Chip Instant Access Account
Unlimited access to your money whenever you need it and a competitive interest rate.
New customers earn a boosted cia-acq-boost-rate AER (variable tracker) for 3 months.
Then cia-underlying-rate AER (variable tracker)*
Deposit and withdraw almost instantly.
FSCS protection up to £85,000.
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
Eligible deposits are protected under Financial Services Compensation Scheme up to £85,000.
Offer for new customers
Boost your Chip Instant Access rate for 3 months
We’re giving new customers the chance to earn a higher interest rate of cia-acq-boost-rate AER (variable tracker) for your first 3 months with the Chip Instant Access account.
Simply open the account today, enter the promo code cia-acq-code and we’ll apply a cia-acq-boost-rate-amount AER boost for 3 months on top of the standard rate of cia-underlying-rate AER (variable tracker). Terms apply.
This offer is for new customers only, see more details about our rates for all customers below.
How to get the boosted rate
To qualify for the rate boost, you need to be a new Chip customer. If that’s you, here’s how to take advantage of the rate boost.
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Download
Get started by downloading the Chip app from the App Store or Google Play. Then follow the in-app prompts to set up your account.
Get Chip
Enter the promo code
In your app, go to Profile > Promos & Referrals > Enter promo code within 14 days of downloading the app.
cia-acq-code
Open a Chip Instant Access
Deposit at least £1 in your Chip Instant Access within 14 days of entering the promo code.
Download
Get started by downloading the Chip app from the App Store or Google Play. Then follow the in-app prompts to set up your account.
Get ChipEnter the promo code
In your app, go to Profile > Promos & Referrals > Enter promo code within 14 days of downloading the app.
cia-acq-code
Open a Chip Instant Access
Deposit at least £1 in your Chip Instant Access within 14 days of entering the promo code.
Download
Get started by downloading the Chip app from the App Store or Google Play. Then follow the in-app prompts to set up your account.
Get ChipEnter the promo code
In your app, go to Profile > Promos & Referrals > Enter promo code within 14 days of downloading the app.
cia-acq-code
Open a Chip Instant Access
Deposit at least £1 in your Chip Instant Access within 14 days of entering the promo code.
How Chip Instant Access rates work for new and existing Chip customers
New customers: The 3 month cia-acq-boost-rate AER (variable tracker), is a temporary rate boost (cia-acq-boost-rate-amount AER for 3 months) and is only available to new customers who join Chip using a valid promo code. The offer began on 21 March 2025. See the terms here.
Existing customers: If you’re an existing Chip customer, you’ll either earn the standard rate (see below), or potentially another promotional rate. You can find your rate details in your app.
Standard/basic rate: The standard (also known as 'basic') rate for the account is cia-underlying-rate AER, with a gross rate of cia-gross-rate.
Tracker rate: The gross rate for the Chip Instant Access account tracks at cia-tracker-margin below the current Bank of England base rate. This means when the base rate moves up or down, your rate will move on the same day.
Read more about how our tracker rates work here.
See how much you could earn with instant access savings.
This uses the account's underlying standard rate of cia-headline-rate AER (variable tracker) to show you how much interest you could earn.
Have a play with how much you'll initially deposit, how much you'll top it up by, and how long you'll keep the money earning interest.
Why the Chip Instant Access Account?
Our instant access savings account is designed to give you a highly competitive interest rate without withdrawal restrictions. See how the Chip Instant Access could help you achieve your goals today: Calculate your savings goal.
No withdrawal limits
Unrestricted instant access to your savings whenever you want them.
Deposit your way
Open your savings account from just £1. Or, if you want to add a little more, you can deposit as much as £1 million.
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Competitive interest
Our goal is to provide a highly competitive interest rate that moves with the market.
Hands-free saving
Autosaving is one of the many ways Chip empowers you to save effortlessly. By using our award-winning automatic saving feature, the app will intelligently save money for you based on your chosen autosave level.
Leveraging open banking, Chip seamlessly integrates with your linked bank account, meaning we can create personalised autosaves that align with your unique needs and spending behaviours. It's a tailored saving solution that adapts to your financial habits.
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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 ClearBank or Chip 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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The benefits of open banking.
Open banking is an integral part of Chip’s wealth building technology. With access to customer-permitted financial data, we can help you save more, and save smarter. Open banking operates on a consent-based model, meaning everyone has control over their financial data.
Save more and save smarter.
Choose to share information with third-party providers.
Revoke access at any time.
How to open your Instant Access 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 or debit card and that’s it. Your account is open!
FAQs
Everything you've ever wanted to know about the Chip Instant Access Account and open banking. Find all our up to date terms here.
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 3 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-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
Still have questions?
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!
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