This month we have adjusted our interest calculations with our partner bank ClearBank, this is to make it easier to move interest payments from ClearBank into our customers’ accounts and ensure our calendars line up better over the course of the financial year.

We’d like to make clear that this has not affected the total interest you have earned and are entitled to, and you continue to earn interest at the advertised AER. However, your interest payment for October 2024 (paid on 6 November 2024) will look slightly larger as it includes an extra day’s interest accrual.

From this month (November 2024) onwards, your interest payments will return to normal with all accrued interest for the previous month paid as usual, no later than four working days from the start of the new month.

We don’t expect many people to notice this change as the impact should be no more than a few pounds for most customers, and it’s a ‘behind the scenes’ tweak to our technical infrastructure.

But, we want to make sure that any Chip members who do want to know why their October interest is slightly larger can easily find an answer.