Occasionally, we offer new members a promotional boosted interest rate on our savings accounts. To make sure we manage our offers fairly, these special rates sometimes include a balance cap.
This means that the higher promotional rate will only apply up to a specific balance in your account. Any funds above that cap will still earn our standard rate.
How tiered rates work
When we use a tiered rate structure. Your account balance is split, with each portion earning a different rate:
The portion of your balance up to the cap earns the promotional boosted rate.
Any amount over the cap earns the standard rate for that account.
This isn't a penalty; the money above the cap just earns the account's regular rate.
Here are a couple of examples to show you how it works
Let's imagine we're offering a boosted rate of 4.50% AER on the Chip Instant Access Account, with a balance cap of £20,000, and the standard rate is 2.74% AER.
Scenario | Rate applied |
Scenario 1: Balance is £28,500 | The first £20,000 earns 4.50% AER (boosted rate)
The excess £8,500 earns 2.74% AER (standard rate) |
Scenario 2: Balance is £15,000 | The entire £15,000 earns 4.50% AER (Boosted Rate) |
Please note: This is just an example. The specific conditions (rate, cap amount, and duration) of any boosted rates you're eligible for will always be provided in-app.
Does the interest I earn count towards the cap?
It's simple: it doesn't matter how the balance is made up. Any overall balance below the cap will earn the full promotional boosted rate. Any amount over the balance cap will earn the standard rate.
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.