Privacy Notice

Chip is strongly committed to the protection of privacy and the choices of all Chip users in the use of their personal data by Chip.

We also aim to be clear and transparent regarding the data we hold, as well how and why we use it. This Privacy Notice aims to clearly set out the information we collect from Chip users, what we do with that information, how we securely protect that information and the choices Chip users have to erase or amend that information from Chip.

For the purpose of this Privacy Notice, Chip Financial Ltd (Chip) of Sixth Floor, Fora Montacute Yards, 186 Shoreditch High Street, London, E1 6HU with UK registered company number 10113174 is the Data Controller, however at times may hold this position jointly with a number of partner providers including with its wholly-owned subsidiary Chip Financial (Investments) Ltd (UK registered company number 15161994).

Both Chip Financial Limited and Chip Financial (Investments) Limited are registered with the Information Commissioner's Office. Chip Financial's registration number is ZA192036. Chip Financial (Investments)’s registration number is ZB827274.

Relevant personal data will be processed in accordance with the Data Protection Act 2018 and the UK General Data Protection Regulation (UK GDPR).

Chip has appointed a Data Privacy Officer who is responsible for overseeing questions in relation to our Privacy Notice, including any requests to exercise your legal rights. Any partner providers have also appointed Data Protection Officers, or similar, as required. To contact Chip's Data Privacy Officer or to make a request to be put in contact with a Data Protection Officer, or similar, of a partner provider, please address:
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(a) postal correspondence to the Data Privacy Officer, Sixth Floor, Fora Montacute Yards, 186 Shoreditch High Street, London, E1 6HU

(b) emails to dpo@getchip.uk

We will ensure your query is responded to within 30 days.

This Privacy Notice should be read together with Chip's Terms of Use.

Personal data, or personal information, means any information about an individual from which that person can be identified. It does not include data where the identity has been removed (anonymous data). We will collect and process some or all of the following personal information about you:

During the course of creating and maintaining a Chip account and or using any Chip service, the information you give to Chip and partner providers may include:

(a) identity data such as and not limited to your full name*, date of birth, address, national insurance number, copies of personal identification documents such as your passport or driving licence, which may also indicate ID numbers, nationality and sex, photographs or other descriptions of your likeness;
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(b) contact data such as and not limited to your residential address, email address, telephone number, social media identifiers and the ability to communicate with you via electronic messages or telephone calls;

(c) financial data such as and not limited to your bank account numbers, bank account sort codes, debit card numbers and debit card payment details and details of other accounts you may use in connection to your Chip connected bank account;

(d) transaction data (in relation to your Chip account or your account with a third party)  such as and not limited to your transaction information including the transaction amounts, merchant descriptions, merchant types, credit or debit type and dates and times of transactions;

(e) You may also provide us with certain information by filling in other forms, entering competitions or promotions, responding to surveys, creating goals and adding images or by corresponding with us by phone, email, text message or through our live chat function.

We do not collect any special categories of personal data about you. This includes details about your race, ethnicity, religious or philosophical beliefs, sex life, sexual orientation, political opinions, information about your health or your biometric or genetic information.

We work closely with partner providers and Chip may receive the following information about you when you use the Chip service:

(a) technical data such as your IP address, geo-location, browser information and operating system;

(b) usage data such as information about how you use our service collected through cookies and other tracking technologies;

(c) marketing and communications data such as your preferences in receiving marketing from us and your communication preferences which we have collected directly from you;

(d) KYC and anti-fraud information provided to us by third parties, including information to establish your identity, information about fraud or offences, lists of politically exposed persons or sanctions where your details may be included;

(e) We may also collect, use and share aggregated data such as statistical or demographic data for any purpose. Aggregated data may be derived from your personal data but is not considered personal data in law as this does not directly or indirectly reveal your identity.

Our website or App may, from time to time, contain links to and from the websites of our partner networks, advertisers and affiliates.

If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal information to these websites.

Where we need to collect personal data by law, or under the terms of a contract we have with you, and if you fail to provide that data when requested, we may not be able to perform the contract and may therefore be unable to provide you with one or more of our products or services.

We will only use your personal data when the law allows us to. The legal grounds for use of your personal data are set out in the UK General Data Protection Regulation which allows companies to process personal data only when permitted by a specific lawful basis.

Most commonly we will process your personal data in order to:

(a) provide you with Chip's automatic saves AI and the Chip services you have selected. In particular, understanding your transaction data and their flow of income and expenditure enables Chip's artificial intelligence to make informed financial decisions for you. We use your data in this way under the lawful bases of contract performance and legitimate interests to provide our services;

(b) permit your participation in any Chip Prize Savings Account Competition under the lawful bases of contract performance and legitimate interests to provide our services and keep you informed;

(c) confirm that your details are correct under the lawful bases of contract performance, legal obligations and substantial public interest (fraud prevention);

(d) prevent fraud or other financial crime by sharing your personal information with fraud prevention agencies, watchlist and fraud data providers and trusted third party identity verification providers. Where personal information includes biometric data, this is processed by third party suppliers who undergo thorough due diligence checks to ensure compliance with applicable data protection regulations. The lawful basis for this processing is legal obligations and substantial public interest (fraud prevention);

(e) undertake ongoing monitoring including of your usage of our services and any changes to politically exposed persons, sanctions, fraud or other crime lists. This may result in us requesting additional information from you and/or the suspension of your ability to make saves or withdrawals, or the withdrawal of your Chip account. This processing falls under the lawful basis of legal obligations and substantial public interest (fraud prevention).

Note: The personal information we have collected from you will be shared with fraud prevention agencies who will use it to prevent fraud and money-laundering and to verify your identity. If fraud is detected, you could be refused certain services, finance, or employment. Further details of how your information will be used by us and these fraud prevention agencies, and your data protection rights, can be found at www.cifas.org.uk/fpn or direct to Chip’ email at dpo@getchip.uk where the DPO can provide the customer with Cifas’ full fair processing notice;

(f) process payments to and from your Chip account using our third party vendors under the lawful basis of contract performance.

We use Checkout.com to process your debit card payments. More information on how Checkout.com processes your personal data and your data protection rights, including your right to object, is available at https://www.checkout.com/legal/privacy-policy; 

(g) engage with third party providers for provision of your savings or investment account. We may share your personal data, usage data and any other relevant information under the lawful basis of contract performance. If you open a cash savings account, your account will be provided by Clearbank Limited (“Clearbank”). ClearBank is a Data Controller in relation to your Chip cash savings accounts. ClearBank does not use your personal data for marketing purposes and will not share your personal data with third parties for marketing purposes.

ClearBank processes your personal data in accordance with its Privacy Notice (https://clear.bank/data-protection-and-privacy). 

Where you open an investment fund through Chip, our custodian partner, Seccl Custody Limited (registered company number 10430958), will also be the Data Controller of the data shared to operate that account. Seccl does not use your personal data for marketing purposes and will not share your personal data with third parties for marketing purposes. Seccl processes your personal data in accordance with its Privacy Notice (https://seccl.tech/privacy/). 

Where a third party is involved in the provision of an account you have signed up for, this will be made clear in the Terms that are presented to you. You are responsible for checking the privacy policy of any such third parties so that you can be informed of how they will handle personal information;

(h) enable us to identify instances where you may benefit from additional support or assistance in the management of your account under the legal bases of contract performance, legal obligations and legitimate interests;

(i) to enhance your individual user experience, for instance by enabling us to offer suitable products to you or to verify that you meet the target market for products you have bought from us under the lawful basis of legitimate interest;

(j) improve and optimise our service through analytics and search engine providers under the lawful basis of legitimate interests. We, or our partner providers, may also use cookies to collect information about you and use personal data to provide personalised advertisements to provide you with a good experience while you use our service. See our Cookie Policy here. This usage falls under the lawful basis of legitimate interests and our Cookie Policy explains how you may opt out from non-essential cookies; 

(l) conduct research or develop our products and services by analysing your personal information and usage of our products to better understand your requirements or to provide you with insights on your account under the lawful basis of legitimate interests to offer our services;

(m) inform you of any necessary information or changes to the products you use with Chip under the lawful basis of contract performance;

(n) monitor your electronic communications with us for training and monitoring purposes, including telephone conversations, email, instant messaging and any other electronic communications to the extent permitted by law, under the lawful bases of legitimate interests and legal obligations;

(o) fulfill our legal or regulatory obligations where we may need to share your personal information to enforce our agreements or with regulators or law enforcement agencies where there are enquiries, proceedings or investigations in any country where we are compelled to comply. This includes exchanging information with other companies and organisations for the purposes of fraud protection and credit risk reduction. Where permitted, we will direct any such request to you or notify you before responding unless doing so would prejudice the prevention or detection of a crime. This processing is under the lawful bases of legal obligations, legal claims and legitimate interests;

(p) inform the prospective seller or buyer if we sell or buy any business or assets. If we, or substantially sell all of our assets, are acquired by a third party, the personal information held by us about our customers will be one of the transferred assets under the legal bases of legitimate interests in order to allow us to change our business and contract performance in relation to the assignment of accounts;

(q) for any other scenario where it is necessary for our legitimate interests (or those of a third party provider) and your interests and fundamental rights do not override those interests. Where possible or where required we will let you know before using your data in any way other than those described above

We share your information with our selected third party providers including business partners, partner providers, suppliers and sub-contractors for the performance of any contract we enter into with them or you.

These providers are in the following categories:

1. Database hosts;
2. Mobile app distributors;
3. Interest rate services;
4. SMS and email communication providers;
5. Online chat, ticketing and phone service providers;
6. Reporting and data visualisation tools;
7. Data insight and analytics providers;
8. Transaction processors;
9. Open Banking data providers;
10. Saving or investing account providers;
11. Marketing and partnerships administrators;
12. Fraud or anti-money laundering data providers;

We require all third parties to respect the security of your personal data and to treat it in accordance with the law. We do not allow our third-party service providers to use your personal data for their own purposes and only permit them to process your personal data for specified purposes.

We are careful to correctly store your data.

(a) Security

We have put in place 256-bit bank level encryption to prevent your personal data from being accidentally lost, used or accessed in an unauthorised way, altered or disclosed. In addition, we limit access to your personal data to those employees, agents, contractors and partner providers who have a needs to know basis. They will only process your personal data on our instructions and are subject to a duty of confidentiality.

We have put in place procedures to deal with any suspected personal data breach and will notify you and any applicable regulator of a breach where legally required to do so.

(b) Outside of the UK

Your personal information may be accessed by staff or suppliers in, transferred to, and/or stored at, a destination outside the country in which you are located, whose data protection laws may be of a lower standard than those in your country. We will, in all circumstances, safeguard personal information as set out in this Privacy Notice. Whenever we transfer your personal data out of the UK, we ensure a similar degree of protection is afforded to it by:

(i) only transferring your personal data to countries that have been deemed to provide an adequate level of protection for personal data by the Information Commissioner's Office (ICO);
(ii) using specific contracts approved by the ICO (known as model contracts) together with appropriate safeguards which give personal data the same protection it has in the United Kingdom.

(c) Data retention

We will only keep your personal data for as long as necessary to fulfil the purposes we collected it for, including for the purposes of satisfying any legal, accounting or reporting requirements.

To determine the appropriate retention period, we consider the amount, nature and sensitivity of the personal data, the potential risk of harm from unauthorised use or disclosure of your personal data, the purposes for which we process your personal data and whether we can achieve those purposes through other means, and the applicable legal and regulatory requirements.

We may retain your personal data for a longer period in the event of a complaint or if we reasonably believe there is a prospect of litigation or other legal action in respect to our relationship with you.

We will need to confirm your identity in order for us to verify your right to access your personal data or to exercise any of the other rights listed below.

We may also need further information from you in order to process your request. You will not have to pay a fee to access your personal data (or to exercise any of the other rights listed below), however we may charge a reasonable fee if your request is clearly unfounded, repetitive or excessive. Alternatively, we may refuse to comply with your request in these circumstances. 

We try to respond to all legitimate requests within one month, but occasionally this may take longer if your request is particularly complex or you have made a number of requests. We will notify you and keep you updated in all such cases.

You have the right to request access to your personal data (commonly known as a data subject access request). If you would like a copy of the information held on you, please contact our Data Privacy Officer.

You have the right to request a correction of the personal data that we hold about you.

This enables you to have any incomplete or inaccurate data we hold about you corrected, although we may need to verify the accuracy of the new data you provide to us. It is important that the personal data we hold about you is accurate and current. Please keep us informed if your personal data changes.

You have the right to request erasure of your personal data. This enables you to ask us to delete or remove personal data where there is no good reason for us continuing to process it.

You also have the right to ask us to delete or remove your personal data where you have successfully exercised your right to object to processing (see below), where we may have processed your information unlawfully or where we are required to erase your personal data to comply with local law.

Note, however, that we may not always be able to comply with your request of erasure for specific legal reasons which will be notified to you, if applicable, at the time of your request.

You have the right to object to the processing of your personal data where we are relying on a legitimate interest (or those of a third party provider) and there is something about your particular situation which makes you want to object to processing on this ground as you feel it impacts on your fundamental rights and freedoms.

You also have the right to object where we are processing your personal data for direct marketing purposes. In some cases, we may demonstrate that we have compelling legitimate grounds to process your information which override your rights.

You have the right to request restriction of processing of your personal data.

This enables you to ask us to suspend the processing of your personal data in the following scenarios:

(a) if you want us to establish the data's accuracy;
(b) where our use of the data is unlawful but you do not want us to erase it;
(c) where you need us to hold the data even if we no longer require it as you need it to establish, exercise or defend legal claims; or
(d) you have objected to our use of your data but we need to verify whether we have overriding legitimate grounds to use it.

You have the right to request the transfer of your personal data to you or to a third party.

Subject to the rules and regulations that govern the products and services we provide, we will provide to you, or a third party you have chosen, your personal data in a structured, commonly used, machine-readable format.

Note that this right only applies to automated information which you initially provided consent for us to use or where we used the information to perform a contract with you.

You have the right to withdraw consent at any time where we are relying on consent to process your personal data. However, this will not affect the lawfulness of any processing carried out before you withdraw your consent. 

If you withdraw your consent, we may not be able to provide certain products or services to you. We will advise you if this is the case at the time you withdraw your consent. Chip will not disclose your information to any third party for marketing purposes, without your further consent.

You have the right, at any time, to ask us not to process your personal information for marketing purposes. You can do so by unsubscribing from the marketing communication or contacting the Data Privacy Officer.

What can you do if you are unhappy with how your personal data is processed? You can contact Chip’s Data Privacy Officer via email dpo@getchip.uk (see section 2 above).

You also have a right to lodge a complaint with the supervisory authority for data protection. In the UK this is:

Information Commissioner's Office Wycliffe House,
Water Lane,
Wilmslow,
Cheshire,
SK9 5AF

Phone: 0303 123 1113 (local rate)

We may make changes to this Privacy Notice, so please review it from time to time. If appropriate we will notify you by email about material changes.

This Privacy Notice was last updated on 26 February 2025.