The AER is a term used to describe the interest rate that is applied to savings products on an annual basis, taking into account the effects of compounding.

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C - D

Define Direct Debit

What is direct debit? Direct debit is when you allow a service provider to automatically withdraw funds from your bank account on a regular basis.

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Define Deposit

What does a deposit mean? A deposit is when you place money into a savings account.

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Define Compound Interest

Compound interest is the process of where interest is earned on the initial savings, and then interest is calculated based on the increased balance.

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Define Cash ISA

What does Cash ISA mean in the UK? A cash ISA is a savings account that offers tax-free interest.

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Define Capital Gains Tax

What does capital gains tax mean in the UK? Capital gains tax is a tax applied to the profit made from selling certain assets.

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E - F

Define FSCS

What is the FSCS? The FSCS is a UK compensation scheme that provides protection to consumers if a financial service cannot fulfil its financial obligations.

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Define Fixed Rate

What is a fixed rate? A fixed rate refers to the interest rate that remains unchanged for a specific period of time.

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Define FCA

What is the FCA? The Financial Conduct Authority is the financial regulatory body in the UK.

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G - H

Define HMRC

HMRC, short for His majesty's Revenue and Customs, is the UK government department responsible for managing and collecting taxes in the UK.

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Define Gross Rate

What does gross rate mean? The gross rate refers to the interest rate on a savings account before any deductions such as taxes or fees.

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I - J

Define ISA Allowance

An ISA allowance is the maximum amount of money you can contribute to an ISA in a given tax year.

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Define ISA

An ISA (individual savings account) is a tax-efficient savings account available to residents of the UK.

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Define Interest Rate

An interest rate refers to the percentage at which a financial provider compensates you for keeping your money with them.

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K - L

Define Lump Sum

A lump sum refers to a single, large sum of money that is deposited or invested at once, rather than in smaller increments over time.

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M - N

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O - P

Define Open Banking

Open banking is a system that allows individuals to securely share their financial data with authorised 3rd party providers through APIs.

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Q - R

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S - T

Define Savings Bond

A savings bond is a savings product offered by the government or financial providers that lets people lend their money for a fixed period of interest in return.

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Define Savings Account

A savings account is a type of bank account designed for individuals to securely deposit and store their money, whilst earning interest over time.

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U - V

Define Variable Rate

A variable rate refers to an interest rate that is subject to change over time.

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W - X

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Y - Z

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Chip Financial LTD

Registered office:
Sixth Floor
Fora Montacute Yards
1‍86 Shoreditch High Street
London
E1 6HU
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Note that Chip is not a bank, meaning that we do not have physical branches, issue debit bank cards nor are you able to access your Chip money via ATMs. Chip does not provide financial advice and our services are only available via the Chip app.
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hello@getchip.uk

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Chip is a trading name of Chip Financial Ltd and is authorised and regulated by the Financial Conduct Authority under the Payment Services Regulation 2017 for the provision of payment services (Firm Reference Number: 911255). Your savings deposits held in the Chip Savings Accounts (powered by ClearBank) are covered by the Financial Services Compensation Scheme (“FSCS”) subject to eligibility.

Chip Financial (Investments) Ltd is authorised and regulated by the Financial Conduct Authority (Firm Reference Number: 1005114). When investing, your capital is at risk. Your investments are held with Seccl Custody Limited.

Eligible deposits and investments are protected up to £85,000 per person, per bank by the Financial Services Compensation Scheme (FSCS). Read how we protect your money or visit the FSCS website.

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