The AER is a term used to describe the interest rate that is applied to savings products on an annual basis, taking into account the effects of compounding.

Learn more →

C - D

Define Direct Debit

What is direct debit? Direct debit is when you allow a service provider to automatically withdraw funds from your bank account on a regular basis.

Learn more →

Define Deposit

What does a deposit mean? A deposit is when you place money into a savings account.

Learn more →

Define Compound Interest

Compound interest is the process of where interest is earned on the initial savings, and then interest is calculated based on the increased balance.

Learn more →

Define Cash ISA

What does Cash ISA mean in the UK? A cash ISA is a savings account that offers tax-free interest.

Learn more →

Define Capital Gains Tax

What does capital gains tax mean in the UK? Capital gains tax is a tax applied to the profit made from selling certain assets.

Learn more →

E - F

Define FSCS

What is the FSCS? The FSCS is a UK compensation scheme that provides protection to consumers if a financial service cannot fulfil its financial obligations.

Learn more →

Define Fixed Rate

What is a fixed rate? A fixed rate refers to the interest rate that remains unchanged for a specific period of time.

Learn more →

Define FCA

What is the FCA? The Financial Conduct Authority is the financial regulatory body in the UK.

Learn more →

G - H

Define HMRC

HMRC, short for His majesty's Revenue and Customs, is the UK government department responsible for managing and collecting taxes in the UK.

Learn more →

Define Gross Rate

What does gross rate mean? The gross rate refers to the interest rate on a savings account before any deductions such as taxes or fees.

Learn more →

I - J

Define ISA Allowance

An ISA allowance is the maximum amount of money you can contribute to an ISA in a given tax year.

Learn more →

Define ISA

An ISA (individual savings account) is a tax-efficient savings account available to residents of the UK.

Learn more →

Define Interest Rate

An interest rate refers to the percentage at which a financial provider compensates you for keeping your money with them.

Learn more →

K - L

Define Lump Sum

A lump sum refers to a single, large sum of money that is deposited or invested at once, rather than in smaller increments over time.

Learn more →

M - N

No items found.

O - P

Define Open Banking

Open banking is a system that allows individuals to securely share their financial data with authorised 3rd party providers through APIs.

Learn more →

Q - R

No items found.

S - T

Define Savings Bond

A savings bond is a savings product offered by the government or financial providers that lets people lend their money for a fixed period of interest in return.

Learn more →

Define Savings Account

A savings account is a type of bank account designed for individuals to securely deposit and store their money, whilst earning interest over time.

Learn more →

U - V

Define Variable Rate

A variable rate refers to an interest rate that is subject to change over time.

Learn more →

W - X

No items found.

Y - Z

No items found.

Chip Financial LTD

Registered office:
Sixth Floor
Fora Montacute Yards
1‍86 Shoreditch High Street
London
E1 6HU
‍
Note that Chip is not a bank, meaning that we do not have physical branches, issue debit bank cards nor are you able to access your Chip money via ATMs. Chip does not provide financial advice and our services are only available via the Chip app.
‍
hello@getchip.uk

Home About Us Community Careers Contact Us Pricing Blog Reviews

Invest with Chip Funds Stocks & Shares ISA Savings Accounts Chip Cash ISA Easy Access Account

Prize Savings Account

Instant Access Account

Policies & Important Documents Complaints Help Centre Support, vulnerabilities and reasonable adjustments

Privacy Notice Terms of Use Cookies Policy

Investments

For our Investment Platform business only Chip Financial (Investments) Ltd is authorised and regulated by the Financial Conduct Authority, under Firm Reference Number 1005114. When investing your capital is at risk, and the value of your investments can go up as well as down and you may receive less than your original investment. Past performance is not a reliable indicator of future performance. Chip does not provide investment advice, and you as an individual investor should make your own decisions or seek professional independent advice. Your money may be protected up to £85,000 by the Financial Services Compensation Scheme (“FSCS”) under their Investment Scheme. This means that in the event Chip Financial Investments Ltd is declared to be in default and cannot meet their obligations, you may be able to claim compensation. It’s important to understand that the FSCS doesn’t cover you in the event that your investments go down and you get back less than what you put in. Further information is available from the FSCS website (fscs.org.uk).

Savings

Chip is a trading name of Chip Financial Ltd and is authorised by the Financial Conduct Authority under the Payment Services Regulation 2017 for the provision of payment services. Firm Reference Number 911255.Only eligible deposits held in the Chip Savings Accounts (powered by ClearBank) are covered by the Financial Services Compensation Scheme (“FSCS”) subject to eligibility. To find out more and to check your eligibility please visit: fscs.org.uk/about-us/. ClearBank is responsible for the provision of the Chip Instant Access Account, the Chip Prize Savings Account & the Chip Cash ISA. This means deposits held across these accounts would be eligible for a total of £85,000 of FSCS protection ONLY.There are certain situations where your deposits are protected through the FCA’s safeguarding rules. Should the safeguarding bank fail (i.e. ClearBank), then you may be eligible for FSCS protection. For more information, please visit: https://getchip.uk/how-we-protect-your-money.

Prize Savings Account (“PSA”)

T&Cs, eligibility criteria and minimum average balance of £100 applies. FSCS limits of £85,000 apply to eligible deposits. Prizes are not cash and are applied to your PSA as a bonus. Prizes become cash once you withdraw your entire PSA balance into your linked bank account. Prizes are not eligible for FSCS protection. This account does not offer interest. For current prize values, entry and eligibility criteria and how to opt-out see: getchip.uk/legal/prize-savings-account-terms. You can opt out of any or all prize draws at any time by contacting our Customer Success team via our in-app chat, or emailing support on hello@getchip.uk. If you have opted out, you can opt back in at any time via the same channels. You acknowledge that if you opt out, you will no longer be eligible for entry into prize draws. The PSA and prize draws are offered and managed by Chip. ClearBank is responsible for only the provision of the account and holding your funds which are FSCS protected (subject to eligibility). ClearBank is also responsible for the provision of the Chip Instant Access Account. This means deposits held across both accounts would be eligible for a total of £85,000 of FSCS protection ONLY.

Chip Cash ISA

Your Chip Cash ISA is a cash ISA provided by ClearBank Limited, authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority under registration number 754568. ClearBank Limited is approved by His Majesty’s Revenue and Customers (“HMRC”) for the purposes of the Individual Savings Accounts Regulations 1998 as an ISA manager. ClearBank Limited is registered in England and Wales under company number 09736376 with registered office: ClearBank, Borough Yards, 13 Dirty Lane, London, SE1 9PA. Your deposit is eligible for protection under the Financial Services Compensation Scheme ("FSCS"). Your eligible deposits with Clearbank Limited are protected up to a total of £85,000.

Cookie Settings

We use cookies to provide you with the best possible experience. They also allow us to analyse user behavior in order to constantly improve the website. See our Privacy Policy.

Functionality

Analytics Storage

Ad Storage

Ad User Data

Ad Personalisation

Personalization Storage

Security Storage

Thank you! Your submission has been received!

Oops! Something went wrong while submitting the form.