Chip Instant Access Account.
Our flagship easy-access savings account. Built to move with the market and reward you fast, all in one savings app.
Earn a 4.84% AER (variable tracker) paid monthly.
Deposit and withdraw almost instantly.
FCSC protection up to £85,000.
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Eligible deposits are protected under Financial Services Compensation Scheme up to £85,000.
See how much you could earn with instant 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.
Why the Chip Cash ISA
The Chip Cash ISA is fully flexible, allowing deposits and withdrawals — without impacting your annual ISA allowance — whenever suits you. Save up to £20,000 annually and pay no tax on interest earned. It’s a smarter way to grow your wealth.
Open in minutes
There are no lengthy application forms to fill out. All you need is an existing bank account and our savings app.
Deposit your way
Open your Chip Cash ISA and deposit as often as you like. You can save as much as £20,000 annually, completely tax free.
No withdrawal limits
Withdraw and deposit without it affecting your annual £20,000 ISA allowance.
What is an easy-access account?
An easy access savings account (also known as an instant access account) is a savings account that allows you to withdraw your money usually without restrictions.
An easy access savings account (also known as an instant access account) is a type of savings account that allows you to withdraw your money whenever you need it without penalty. These accounts typically offer a variable interest rate, which means that the interest rate can go up or down over time.
Easy access savings accounts can be a good option if you want to earn interest while saving money for short-term goals as they give you the flexibility to access your money quickly and easily. Calculate your savings goal.
Join Chip with a friend, both get a boosted rate.
Share the wealth. Invite your friends to join Chip and get an additional 0.25% AER boost.
It’s simple. Refer a friend, get them to deposit at least £5,000 into their Chip Instant Access Account and hold the balance for 30 days.
You’ll both enjoy a boosted interest rate for 90 days.
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Join Chip with a friend, both get a boosted rate.
Share the wealth. Invite your friends to join Chip and get an additional 0.25% AER boost.
It’s simple. Refer a friend, get them to deposit at least £5,000 into their Chip Instant Access Account and hold the balance for 30 days.
You’ll both enjoy a boosted interest rate for 90 days.
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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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.
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.
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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, debit card or Apple/Google pay and that’s it. Your account is open!
A tracker rate
The Chip Cash ISA has a tracker rate. This means the gross interest rate is variable and tracks at 0.6% below the current Bank of England base rate.
Basically, when the base rate moves up or down, your savings rate will move on the same day. This ensures it automatically stays competitive and in line with the wider market. Read more.
FAQs
Everything you ve ever wanted to know about the Chip Instant Access Account and open banking. New terms in effect from 7 March 2023: Chip Instant Access Terms Aug 2023(ClearBank)
Our Chip Instant Access account is an instant-access savings account paying a 4.84% 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.
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.With a 4.84% AER interest rate, if you put in £1,000 on your first day, you'd earn £48.40 in interest over the year.
If nothing changes (including the interest rate), you'd have £1,048.40 at the end of the year. There is no minimum deposit for interest to begin accruing.
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 4.84%, the gross interest rate is 4.74%.
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 pending a quick check.
3. You're good to go!
Choose from our range of savings accounts.