December 6, 2021

More of Chip is becoming free to use

Dear Chip savers...

It seems like a lifetime ago we set out on our mission to build the best savings account in the world. But today Chip has over 400,000 savers, 20,000 shareholders and a team of 130 people. Things have certainly changed from the team of three people sitting in a coworking space in Canary Wharf… but our mission hasn’t. 

After working closely with our Chip Insider and Investor communities this past year (thank you to all 27,000+ of you!), we have decided to simplify our fee plans, make more of Chip FREE to use, and immediately lift the cap on cash deposits to £85,000 per savings account.

From today (Monday 6 December) : 

  • You can deposit up to £85,000 into any Chip savings account, no matter what plan you’re on.

From mid-January: 

  • Chip will have two membership plans; Chip and ChipX.

We’re hard at work to make this happen as soon as possible, but until then, we want to share what the new membership plans will look like. 

Standard Chip membership will be free

The standard Chip membership plan will have no monthly fee. This will be the default plan for all new users and users currently on the ChipLite plan.

This gives full access to all our FSCS-eligible savings accounts (notably our easy-access account with 0.70% variable AER), with unlimited withdrawals and deposits from £1 up to £85,000. Our team is constantly negotiating with banks to improve the rates, so watch this space for rate increases too.

We’re also including our auto-saving tech and three investment funds powered by BlackRock.* Remember, your capital is at risk when investing.

No messing about, no complexity, no monthly fees. The best savings account in the world….. for FREE.

See the image below for everything you get.

*There is a 0.5% annual platform fee and fund manager charges on money you invest, on the standard Chip membership.

ChipX will continue to be £3 every 28 days

With a free membership so good, why would you upgrade? Well, our premium ChipX membership gives access to a much wider range of investment funds (like the ethical funds or expert managed funds) and also offers a Stocks and Shares ISA. Platform fees for investments on ChipX are also lower at 0.25% per year.

But most of all, we think the ChipX funds’ returns speak for themselves, with average historical returns like 22.05% from the Clean Energy Fund. 

But remember, with investing, your capital is at risk. The value of your investments can go down as well as up and you may get back less than your original investment. Past performance does not indicate current or future performance, and should not be the only thing you consider when selecting a fund. 

We are confident this big step of simplifying the app, features and fees will take our mission to the next level, and remove any question that we’re building the best savings account in the world.

The power of the community

One of the most important aspects of Chip is that by negotiating on behalf of our users we can get the best rates possible. 400,000 people have so much weight, it truly is the power of the community. As Chip grows, this community will only have more power and be able to demand better terms.

So how can you help?

The more savers that save with Chip the more powerful we are. So, if you know someone who isn’t saving with Chip, please forward them this article and get them to sign up. 

Together, we will build the best savings account in the world. 

Simon Rabin

Chip CEO & Founder

When investing your capital is at risk

Remember your Capital is at Risk and past performance is not a reliable guide to future returns. The value of your investment can go down as well as up and you might get back less than you originally invested.

Join over 400k users today, help us build the best savings account in world.

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