The 90 Days' Notice account is an account powered by OakNorth, which we offered until October 2023. You can read more about how the account works below.

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

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 has a full UK banking licence and are regulated by the Financial Conduct Authority.

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

Interest is accrued daily and applied to the account monthly on the 1st of the month. 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.

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 OakNorth 90 Days' Notice Account.
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If you are a customer who has an OakNorth 90 Days' Notice 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.

You don’t need to do anything. If you hold a balance with OakNorth and you also have a Chip Instant Access or Prize Savings Account, your funds will be automatically transferred into either the Chip Instant Access or Prize Savings Account 90 days from 30 November 2023. Once the transfer is complete, you’ll be able to withdraw anytime after 1 March 2024. Please note the following information.

If you hold a balance and would like to start the withdrawal or closure process sooner, please see below. If not, sit back and relax and we will take care of everything for you.

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.

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.

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.

Withdrawal requests will not be accepted after 30th November 2023, as these will be processed as part of the account closure, as described above.

If you wish to close your OakNorth account before the 30th of November, please contact our customer service team via either the in-app chat or by email (hello@getchip.uk).

Once you have contacted the team and requested the closure, our team will withdraw your funds and process the closure for you. Your balance + interest earned up to the 1st of the current calendar month will begin to process and be back with Chip after the 90-day notice period, plus 1-2 working days for Chip to send the funds to your linked bank account. Any additional interest earned between the 1st of the month and the date you opted to close will arrive separately in your bank on the 1st working day of the following month. Please see the example below.

Example: A request to close on March 14th would mean your deposits + interest earned up March 1st would begin to process. Chip would receive these funds on June 14th and return them to your bank in 1-2 working day(s). The interest earned between March 1st and March 14th would arrive separately in your account on July 1st.

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.

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 https://www.fscs.org.uk/about-us/. When your money is held by Chip, it is not protected under the FSCS scheme, but it is safeguarded.

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 hello@getchip.uk), by post, or using the 'contact us' chat function on the 'Profile' tab in the app.

Our postal address is:
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Chip Financial Ltd.
Sixth Floor,
Fora Montacute Yards,
1‍86 Shoreditch High Street
London
E1 6HU

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 www.fca.org.uk/register. Registered Office: 57 Broadwick Street, London W1F 9QS, Registered in England No. 08595042.