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Chip Instant Access Account
Total freedom for your money
The savings account built for the everyday.
With Chip Instant Access there’s unlimited withdrawals, no lock-ins and no penalties. Just your money working until you need it.
An Instant Access Account gives you the freedom to save without restricting access to your money. Deposit and withdraw anytime, earn interest on your balance, and manage everything easily in the app.
Why settle for 0%?
The account that’s perfect for earning interest on money sat idle in your current account. Move it to Chip instantly instead.
Built for flexibility
Save in a way that works for you, with no fixed terms, penalties or conditions. Unlimited deposits and withdrawals with instant access.
Interest calculated daily
lnterest accrues daily and is paid monthly, so your balance continues to build steadily in the background. No complexity. With progress you can see.
Save on autopilot
Set up autosave and Chip do the work. The app can analyse your spending habits to automatically move small amounts into savings when you can afford it. Charges may apply.
Why open an Instant Access account with Chip?
Chip is designed to grow your wealth
Earn rewards for building your balance
We’re here for you, seven days a week
What is an Instant Access account?
An instant access account is a savings account that lets you earn interest while giving you complete access to your money. Withdraw and deposit as many times as you like.
Access your savings anytime
Save with complete flexibility while earning interest. Withdraw your money whenever you need it, with no fixed terms, lock-ins, or penalties for accessing your savings.
Safe and Secure
Grow your savings steadily, and securely. Eligible deposits in the Chip Instant Access account are FSCS protected up to £120,000 per person, per institution2
2You are covered up to £120,000 per bank. The Chip Cash ISA, Chip Instant Access, Easy Access Saver and Chip Prize Savings Account are powered by ClearBank meaning deposits across these accounts and any other accounts held with ClearBank would be eligible for a total of £120,000 of FSCS protection only
How to open your account
We've made it easy to get started with all our savings accounts.
No forms or fuss, open your account in just a few minutes.
Download Chip
Get started by downloading the Chip app from the App Store or Google Play and sign up for an account.
Open an Instant Access Account
On the ‘Savings’ tab of your Chip app, select the Instant Access.
Connect your bank
In order to make instant saves and seamless withdrawals, you just need to connect your bank.
A financial app designed to grow your wealth
Trusted by over 400,000 people.
Powered by ClearBank
All money deposited through Chip into any savings account is eligible for protection by the Financial Services Compensation Scheme (FSCS), subject to conditions and £120,000 per bank limits.
Protect yourself with biometrics
Protection for your mobile device with biometric login. As an additional security layer all Chip users need to create a 6-digit PIN to access their app.
Bank-level encryption
Every connection to Chip is secured with bank-grade encryption and built on Open Banking technology – the regulated standard for seamlessly linking accounts.
We’ve got your back
Our systems continuously monitor for suspicious activity, helping keep your account protected from fraudsters.
Help when you need it
Our UK-based customer support team is just a message away, ready to help whenever you need it.
Saving terms explained
Make sure you understand all the key saving terms when it comes to comparing and understanding how each of our savings accounts works.
AER (Annual Equivalent Rate)
The AER is the true rate of interest you'll earn on your savings over a year, taking into account how often the interest is paid and added to your balance (compounded).
It gives you a standardized way to compare different accounts, regardless of their specific interest payment schedule. A higher AER means your money will grow faster over the year.
Gross p.a (Gross per annum)
The Gross p.a rate is the headline interest rate paid on your savings before any income tax has been deducted from the earnings.
It represents the simple, stated rate of return on your money. The term 'per annum' (p.a.) confirms the rate is calculated annually, or over a period of one year.
FAQs
See our Smart Cash ISA frequently asked questions below. Find all our up to date terms here.
Our Chip Instant Access account is an instant-access savings account meaning you can withdraw your money whenever you need it, with no fixed terms, lock-ins, or penalties for accessing your savings.
All with FSCS protection on your deposits. Subject to eligibility, please see above section "FSCS protected" 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 ourpricing pagefor general fee information. Please note that our Saving Plans features do carry fees.
Yes, The Chip Instant Access Account rate is variable and tracks the Bank of England Base Rate.
Variable means the rate can go up or down, but we'll always look 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.
All money deposited through Chip into any savings account is eligible for protection by the Financial Services Compensation Scheme (FSCS), subject to conditions and £120,000 per bank limits.
You are covered up to £120,000 per bank, which also includes the interest accredited to the account each month. The Chip Cash ISA, Chip Instant Access, Easy Access Saver and Chip Prize Savings Account are powered by ClearBank meaning deposits across these accounts and any other accounts held with ClearBank would be eligible for a total of £120,000 of FSCS protection only.
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. Charges may apply. Please see our pricing plan page for further information.