How do the rates work?
The Easy Access Account has a gross rate of 3.50%, this tracks the Bank of England base rate minus 1.00% (variable). Once compounding is accounted for you get an underlying 3.56% AER (variable tracker).
You may also have a temporary boost depending on when you opened the account. Please see the boosted rates below:
0.77% AER boost for 12 months if opened between 06/09/2024 - 20/09/2024
0.93% AER boost for 12 months if opened between 20/09/2024 - 14/11/2024
0.68% AER boost for 12 months if opened between 14/11/2024 - 11/12/2024
0.43% AER boost for 12 months if opened between 12/12/2024 - 18/12/2024
0.90% AER boost for 12 months if opened between 19/12/2024 - 05/01/2025
1.03% AER boost for 12 months if opened between 06/01/2025 - 17/01/2025
1.03% AER boost for 6 months if opened between 17/01/2025 - 12/02/2025
When does my rate boost start?
If you have a boosted rate, this will have begun from the day you opened 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 2.10% 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.