The Chip Easy Access Account is free to open and offers FSCS protection* up to £85,000 through our partners at ClearBank. This account offers 3 penalty-free withdrawals in each 12-month period. If you exceed 3 withdrawals in a 12-month period, your interest rate will be reduced. You can read more about this account below.

Please note that the £85,000 FSCS-protected amount is shared across the Chip Cash ISA, Chip Instant Access Account, Chip Easy Access Account, Prize Savings Account and any other account you hold with ClearBank.

The Chip Easy Access Account offers 4.07% AER (variable tracker) with a temporary 0.77% AER boost if opened before 20th September, and a temporary 0.93% AER boost if opened on 20th September 2024 or after, for 12 months. This is paid on the entire balance up to £1,000,000. All this while the funds you deposit are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000*.

The Chip Easy Access allows for 3 penalty-free withdrawals in each 12-month period. If you exceed 3 withdrawals in a 12-month period, your interest rate will be reduced by 1.10% AER for the remainder of those 12 months. Please note that transfers to other Chip Savings Accounts (such as the Prize Savings Account, Chip Cash ISA and Chip Instant Access Account) also count as withdrawals from the Chip Easy Access Account.

This account has a tracker rate. This means the gross interest rate is variable and tracks at 1% below the current Bank of England base rate. The reduced rate is variable and tracks 2.09% below the current Bank of England base rate.

Yes. There are no fees or charges for opening and holding this account. Please see our pricing page for general fee information.

You need to be over 18, a UK resident and need to pay tax solely in the UK to be eligible for a Chip Easy 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 who reside in the Channel Islands, Isle of Man or the US

The Chip Easy Access Account is designed for customers who do not need frequent access to their savings and are comfortable committing to making a limited number of withdrawals from this account.

This account offers compounding interest that accrues daily and is paid monthly on the fourth business day of the month. Interest is typically paid between 4 and 8 pm.

Once your deposit has cleared into the account, it will begin to accrue interest at 12 am the following day. We’ve laid out the exact maths for you below.

The daily amount you earn a return on is your current confirmed balance (processed deposits only) multiplied by the gross return rate, with the temporary 12-month boost included, (4.74 divided by 100) divided by 366 (this is the number of days in 2024 as it's a leap year).

e.g. £20,000 * (4.74 / 100) / 366 = £2.59 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.

If you exceed 3 withdrawals in a 12-month period, your rate will be reduced by 1.10% AER for the remainder of those 12 months. We’ve laid out the exact maths for you below.

The daily amount you earn a return on is your current confirmed balance (processed deposits only) multiplied by the gross return rate, with the temporary 12-month boost included, (3.65 divided by 100) divided by 365 (days in a year).

e.g. £20,000 * (3.65 / 100) / 366 = £1.99 per day

Interest will accrue on your funds as soon as they have been processed into the account. Accruals happen at midnight every day.

​The Chip Easy Access Account offers 4.07% AER (variable tracker) with a temporary 0.77% AER boost if opened before 20th September, and a temporary 0.93% AER boost if opened on 20th September 2024 or after, paid for 12 months. This is paid on the entire balance up to £1,000,000, provided you only withdraw a maximum of 3 times in a 12-month period. Please note that transfers to other Chip Savings Accounts (such as the Chip Cash ISA, Chip Instant Access Account and the Prize Savings Account) also count as withdrawals from the Chip Easy Access Account.

If you exceed 3 withdrawals in a 12-month period, your rate will be reduced by 1.10% AER (variable tracker) immediately after your 4th withdrawal for the remainder of those 12 months. No additional penalties apply for additional withdrawals following this.

On your account anniversary, your withdrawal count and interest rate will reset. This means your interest rate will return to the basic easy access rate and you have 3 penalty-free withdrawals for the subsequent 12-month period.

Please also note that this account has a tracker rate. This means the gross interest rate is variable and moves with the current Bank of England base rate.

The standard rate tracks at 1% below the current Bank of England base rate and the reduced rate tracks 2.09% below the current Bank of England base rate.

On your account anniversary, your withdrawal count and interest rate will reset. This means your interest rate will return to the basic easy access rate and you have 3 penalty-free withdrawals for the 12-month period.

Just head over to the Savings tab, select Chip Easy Access Account, then tap Add money and enter how much you want to add to your balance and choose your deposit method.

You can also transfer into the Chip Easy Access Account from the Chip Cash ISA, Chip Instant Access Account or the Prize Savings Account. All you’ll need to do is click the Transfer option when viewing your Chip Easy Access Account in the Savings tab.

The 'Pending Interest' figure will show all interest earned to date which is yet to be paid. This includes any interest accrued in the current month. Up until the fourth working day of the month (when interest is paid), this figure will also include any interest accrued in the previous month.

You can make instant deposits into the Chip Easy Access Account via the bank account you have linked to Chip. Just select Deposit by bank transfer for secure instant deposits via Truelayer.

Alternatively, you can select Manual Bank Transfer and copy your account information to send money directly from the bank account you have linked to Chip.

You can also transfer an amount from your other Chip savings account, which would arrive instantly.

You have the option of depositing via bank transfer, your debit card or Apple/Google Pay. Please note card and Google/Apple Pay deposits can take up to 3 working days to clear and you will not start earning interest on your deposits until the funds have finished processing.

The maximum you can deposit into this account is £1,000,000.

The minimum amount you can deposit is £1.

This account allows for free instant withdrawals. You are allowed 3 penalty-free withdrawals each 12-month period. If you exceed 3 withdrawals in a 12-month period, your rate will be reduced by 1.10% AER (variable tracker) for the remainder of those 12 months. Please note that transfers to other Chip Savings Accounts also count as withdrawals from the Chip Easy Access.

You can withdraw cleared funds in the Savings tab which you'll see along the bottom of the app. Select your Chip Easy Access Account and then on the next screen tap the Withdraw button below your balance and confirm the amount.

Money you have deposited should be with you within a few seconds when you withdraw, but can sometimes take up to two hours

You can read more about withdrawals here.

Withdrawals will be processed to the bank account you have connected to Chip. You can see this on the Profile tab in the app.

Any funds that you deposit will be processed into Chip and then stored in your own personal FSCS-eligible ClearBank 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. Please see our pricing plan page for further information.

Please note that refunds from Autosaves do not impact the 3 penalty-free withdrawal limitation.

Yes, you can, just go to the Profile tab and then select Account Statements.
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The interest shows on the statement for the month it was paid in, not the month it was accrued in.

For example, if you earned interest in January, this would be paid out in February, and therefore it would appear in February's statement. We do not show pending/unpaid interest on your statement.
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We're unable to close the Chip Easy Access Account without closing your Chip account entirely. If you no longer wish to use this account, you're welcome to withdraw your funds and leave it dormant.

Founded in 2015, 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 2023 (a ranking of the 50 fastest-growing technology companies in the UK) and ‘Technology Partner of the Year’ at the British Banking Awards in 2024.

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.

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, our Chip Easy Access, Chip Cash ISA, Prize Saving Account and Chip Instant Access Account are all provided by Clearbank. This means deposits held in these accounts, together with any other ClearBank-provided accounts you might have, are considered to be one authorised firm. Deposits totalling over £85,000 held in any account provided by ClearBank would not be eligible for FSCS protection.

Your returns are paid as interest and as a consequence are covered by the FSCS up to £85,000.

In cases of hardship, you may be allowed to make a fourth withdrawal within the 12 month period without triggering the penalty rate. There may be exceptional circumstances, due to events outside your control, where we may allow you to make a withdrawal without the reduced interest rate applying to your account.

Such events or circumstances may include the diagnosis of a serious or terminal illness,

bankruptcy, insolvency, sequestration, unforeseen personal or family circumstances or unforeseen financial circumstances. In such circumstances, you will need to reach out to us directly and each case will be considered on a discretionary basis.

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 hello@getchip.uk), by using Chip's in-app chat (this can be found by selecting Contact us when you’re in the Profile tab) or by post.

Our postal address is Chip Financial Ltd, Sixth Floor, Fora, Montacute Yard, 186 Shoreditch High Street, E1 6HU.

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

You can view their privacy notice here. ClearBank legal information can be found here

If you have any questions, please reach out to our support team via email at hello@getchip.uk or via the in-app chat.