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.

FSCS 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.

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.
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Account Summary Box
What is the interest rate?

Interest is payable on this account. The Chip Instant Access Account interest rate is based on the Bank of England base rate. The interest rate is variable and tracks at a margin of 0.51% (gross) below the Bank of England base rate (“Tracking Rate”). To monitor the Bank of England base rate visit www.bankofengland.co.uk

The current rates of interest available on this account are:

Basic Rate
Boosted Promo Rate
Standard Rate
4.84% AER
Additional Boost
N/A
0.17% AER
Total Rate
4.84% AER
5.01% AER

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. 

The Basic Rate is the interest rate available with no additions or boosts applied to it.The Boosted Promotional Rate is the interest rate available when you either sign up to Chip via a third party partner promotion or participate in our referral promotion. More details can be found at: www.getchip.uk/legal/cia-boost-terms or www.getchip.uk/legal/referral respectively. 

Our previous referral promotion (01 Jan 2024 - 22 May 2024) offered a boosted rate of 5.09% AER (4.84%+0.25%). This promotion is no longer available to new customers, however customers who qualified for the offer will continue to receive this previously available boosted rate. 

If you make a withdrawal request, interest will be calculated on the total amount in the account up to, but not including the day of withdrawal.

Interest will be calculated daily and paid monthly on the fourth business day of each month. Information on interest paid out can be found both on your monthly statement and in the Chip app’s Saving tab. 

Where at any time the Bank of England base rate is at a level that is equal to or below the Tracking Rate then the interest rate you receive will be 0.00%. 

We may vary the Tracking Rate in accordance with our rights to make changes set out in Chip’s Terms and Conditions. If we change the Tracking Rate, you will be given 14 days’ notice before the change comes into effect. If we tell you about a change in the Tracking Rate and you are not happy, you can ask us to close your Instant Access Account before the change happens. If we do not hear from you, we will assume that you are happy with the change we have made.

The interest rate on your Chip Instant Access Account is variable and can go up or down depending on the Bank of England base rate. Chip may also change the Tracking Rate at its discretion. 

If the base rate changes, the new interest rate on your account will apply immediately. If Chip changes the Tracking Rate as a result of which the interest rate on your Chip Instant Access decreases, Chip will give you 14 days’ notice of such change.

Can Chip change the interest rate?
The interest rate on your Chip Instant Access Account is variable and can go up or down depending on the Bank of England base rate. Chip may also change the Tracking Rate at its discretion.

If the base rate changes, the new interest rate on your account will apply immediately. If Chip changes the Tracking Rate as a result of which the interest rate on your Chip Instant Access decreases, Chip will give you 14 days’ notice of such change.
What would the estimated balance be after 12 months based on a £1,000 deposit?
The below table is based on the current rates available: 
Basic Rate (4.74%)
Boosted Promo Rate (5.01)
£1,048.40
£1,050.10
Following the expiration of a Boosted Promotional Rate, your Chip Instant Access Rate rate will revert to the Basic Rate of interest. 

The current Boosted Promotional Rate is available for at least 12 months from either the date on which any individual you have referred uses the refer a friend code, or where you have used a promotional code from one of Chip’s partners.             

From 01 Jan 2024 to 21 May 2024 Chip’s referral promotion (“previous referral promotion”), offered a promotional boosted rate of 5.09% AER applied for 3 months per referral. Below is an example of the possible balance, at where applicable, the end of the promotional period and at the end of the 12 months.
No. of Referrals
Boosted promo rate applicable for
Balance at end of promo period
Balance at end of initial 12 months
1
90 days
£1,012.78
£1,050.22
2
180 days
£1,025.72
£1,050.84
3
270 days
£1,038.83
£1,051.48
4
360 days
£1,052.10
£1,052.10
5
450 days
£1,065.55
£1,052.10
The tables above are examples and not based on your individual circumstances. It assumes that you do not add or take out any money during the year, and that there was no change to the interest rate during the 12 months. Interest does not accrue on any Chip promotional bonus received on the account. It also assumes that the Bank of England base rate as of 20 May 2024 remains unchanged at 5.25% during the 12-month period. 
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 £1,000,000 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. 

It may take up to three business days for your funds to arrive at ClearBank depending on how you deposit via the Chip app.

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.
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.
Additional Information
Chip is a trading name of Chip Financial Ltd and is authorised by the Financial Conduct Authority under the Payment Services Regulation 2017 for the provision of payment services. Firm Reference Number 911255. 

ClearBank Ltd is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (754568).

You can cancel the Chip Instant Access Account within 14 calendar days of opening it. Should you elect to close the Chip Instant Access Account during this initial period then you will forfeit any interest which has accrued. 

There is no minimum contract duration for this account.

You must be a UK resident and pay tax only in the UK to access this account. If you are unsure whether the total amount of interest you will receive could exceed any personal savings allowance then you should check with His Majesty’s Revenue and Customs (HMRC). You may have to pay tax on any interest over your personal savings allowance. Chip does not provide tax advice. Tax treatment depends on individual circumstances and may be subject to change in the future. 


Money held in your Chip Instant Access Account is eligible for FSCS protection, provided you meet the FSCS eligibility criteria, and subject to the limit of £85,000 per customer, per bank.

In the event that Chip were to fail, your money would continue to be held by ClearBank and there would be no need for the FSCS to step in. Chip’s website would be updated with details of how to contact ClearBank directly.

In the event that ClearBank were to fail, the FSCS would step in to protect customers’ eligible funds. The FSCS typically pays customer funds out within seven days (subject to you meeting the eligibility criteria and to the £85,000 limit). For more information, please visit: getchip.uk/how-we-protect-your-money

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.

No withdrawal limits

Unlike a lot of ‘easy-access’ accounts, we don’t restrict your number of withdrawals or punish you with a reduced rate for taking money out.

Deposit your way

Open your savings account from just £1. Or, if you want to add a little more, you can deposit as much as £1 million.

Keeping our eyes on the market

Our goal is to provide a highly competitive interest rate that moves with the market, so you don’t have to waste time switching providers.

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 0.26% 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.

Get StartedGet Started
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!

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