Chip Instant Access Account
A new instant access savings account from Chip built to move with the Bank of England and reward you faster than the banks. FSCS eligible on your deposits.
Earn a 3.75% AER (variable tracker).
Deposit and withdraw almost instantly.
Deposit as little as £1, up to £1 million.
Eligible deposits are protected under Financial Services Compensation Scheme up to £85,000.
For a limited time, sign up to Chip with your exclusive promo code.
The more you deposit, the bigger the bonus. Save at least £5,000 into Chip’s Instant Access and you could be eligible for a bonus on your deposit amount.
Deposit: £5,000
Bonus: £10
Deposit: £10,000
Bonus: £30
Deposit: £15,000
Bonus: £40
Deposit: £20,000
Bonus: £50
How to redeem the offer
You must be a new customer to Chip, enter your promo code in the Profile tab of the app and save cumulatively at least £5,000. Must have a Chip Instant Access Account open with no minimum balance.
This offer is valid until: 01/12/24
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Enter your promo code for your deposit amount.
Find 'Promos & Referrals' on the profile tab and enter your code. List of codes above.
Deposit into your Instant Access Account.
You must hold this deposit amount in the Chip Instant Access Account for 6 months.
Enter your promo code for your deposit amount.
Find 'Promos & Referrals' on the profile tab and enter your code. List of codes above.
Deposit into your Instant Access Account.
You must hold this deposit amount in the Chip Instant Access Account for 6 months.
Enter your promo code for your deposit amount.
Find 'Promos & Referrals' on the profile tab and enter your code. List of codes above.
Deposit into your Instant Access Account.
You must hold this deposit amount in the Chip Instant Access Account for 6 months.
Why Chip Instant Access?
We have a solution - At Chip we’re not waiting around for the banks to raise interest rates. We’re doing things our own way and giving you 4.01% AER (variable tracker) on your deposits right now.
Better returns today, not tomorrow.
We’re seeing rates for savers getting better but many banks on the high street aren’t passing them on. We think you deserve better.
We keep our eyes on the Bank of England.
High street banks are slow, relying on factors like lending to decide your returns - we don’t - so can be more reactive when the base rate changes.
Award winning auto-saving tools.
Use our clever award-winning AI to effortlessly set up recurring deposits. Sit back and watch your money grow.
Earn much higher than the highest ‘Big Four’ easy-access interest rate.
Starting with a highly competitive 3.75% return* on your deposits paid by Chip . We give you more for your money, effortlessly.
Forget waiting for annual payouts from high street banks rewarding you less than 1% - forget endlessly signing up to multiple banks, or trying to catch the latest flash deal that’s gone tomorrow.
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.
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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.
How to open a Chip savings 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.
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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.
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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!
People who have built wealth from the pound up.
Your wealth building journey can start anywhere. Hear from a few of our members who took control of their money, and all in one savings app.
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How to be eligible for the bonus.
Everything you've ever wanted to know about the Chip Instant Access Account and open banking. Find all our up to date terms here.
For a limited time, sign up to Chip with your exclusive promo code, and save at least £5,000 into Chip’s Instant Access and you could be eligible for a bonus on your deposit amount.
The more your deposit the bigger the bonus;
Deposit £5,000, Bonus £10
Deposit £10,000, Bonus £30
Deposit £15,000, Bonus £40
Deposit £20,000, Bonus £50
This offer is valid until: 01/12/24
Download Chip, complete registration and set up your new Chip Instant Access
CLEVER5K
- Deposit £5,000, Bonus £10
CLEVER10K
- Deposit £10,000, Bonus £30
CLEVER15K
- Deposit £15,000, Bonus £40
CLEVER20K
- Deposit £20,000, Bonus £50
Download Chip, complete registration and set up your new Chip Instant Access
Save your selected deposit amount into your Instant Access Account, you must hold this deposit amount in the Chip Instant Access Account for 6 months.
You will receive your payout 180 days after successfully meeting the promotion eligibility criteria.
You must be a new customer to Chip and enter your promo code in the Profile tab of the app and save cumulatively at least £5,000 (or more depending on your promo code) into your Chip Instant Access before 23:59 UTC on 31/01/25. If you do not save and hold the correct deposit amount that corresponds to the promo code, then you will not be eligible for any Bonus amount as part of this promotion offer. Example: If you select (£20,000 code) and only deposit £5,000, then you would be eligible for neither the £10 Bonus nor the £50 Bonus.
A new customer is defined as someone who has never previously held a Chip account.
Only one new customer promotional code can be redeemed upon opening an account, codes cannot be stacked.
Your promo code will be valid for 14 days after registering a Chip account.
You must keep at least the deposit value of the code saved in your Chip Instant Access Account and remain as an active Chip customer for at least 6 months. Bonus will be paid out to those eligible and who have met the promo criteria after 180 days.
You have 30 days to meet the eligibility criteria after entering a correct promo code.
An active Chip customer is defined as a user with a positive balance within a Chip account.
You can be on any of our price plans. For more information about Chip price plans visit here.
All other terms and conditions associated with the Chip Instant Access apply to this promotion. Full terms can be found here: https://www.getchip.uk/savings-accounts/instant-access-account
If Chip has grounds to suspect any entrant or third party of cheating, deception or fraudulent or unsportsman-like conduct of any kind (including, without limitation, manipulating promo codes) or if Chip believes the promotion is being abused in any way, Chip reserves the right (in its sole discretion) to disqualify any promo code or person it reasonably believes to be responsible for, or associated with, such activity and/or refuse to apply any bonus.
The Bonus will be awarded to your Chip Instant Access account and is shown in the app as “bonus”.
As an example if you deposit and keep a balance of £5,000, at the end of the 6 months you will be awarded a £10 bonus.
Chip is authorised by the Financial Conduct Authority under the Payment Service Regulations 2017, firm reference number no. 911255, for the provision of payment services.
How to be eligible for the bonus.
Check out our most popular Instant Access FAQs here, or read our Chip Instant Access Terms and Chip Instant Access Terms (Clearbank)
You must be a new customer to Chip and enter your promo code in the Profile tab of the app and save cumulatively at least £5,000 (or more depending on your promo code) into your Chip Instant Access.
If you do not save and hold the correct deposit amount that corresponds to the promo code, then you will not be eligible for any Bonus amount as part of this promotion offer. Example: If you select (£20,000 code) and only deposit £5,000, then you would be eligible for neither the £10 Bonus nor the £50 Bonus.
This offer is valid until: 01/12/24
You must be a new customer to Chip, enter your promo code in the Profile tab of the app and save cumulatively at least £5,000 before this date.
You will receive your payout 180 days after successfully meeting the promotion eligibility criteria.
The Bonus will be awarded to your Chip Instant Access account and is shown in the app as “bonus”. As an example if you deposit and keep a balance of £5,000, at the end of the 6 months you will be awarded a £10 bonus.
A new customer is defined as someone who has never previously held a Chip account**
An active Chip customer is defined as a user with a positive balance within a Chip account.
Only one new customer promotional code can be redeemed upon opening an account, codes cannot be stacked.
Your promo code will be valid for 14 days after registering a Chip account.
You can be on any of our price plans. For more information about Chip price plans visit here.
If Chip has grounds to suspect any entrant or third party of cheating, deception or fraudulent or unsportsman-like conduct of any kind (including, without limitation, manipulating promo codes) or if Chip believes the promotion is being abused in any way, Chip reserves the right (in its sole discretion) to disqualify any promo code or person it reasonably believes to be responsible for, or associated with, such activity and/or refuse to apply any bonus.
Got a question?
Everything you've ever wanted to know about the Chip Cash ISA. Find all our up to date terms here.
Our Chip Instant Access account is an instant-access savings account paying a 3.75% 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.
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.
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.
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 3.75% AER interest rate, if you put in £1,000 on your first day, you'd earn £37.50 in interest over the year.
If nothing changes (including the interest rate), you'd have £1,037.50 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 3.75%, the gross interest rate is 3.69%.
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.
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.
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.
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
Opening a Chip account takes just a few minutes. No forms, no fuss.
1. Download Chip
Head to the App Store or Google Play Store.
2. Enter your promo code
Find ‘Promos & Referrals’ and enter your code.
3. Deposit into your account
Money must be held in the account for 6 months.
