The 1.25% return is a bonus paid on funds up to £5,000 on our ChipAI plan (£1.50 every 28 days), or on funds up to £2,000 on the free ChipLite plan.
We're confident that even taking the ChipAI fee into account, the return is still market leading for easy access savings, and ChipAI offers multiple benefits beyond the higher limits for Chip+1 (see the full price plan details at the bottom of this page).
The comparison above was last updated on 15/02/2021 and considers other 'no strings attached' easy-access savings accounts and high-interest current accounts.
Note that these accounts do offer compounding interest up to £85,000 and in some cases beyond, vs Chip+1 account's £2,000/£5,000.
We regularly review and update this to keep making the claim that Chip+1 is "the best return on easy access savings". But note that Chip is not a comparison site.
We are aware there are a handful of easy-access accounts that offer higher returns, but these come with eligibility requirements, minimum/maximum monthly deposits, lower bonus limits, or significantly higher fees than the ChipAI £1.50 charge or the free ChipLite plan.
We've based the “125x better” claim against the easy access savings products from the "big banks” (HSBC, Barclays, NatWest, who between them have the majority of UK banking customers - an estimated 30-40 million UK adults).