How do the rates work?
The Easy Access Account has a gross rate of 3.75%, this tracks the Bank of England base rate minus 1.00%. Once compounding is accounted for you get an underlying 3.82% AER (variable tracker).
We offer a boosted rate that will differ depending on when you open your account. Please see the boosted rates below:
Temporary 0.77% AER boost for 12 months if opened before 20/09/2024
Temporary 0.93% AER boost for 12 months if opened between 20/09/2024 -14/11/2024
Temporary 0.68% AER boost for 12 months if opened after 14/11/2024
When does my 12-month rate boost start?
This begins from the day you open the Chip Easy Access Account. Unless you opened your account before 6 September 2024 (i.e. the first day of the rate boost offer), then your 12 months will begin from then.
What happens with my boosted rate once I withdraw more than 3 times?
If you exceed 3 withdrawals in a 12-month period, your overall interest rate will be reduced by a margin of 1.10% AER for the remainder of the 12 months after you make your fourth withdrawal.
You can read more about the Chip Easy Access Account here.