What is the Chip Instant Access Account Rate Boost Promotion?

This is a limited promotion where you can get a boosted interest rate of 1.08% AER on top of your Chip Instant Access Account's standard rate for 6 months, provided you enter a promo code and meet the eligibility criteria.
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How do I qualify for the Chip Instant Access Account Rate Boost Promotion?

You need to: 

1. Be a new Chip customer; 

2. Download the Chip app; 

3. Enter the promo code WELCOME within 14 calendar days of downloading the app;

4. Open a Chip Instant Access Account; 

5. Deposit and hold a balance of at least £1 within 14 calendar days of entering the promo code;
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What is considered a new Chip customer?

A new customer is someone who has never previously held a Chip account.
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How can I redeem the rate boost promotion?

1. Download the Chip app;

2. Set up your account;

3. Go to Profile > Promos & Referrals > Enter the code WELCOME

Then, open a Chip Instant Access Account and deposit and hold a balance of at least £1.
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When will the boosted rate be applied to my account?

The boosted rate will be applied automatically when you meet the above eligibility requirements for a duration of 180 calendar days.
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How is the boosted interest rate applied?

The 1.08% AER boost is added to your existing Chip Instant Access Account AER interest rate. The boosted rate will be applied daily to your balance and the interest will be paid monthly.
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What happens if the Chip Instant Access Account interest rate changes?

If the underlying Chip Instant Access Account rate changes, your AER will also change accordingly, however your 1.08% boost will remain the same.

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When and how is the interest from the boosted rate paid?

The interest earned from the boosted rate is paid monthly as part of your regular monthly interest payment, which occurs on the 4th business day of each month.
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What happens when the boosted rate promotion expires?

After 180 calendar days, your interest rate will revert to the basic Chip Instant Access Account interest rate.
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Do I need a specific version of the Chip app to participate in the promotion?

Yes, you must be using at least version 4.56.0 of the Chip app to participate in the promotion.
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How long do I have to enter the promo code after downloading the Chip app?

You have 7 days from downloading the Chip app to enter the promo code to qualify for the boosted rate (provided you meet the other eligibility criteria).
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Is there a minimum deposit required to qualify for the boosted rate?

Yes, you must deposit and hold at least £1 into your Chip Instant Access.
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Can I use the promotion code more than once?

No, the promotion code can only be used once per new customer.

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Can I use the promotion code along with another promotion code?

This promotion cannot be used in conjunction with any other promotional or referral offers.
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What should I do if I encounter issues while entering the promo code or opening my account?

If you encounter any issues, you should contact Chip customer support for assistance. You can reach out to our support team via the in-app chat (which can be found in the Contact us section on the Profile tab) or via email at hello@getchip.uk
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Is the promotion available for existing Chip customers?

No, the promotion is only available to new Chip customers who have never previously held a Chip account.
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Where can I find more information about the eligibility requirements for a Chip account?

You can find more information about the eligibility requirements for a Chip account in Section 4 of Chip's Terms of Use.
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Can Chip disqualify me from the promotion or modify or terminate the promotion?

Yes, Chip reserves the right to disqualify any participant or promo code if there is any suspicion of deception, fraudulent activity, or abuse of the promotion. Chip also reserves the right to modify or terminate the Boosted Rate Promotion at any time without notice.

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