Savings Interest Rate Calculator
Our helpful savings interest calculator lets you see how much interest you could earn when using the Chip Instant Access Account.
Depending on what your savings goal is, the interest rate calculator can give you a clearer understanding of how much interest you can potentially earn with our easy access savings account.
After saving for
5
years
with a
1.25%
interest rate:
After saving for
5
years
with the Chip Instant Access Account:
4.84%
Min £1 / Max £250k
Unlimited
Up to £85,000
What is the Chip Instant Access Account?
The Chip Instant Access Account gives you instant deposits and withdrawals, regularly updates the interest rate paid based on the market, and has FSCS protection up to £85,000.
You can deposit up to £250,000 and earn interest on the full amount. Chip offers this instant access account through a dedicated app. This allows you to access AI-powered auto saving tools, setting up autosaves and recurring saves to save money automatically. Compare best interest rates here.
How do interest rates work?
Interest rates with easy access accounts show how much money you could earn depending on the balance of your account. Usually on a monthly basis, the account provider will pay you a percentage of interest on your account balance.
The interest rate is usually calculated on an annual basis and tends to be added to your account either monthly, quarterly, or annually, depending on the account terms. Naturally, the higher the interest rate, the more your money will grow over time and add more to your savings. Learn about interest rates.
How does compound interest work?
Compound interest involves adding interest to the initial saved amount, allowing you to earn interest on the increased total. For instance, if you have £1,000 saved and receive £3.71 in interest after it's paid at the end of the month, subsequent interest calculations will be based on £1,003.71. This compounding effect leads to exponential growth in your savings over time.
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Join over 500,000+ people building wealth with Chip.
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