Tom
Head of Content
November 9, 2020

The best returns on savings explained

Our new Chip+1 account offers a 1.25% return on easy-access savings. That’s 125x better than high-street banks. That’s the UK’s best return.

Savings rates are falling across the market, but not here. We’re delighted to be able to bring a chart-topping return to our savers at Chip. 

Why we’re paying 1.25%

We consider this bonus both a reward for inviting a friend to Chip, and an incentive for your friend to sign up and start saving with us. 


How we’re paying the market’s best return

We’re simply giving a chunk of our advertising budget directly to our savers in return for recommending Chip to their friends. We think you deserve it more than Facebook and Google do. 

This referral system helps us grow our user-base organically by attracting people who genuinely love Chip and recommend us to their friends. 

This bonus is not interest, and we’re paying it entirely at our discretion. If Chip’s growth skyrockets, we might need to limit access to the account because we can’t pay 1.25% to everyone in the UK (no matter how much we’d love to be able to afford that). 


How do we claim this is the best return?

This is the best return on easy-access savings. 

We say this with confidence having thoroughly analysed the market. Chip+1 is the highest return you can get on money in an FSCS-eligible savings account with easy-access (ie you can withdraw whenever you want) in the UK. 

And with interest rates plummeting, most high-street banks only offer 0.01% on their savings accounts, making the returns on the Chip+1 account 125x better than the majority of big banks.

We’re aware there are a handful of rates higher than 1.25% available, but all of these either have lower caps than Chip+1’s £5,000, more stringent eligibility criteria, or very high monthly fees.

For example, Monzo Premium’s advertised 1.5% is only paid up to £2,000 and accessing it costs £15 a month or £180 a year. Obviously you get other perks with that account, as it's a premium packaged current account - not a dedicated savings account, like Chip+1. 

Chip+1 is free to access, but some fees do apply.


More returns coming to Chip in the future

We’re building Chip to be the best place to build up your long term savings, and part of that is competitive returns.

We’ve pretty much nailed the AI auto-saving side of Chip, now we’re dedicated to finding ways to automatically get the best returns on the savings you already have. 

So in 2021 we’re hoping to bring more ways to effortlessly grow your money with Chip.

Watch this space...

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