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Allica Bank - Easy Access Account: FAQs
Allica Bank - Easy Access Account: FAQs

This is a legacy product meaning it is no longer available to new customers.

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Written by James
Updated this week

What is the Allica Easy Access Account?

The Allica Easy Account is an account powered by Allica Bank, which we offered until October 2023. You can read more about how the account works below.

Where’s the money stored?

Funds in your Allica Easy Access account are held in a ‘segregated client trust account’ with other Chip savers’ money. The trust account is held in the name of our partner, Flagstone. Once you deposit into the account, you are an individual beneficiary of this trust for the amount of money you have deposited (plus your interest).

Find out more about Flagstone on their website:

Is the account eligible for FSCS protection?

Yes, all Chip savings accounts are eligible for FSCS protection up to £85,000.

How is interest awarded?

Interest is added to your balance and can be withdrawn as soon as it is available in your balance.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.

Closing your Allica Easy Access account

We’re making some changes to improve Chip. This will allow us to offer a new range of savings accounts and give our community more of the tools they need to build their long-term wealth. To facilitate this, we have to say goodbye to some older savings accounts that we currently offer through our existing partner, Flagstone. This includes the Allica Easy Access Account.

If you are a customer who has an Allica Easy Access account (including those with a £0 balance), you should have received an email on 16th November 2023 to inform you these accounts are no longer accepting deposits, and we’ll be closing them in the coming months.

There are no fees or charges associated with this process and we’ll handle everything for you.

What do I need to do?

You don’t need to do anything. If you hold a balance in the Allica Easy Access account, any remaining funds will be automatically transferred into either the Chip Instant Access or Prize Savings Account for you on the 31st January 2024.

If you do not have either of the above accounts, the funds will be transferred to your connected bank account instead.

Alternatively, feel free to withdraw the money yourself or transfer it to one of our other accounts at any time before this date.


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

Withdrawals will take one to two working days to reach your linked bank account.

Withdrawal requests will not be accepted after 31st January 2024, as these will be processed as part of the account closure, as described above.


As the account is closing, no further deposits will be accepted into this account.

Can I still get a monthly statement?

Yes, you can, just go to the 'Profile' tab and then select 'Account statements'. These are generated on the 6th of the month. Your first statement will be available the following calendar month and cannot be generated before.

What is the FSCS (Financial Services Compensation Scheme)?

The money you deposit is eligible up to a total of £85,000 for the Financial Services Compensation Scheme (FSCS). Where you hold your money could affect how much compensation you’re entitled to. If you have money in multiple accounts with banks that are part of the same banking group (and share a banking licence) the FSCS has to treat them as one bank. This means that the FSCS compensation limit applies to the total amount you hold across all these accounts, including any money you hold in a Deposit Account via the Chip App, not to each separate account. To find out more and to check your eligibility please visit When your money is held by Chip, it is not protected under the FSCS scheme, but it is safeguarded.

How do I make a complaint?

We recognise that things can go wrong. We want to learn from our mistakes and improve your experience whenever possible. If you want to raise a formal complaint with us, you can do this either through email (at, by post, or using the 'contact us' chat function on the 'Profile' tab in the app.

Our postal address is:

Chip Financial Ltd.
Sixth Floor,
Fora Montacute Yards,
1‍86 Shoreditch High Street
E1 6HU.

Where can I find legal information for Allica Bank?

Allica Bank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (FRN: 821851). Registered office: 4th Floor, 164 Bishopsgate, London EC2M 4LX. Registered in England and Wales with company number 07706156.

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