Chip Easy Access Saver
Our easy access savings account, designed for long-term savings.
Earn 4.84% AER (variable tracker)*
Easy access with instant deposits and withdrawals.
Three penalty-free withdrawals in a 12 month period.
Eligible deposits are protected under Financial Services Compensation Scheme up to £85,000.
See how much you could earn with easy access savings.
See how much you could earn with easy access savings, starting with a highly competitive 4.84% AER on your deposits paid by Chip. Use our interest rate calculator to see how you can make your money work for you.
What is the Chip Easy Access Saver account?
This is an easy access savings account (as opposed to a notice or fixed term savings account) offering instant deposits and withdrawals.
However, there is a limitation on the number of penalty-free withdrawals you can make per year. If you make more than 3 withdrawals in a 12 month period, your rate will drop.
So, if you’re happy to keep your money in one savings account for longer, you will be rewarded with a higher interest rate.
Earn 4.84% AER
This is a boosted rate, consisting of 4.07% AER (variable tracker) and a 0.77% 12 month boost.
Easy Access
Instantly withdraw your money at any time.
3 penalty-free withdrawals
After your 4th withdrawal, your rate will drop, for the remainder of the 12 month period.
Earn 4.84% AER
The rate is a variable tracker with a gross rate of 1.00% under the Bank of England base rate. It's available to all new and existing Chip members.
A gross rate of 4.00% puts the underlying rate at 4.07% AER (variable tracker) and a 0.77% 12 month boost takes it to 4.84% AER. (Assuming the current Bank of England rate of 5.00%.)
3 penalty-free withdrawals every 12 months
The Easy Access Saver account allows 3 penalty-free instant withdrawals every 12 months.
If you exceed 3 withdrawals in a 12-month period, your overall interest rate will be reduced by a margin of 1.10% AER.
With the rate boost applied this would give you a reduced rate 3.74% AER (variable tracker) for the remainder of those 12 months (until your rate boost expires, then it would drop to 2.97% AER).
Easy access
This is an easy access savings account (as opposed to a notice or a fixed-term account).
We understand that ready access to savings is important for our members, which is why this account enables instant withdrawals and deposits via bank transfer. There’s no limit to the amount you can move in one go.
How to open your Easy Access Saver account.
We've made it easy to start building wealth with our savings accounts. No forms or fuss, get started in just a few minutes - download the app via Google Play or App Store.
Find 'Savings' tab
On the ‘Savings’ tab of your Chip app, you can choose from a range of savings accounts offering great interests rates and chances to win big prizes.
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Connect your bank
In order to make near instant saves and withdrawals, you just need to connect your bank. Follow the simple steps to add your account in a few taps.
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Start saving!
Make your first deposit via bank transfer, from your Chip savings accounts, debit card or Apple/Google pay and that’s it. Your account is open!
Covered by FSCS
All money deposited into a savings or investment account through Chip is eligible for cover by the Financial Services Compensation Scheme (FSCS), subject to FSCS conditions.
The first £85,000 you deposit into your savings account is covered by FSCS, meaning that in the unlikely event that one of our banking partners fails, you will be protected and your money will be safe. Find out more about how we keep your money safe.
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Opening a Chip account takes just a few minutes. No forms, no fuss.
1. Download Chip
Head to the App Store or Google Play Store.
2. Create an account
Enter a few details and pass a quick check.
3. You're good to go!
Choose from our range of finance products.
FAQs
Everything you’ve ever wanted to know about the Chip Easy Access Account and open banking. Find all our up to date terms here.
The Chip Easy Access Saver account offers a competitive gross rate of 4.00%, this tracks the Bank of England base rate minus 1.00%. Once compounding is accounted for you get an underlying 4.07% AER (variable tracker).
We are paying a rate boost of 0.77% AER for 12 months, this results in a boosted rate of 4.84% 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 Easy Access Account rate will revert to the basic rate of 4.07% AER.
You are allowed 3 penalty-free withdrawals in a 12-month period.
If you exceed 3 withdrawals in a 12-month period, your overall interest rate will be reduced by a margin of 1.10% AER.
With the rate boost applied this would give you a reduced rate 3.74% AER (variable tracker) for the remainder of those 12 months (until your rate boost expires, then it would drop to 2.97% AER).
It's important to plan your withdrawals carefully if you wish to maintain the higher interest rate.
If you exceed the set number of three penalty-free withdrawals in the 12-month period (which commences on the date your account is opened), your interest rate will be reduced by a margin of 1.10% AER.
With the rate boost applied this would give you a reduced rate 3.74% AER (variable tracker) for the remainder of those 12 months (until your rate boost expires, then it would drop to 2.97% AER).
This begins from the day you open your account.
Unless you opened your account before 6 September 2024 (i.e. the first day of the rate boost offer), then your 12 months will begin from then.
If you exceed 3 withdrawals in a 12-month period, your overall interest rate will be reduced by a margin of 1.10% AER.
With the rate boost applied this would give you a reduced rate 3.74% AER (variable tracker) for the remainder of those 12 months (until your rate boost expires, then it would drop to 2.97% AER).
Transfers between different accounts, whether within Chip or to an external account, are considered withdrawals. To maintain the basic interest rate, it’s important to limit your withdrawals to a maximum of three per year.
No, there is no minimum balance required to open or maintain a Chip Easy Access Saver account. You can start with any amount that suits your savings goals and build your balance over time.
Interest on the Chip Easy Access Saver accrued daily and paid out monthly (on the fourth working day of the month). This means you can see your savings grow consistently over time, with interest added to your account each month.
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