3.82% AER
Chip Instant Access Account
A new instant access savings account from Chip built to move with the market and reward you faster than the banks. FSCS eligible on your deposits.
Earn a 3.82% AER (variable) paid monthly.
Deposit and withdraw almost instantly.
Get started with deposits as little as £1, up to £250,000.
.svg)
.jpg)
.jpg)
See how much you could earn →
Better returns,
faster than the banks.
Starting with a highly competitive 3.82% AER on your deposits paid by Chip. We give you more for your money, effortlessly.
Forget waiting for annual payouts from high street banks rewarding you less than 1% - forget endlessly signing up to multiple banks, or trying to catch the latest flash deal that’s gone tomorrow.
Leave it to us - one savings app, one instant access savings account, no fuss.
How to open a Chip savings account
We’ve made it easy to start building wealth with our savings accounts. There’s no forms or fuss and you can get started in just a few minutes, download the app via Google Play or App Store.
Find the 'Savings' tab
On the ‘Savings’ tab of your Chip app, you can choose from a range of savings accounts offering great interests rates and big prizes.
Connect your bank
In order to make instant saves and withdrawals, you just need to connect your bank. Follow the simple steps to add your account in a few taps.
Start saving!
Make your first deposit via bank transfer, from your Chip savings accounts, debit card or Apple/Google pay and that’s it. Your account is open!
What is an easy-access account?
An easy access savings account (also known as an instant access account) is a type of savings account that allows you to withdraw your money whenever you need it without penalty. These accounts typically offer a variable interest rate, which means that the interest rate can go up or down over time.
Easy access savings accounts can be a good option if you want to earn interest while saving money for short-term goals or have some money put aside for emergencies - as they give you the flexibility to access your money quickly and easily. Learn more.
Why Chip Instant Access?
The Bank of England base rate is rising and the banks are seeing the benefits - but why aren’t you?
We have a solution - At Chip we’re not waiting around for the banks to raise interest rates. We’re doing things our own way and giving you a 3.82% rate on your deposits right now.
Better returns today,
not tomorrow.
We’re seeing rates for savers getting better but many banks on the high street aren’t passing them on. We think you deserve better.
We keep our eyes on the Bank of England.
High street banks are slow, relying on factors like lending to decide your returns - we don’t - so can be more reactive when the base rate changes.
Award winning
auto-saving tools.
Use our clever award-winning AI to effortlessly set up recurring deposits. Sit back and watch your money grow.
.jpg)
Powered by Clearbank, brought to you by Chip
Covered by FSCS
All money you deposit in the Chip Instant Access Account is held by the UK authorised bank ClearBank, and is eligible for the Financial Services Compensation Scheme (FSCS) up to £85,000* subject to the scheme’s conditions.
The account has easy access to your savings, so you can withdraw deposits at any time, and withdrawals will be back with you in just a few seconds.
Please note you are covered up to £85,000 per bank whether your deposits are made via Chip or not. Chip Instant Access is provided by UK authorised ClearBank Ltd, who also provision the Prize Savings Account. This means deposits held across both Chip Instant Access and the Chip Prize Savings Account would be eligible for a total of £85,000 of FSCS protection ONLY.
No forms, no fuss
Open banking makes it easy
As a regulated business, Chip securely connects to your bank using the government’s Open Banking initiative to give you instant deposits and withdrawals via bank transfer. This means you can instantly move money back and forth between Chip and your current account.
And you don’t need to go through the hassle of switching your bank account. It also helps us keep your money safe, protect you from fraud and ensures we can verify your identity without asking you to fill out lots of forms (the information we use Open Banking for is simply information you manually provide to most traditional banks before opening a new financial account).
Open Banking is a government initiative started by the Competition and Markets Authority, who wanted to encourage innovative new companies like Chip to challenge the big banks. Learn more here.
.jpg)
Our savings guides
.jpg)
The 50/30/20 rule
Carolyn B. | March 7
Mark B. | Jan 17
Joe H. | Dec 11
Got a question?
New terms in effect from 7 March 2023: Chip Instant Access Terms April 2023 and Chip Instant Access Terms Feb 2023 (Clearbank)
Our new Chip Instant Access account is an instant-access savings account paying a 3.82% AER on your deposited funds which is paid monthly. All with full FSCS protection on your deposits (subject to eligibility).
Yes. There are no fees or charges for holding this account. Please see our pricing page for general fee information
We calculate your interest daily and pay it monthly (on the 4th working day of the month), and we show the interest rate as AER.
AER is the rate of interest you earn on any balance above £0 in the Chip Instant Access Account. It stands for Annual Equivalent Rate and shows the interest rate for a year, and reflects compounding (earning interest on interest), taking into account any interest payments made to you during the year.
With a 3.82% AER interest rate, if you put in £1,000 on your first day, you'd earn £38.20 in interest over the year. If nothing changes (including the interest rate), you'd have £1,038.20 at the end of the year. There is no minimum deposit for interest to begin accruing.
AER enables you to compare the interest rates on accounts from different banks and building societies where interest may be calculated or paid at different frequencies.
But there is also a gross interest rate, which is the rate you’ll earn before compounding is reflected. UK bank interest is paid gross. For example if AER is 3.82%, the gross interest rate is 3.75%.
Yes, the Chip Instant Access Account rate is variable. That means we can change it up or down at our discretion.
You’ll have likely seen that we aim to follow movements from the Bank of England base rate of interest, but we’ll also take the easy-access savings market into consideration too, in order to ensure Chip customers always get a fair rate of interest.
Should Chip set a date to lower the interest rate, you will be given a minimum of 14 days’ notice. You may receive less notice if the rate increases.
The eligible balance of your account attracts Financial Services Compensation Scheme (FSCS) protection up to £85,000, which also includes the interest accredited to the account each month.
Yes, you can autosave directly into this account (Savings Plans settings can be found on the profile tab) and also perform manual saves at any time should you wish by selecting the account in the savings tab and tapping ‘deposit’. Saves into this account also count toward your in-app savings goals that you can set up in the ‘Goals’ tab. Please see our pricing plan page for further information.
You can open and manage any savings account in Chip on behalf of someone else, but you will need Power of Attorney over the account holder’s financial affairs.
In order to set up or manage an account for someone using Power of Attorney you will need to talk to our customer support team via in-app chat or by emailing hello@getchip.uk
The team will walk you through the process, but they will ask for a few documents to prove you have Power of Attorney:
- An ID document of both you (the person acting as Attorney) and the account holder
- A proof of address for you (the person acting as Attorney)
- A Lasting Power of Attorney document (LPA) for Property and Financial Affairs
Eligible deposits are protected under Financial Services Compensation Scheme up to £85,000*.
