Meet Chip+1. Bring a friend. Join the party. You both get 1.25% (variable) on your savings.
We guess you'll probably want to know about the below. If you have more questions, read our full FAQs here.
Your bonus will be added to your Chip+1 balance every 12 weeks.
Please note this bonus is not interest and does not compound (i.e. you don’t earn bonus on bonus).
You can invite as many people as you like to Chip+1, but only one person (the first person to enter your passcode) can get access to Chip+1 using your VIP passcode.
This person is your +1. You will be able to track their progress and nudge them from your app.
Your friend needs to download Chip and sign up. They need to enter your VIP passcode and make their first save.
They have one week enter your passcode. They can enter your passcode by tapping the "Welcome to Chip" banner or in their profile tab.
Your friend needs to be new to Chip (ie they can't be an existing Chip saver).
There is no time limit, and the 1.25% bonus is not set to expire at a set date. But as with any savings account with an additional bonus, this can be changed at our discretion.
Should we choose to increase, reduce or stop offering this bonus, we’ll give you 30 days notice.
The Chip+1 account can hold up to £85,000. But we only pay the 1.25% bonus on the first £5,000.
No. For now, if you wish to transfer the money across you will have to withdraw from your other Chip products first.
Yes. When you open your Chip+1 account you will be given the option to divert autosaves into this account.
This is an easy access account, so you can withdraw your money whenever you want.
Withdrawals take between 1 to 2 working days to complete and for the money to reach your linked bank account.
If you withdraw before 11am the money will reach the bank account you've linked to Chip the next working day. If you withdraw after 11am it will take 2 working days.
Your money will be held in a segregated trust account with ClearBank, who are a UK bank authorised and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
The Financial Services Compensation Scheme (FSCS) is the UK's compensation “safety net” for eligible customers of certain regulated financial businesses.
FSCS protects these eligible customers in the event that these regulated financial businesses are unable to pay claims made against them - often because they have stopped trading, or have been declared in default.
In this case, the FSCS will step in and pay the compensation on funds up to £85,000 for eligible customers. To find out more and to check your eligibility please visit: https://www.fscs.org.uk/about-us/