Chip is free, but but you can upgrade to a ChipX membership anytime.
Chip is more than just a savings account.
A Chip membership means you'll always get amazing savings rates, or be able to effortlessly invest your money, all with no forms and no fuss.
Here’s what you get with a FREE standard Chip membership...
What you get with a ChipX membership…
The standard Chip plan has no monthly cost, or subscription fees. ChipX is £3 every 28 days.
Yes! The standard Chip plan has no monthly cost. Just note additional fees apply if you choose to invest.
The investment platform fees vary depending on your plan.
Fees you will need to pay to invest with a free Chip membership:
• 0.5% annual platform fee, collected monthly (£1 minimum monthly fee).
Fees you will need to pay to invest on the ChipX plan:
• 0.25% annual platform fee, collected monthly (no minimum monthly fee).
We reserve the right to amend these fees with two months’ notice.
Please note additional fund management charges apply. These are charged directly by BlackRock and other fund managers (see About BlackRock) and you can find the charges in-app when you open a fund, and on the funds’ Key Investor Information Documents.
No one likes hidden fees. So we do not charge any.
On occasion we may need to charge administrative fees, though we work hard to avoid charging these and most of our customers will never need to pay them.
About the old e-wallet admin fees
A £10 admin charge applies every 28 days if you have more than £0 in your old e-wallet. If you have more than £0 in your e-wallet, please withdraw it now to avoid these admin fees.
We are closing the old e-wallets and replacing them with savings accounts covered by the Financial Services Compensation Scheme (FSCS). As part of this process we need to charge an admin fee.
Everyone affected by this has already been informed. You cannot open an e-wallet or deposit more money in one, you can only withdraw.
You can read the full details in the formal notice here.
As of 25 January 2021:
• We need to charge a £10 administration fee every 28 days if you have more than £0 in your e-wallet.
• We will charge this fee directly from money in your e-wallet, including any accrued bonus, until the balance is £0.
• If the balance is under £10 we will charge whatever the balance in your e-wallet is.
• Once the balance reaches £0, we will close your e-wallet.
• You can easily avoid this fee by withdrawing your entire e-wallet balance.
You can downgrade, or upgrade your plan at any time.
Simply head to your profile tab, tap on ‘Your plan’, then ‘View plans’ and choose which plan you want to be on.
If you choose to downgrade from ChipX, you will stay on the ChipX plan until the end of your 28 day window.
In essence, you always get your money’s worth; if you paid £3 on the 3rd of the month, you’d stay on the plan until the 30th.
You will be charged on the first day you upgrade to ChipX, then in 28 day cycles starting from that day.
The platform fee is what you pay to Chip so we can bring investment funds to you in an accessible and easy to manage account.
Platform fees are a standard charge across the industry, and all retail investment platforms and banks will have them. They take the form of an annual percentage on the value of your investments including any growth, but are charged on a monthly basis.
It’s called a platform fee because it’s what we charge to use our ‘platform’. Provided your balance in any investment fund is above £0.50, we will charge a platform fee (unless you're on ChipX where there's no minimum fee see below).
You will be able to see when a platform fee has been taken in your contract notes, and will have full visibility on the amount paid in your Quarterly Valuation Report.
You can read more about the costs of our Investment Platform here.
You can upgrade to a ChipX membership whenever you like, you’ll find a few prompts around the app, or you can head to your ‘Profile’ tab, and select your plan.
Full access to our investment platform comes with ChipX membership. While you can access our investment platform with a standard Chip membership, you’re limited to three funds.
You can also downgrade whenever you like, but you’ll need to make sure you have a £0 balance in all ChipX exclusive funds before you can downgrade.
