Chip Easy Access Saver

Our easy access savings account, designed for long-term savings.

Earn 5.00% AER (variable tracker)

Easy access with instant deposits and withdrawals

3 penalty-free withdrawals in a 12 month period.

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*4.07% AER (variable tracker) + 0.93% AER 12 month boost. T&Cs apply. 4.00% gross variable tracker, paid monthly. Chip account required. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. After 3 withdrawals within a 12 month period the rate will revert to either 3.90% AER (variable tracker with boost applied) or 2.97% AER (variable tracker) for the remainder of the 12 month period since opening the account.
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Eligible deposits are protected under Financial Services Compensation Scheme up to £85,000.

See how much you could earn with easy access savings.

See how much you could earn with easy access savings. Starting with a highly competitive 5.00% AER* on your deposits paid by Chip. Use our interest rate calculator to see how you can make your money work for you.

This is just an example and not based on your individual circumstances. It assumes that you don’t add or take out any money during the year, and that there was no change to the interest rate during the period selected.
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For a limited time, you could earn a boosted Easy Access rate for 365 days.

We’re giving new members a limited time opportunity to grow your savings with an enhanced interest rate. Sign up for the Chip Easy Access Saver today and you could enjoy an additional 0.77% AER on top of the standard rate for a full year. T&Cs apply.

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How to get the boosted rate

To qualify for the rate boost, you need to be a new Chip customer. If that’s you, here’s how to take advantage of the rate boost:

Download

Get started by downloading the Chip app from the App Store or Google Play. Then follow the in-app prompts to set up your account.

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2

Enter the promo code

In your app, go to Profile > Promos & Referrals > Enter promo code.

3

Open a Chip Easy Access Account

Set up your Chip Easy Access account through the app. Deposit and hold a balance of at least £1 in your Easy Access by the end of the promotion date.

Download

Get started by downloading the Chip app from the App Store or Google Play. Then follow the in-app prompts to set up your account.

Get Chip
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2

Enter the promo code

In your app, go to Profile > Promos & Referrals > Enter promo cod

3

Open a Chip Easy Access Account

Set up your Chip Easy Access account through the app. Deposit and hold a balance of at least £1 in your Easy Access by the end of the promotion date.

Download

Get started by downloading the Chip app from the App Store or Google Play. Then follow the in-app prompts to set up your account.

Get Chip
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2

Enter the promo code

In your app, go to Profile > Promos & Referrals > Enter promo code.

3

Open a Chip Easy Access Account

Set up your Chip Easy Access account through the app. Deposit and hold a balance of at least £1 in your Easy Access by the end of the promotion date.

Earn 5.00% AER

Accrues daily, paid monthly

The rate is a variable tracker with a gross rate of 1.00% under the Bank of England base rate. It's available to all new and existing Chip members.

A gross rate of 4.00% puts the underlying rate at 4.07% AER (variable tracker) and a 0.93% 12 month boost takes it to 5.00% AER. (Assuming the current Bank of England rate of 5.00%.)

Note, the 0.93% boost applies to customers who open the Easy Access Saver after 20 September 2024. Read more here how our tracker rates work and to see previous rate boosts.

3 penalty-free withdrawals every 12 months

Designed for long-term wealth-building

The Easy Access Saver account allows 3 penalty-free instant withdrawals every 12 months.

If you exceed 3 withdrawals in a 12-month period, your overall interest rate will be reduced by a margin of 1.10% AER.

With the rate boost applied this would give you a reduced rate 3.90% AER (variable tracker) for the remainder of those 12 months (until your rate boost expires, then it would drop to 2.97% AER).

Easy access

Instantly deposit and withdraw your money when you want it

This is an easy access savings account (as opposed to a notice or a fixed-term account).

We understand that ready access to savings is important for our members, which is why this account enables instant withdrawals and deposits via bank transfer. There’s no limit to the amount you can move in one go.

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Getting Started

How to open your Instant Access 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.

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.

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!

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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.

You are covered up to £85,000 per bank whether your deposits are made via Chip or not. The Chip Cash ISA is provided by UK authorised ClearBank Ltd, who also provides other Chip products. This means deposits held across the Chip Cash ISA, Chip Instant Access and Chip Prize Savings Account would be eligible for a total of £85,000 of FSCS protection ONLY.

FAQs

Everything you’ve ever wanted to know about the Chip Easy Access Account and open banking. Find all our up to date terms here.

What is the interest rate for the Chip Easy Access Saver Account?

The Chip Easy Access Saver account offers a competitive gross rate of 4.00%, this tracks the Bank of England base rate minus 1.00%. Once compounding is accounted for you get an underlying 4.07% AER (variable tracker).

We are paying a rate boost of 0.93% AER for 12 months, this results in a boosted rate of 5.00% AER (variable tracker).

‍All your interest accrues daily based on the total AER figure and will be paid monthly.

Following the expiration of the boosted rate, your Chip Easy Access Account rate will revert to the basic rate of 4.07% AER.

How many penalty-free withdrawals can I make per year?

You are allowed 3 penalty-free withdrawals in a 12-month period.

If you exceed 3 withdrawals in a 12-month period, your overall interest rate will be reduced by a margin of 1.10% AER.

With the rate boost applied this would give you a reduced rate 3.90% AER (variable tracker) for the remainder of those 12 months (until your rate boost expires, then it would drop to 2.97% AER).

What happens if I exceed the allowed number of penalty-free withdrawals?

It's important to plan your withdrawals carefully if you wish to maintain the higher interest rate.

If you exceed the set number of three penalty-free withdrawals in the 12-month period (which commences on the date your account is opened), your interest rate will be reduced by a margin of 1.10% AER.

With the rate boost applied this would give you a reduced rate 3.90% AER (variable tracker) for the remainder of those 12 months (until your rate boost expires, then it would drop to 2.97% AER).

When does my 12 month rate boost start?

This begins from the day you open your account.

Unless you opened your account before 6 September 2024 (i.e. the first day of the rate boost offer), then your 12 months will begin from then.

What happens with my boosted rate once I withdraw more than 3 times?

If you exceed 3 withdrawals in a 12-month period, your overall interest rate will be reduced by a margin of 1.10% AER.

With the rate boost applied this would give you a reduced rate 3.90% AER (variable tracker) for the remainder of those 12 months (until your rate boost expires, then it would drop to 2.97% AER).

Can I transfer money between accounts without affecting my interest rate?

Transfers between different accounts, whether within Chip or to an external account, are considered withdrawals. To maintain the basic interest rate, it’s important to limit your withdrawals to a maximum of three per year.

Is there a minimum balance required to open or maintain this account?

No, there is no minimum balance required to open or maintain a Chip Easy Access Saver account. You can start with any amount that suits your savings goals and build your balance over time.

How often is interest paid on the Chip Easy Access Saver?

Interest on the Chip Easy Access Saver accrued daily and paid out monthly (on the fourth working day of the month). This means you can see your savings grow consistently over time, with interest added to your account each month.

Still have questions?

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Terms and Conditions:

Chip Easy Access rate boost promotion

Sign up to Chip, enter the rate boost promo code, open a Easy Access account and deposit at least £1 and you could be eligible for a boosted rate of 0.77% AER on top of your Chip Cash ISA Account (“Boosted Rate Promotion”).

How to Redeem

  1. Download Chip and setup your new account

  2. Head to the Profile > Promos & Referrals > Enter a code section of
    the app

  3. Enter the Cash ISA rate boost promo code. You have 7 days to enter the code after downloading the app.

  4. Open a Chip Cash ISA account and deposit at least £1

  5. Ensure the above criteria is met by 31st July 2024 at 23:59pm

  6. Boosted rate is automatically applied to your Chip Cash ISA account
    from 1st August 2024 (providing eligibility criteria met) for a duration
    of 365 days.

Eligibility Criteria

  1. You must be a new Chip customer. A new customer is defined as someone who has never previously held a Chip account.

  2. You must have a minimum of £1 in your Chip Cash ISA account at 23:59pm on 31st July 2024.

  3. You have 7 days from the date you download the Chip app to enter the promo code.

  4. You must be on at least version 4.56.0 of the Chip app.

How will the promotion be applied?

  1. The 0.77% AER boost would be applied on top of your existing Chip Cash ISA account AER interest rate for 365 days from the 1st August 2024, providing  you have met all the above eligibility requirements. In the event that the underlying Chip Cash ISA account AER interest rate changes, your total rate will also change accordingly.

  2. The boosted rate will be applied on the balance you hold in the Chip Cash ISA  account each day.

  3. The interest earned from your boosted rate is paid monthly as part of your regular monthly interest payment (4th business day).

  4. When your boosted rate expires it will return to the existing Chip Cash ISA account basic interest rate.

General

With all Chip promotion campaigns, you must be over 18 years old and be a resident of the United Kingdom, in order to participate.

Any Chip promotion is also subject to the eligibility requirements of a Chip account, which can be found in Section 4 of our Terms of Use.

If Chip has grounds to suspect any entrant or third party of gaming, deception or fraudulent or unreasonable 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 promotion.‍

‍Chip reserves the right to modify or terminate the Boosted Rate Promotion at any time without notice.

Promo FAQs

Everything you've ever wanted to know about the Chip Cash ISA promo. Find all our up to date terms here.

What is the Chip Cash ISA Rate Boost Promotion?

This is a limited promotion between 25 July and midnight 31 July 2024, where you can get a boosted interest rate of 0.11% AER on top of your Chip Cash ISA’s standard rate for 365 days from 1 August 2024, provided you enter a promo code and meet the eligibility criteria.

How do I qualify for the Chip Cash ISA Rate Boost Promotion?

You need to: 

  1. Be a new Chip customer; 

  2. Download the Chip app; 

  3. Enter the promo code within 7 days of downloading;

  4. Open a Chip Cash ISA; 

  5. Deposit and hold a balance of at least £1;

  6. Before 23:59 on 31 July 2024.

What is considered a new Chip customer?

A new customer is someone who has never previously held a Chip account.

How can I redeem the rate boost promotion?

  1. Download the Chip app;

  2. Set up your account;

  3. Go to Profile > Promos & Referrals > Enter a code (before 31 July 2024).   

Then, open a Chip Cash ISA and deposit and hold a balance of at least £1 before 31 July 2024.

When will the boosted rate be applied to my account?

The boosted rate will be applied from 1st August 2024 for a duration of 365 days, provided you meet all eligibility requirements.

How is the boosted interest rate applied?

The 0.77% AER boost is added to your existing Chip Cash ISA AER interest rate.The boosted rate will be applied daily to your balance and the interest will be paid monthly.

What happens if the Chip Cash ISA interest rate changes?

If the underlying Chip Cash ISA rate changes, your AER will also change accordingly, however your 0.77% boost will remain the same. 

Example:

  1. The underlying rate is currently 5.1%, your boost takes your AER to 5.21% (5.1% + 0.11%).

  2. If the underlying rate drops to 4.9%, your boost takes your AER to 5.11% (4.9% + 0.11%). 

When and how is the interest from the boosted rate paid?

The interest earned from the boosted rate is paid monthly as part of your regular monthly interest payment, which occurs on the 4th business day of each month.

What happens when the boosted rate promotion expires?

After 365 days, your interest rate will revert to the basic Chip Cash ISA interest rate.

Do I need a specific version of the Chip app to participate in the promotion?

Yes, you must be using at least version 4.56.0 of the Chip app to participate in the promotion.

How long do I have to enter the promo code after downloading the Chip app?

You have until 23:59 on 31 July 2024 to enter the promo code to qualify for the boosted rate (provided you meet the other eligibility criteria).

Can I still qualify for the boosted rate if I enter the promo code after  23:59 on 31 July 2024?

No, you must enter the promo code by 23:59 on 31 July 2024 to qualify for the boosted rate.

Is there a minimum deposit required to qualify for the boosted rate?

Yes, you must deposit and hold at least £1 into your Chip Cash ISA by 23:59 on 31 July 2024.

If I have a pending Cash ISA transfer, does this amount count towards the £1 deposit criteria?

No. Pending transfers do not count towards the minimum £1 balance. To qualify for the boosted rate you will need to deposit and hold a minimum balance of at least £1 in your Cash ISA before 23:59 31 July 2024. 

What happens if I withdraw money from my Chip Cash ISA before the promotion ends?

To qualify for the boost you need to deposit at least and hold a balance of at least £1 before 23:59 on 31 July 2024, if your balance is under £1 on this date, you will not be eligible for the boost. 

Withdrawing money does not disqualify you, but the boosted rate only applies to the balance you hold in your Chip Cash ISA each day.

Can I use the promotion code more than once?

No, the promotion code can only be used once per new customer.

What should I do if I encounter issues while entering the promo code or opening my account?

If you encounter any issues, you should contact Chip customer support for assistance. You can reach out to our support team via the in-app chat (which can be found in the Contact us section on the Profile tab) or via email at hello@getchip.uk

Is the promotion available for existing Chip customers?

No, the promotion is only available to new Chip customers who have never previously held a Chip account.

Where can I find more information about the eligibility requirements for a Chip account?

You can find more information about the eligibility requirements for a Chip account in Section 4 of Chip's Terms of Use.

Can Chip disqualify me from the promotion or modify or terminate the promotion?

Yes, Chip reserves the right to disqualify any participant or promo code if there is any suspicion of deception, fraudulent activity, or abuse of the promotion. Chip also reserves the right to modify or terminate the Boosted Rate Promotion at any time without notice.

Opening a Chip account takes just a few minutes. No forms, no fuss.

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1. Download Chip

Head to the App Store or Google Play Store.

2. Create an account

Enter a few details and pass a quick check.

3. You're good to go!

Choose from our range of finance products.

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