Saving with the Chip App
At Chip, we offer savings accounts with highly competitive interest rates, big prizes and intelligent tools to help you build your wealth. Once you’ve downloaded our savings app – here’s how it all works.
Connect to your bank
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Choose your savings account
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How to make a deposit
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How to withdraw money
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Transfer between accounts
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How to setup autosaving
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How to set up saving goals
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Still have questions?
Learn more →Frequently asked questions from our community.
We have a dedicated customer service team on hand who you can contact via the app by selecting ‘Contact us’ on the profile tab or emailing hello@getchip.uk
Here’s some common questions you might have when joining and using the Chip app.
When you connect via open banking you're sharing more than just your sort code and acc number.
This is how withdrawals from Chip works too. By sharing your bank account details, you can quickly transfer money into our accounts, and you can withdraw funds right back into your bank account.
To deposit, head to the relevant account in the Savings tab. Tap “Add Money” at the top, which will prompt you to choose your payment method and amount.
You might also be prompted to complete a verification of the transaction with your bank. You’ll then receive confirmation in the app and via email if the deposit was successful.
To withdraw, just head to the relevant account in the Savings tab. Once you've selected it, you'll see the option to “withdraw” at the top.
After you've entered the amount and confirmed the withdrawal, you will receive confirmation in the app and via email if the withdrawal was successful.
You can transfer in and out of Chip accounts. Head to the account of choice, hit “Transfer”, choose your account and amount, then confirm your transfer. You can find out more, including which accounts are eligible, here.
Chip analyses your income and spending habits and automatically calculates what you can afford to save and moves that money to your Chip account for you. Each autosave costs 45p or if you subscribe to a ChipX paid membership, you receive unlimited use of autosaves.
For the Chip Instant Access Account, interest is paid on the 4th business day of the month.
For the Allica Easy Access, interest is paid daily.
For the OakNorth 90-Day notice account, interest is paid on the 1st of the month.
Setting up your account.
After downloading the Chip app from Google Play or the App Store, it’ll only take a few minutes or so to set up a savings account with Chip. Here’s how you do it.
Securely connect to your bank via Open Banking.
In order to help us keep your money safe and make instant saves and withdrawals, Chip requires you to securely connect to your bank using Open Banking.
Opening Banking is a government-backed initiative that’s regulated by the Financial Conduct Authority (FCA).
This means only providers such as Chip are authorised by the FCA can use Open Banking APIs to access financial information and process payments on your behalf. Learn more about Open Banking here.
Connect securely
We securely connect Chip via your banking app with no information shared with 3rd parties.
Unlock all Chip’s features
In the ‘Savings’ tab you can find all the savings accounts we have to offer. Simply tap on the account you want and follow the steps to open.
You’re in control
You're always in control and personally authorise all activity.
We’ll ask for your name, phone number, date of birth, a UK address and you may be required to provide some form of photo ID.
Open Banking is a government initiative set up to bring more competition and innovation to the financial services industry. Open banking is a safe process that’s built on secure encryptions and security protocols as online banking.
Open banking is regulated by the FCA (Financial Conduct Authority) and requires providers such as Chip to follow strong customer authentication protocols, with open banking permissions re-authenticated every 90 days. Find out more here.
Choose the account you want to add money to
Select your account and tap the ‘Add money’ button to find our list of deposit methods. All our accounts are FSCS protected, find out more about our Savings Accounts here.
Chip Instant Access Account (Powered by ClearBank)
Our most popular account. Get a highly competitive interest rate, with almost instant deposits and withdrawals.
Chip Prize Savings Account (Powered by ClearBank)
A fresh take on how you’re rewarded for saving. With the chance to win big each month just by depositing.
90 Day Notice Account (Powered by OakNorth)
Looking to fight temptation? Lock your money away for 90-days and enjoy a great interest rate.
Easy Access Account (Powered by Allica)
Get daily interest and see your progress in real time. Interest on this account pays daily.
Yes, you can easily transfer between Chip savings accounts. Head to the account of choice, hit “Transfer”, choose your account and amount, then confirm your transfer. You can find out more, including which accounts are eligible, here. “Pending” transactions normally take 1-2 working days to process. While funds are in transit they are held in a Chip client money account with ClearBank.
Yes, it’s free to download the Chip app, open and hold a savings account. Other charges may apply, including auto-saves, but these are switched off by default.
Deposit the way that works for you
Select your account and tap the ‘Add money’ button to find our list of deposit methods. All the accounts offered through the Chip app are FSCS protected (subject to eligibility), find out how we protect your money here.
Deposit via bank transfer
You can effortlessly add money from your linked bank account in the Chip app via Open Banking. All in just a few taps.
Manual deposits from your bank
Send money to your Chip sort code and account number via your own bank. Only available with the Chip Instant Access Account and Chip Prize Savings Account.
Top up via debit card
Deposit with the debit card you’ve linked to Chip.
Google / Apple Pay
Ultimately flexibility up to £500.
Managing your account
Chip is an award-wining app that let’s you manage your funds across our savings accounts. Learn more about how you can manage these accounts, all in one savings app.
How to withdraw your money
Withdraw your money from Chip at anytime. Select the account you want in the savings tab.
Tap on ‘withdraw’ at the top and enter the amount, you will receive confirmation in the app and via email. See the timescales below.
Chip Instant Access Account
Typically within seconds, On occasion this may take up to two hours.
Chip Prize Savings Account
Typically within seconds, On occasion this may take up to two hours.
OakNorth 90-Day Notice
Request a withdraw at anytime. Your money will be with you after the 90 days’ notice period (plus two working days for processing).
Allica Bank Easy Access
Withdrawal from this account will be with you in 1-2 working days.
No. None of our savings accounts penalise you for withdrawing your funds. With our OakNorth 90-Day notice account, you’ll have to wait 90 days before the funds are put back into your bank account.
How to transfer between Chip accounts
We’re always looking to keep things simple, so we’ve made it easy to move money between your different Chip accounts.
Just select ‘Transfer’ on one of your accounts and select the account you want to move money from. Please note that not all accounts are currently available to transfer between.
Seamless money management
Transfers take place either instantly or the next working day depending on the account.
Move money between savings and investments
Transfer money between your savings accounts and investment funds in a tap of a button.
How to setup automatic saving
We want you to build wealth and give you the intelligent tools to do it. It’s not always easy to find the time to sort out your savings, so we’ve automated it for you.
Go to the profile tab and select ‘Savings Plans’ to make it effortless. Charges apply.
Autosaving powered by AI
Our intelligent AI calculates what you can afford to save from your linked bank account every 4 days and moves it to Chip for you. It’s automatic, but you're still in control. You can still adjust or cancel a deposit before any money is moved.
Recurring deposits set by you
Set up to four automatic, regularly occurring deposits into any Chip account of your choice. Automatically deposit either weekly, fortnightly or monthly. Form positive habits, like putting money away on payday, with ease.
Top up via debit card
Deposit with the debit card you’ve linked to Chip.
Google / Apple Pay
Ultimately flexibility up to £500.
Open Banking is the secure way to give authorised providers (such as Chip) access to your financial data. We use a provider called TrueLayer who directly and securely connect your current account to Chip through an ‘Open Banking API’. Learn more about Open Banking here.
How to set up savings goals
Set out those big financial milestones with our Goals feature and track your progress in app. To set up a goal, head to the ‘Goals’ tab and tap ‘Create a goal’. Let Chip help you get there.
Create your goal
Whether it’s a house deposit, saving for a dream trip or starting a business. Customise your goal and tell us what you want to achieve.
Allocate to your goal
Specify the amount of money you need and the date you want to have achieved your goal. You can allocate existing savings to give yourself a head start.
Still have questions? Get in touch.
Our award-winning customer service team are here for you. If you need help getting started, or have any questions we’d love to hear from you. Here’s how you can contact the team.
In your Chip app
Go to the profile tab and select ‘Contact us’ to speak to an agent.
Build wealth your way.
Join over 500,000+ people building wealth with Chip.
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