Set up by the government, the FSCS is an independent body.

If the financial firm you've used has gone out of business and can't pay your claim, the FSCS can step in to pay compensation.

The money you hold in our savings accounts is protected by the FSCS up to £85,000. This includes:

The FSCS protection is per person, per bank, not per account. Since all of these savings accounts are held with the same bank, ClearBank, the £85,000 limit applies to the total amount you hold across them, and any other accounts you may have with ClearBank.

This protection is automatic and free.

If you'd like to learn more or check your eligibility, you can visit the FSCS website (www.fscs.org.uk).

Interest is covered by the FSCS up to £85,000.

Bonus and prize funds are not FSCS-protected.

With investments, the value can go down as well as up. If you were to lose money due to market movements, you would not be able to claim compensation from the FSCS.

FSCS protection on investments protects you against a firm going out of business, not against a fall in the value of your investments.

If you are eligible, you could make a claim for up to £85,000 through the Financial Services Compensation Scheme (FSCS) under their Investment Scheme.

This means that in the event Chip Financial (Investments) Ltd is declared to be in default and cannot meet our obligations, you may be able to claim compensation. It’s also worth bearing in mind that Seccl (the custodian of money held in the Stocks & Shares ISA and the General Investment Account) are also covered by the FSCS.

Further information is available from the FSCS website.

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.