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.

We are paying a rate boost of cia-acq-boost-rate-amount AER for 6 months, this results in a boosted rate of cia-acq-boost-rate 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 Instant Access Account rate will revert to the basic rate of cia-headline-rate AER.

For more information see our Terms and Conditions and FAQ's.

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.

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-acq-boost-rate, the gross interest rate is cia-acq-boost-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