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OakNorth 90-Day Notice FAQs
OakNorth 90-Day Notice FAQs

We are expanding our savings offering with a new 90-day notice account powered by Oaknorth. Here's all the info you need to know.

James avatar
Written by James
Updated over a week ago

What is the new account and what’s the interest rate?

Our new savings account is a 90-Day notice account powered by the British bank OakNorth, paying a 4.10% AER variable interest rate.

What does 90-day notice mean?

This account has a 90-Day notice period. This means that when you withdraw your funds, we receive the money from OakNorth 90 days later. There are some processing times either side of this at Chip’s end to move your funds to and from OakNorth (more info below).

Who are OakNorth?

OakNorth are a UK-based bank with offices in London and Manchester. They offer a range of personal savings accounts and ISAs and provide business and property loans for small and medium-sized companies. Since launching in 2015, they’ve lent over £7bn to ambitious entrepreneurs up and down the UK. OakNorth have a full UK banking licence and are regulated by the Financial Conduct Authority.

What are the eligibility requirements?

You need to be over 18, a UK resident and pay tax solely in the UK to be eligible. The account is available to all Chip users on all plans.

Is the account eligible for FSCS protection?

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

How do I open the OakNorth 90-Day Notice Account?

Just go to the ‘Savings’ tab in the app and you'll find the account listed there. It only takes a few taps to open it, no forms, no fuss. Please update your app to the latest version if you can’t see it! (version 4.26 and above)

How do I deposit money?

Once you’ve opened your account, just head over to the 'Savings' tab, select your OakNorth 90-Day Notice, tap 'Add money' and enter how much you want to deposit. All deposits are made through the app and charged to your debit card (please allow 3 working days for your funds to process and start earning interest).

How is interest awarded?

Interest is accrued daily and applied to the account monthly on the 1st of the month. The account pays a 4.10% AER variable rate on your whole balance. The interest compounds which means you earn interest on your interest!

If you were to deposit £1000, interest would begin to accrue on the full £1000 once the funds have cleared. If you then withdrew £500, the interest would continue to accrue on the full £1000 during the 90-day notice period.

Is the account free to use?

Yes! There are absolutely no additional fees or charges associated with using this account and it's available on all Chip plans.

What’s the full timeframe for withdrawals?

There is a full 90-day notice period on all withdrawals but please note that there will be an extra 1-2 working days to receive the funds back to your linked account as we process them back to Chip and then onto you. You can track the date in the app and we will also send you an email to let you know when the 90-day period is complete.

Can I withdraw at any time?

You can request your funds at any time but please note there is a 90-day notice period. With this in mind, please do not add funds into this account that you may need immediate access to.

Where do withdrawals go?

Withdrawals will be processed to the current account you have connected to Chip. You can see this on the 'Profile' tab in the app via the 'Linked Bank' section.

Can I autosave into this account?

Due to the 90-day notice period we haven’t made this an option for when we launch the account. However, we are open to product feedback and if you would like to see this feature made available please let us know!

You can still set a recurring save to go into this account. To set this up, just head to the 'Savings Plans' section of the 'Profile' tab.

Do goals work with this account?

Yes they do, funds in this account will count towards your savings goals!

Can I move money from this account to other Chip accounts or products?

We are working on a transfer feature so that you’ll be able to move funds between your different Chip accounts, but for now you will have to withdraw funds back to your current account and deposit the funds manually into the OakNorth 90-Day account.

What is the maximum balance I can hold in this account?

You can deposit up to the FSCS eligibility limit of £85,000 into the OakNorth 90-Day Account. You will earn interest on the whole amount.

What is the maximum I can deposit at one time?

There is a limit of £15,000 per transaction up to £85,000.

Please note: Larger deposits may be flagged for additional security checks/confirmation by your bank.

What is the minimum deposit?

The minimum amount you can deposit is £1

What happens if I close the account?

We are currently working on resolving an issue with closing these accounts. If you would like to close this account when this is resolved, please let us know via the in-app live chat or email at so we can log your request and update you once done.

Can I get a monthly statement?

Yes you can, just go to the 'Profile' tab 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., 7 Bell Yard, London, WC2A 2JR.

Where can I find legal information for OakNorth?

OakNorth Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. (Financial Services Register number: 629564. The Financial Services Register can be accessed at Registered Office: 57 Broadwick Street, London W1F 9QS, Registered in England No. 08595042.

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