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.

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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.

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Define Deposit

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

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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.

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Define Cash ISA

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

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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.

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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.

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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.

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Define FCA

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

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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.

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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.

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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.

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Define ISA

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

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Define Interest Rate

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

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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.

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M - N

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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.

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Q - R

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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.

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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.

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U - V

Define Variable Rate

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

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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

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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. Seccl Custody Limited acts as the custodian for the money held in a Stocks and Shares ISA or General Investment Account (GIA) with Chip. We use Seccl to provide the behind the scenes technology that powers our investment platform, and Seccl is responsible for holding your cash and investments. In the unlikely event Seccl Custody Limited or Chip Financial (Investments) Ltd is declared to be in default and cannot meet our obligations, you may be able to claim compensation. If you are eligible, you could make a claim for up to £85,000 by the Financial Services Compensation Scheme (FSCS) under their Investment Scheme. 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). 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.

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/. You are covered up to £85,000 per bank whether your deposits are made via Chip or not. ClearBank is responsible for the provision of the Chip Instant Access Account, the Easy 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. Whilst your money is being processed it is held in a Chip Safeguarded Account, which is safeguarded through the FCA’s safeguarding rules. In the unlikely event that ClearBank or Chip were to fail, and your funds were in the safeguarded client money account, then your funds are FSCS eligible and you can make a claim via FSCS. For more information, please visit: https://getchip.uk/how-we-protect-your-money and FSCS website (fscs.org.uk)

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) You are covered up to £85,000 per bank whether your deposits are made via Chip or not. ClearBank is responsible for the provision of the Chip Instant Access Account, the Easy 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. Whilst your money is being processed it is held in a Chip Safeguarded Account, which is safeguarded through the FCA’s safeguarding rules. In the unlikely event that ClearBank or Chip were to fail, and your funds were in the safeguarded client money account, then your funds are FSCS eligible and you can make a claim via FSCS. For more information, please visit: https://getchip.uk/how-we-protect-your-money and FSCS website (fscs.org.uk)

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. You are covered up to £85,000 per bank whether your deposits are made via Chip or not. ClearBank is responsible for the provision of the Chip Instant Access Account, the Easy 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. Whilst your money is being processed it is held in a Chip Safeguarded Account, which is safeguarded through the FCA’s safeguarding rules. In the unlikely event that ClearBank or Chip were to fail, and your funds were in the safeguarded client money account, then your funds are FSCS eligible and you can make a claim via FSCS. For more information, please visit: https://getchip.uk/how-we-protect-your-money and FSCS website (fscs.org.uk)

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