Withdraw your money from Chip at anytime. Select the account you want in the savings tab. Tap on ‘withdraw’ at the top and enter the amount, you will receive confirmation in the app and via email.
Typically within seconds, On occasion this may take up to two hours.
Typically within seconds, On occasion this may take up to two hours.
Typically within seconds, On occasion this may take up to two hours.
No. None of our savings accounts penalise you for withdrawing your funds. With our OakNorth 90-Day notice account, you’ll have to wait 90 days before the funds are put back into your bank account.
How to transfer between Chip accounts
We’re always looking to keep things simple, so we’ve made it easy to move money between your different Chip accounts. Just select ‘Transfer’ on one of your accounts and select the account you want to move money from. Please note that not all accounts are currently available to transfer between.
Transfers take place either instantly or the next working day depending on the account.
Transfer money between your savings accounts and investment funds in a tap of a button.
How to set up savings goals
Set out those big financial milestones with our Goals feature and track your progress in app. To set up a goal, head to the ‘Goals’ tab and tap ‘Create a goal’. Let Chip help you get there.
Whether it’s a house deposit, saving for a dream trip or starting a business. Customise your goal and tell us what you want to achieve.
Specify the amount of money you need and the date you want to have achieved your goal. You can allocate existing savings to give yourself a head start.
How to set up automatic saving
We want you to build wealth and give you the intelligent tools to do it. It’s not always easy to find the time to sort out your savings, so we’ve automated it for you. Go to the profile tab and select ‘Savings Plans’ to make it effortless. Charges apply.
Transfers take place either instantly or the next working day depending on the account.
Transfer money between your savings accounts and investment funds in a tap of a button.
Transfer money between your savings accounts and investment funds in a tap of a button.
Transfer money between your savings accounts and investment funds in a tap of a button.
Open Banking is the secure way to give authorised providers (such as Chip) access to your financial data. We use a provider called TrueLayer who directly and securely connect your current account to Chip through an ‘Open Banking API’. Learn more about Open Banking.
Still have questions? Get in touch.
Our award-winning customer service team are here for you. If you need help getting started, or have any questions we’d love to hear from you. Here’s how you can contact the team.
Go to the profile tab and select ‘Contact us’ to speak us.
You can email the team at hello@getchip.uk.
Opening a Chip account takes just a few minutes. No forms, no fuss.
1. Download Chip
Head to the App Store or Google Play Store.
2. Create an account
Enter a few details and pass a quick check.
3. You're good to go!
Choose from our range of finance products.
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