What is the Chip Instant Access account? (powered by ClearBank)
Our new Chip Instant Access account is an instant-access savings account paying a 3.00% return* on your deposited funds which is applied monthly as a bonus. All with full FSCS protection on your deposits (subject to eligibility).
* The return is paid monthly as a bonus, not interest. The return is not FSCS protected.
Is the account free?
Yes. There are no fees or charges for holding this account. Please see our pricing page for general fee information.
What are the eligibility requirements?
You need to be over 18, a UK resident and need to pay tax solely in the UK to be eligible for a Chip Instant Access account. All you need to do is provide some details, pass an identity check with Chip and ClearBank and you’re good to go, in most cases this will take a couple of minutes. If not, we may ask for additional documentation to confirm your identity.
Please note: As with all Chip products, we cannot accept applicants resident in the Channel Islands, Isle of Man or the US.
How does the return work?
The Chip Instant Access account pays a return, awarded as a bonus instead of traditional interest.
Your return is added as a bonus to your Chip Instant Access account and is shown in the app as “bonus”.
“Bonus” money is not cash, and is not the same as money you have deposited and is not covered by the Financial Services Compensation Scheme (FSCS). This is money Chip promises to pay you when you withdraw all the cash you’ve deposited from your account.
Whilst you’ll be able to see bonus money as part of your balance, it is always the last money to be withdrawn from the account, it is only accessed after you withdraw all the money from your account and will not compound.
Here is a summary of the key differences.
Bonus does not compound (you don’t earn bonus on your bonus)
Bonus is not the same as money you have deposited and is not covered by the Financial Services Compensation Scheme (FSCS)
Bonus funds are only available to withdraw once your full cash balance has been withdrawn
Bonus funds cannot be transferred to another Chip product
See further information on bonuses in our terms.
When are my returns paid?
Your returns are paid as a bonus which is paid monthly on the first Tuesday of the month. You need to have at least £1 of bonus accrued for it to appear in-app but don’t worry if it's less, we’re still calculating your returns behind the scenes.
Please note that if you close your account before a bonus payout date you will forfeit any pending bonus due.
How are your returns calculated?
Once your deposit has cleared into the account, it will begin to accrue bonus at 12 am the following day. We’ve laid out the exact maths for you below.
If the bonus was 3.00%, the daily amount you'd earn a return on would be your current confirmed balance (deposited funds only) multiplied by the percentage return rate (3.00 divided 100) divided by 365 (days in a year).
e.g. £26,000 * (3.00 / 100) / 365 = £2.13 per day
We will store the accrual each day, so if we increase our rate of return mid-month, that new rate will apply for all future days that month.
How do I withdraw my returns?
Whilst you’ll be able to see your returns as “bonus” as part of your overall balance, it is always the last money to be withdrawn from the account, so it is only accessed after you withdraw your whole balance.
For example: If you deposit £5000 into your Chip Instant Access account and leave it for a 31-day month, with a 3.00% return you would earn £12.73 as a bonus. The £12.73 bonus can be accessed only when the original £5000 is withdrawn - resulting in a full £5012.73 withdrawal.
Please note that bonus does not instantly land back in your bank account; it will reach your bank account the next working day after making a withdrawal.
How do I deposit money?
Just head over to the 'Savings' tab, select Chip Instant Access, then tap 'Add money' and enter how much you want to add to your balance and choose your deposit method.
How long do deposits take?
You can make instant deposits into the Chip Instant Access account via the bank account you have linked to Chip. Just select 'Deposit by bank transfer' for secure instant deposits via Truelayer. You can also transfer an amount from your Allica Easy Access account, which would arrive the next working day.
You have the option of depositing from your debit card or Apple/Google Pay but please note these methods will take 3 working days to clear and you will not start earning bonus on your deposits until the funds have finished processing.
What is the deposit limit on this account?
The maximum you can deposit into this account is £250,000.
What is the minimum manual deposit into this account?
The minimum amount you can deposit is £1.
Are there any penalties for withdrawing?
This is an instant-access account where you can withdraw your money whenever you like. However, please note that if you close your account before your monthly accrued returns are paid as a bonus, you will forfeit this amount.
How do I withdraw money?
You can withdraw cleared funds in the 'Savings' tab which you'll see along the bottom of the app. Select your Chip Instant Access account and then on the next screen tap the ‘Withdraw’ button below your balance and confirm the amount.
How long do withdrawals take?
Money you have deposited should be with you within a few seconds when you withdraw, but can sometimes take up to two hours.
Your returns paid as a bonus will arrive the next working day as they are processed separately from deposited funds.
Where do withdrawals go?
Withdrawals will be processed to the bank account you have connected to Chip. You can see this on the 'Profile' tab in the app.
Where will my money be stored?
Any funds that you deposit will be processed into Chip then stored in your own personal FSCS-eligible ClearBank account.
Can I autosave into this account?
Yes, you can autosave directly into this account ('Savings Plans' settings can be found on the 'Profile' tab) and also perform manual saves at any time should you wish by selecting the account in the 'Savings' tab and tapping ‘deposit’. Saves into this account also count toward your in-app savings goals that you can set up in the ‘Goals’ tab. Please see our pricing plan page for further information
Can I get a monthly statement for this account?
Yes you can, just go to the 'Profile' tab then select 'Account statements'.
Can I close the account?
You can request the closure of this account by contacting our Customer Success team. Please ensure all funds are withdrawn and please note that if a bonus is due you would forfeit this amount if you close the account before the monthly payout date. Please note that if the Chip Instant Access is closed it cannot be reopened.
Who are ClearBank?
Founded in 2014, ClearBank is a purpose-built, technology-enabled clearing bank. Through its full UK banking licence and intelligent, robust technology solutions, ClearBank enables its partners to offer real-time payment and innovative banking services to their customers. They have won multiple industry awards and accolades including, the “Deloitte UK Technology Fast 50” in 2021 (a ranking of the 50 fastest-growing technology companies in the UK) and “Pioneer of the Year” at the British Banking Awards in 2020.
What is the Financial Services Compensation Scheme?
All our savings accounts are covered by the UK’s Financial Services Compensation Scheme (FSCS) meaning any eligible deposits will be protected up to £85,000. To find out more and to check your eligibility please visit https://www.fscs.org.uk/about-us/. When you instruct us to deposit your money via debit card, or when transferring funds via another Chip product, into any of our savings accounts, it is briefly held separately by Chip before we send it to your account of choice. When your money is held for these purposes, it is not protected under the FSCS scheme, but it is safeguarded.
For full details of what this means please see our blog. Deposits by bank transfer are made directly from your bank and are not held by Chip.
Are my deposits covered by the Financial Services Compensation Scheme?
Yes, your deposits are covered by the FSCS (subject to eligibility). Please note: Cash you put into UK banks or building societies – that are authorised by the Prudential Regulation Authority – is protected by the Financial Services Compensation Scheme (FSCS). The FSCS deposit protection limit is £85,000 per authorised firm.
With Chip both our 'Prize Saving Account' and 'Chip Instant Access' accounts are powered by Clearbank. This means deposits held in these accounts are with 1 authorised firm only. Deposits totalling over £85,000 held in both accounts would not be eligible for FSCS Protection.
Are my returns covered by the Financial Services Compensation Scheme?
Your returns are paid as a bonus. These bonus funds from the Chip Instant Access account are not eligible for FSCS protection until withdrawn.
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 complaint with us, you can do this either through email (at firstname.lastname@example.org), by post, or using Chip's in app chat (this can be found by selecting ‘Contact us’ under the 'Profile' tab in the app).
Our postal address is: Chip Financial Ltd., 7 Bell Yard, London, WC2A 2JR.
You can find more details about our complaints process here: www.getchip.uk/complaints
Where can I find legal information for ClearBank?
ClearBank Ltd are authorised by the Prudential Regulation Authority and regulated by the
Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 754568). Registered Address: ClearBank, Borough Yards, 13 Dirty Lane, London, SE1 9PA