If the interest you're seeing in your account looks a little different from what you've calculated, don't worry! There are a few common reasons why this might be the case:
Interest payment timing. Interest is calculated daily but paid monthly on the fourth working day of the month. Before the fourth working day of the month, the Pending interest figure in your account will show your total accrued interest for the current month and previous month, but we'll only pay out the previous month's interest.
Pending deposits. Interest is only calculated on deposits that have fully cleared. If you've made a card deposit (including autosaves and some recurring deposits), it can take up to three working days to clear before it starts earning interest.
Variable rate changes. The interest rate may have changed partway through the month, so you would have earned a different rate on some days.
AER vs. gross rate. We calculate your interest based on the gross rate, which is a slightly different number from the AER.
If you're still confused about your interest, you can check the summary for your savings account in the Savings tab.
Need further help?
If you have any further questions, get in touch with our support team using the in-app chat (this can be found in the Contact us section on the Profile tab) or by email at hello@getchip.uk for further help.