Chip savers now have access to savings accounts with market-leading interest and FSCS eligibility at the tap of a button. The future of savings is here.
The savings accounts you can access with Chip will pay interest everyday. We’re starting with an easy access rate better than you can get with any of the UK’s leading challenger banks.
We’ll fight on your behalf to make sure your interest rates remain highly competitive. We use the collective bargaining power of all Chip’s savers money to negotiate better rates from banks.
Savings just got a lot easier. No more long boring forms, no more shopping around for rates.
Keep on top of your savings at the touch of a button. Check the interest you're earning, and deposit and withdraw with just a couple of taps in your app. Very soon you’ll be able to switch your money into new savings accounts as soon as we make them available.
We’re on a mission to build the best savings app in the world. And to be the best is to never stop improving.
This means fighting for better rates, more types of savings accounts, and constantly improving the app. Join our community of Chipmunks and have your say.
We’re building this with you, for you.
We've tackled some of the most pressing questions below.
We’re rolling out Interest Accounts gradually, giving early access to our investor community. You’ll receive an email asking you to register when it’s available to you.
But once we open to everyone, any Chip saver, who only pays tax in the UK, and has linked their bank account to Chip through Open Banking, will be eligible to open an Interest Account.
The following banks support Open Banking connections to Chip: Bank of Scotland, Barclays, Danske, First Direct, HSBC, Halifax, Lloyds Bank, Marks & Spencer, Monzo, Nationwide, Natwest, RBS, Revolut, Santander, Starling, TSB, Ulster Bank. If your connected bank is not on this list, you won’t be able to open an Interest Account.
With our first Interest Account, you can receive a total return of 1%. This is made up of a rate of 0.50% AER (Annual Equivalent Rate) paid by our partner bank, and a bonus of 0.5% paid by Chip.
Note from 29 November 2020, the returns will change to 0.3% AER paid by the partner bank (we are ending the 0.5% bonus paid by Chip).
The interest is paid daily by our partner bank. It is added to your balance and you can withdraw this interest as soon as it is available in your balance. While interest accrues daily we only display interest in whole pennies.
In the future a wide choice of Interest Accounts with other rates will be available through multiple partner banks.
If you request to withdraw before 11am, your money will be in the bank you’ve connected to Chip the next working day.
If you withdraw after 11am, it’ll take two working days to reach your connected bank account.
In some circumstances withdrawals may take longer, depending on the partner bank’s processes.
Just note, we can’t process your withdrawals on weekends or bank holidays. For example, if you withdraw at 5pm on a Friday, your money might not reach your bank account until the following Tuesday.
Deposits are usually processed in no more than three working days.
You can put up to £5,000 into your Interest Account. You can deposit this in one go, or in multiple smaller deposits.
If you upgrade to ChipX, you’ll be able to deposit up to £85,000.
Just note, we'll notify you when we've unlocked Interest Accounts in your app. Interest Accounts will be gradually rolled out to our investor community, but we hope Interest Accounts will be accessible to all Chip savers soon.