4.84% 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.
Earn a 4.84% AER (variable) paid monthly.
Deposit and withdraw almost instantly.
Get started with deposits as little as £1, up to £250,000.
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4.6 rating 20.5k reviews
Available on iOS and android
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See how much you could earn →
Better returns,
faster than the banks.
Starting with a highly competitive 4.84% 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. How saving with Chip works.
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 chances to win big prizes.
Connect your bank
In order to make near 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 The Chip Instant Access Account?
Our easy access savings account is designed to give you a highly competitive interest rate without withdrawal restrictions. At Chip we’re not waiting around for the banks to raise interest rates and give you more for your savings.
We’re doing things our own way and giving you 4.84% AER on your deposits with our easy access savings account right now. It ’s free to download the Chip app* and open your savings account today. Compare savings account rates.*charges may apply for other additional features.
Free account to open with no forms
There’s no application or form to fill out - you just need an existing bank account to get started with Chip.
Deposit between £1 and £250,000 in the account
You can open up our market-leading easy access savings account from just £1 and deposit up to £250,000.
FSCS protection up to £85,000
All eligible deposits made into Chip Instant Access are protected by the Financial Services Compensation Scheme up to £85,000 (subject to scheme conditions)
Regular notifications when your rate changes
We want to give you a highly competitive interest rate that aims to move with the market - so you don’t have to waste time switching providers.
Open and manage your account with our app
Manage your easy access savings account all within our award-winning app - as well as explore other Chip savings accounts.
Award-winning auto-saving tools in app
Utilise our award-winning saving tools that are designed to help you build your savings - so you can sit back and relax. (charges may apply)
No limit on the number of withdrawals
Unlike other instant access accounts, there is no penalty for withdrawing. Withdraw as much as you like without any worry.
No minimum withdrawal amount limit
Whether you want to withdraw £1 or £100, there is no minimum withdrawal amount limit - use your savings how you want to use them.
No notice required to withdraw funds
Our easy access account allows you to withdraw from the account without giving us any notice - withdraw your savings within minutes.
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.
Find out more about how we keep your money safe here.
*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 provides 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.
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Account Summary
Chip Instant Access Account Key Facts
The Chip Instant Access Account is an easy-access savings account from Chip powered by ClearBank.
What is the interest rate?
We always advertise the Chip Instant Access Account rate using industry standard AER.
4.84% AER
This is the Annual Equivalent Rate. It reflects the effects of compounding (earning interest on interest) over a year, taking into account any interest payments made to you during the year.
AER is an industry standard rate designed to enable you to compare interest rates on accounts from different banks and building societies where interest may be calculated or paid at different frequencies.
4.74%
This is the gross rate, this is the rate we pay on your balance. Your monthly interest rate can be calculated by dividing the gross rate by 12.
How much interest could earn over 12 months
We always advertise the Chip Instant Access Account rate using industry standard AER.
This is just an example and not based on your individual circumstances. It assumes that you don’t deposit or withdraw any money over 12 months, and that there was no change to the interest rate.
We calculate the interest you are due on your balance daily, and we pay it out monthly.
Your interest is added to your account on the 4th working day of the month (e.g. if the 1st of the month is on a Monday, the interest is paid on Thursday, but if 1st day of the month is on a Saturday, your interest will also be paid on the Thursday).
Yes, this account has a variable interest rate.
We aim to pass on interest rate rises on the same day we notify you.
However, you will be given a minimum of 14 days’ notice should we lower your interest rate.
Chip reserves the right to offer individual customers an additional bonus rate based on a variety of circumstances. This includes but is not limited to:
- Your Price Plan;
- Referring a friend;
- Promotional codes; or
- Holding funds in the Chip Instant Access Account for a specified amount of time.
You can see your pending and paid interest payouts in your Chip app, where you can also find downloadable monthly and annual statements.
You can only open and manage the Chip Instant Access Account via your Chip app.
All new users will first need to download Chip, open the Chip Instant Access Account, and make a deposit via the app to start accruing interest.
You can deposit as often as you like (but please note daily limits may apply which vary depending on your bank).
But it may take a little longer depending on your bank (up to two hours).
This is an easy-access account. You can withdraw your money at any time without restriction and there is no minimum withdrawal amount. There are also no penalties or reduction in your interest rate for withdrawing.
When you withdraw, we will receive the money from ClearBank before paying it out to your linked bank account. Most withdrawals process within a few seconds, but it can sometimes take a little longer depending on your bank (up to two hours).
Just note, to withdraw from the Chip Instant Access Account (or any account in Chip) you need to securely connect your current account via Open Banking. If you make a withdrawal and the balance falls to £0, and remains at £0 for 6 months, Chip reserves the right to close your Chip Instant Access account.
Eligible deposits are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 through ClearBank.
Note if you have any money in other accounts with ClearBank - through Chip or other apps - those balances would also count towards the £85,000 limit.
For more information see our page on how we protect your money.
Chip manages and services the Chip Instant Access Account. Our partner ClearBank, a UK registered bank, provides the account and holds your money.
When you deposit money into your Chip Instant Access Account via the Chip App, Chip processes your deposit and passes the money to ClearBank to hold in your account.
If you deposit directly using your ClearBank account number and sort code, Chip is not involved in the processing of your deposit and your money moves directly from the bank you have linked to Chip into the Chip Instant Access Account.
The smallest deposit is £1 and you can hold a maximum of £250,000 in the Chip Instant Access Account.
You may have to pay tax on any interest over your personal savings allowance.
If you’re unsure whether the total amount of interest you will receive could exceed any personal savings allowance then you should check with HMRC.
Chip does not provide tax advice. Tax treatment depends on individual circumstances and may be subject to change in the future.
You must be a UK resident and pay tax only in the UK to access this account.
You can ask our customer support team to close the account for you at any time. However, once closed it cannot be reopened, without closing your entire Chip account and creating a new one.
There is no minimum contract duration for the Chip instant access account.
If you cancel the Chip Instant Access Account within 14 calendar days of opening it then you will not incur a penalty. Should you elect to close the Chip Instant Access Account during this initial period then you will forfeit any interest which has accrued.
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
There are no fees or charges associated with opening and holding Chip Instant Access Account.
Fees and charges may apply for additional features that you may choose to use. You can read more on our pricing page.
Our savings guides
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The 50/30/20 rule
Got a question?
New terms in effect from 7 March 2023: Chip Instant Access Terms April 2023 and Chip Instant Access Terms Aug 2023 (ClearBank)
Our Chip Instant Access account is an instant-access savings account paying a 4.84% AER on your deposited funds which is paid monthly. All with full FSCS protection on your deposits. Subject to eligibility, please see above section "Covered by FSCS" for more information.
Yes. There are no fees or charges for holding this account. Please see our pricing page for general fee information. Please note that our Saving Plans features do carry fees.
We calculate the interest you are due on your balance each day. We then pay the interest monthly on the 4th working day of the following month. To find out more about different deposit times click here.
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 4.84% AER interest rate, if you put in £1,000 on your first day, you'd earn £48.40 in interest over the year. If nothing changes (including the interest rate), you'd have £1,048.40 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 4.84%, the gross interest rate is 4.74%.
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 competitive 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 has Financial Services Compensation Scheme (FSCS) protection up to £85,000, which also includes the interest accredited to the account each month. You can read more about how we protect your money here.
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.
