If you exceed three withdrawals in a 12-month period, your Chip Easy Access Account rate will immediately be reduced by 2.10% AER (variable tracker) after your fourth withdrawal for the remainder of those 12 months.
There are no additional penalties for further withdrawals following this.
Important to note: Transfers to other Chip savings accounts (such as the Prize Savings Account, Chip Cash ISA, and Chip Instant Access Account) also count as withdrawals from the Chip Easy Access Account.
On your account anniversary, your withdrawal count and interest rate will reset. This means your interest rate will return to the basic rate, and you will have three penalty-free withdrawals for the subsequent 12-month period.
Any promotional rate boosts you have applied will continue to function according to their specific terms once the withdrawal count resets.
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.