The money you deposit into our savings accounts (Chip Cash ISA, Chip Easy Access Account, Chip Instant Access Account and the Prize Savings Account) is eligible up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS) while held by our partner bank (ClearBank FRN: 754568).

As the Chip Cash ISA, Chip Instant Access Account, Chip Easy Access Account and Prize Savings Account are provided by the same bank, your £85,000 cover is spread across all of them.

You can read more about ClearBank here.
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For investments, If you are eligible, you could make a claim for up to £85,000 by the Financial Services Compensation Scheme (FSCS) under their Investment Scheme.

Further information is available from the FSCS website

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When your money is held by Chip (during the processing of deposits and withdrawals only) it is safeguarded.

Safeguarding is another way of protecting your money. It’s a set of rules, governed by the FCA, which are designed to ensure your money is kept safe.
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It requires firms to either keep your money separate from their own, or protect it with an insurance policy or similar guarantee. All authorised payment institutions must safeguard your money. You can find out more about safeguarding on the FCA’s website.

You can read more about how we protect your money on our website.

If you have any questions, please reach out to us via email at hello@getchip.uk or via the in-app chat (this can be found in the Profile tab) and we'll be happy to help.

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