Chip Instant Access Account.

Our flagship easy-access savings account. Built to move with the market and reward you fast, all in one savings app.

Earn a 4.84% AER (variable tracker) paid monthly.

Deposit and withdraw almost instantly.

FCSC protection up to £85,000.

4.6 rating 26k reviews
T&Cs apply. 4.74% gross variable, paid monthly. Chip account required. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
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Eligible deposits are protected under Financial Services Compensation Scheme up to £85,000.

How much tax I can save with Cash ISA?

The key benefit of a Cash ISA, compared to a standard savings account is the tax free returns over your personal savings allowance.

This is a projection only. There is no commitment to deposit. Chip does not provide tax advice. Tax treatment depends on individual circumstances and may be subject to change in the future.
If your taxable income is £12,571 to £50,270
Taxable income is used to calculate your Personal Saving Allowance and income tax band. For more info on Personal Tax Allowance, visit: gov.uk/income-tax-rates
£1,000 tax-free allowance
Non-ISA
Unlimited allowance
Cash ISA
If your taxable income is £50,271 to £125,140
Taxable income is used to calculate your Personal Saving Allowance and income tax band. For more info on Personal Tax Allowance, visit: gov.uk/income-tax-rates
£500 tax-free allowance
Non-ISA
Unlimited allowance
Cash ISA
If your taxable income is more than £125,140
Taxable income is used to calculate your Personal Saving Allowance and income tax band. For more info on Personal Tax Allowance, visit: gov.uk/income-tax-rates
£0 tax-free allowance
Non-ISA
Unlimited allowance
Cash ISA

See how much you could earn with instant access savings.

Starting with a highly competitive 4.84% AER on your deposits paid by Chip. Use our interest rate calculator to see how you can make your money work for you.

This is just an example and not based on your individual circumstances. It assumes that you don’t add or take out any money during the year, and that there was no change to the interest rate during the 12 months.
£
£
years
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Account Summary Box
What is the interest rate?
4.84% annual equivalent rate
AER Interest is calculated daily on the full closing balance in the account. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
4.74 % annual gross rate
The gross rate refers to the interest rate before any deductions, such as taxes or fees, are taken into account.
How much interest could earn over 12 months.
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 rate.
Your balance
12 month interest earned
Balance after 12 months
£100.00
£4.84
£104.84
£1,000.00
£48.40
£1,048.40
£10,000.00
£484.00
£10,484.00
£85,000.00
£4,114.00
£89,114.00
£250,000.00
£12,100.00
£262,100.00
Can I withdraw money?
If you make a withdrawal via the Chip app, we will receive the money from ClearBank before paying it out to your linked bank account.
If you provide an instruction to withdraw funds from a Chip Instant Access account we will action your instruction that day. It may take up to 2 hours for your cash funds to reach your bank account.
There is no minimum withdrawal amount. 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.
Depositing money
Deposit method
How long it takes
Bank transfer
Usually a few seconds.But it may take a little longer depending on your bank (up to two hours).
Manually deposit from your linked bank using your sort code, account number and unique reference number
Transfer from another account in Chip
Instant
Apple / Google Pay
2-3 working days
Card payment
2-3 working days
Auto-saves and Recurring Saves
2-3 working days
How do I open and manage my account?
Online through your Chip App. ClearBank provides the account, Chip manages and services the account.
You can hold a maximum of £250,000 in the Chip Instant Access Account.
As a new user you will need to sign-up to Chip, open the Chip Instant Access Account, make a first save and start accruing interest. If you do not complete all the steps you will not accrue interest.
As an existing user, you will need to open your Chip app, open the Chip Instant Access Account, make a first save and start accruing interest. If you do not complete all the steps you will not accrue interest.
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.

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. Calculate your savings goal.

Open in minutes

There are no lengthy application forms to fill out. All you need is an existing bank account and our savings app.

Deposit your way

Open your Chip Cash ISA and deposit as often as you like. You can save as much as £20,000 annually, completely tax free.

No withdrawal limits

Withdraw and deposit without it affecting your annual £20,000 ISA allowance.

What is an easy-access account?

An easy-access savings account (also known as an instant access account) is a savings account that allows you to withdraw your money usually without restrictions. Learn about different savings accounts.

What does easy-access mean?

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.

Why open an easy-access account?

Easy access savings accounts can be a good option if you want to earn interest while saving money for short-term goals as they give you the flexibility to access your money quickly and easily. Calculate your savings goal.

Earn returns 2.8x higher than the avg. ‘Big Four’ easy-access interest rate.

Returns in a year on £10,000 easy-access accounts.

No limit on withdrawals, access your funds immediately and get started with just £1.

1.70%
Avg. ‘Big Four’* Easy Access Accounts
4.84%
Chip Instant Access Account
T&Cs apply. 4.84% AER. Chip account required. *‘Big Four’ refers to: Barclays Everyday Saver, Lloyds Easy Saver, NatWest Flexible Saver, HSBC Flexible Saver. Rates vary between 1.40% to 2.00% AER, as of Jan 10 2024. Average calculated using these rates and returns assume that rate remains the same for the year and £10,000 is held in the account with no further deposits or withdrawals.

Join Chip with a friend, both get a boosted rate.

Share the wealth. Invite your friends to join Chip and get an additional 0.25% AER boost.

It’s simple. Refer a friend, get them to deposit at least £5,000 into their Chip Instant Access Account and hold the balance for 30 days.

You’ll both enjoy a boosted interest rate for 90 days.

Easy App & Quick
"The app is very easy to use and depositing money into my Chip account is done in seconds without any hassle."
Fantastic app for managing money!
"Chip has completely transformed how I manage my money. Within a year I had reached all my savings goals."
Great customer service
"Rare these days with other banks but when I contacted Chip with an issue the response was very fast and the problem was immediately resolved. Well done and keep it up!"
You made a save!
Now
You saved £47.24 automatically.

Hands-free saving

Autosaving is one of the many ways Chip empowers you to save effortlessly. By using our award-winning automatic saving feature, the app will intelligently save money for you based on your chosen autosave level.

Leveraging open banking, Chip seamlessly integrates with your linked bank account, meaning we can create personalised autosaves that align with your unique needs and spending behaviours. It's a tailored saving solution that adapts to your financial habits.

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Covered by FSCS

All money deposited into a savings or investment account through Chip is eligible for cover by the Financial Services Compensation Scheme (FSCS), subject to FSCS conditions.

The first £85,000 you deposit into your savings account is covered by FSCS, meaning that in the unlikely event that one of our banking partners fails, you will be protected and your money will be safe. Find out more about how we keep your money safe.

You are covered up to £85,000 per bank whether your deposits are made via Chip or not. The Chip Cash ISA is provided by UK authorised ClearBank Ltd, who also provides the Prize Savings Account and the Chip Instant Access Account. This means deposits held across the Chip Cash ISA, Chip Instant Access and Chip Prize Savings Account would be eligible for a total of £85,000 of FSCS protection ONLY.

The benefits of open banking.

Open banking is an integral part of Chip’s wealth building technology. With access to customer-permitted financial data, we can help you save more, and save smarter. Open banking operates on a consent-based model, meaning everyone has control over their financial data.

Save more and save smarter.

Choose to share information with third-party providers.

Revoke access at any time.

Getting Started

How to open your Instant Access Account.

We've made it easy to start building wealth with our savings accounts. No forms or fuss, get started in just a few minutes - download the app via Google Play or App Store.

Find '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!

FAQs

Everything you ve ever wanted to know about the Chip Instant Access Account and open banking. New terms in effect from 7 March 2023: Chip Instant Access Terms Aug 2023(ClearBank)

What is the Chip Instant Access account? (powered by 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.

What’s the Bank of England base rate of interest?

The Bank of England Bank Rate, often simply referred to as the base rate, is the interest rate at which the Bank of England lends money to commercial banks. It serves as a benchmark for all other interest rates in the economy, influencing the rates that banks offer on their lending and savings products.

The Monetary Policy Committee (MPC), a group within the Bank of England, sets the base rate based on economic conditions, with the primary aim of managing inflation. MPC decisions are widely reported on and their meeting notes are a matter of public record.

Is the account free?

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.  

How does the interest work and when is it paid?

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%.

Can the interest rate change?

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.

Interest and FSCS

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.

Can I autosave into this account?

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.

Can I open a Chip Instant Access Account on behalf of someone else? / Power of Attorney

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

Still have questions?

Opening a Chip account takes just a few minutes. No forms, no fuss.

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4.6 rating 26k reviews

1. Download Chip

Head to the App Store or Google Play Store.

2. Create an account

Enter a few details and pass a quick check.

3. You're good to go!

Choose from our range of finance products.

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