Our Chip Instant Access account is an instant-access savings account paying a cia-headline-rate 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 cia-headline-rate 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 £1,040.10 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 cia-headline-rate, the gross interest rate is cia-gross-rate.

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

1. Sign up to Chip;

2. Enter the rate boost promo code: WELCOME;

3. Open a Chip Instant Access account and deposit at least £1 within 7 days;

4. You will get a boosted rate of 0.95% AER on top of your Chip Instant Access account.

Find out more what tracker rates are and how they work at Chip here: www.getchip.uk/the-blog/tracker-rates-and-the-bank-of-england-base-rate-explained 

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 Instant Access account.

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.

1. Download the Chip app and setup your new account

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

3. Enter the Chip Instant Access rate boost promo code WELCOME. You have 7 days to enter the code after downloading the app.

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

5. Boosted rate is automatically applied to your Chip Instant Access account for a duration of 6 months once you meet the eligibility criteria.

1. The 0.95% AER boost would be applied on top of your existing Chip Instant Access account AER interest rate for 6 months when you have met all the above eligibility requirements. In the event that the underlying Chip Instant Access 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 Instant Access 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 Instant Access account basic interest rate.

5. If Chip has grounds to suspect any user, or associated third party of abusing the promotion in any capacity, Chip reserves the right (in its sole discretion) to disqualify any person it reasonably believes to be responsible for, or associated with, such activity and/or refuse to pay any bonus.

1. Be a new Chip customer;

2. Download the Chip app:

3. Enter the promo code: WELCOME within 6 days of downloading;

4. Open a Chip Instant Access Account;

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

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

1. Download the Chip app;

2. Set up your account;

3. Go to Profile > Promos & Referrals > Enter the code WELCOME

Then, open a Chip Instant Access Account and deposit and hold a balance of at least £1.

The boosted rate will be applied automatically when you meet the above eligibility requirements for a duration of 6 months.

The 0.95% AER boost is added to your existing Chip Instant Access Account AER interest rate. The boosted rate will be applied daily to your balance and the interest will be paid monthly.

If the underlying Chip Instant Access Account rate changes, your AER will also change accordingly, however your 0.95% boost will remain the same. 

Example:
‍
- The underlying rate is currently 3.75%, your boost takes your AER to 4.70% (3.75% + 0.95%).
‍
- If the underlying rate drops to 3.50%, your boost takes your AER to 4.45% (3.50% + 0.95%).

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.

After 6 months, your interest rate will revert to the basic Chip Instant Access Account interest rate.

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

You have 7 days from downloading the Chip app to enter the promo code to qualify for the boosted rate (provided you meet the other eligibility criteria).

Yes, you must deposit and hold at least £1 into your Chip Instant Access Account.

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

This promotion cannot be used in conjunction with any other promotional or referral offers. 

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

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

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.