The Allica Easy Access Account, paying you 1.10% AER interest on your savings up to £85,000, is available now in the app. They’re a specialist bank that lends to British small-medium enterprises - Allica Bank is mostly a business bank and you won’t find this account outside of Chip.

We work with our tech partners Flagstone to negotiate access to savings accounts with highly competitive interest rates. Flagstone’s services are normally only available to high net worth individuals with very large deposits. But they’re working with us to combine Chip’s savers’ money into a trust account. By working together, all savers can benefit from a service for millionaires, whether they have £1, £100, £10,000 in their account.

The more money in the trust accounts, the better the rates we will be able to negotiate from the banks.

Find out more about Flagstone on their website: https://www.flagstoneim.com/

Any Chip saver who only pays tax in the UK and has linked their bank account to Chip through Open Banking will be able to open an Interest Account.

It is completely up to you whether or not you want to open an Interest Account - you can continue using Chip without opening the Allica Easy Access account if you wish. To open the account, simply open your Savings tab in your Chip app, open an Allica Easy Access Account in a couple of taps, and deposit your money.

If you are on the Chip or ChipX plan, you can enjoy returns on up to £85,000.

You will receive a rate of 1.10%* AER paid by our partner bank, Allica. The Allica Easy Access account offers compounding interest that is paid daily, and added directly to your balance. To get the daily rate, our partner bank simply calculates 1.10% of your balance, then divides by 365.

Interest is added to your balance and can be withdrawn as soon as it is available in your balance. While interest accrues daily, we only display interest in whole pennies.

You can check your interest payments in the Savings tab in your Chip app.

*The rate is paid by our partner bank and they may raise or lower the rate at their discretion, but we’ll make sure you’re kept aware of any changes to your rate well in advance.

Deposits into the Allica Easy Access account will take three working days to process. After the deposit has cleared, it will begin to earn interest.

You can deposit up to £85,000 in your Allica account (interest will still be paid into the account as normal if you reach the maximum balance).

Just head over to the Savings tab, select your Allica account, then tap deposit and enter how much you want to add to your balance.

All deposits are made through the app - the smallest amount of money you can deposit is £1, and you can open your Allica Easy Access Account with a deposit of just £1 too. You can save up to £15,000 at a time.

You can also autosave into the Allica Easy Access account - just head to the Profile tab > Auto-save settings > Auto-save allocation, and choose which account you'd like to autosave into!

You can withdraw cleared funds in the Savings tab, which you'll see along the bottom of the app. Please select which account you want to withdraw from, then tap the Withdraw button below your balance and confirm the amount.

Withdrawals will take 1-2 working days to reach your linked bank account.

Withdrawals over the weekend or bank holidays will be processed the next working day - any withdrawals will be processed to the bank account you have connected to Chip.

Please note that from the 12th of October 2022 fee changes are applicable, to see more detail on what's changed, please click here.

If you are eligible, your money held in an Allica Easy Access account is covered under the Financial Services Compensation Scheme (FSCS).

In the event of an FSCS claim, our partner, Flagstone, is responsible for administering any claim on your behalf (see more in ‘Where’s the money stored’ below). In order to process the claim you will need to provide personal information to Flagstone.

The Financial Services Compensation Scheme (FSCS) is the UK's deposit guarantee scheme. It pays compensation to consumers in the unlikely event a financial services firm (covered by the scheme) they save or invest with stops trading.

For banks and building societies for eligible deposits the compensation limit is £85,000 per banking licence.

For more information please visit https://www.fscs.org.uk/

Funds in your Allica Easy Access account are held in a ‘segregated client trust account’ with other Chip savers’ money. By pooling all Chip savers’ money, our broker can negotiate better interest rates for you from the banks.

The trust account is held in the name of our partner, Flagstone. Once you deposit into your Interest Account, you are an individual beneficiary of this trust for the amount of money you have deposited (plus your interest) - you are absolutely entitled to this money.

As an individual beneficiary, your money will be FSCS eligible in the unlikely event there is an issue with one of the partner banks, and Flagstone will carry out the FSCS claim on your behalf provided you are eligible too.