If you answered yes to all the above questions, then we’ve got the perfect savings account for you! It’s called the 90-Day Notice Account, and it’s powered by Oaknorth who we are pleased to welcome to our platform alongside our other FSCS-protected partner banks!
At Chip, we want to make saving effortless and offer you a choice of ways to save that’s right for you, which is why we’re launching our first notice account.
Saving can be hard and although Easy Access Accounts offer the greatest flexibility, they can also make it really easy to break the saving habit and dip into those funds you’ve squirrelled away for something really important to you.
With the 90-Day Notice Account from Oaknorth, you’ll have to wait to get your hands on your cash. So when you’re tempted to withdraw for that impulse purchase you don’t really need, this could help you stay focused on your long-term goals and the big life changing events you’re really saving for.
Here's a useful FAQ with all the information you need to know about the account.
What is the new account and what’s the interest rate?
Our new savings account is a 90-Day notice account powered by the British bank Oaknorth, paying a 1.55% AER variable interest rate.
What does 90-day notice mean?
This account has a 90-day notice period. This means that when you withdraw your funds, we receive the money from OakNorth 90 days later. There will be an extra 1-2 working days to receive the funds back to your linked account, as we need time to process them. You can track the date in the app and we will also send you an email to let you know when the 90-day period is complete.
Who are OakNorth?
OakNorth is a UK-based bank with offices in London and Manchester. They offer a range of personal savings accounts and ISAs, and they provide business and property loans for small and medium-sized companies. Since launching in 2005, they’ve lent over £7bn to ambitious entrepreneurs across the UK. OakNorth has a full UK banking licence and is regulated by the Financial Conduct Authority.
What are the eligibility requirements?
You need to be over 18, a UK resident and pay tax solely in the UK to be eligible. The account is available to all Chip users on all plans.
Is the account eligible for FSCS protection?
Yes, all Chip savings accounts are eligible for FSCS protection up to £85,000.
How do I open the OakNorth 90-Day Notice Account?
Just go to the ‘Accounts’ tab in your Chip app and you'll find the account listed there. It only takes a few taps to open it - no forms, no fuss. If you can’t see it, you’ll need to update your app to the latest version (version 4.26 and above).
How do I deposit money?
Once you’ve opened your account, just head over to the Accounts tab, select your OakNorth 90-Day Notice account, tap deposit and enter the amount you’d like to add to your balance. All deposits are made through the app and charged to your debit card (Please allow 3 working days for your funds to process and start earning interest).
How is interest awarded?
Interest accrues daily, and is applied to your account monthly on the 1st of the month. The account pays a 1.55% AER variable rate on your whole balance. The interest compounds, so you earn interest on your interest!
If you were to deposit £1,000 interest would begin to accrue on the full £1,000 amount once the funds have cleared, if you then withdrew £500, the interest would continue to accrue on the full £1000 during the 90-day notice period.
Is the account free to use?
Yes! There are absolutely no additional fees or charges associated with using this account and it's available on all Chip plans.
Can I withdraw at any time?
You can request your funds at any time but please note the 90-day notice period. With this in mind, please do not add funds into this account that you may need quick access to.
Where do withdrawals go?
Withdrawals will be processed to the current account you have connected to Chip. You can see this on the Profile tab in the app via the “Linked Bank” section.
Can I autosave or Pay Day Put Away into this account?
Due to the 90-day notice period we haven’t made these an option for when we launch the account. However, we are open to product feedback and if you would like to see this feature made available please let us know!
Do goals work with this account?
Yes they do. Funds in this account will count towards your savings goals!
Can I move money from this account to other Chip accounts or products?
We’re working on a transfer feature that will allow you to move funds between your different Chip accounts, but for now you will have to withdraw funds back to your current account and deposit the funds manually into the Oaknorth 90-day notice account.
What is the maximum balance I can hold in this account?
You can deposit up to the FSCS eligibility limit of £85,000 into the Oaknorth 90-day notice account. You will earn interest on the whole amount.
What is the maximum I can deposit at one time?
There is a limit of £15,000 per transaction, up to £85,000.
Please note: Larger deposits may be flagged for additional security checks/confirmation by your bank.
What is the minimum deposit?
The minimum amount you can deposit is £1.
Can I get a monthly statement?
Yes you can. Just go to the Profile tab and select “Account statements”. These are generated on the 6th of the month. Your first statement will be available the following calendar month and cannot be generated before.
Nope. That’s everything. A great rate of interest, a 90-day notice period from requesting your withdrawal to receiving the money in your account, and it’s ideal for those with a decent amount stashed away that they don’t need immediate access to. Simple as that.
Further information about OakNorth.
OakNorth Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. (Financial Services Register number: 629564. The Financial Services Register can be accessed at www.fca.org.uk/register. Registered Office: 57 Broadwick Street, London W1F 9QS, Registered in England No. 08595042. Find out more about OakNorth here.