Chip is a savings app that uses artificial intelligence to help you save money automatically by analysing your spending habits and setting aside small amounts you won’t miss.
The app offers several account types, including instant access savings, easy access savings, and a unique prize savings account where you can win up to £75,000 monthly instead of earning traditional interest.
Chip’s instant access account currently offers 3.75% interest, while the easy access account pays 4.50%, and the Cash ISA provides 4.58%—making them some of the most competitive rates available in 2026. The app is regulated by the Financial Conduct Authority (FCA), and your savings are protected up to £85,000 through the Financial Services Compensation Scheme (FSCS).
Beyond simple savings, Chip offers investment options through stocks and shares ISAs and general investment accounts.
You can choose between a free account or ChipX for £5.99 every 28 days, which removes platform fees and unlocks additional investment funds.
Whether you’re struggling to save regularly or simply want a competitive rate with easy access to your money, understanding how Chip works can help you decide if it’s right for your financial goals.
Key Takeaways
- Chip offers competitive interest rates up to 4.58% on cash savings with FSCS protection.
- The app automatically saves money for you by analysing your spending patterns and setting aside affordable amounts.
- You can access a unique prize savings account or invest through stocks and shares ISAs alongside traditional savings options.
Overview of Chip and Its Savings Accounts
Chip operates as an app-only savings platform that offers four different savings accounts with varying interest rates and access terms.
The platform uses open banking technology to connect with your existing bank account and help you save money automatically.
What Is Chip?
Chip is a wealth management app founded in 2017 that started with automatic savings features.
The platform is regulated by the FCA and provides your money with FSCS protection up to £120,000.
Your deposits are held by ClearBank, a UK-authorised bank.
This means you get the same level of protection as traditional banks.
The Chip app lets you manage multiple savings accounts in one place.
You can switch between different account types based on your goals and how quickly you need access to your money.
Types of Chip Savings Accounts
Chip currently offers four savings accounts through its platform:
Easy Access Account
- New customers earn 3.81% AER (variable tracker)
- Standard rate of 3.50% AER (variable tracker)
- Three penalty-free withdrawals
Instant Access Account
- New customers earn 3.71% AER (variable tracker)
- Standard rate of 2.49% AER (variable tracker)
- Deposit up to £1,000,000
- Unlimited withdrawals with no penalties
Cash ISA
- Earns 3.55% AER (variable tracker)
- Interest paid monthly and tax-free
- Works as a flexible ISA
Prize Savings Account
- Earns 2.49% AER (variable tracker)
- Chance to win £250,000 grand prize monthly
- Access your money anytime
How Chip Works With Open Banking
Chip uses open banking to connect with your current account securely.
This connection allows the app to review your transactions and calculate how much you can afford to save.
The platform takes small amounts from your account every few days based on your spending patterns.
You won’t need to think about transferring money manually.
You can make deposits through bank transfer, debit card, or move money between your Chip accounts.
Withdrawals work the same way, with money returned to your connected bank account quickly.
Features of Chip Savings Accounts
Chip offers several tools to help you build savings through automatic transfers and spending insights.
The app combines autosave technology with flexible access to your money and a simple interface.
Automatic Saving and Autosave Fee
The Chip app uses artificial intelligence to analyse your spending habits and income through Open Banking.
This allows the autosave feature to automatically work out how much you can afford to save each month.
The automatic saving function takes small amounts from your connected bank account every few days.
These transfers happen in the background without requiring manual action from you.
Autosave Fee Structure:
- £0.45 per automatic save transaction
- No fee if you switch off autosave
- No monthly account fees
You can turn the autosave feature off completely if you prefer to save automatically on your own schedule.
The recurring save option gives you control over when and how much money moves into your Chip account.
Savings Goals and Spending Analysis
Chip connects to your bank account to review all your transactions and understand your spending patterns.
This analysis helps identify opportunities to save money and build an emergency fund.
You can set up specific savings goals within the app.
The spending analysis examines your income and outgoings to calculate affordable savings amounts.
The AI adjusts its recommendations based on your financial activity.
The app tracks progress towards your goals and shows how your balance grows over time.
Penalty-Free Withdrawals and Access
Chip doesn’t have withdrawal limits for its instant access savings account.
You can withdraw as much as you want whenever you need it.
Withdrawals process through Open Banking and transfer back to your connected bank account.
There are no penalties or fees for taking money out of your account.
The instant access nature means your savings remain available for unexpected expenses or emergencies.
This flexibility makes Chip suitable for building an emergency fund whilst still earning interest on your balance.
Chip App Interface and User Experience
Chip offers a variety of savings accounts which are all accessible through its mobile app.
The interface manages deposits, withdrawals, and account monitoring in one place.
You won’t find online banking, phone support, or branch access with Chip.
All account management happens through the mobile application.
The app displays your current balance, interest earned, and savings progress.
You can adjust autosave settings, set new goals, and review transaction history from your phone.
The interface provides a straightforward way to track your savings without complex navigation or features.
Account Types and Interest Rates
Chip offers several savings products with varying access levels and interest rates.
The accounts range from instant withdrawal options to prize-based savings, with rates currently reaching up to 4.37% AER on certain products.
Instant Access Savings
Chip’s instant access account lets you withdraw money whenever you need it without penalties or waiting periods.
This account type provides complete flexibility for your savings.
The instant access option works well if you want to build an emergency fund or save for short-term goals.
You can add money at any time and take it out immediately when needed.
Interest rates on instant access accounts are typically lower than other account types because of the flexibility they offer.
The rate is variable, which means it can change based on market conditions and the Bank of England base rate.
There’s no minimum deposit required to open a Chip instant access account.
You can start saving from £1, making it accessible for anyone wanting to begin their savings journey.
Easy Access Saver
The Chip easy access savings account currently offers 4.37% AER (variable tracker) for the first three months.
This rate is one of the highest available for easy access products in the market.
After the initial promotional period, the rate adjusts based on the Bank of England base rate.
The account has no minimum balance requirement and no upper limit on deposits at the advertised rate.
You can make up to three withdrawals from this account within 12 months without affecting your interest rate.
After four withdrawals in a 12-month period, the rate drops to either 2.27% AER (variable tracker with boost) or 0.64% AER (variable tracker) for the remaining months.
This withdrawal structure gives you more flexibility than a notice account whilst still offering competitive rates.
It’s ideal if you might need occasional access to your money but don’t require daily withdrawal options.
Cash ISA and ISA Allowance
Chip’s Cash ISA pays 3.80% AER (variable), which includes a 12-month promotional boost of 0.76% for new customers.
A Cash ISA lets you earn interest without paying tax on it, helping your savings grow more efficiently.
You can save up to £20,000 per tax year across all ISAs you hold.
This is your ISA allowance, and it resets each tax year on 6 April.
The interest you earn in a Cash ISA doesn’t count towards your personal savings allowance.
Basic-rate taxpayers have a £1,000 personal savings allowance, whilst higher-rate taxpayers get £500.
Additional-rate taxpayers receive no personal savings allowance.
If you’re already using your personal savings allowance with other accounts, a Cash ISA becomes particularly valuable.
The tax-free status means you keep all the interest you earn without deductions.
Notice and Prize Savings Accounts
A 90-day notice account requires you to give 90 days’ warning before withdrawing money.
These accounts typically offer higher interest rates than instant or easy access options because your money stays locked in for longer periods.
Chip’s Prize Savings Account works differently from traditional savings products.
Instead of earning guaranteed interest, you get entries into prize draws where you could win cash prizes.
The Prize Savings Account gives you one entry for every £1 you save.
Prizes range from small amounts to larger sums, with draws held regularly.
This account suits you if you enjoy the excitement of potentially winning prizes rather than earning predictable interest.
However, there’s no guarantee you’ll win anything, unlike standard savings accounts where you always earn interest.
The Chip Prize Savings Account
The Chip Prize Savings Account offers you a chance to win cash prizes instead of earning traditional interest on your deposits.
Your savings give you automatic entries into monthly prize draws, with prizes awarded tax-free and your money protected up to £120,000 by the FSCS.
How the Prize Draw Works
You earn entries into the monthly prize draw based on your average balance throughout the calendar month.
Every £10 you hold counts as one entry.
You need a minimum average balance of £10 to qualify for the draw.
Your average balance is calculated by adding up your daily balance and dividing it by the number of days in the month.
If you deposit £10,000 on the first day and hold it for the entire month, you get 1,000 entries.
However, depositing £10,000 on the last day gives you only 33 entries because the calculation includes 29 days of zero balance.
The prize draw takes place within five working days after the month ends.
Winners receive their prizes credited to their Prize Savings Account within seven days of the draw.
You can deposit between £10 and £85,000 into your Chip Prize Savings Account, and your money remains accessible for withdrawals when needed.
Chances of Winning and Prize Details
The March 2026 prize draw offers a grand prize of £250,000, plus 100 prizes of £1,000, 5,000 prizes of £10, and 20,000 prizes of £5.
Over 166,000 prizes have been awarded to date, with more than £2.46 million distributed to winners.
Winners are selected randomly using open-source software based on the total number of entries.
More savings mean more entries, which increases your chances of winning.
All prizes you win are tax-free, though you remain responsible for any individual tax liabilities.
The Chip savings account provides easy access to your money, with no fees or lock-in periods.
Your prize winnings appear in your Prize Savings Account but don’t count towards additional entries unless you withdraw and redeposit them.
Comparing Chip Prize Account to Premium Bonds
Chip claims to offer 3.5 times better odds than Premium Bonds for winning any prize.
This means your money works harder in the Chip Prize Savings Account compared to the same amount held in Premium Bonds.
For the same odds you get with Chip, you would need to deposit significantly more in Premium Bonds.
This comparison is based on the odds of winning any prize per £10 held with Chip versus £10 held with NS&I Premium Bonds.
The key difference lies in the prize structure and frequency.
Whilst Premium Bonds offer larger top prizes, Chip provides more frequent smaller wins with better overall odds.
You can use your Chip Prize Savings as part of your emergency fund since it offers instant access.
Plans, Fees and Charges
Chip offers two membership tiers with different fee structures.
The platform fee you pay depends on which plan you choose.
Investment costs include both platform fees and separate fund management charges that vary by fund.
Chip Basic vs. ChipX
The Basic plan has no monthly membership fee, making it appealing for those who want to start saving without ongoing subscription costs. You’ll pay a 0.25% annual platform fee on investments, collected monthly with a £1 minimum charge per product.
ChipX costs £5.99 every 28 days when paid monthly or £4.99 per 28 days if you pay annually at £65.05. ChipX removes the 0.25% platform fee entirely on investments.
You get access to the full range of investment funds with ChipX. Basic plan users are limited to thirteen funds.
You can switch between plans at any time through your profile tab. If you downgrade from ChipX, you’ll need to ensure your Stocks and Shares ISA balance is £0 and sell any ChipX-exclusive funds in your General Investment Account first.
Platform Fee and Investment Costs
The investment platform fee structure differs significantly between the two plans:
Basic Plan:
- 0.25% annual platform fee (collected monthly)
- £1 minimum monthly fee per product
ChipX Plan:
- 0% platform fee
- No minimum charges
Both plans require you to pay fund management fees charged directly by BlackRock and other fund managers. These charges vary depending on which funds you invest in and aren’t set by Chip.
You can view the specific fund management fee for each fund in the app or on the Key Investor Information Documents.
Other Fees to Consider
There are no hidden charges for basic account operations like deposits or withdrawals. The autosave feature, which analyses your spending and automatically saves money for you, is included in both membership plans without additional autosave fees.
If you hold both a Stocks and Shares ISA and a General Investment Account, the £1 minimum monthly fee applies separately to each product on the Basic plan. ChipX members avoid these minimum charges entirely, which can make the subscription worthwhile if you have smaller investment balances.
Investing Through Chip
Chip partners with BlackRock to offer investment accounts alongside its savings products. You get access to themed funds through either a General Investment Account or a Stocks and Shares ISA under the ChipX subscription.
Investment Options and Fund Types
Chip’s investment platform provides eight themed funds managed by BlackRock. You can invest in the S&P 500 Tech Companies fund, which has shown an average annual return of 21.58% with a 6/7 risk rating.
The FTSE 100 fund offers exposure to the UK’s largest companies with a 3.48% average return and 5/7 risk rating. Other options include a Crypto Companies fund with 20.74% average returns at maximum 7/7 risk.
The Healthcare Innovations fund delivers 7.32% returns. The Global Companies fund provides diversified exposure at 7.91% average returns.
You can also access an Emerging Markets fund (3.95% returns), a Clean Energy fund with 21.24% returns at 7/7 risk, and a Physical Gold fund offering 5.3% returns with moderate 4/7 risk. Past performance doesn’t guarantee future results, and your investments can fall as well as rise.
Stocks and Shares ISA and GIA
The basic Chip plan gives you access to a General Investment Account (GIA) with a 0.5% annual platform fee (minimum £1 monthly). You’ll need the ChipX subscription at £4.99 per 28 days to unlock the full investment range and the Stocks and Shares ISA.
The ISA wrapper protects your investment gains from capital gains tax and dividend tax. With the GIA, you’re limited to basic BlackRock funds, whilst ChipX subscribers access all eight themed options including ethical and clean energy choices.
The investment app manages everything through your phone. You connect your bank account and can set up automatic investments or make manual contributions.
Risk Categories and Themed Funds
Chip rates each fund on a 1-7 risk scale, though notably lacks low-risk options. The Physical Gold fund sits lowest at 4/7 risk, offering a more stable choice for cautious investors.
Mid-range options include the FTSE 100 at 5/7 risk and both the S&P 500 Tech Companies and Healthcare Innovations funds at 6/7. The Global Companies fund and Emerging Markets fund also carry 6/7 risk ratings.
Maximum 7/7 risk applies to both the Crypto Companies fund and Clean Energy fund. These high-risk options suit investors comfortable with significant value fluctuations.
The themed approach lets you align investments with specific sectors or values, whether you’re interested in wealth building through technology, sustainable energy, or precious metals.
Investment Performance and Management
BlackRock manages all Chip investment funds, bringing institutional expertise to the platform. The fund management happens at BlackRock’s level, so you don’t need to actively trade or rebalance your portfolio.
Investment performance varies significantly across funds. Technology and clean energy have delivered the strongest historical returns above 20% annually, whilst more stable options like the FTSE 100 and Physical Gold have produced single-digit returns.
Chip provides no financial advice, so you choose funds based on your own research and risk tolerance. Instead of the 0.5% annual charge, ChipX users pay the flat £4.99 monthly subscription with no additional platform fees.
This becomes cost-effective for larger investment pots, particularly when combined with the tax advantages of the Stocks and Shares ISA wrapper.
Safety, Security and Regulation
Chip operates under UK financial regulation and partners with established banks to hold customer money. Your deposits receive FSCS protection up to specific limits, and the company uses regulated custodians for different account types.
Is Chip Safe?
Chip is authorised and regulated by the Financial Conduct Authority (FCA), which oversees how the company operates. The app doesn’t directly hold your money.
Your funds are kept with partner banks and custodians. Your savings sit in accounts opened in your name with individual sort codes and account numbers.
This means your money stays separate from Chip’s business funds. If Chip were to fail, your money would remain with the partner banks.
You could still access your funds because they’re held in your name, not Chip’s.
FSCS Protection Explained
The Financial Services Compensation Scheme protects eligible deposits up to £120,000 per person for savings accounts. This covers the Chip Cash ISA, Chip Instant Access Account, Chip Easy Access Saver, and Chip Prize Savings Account.
For investment accounts like the Stocks and Shares ISA and General Investment Account, you get up to £85,000 protection. This covers you if the firm fails, but it doesn’t protect against investment losses or poor performance.
Your protection limit applies per banking licence, not per account. If you hold £80,000 in a Prize Savings Account and £80,000 in an Instant Access Account, only £120,000 total would be FSCS protected because both use the same banking licence.
Chip’s Partner Banks and Custodians
ClearBank powers Chip’s savings accounts and holds your money. ClearBank is a UK authorised bank, which means your deposits qualify for FSCS protection.
Seccl Custody Limited acts as custodian for investment accounts. Seccl is authorised and regulated by the FCA under reference number 793200.
They hold your cash and investments separately from their own assets. Pending transactions go into a safeguarded client money account with ClearBank.
These funds are kept separate from Chip’s company money and became FSCS eligible following regulation changes in April 2023.
User Experience and Customer Support
Chip earns strong marks for responsive customer service and straightforward app navigation. Some users report occasional technical hurdles with bank connections.
The platform’s UK-based support team typically responds within minutes during operating hours.
Customer Reviews and Ratings
Chip receives positive feedback on Trustpilot with 4,467 reviews highlighting efficient customer service. Customers frequently praise the quick response times, with many reporting replies within minutes of submitting queries.
Multiple reviewers mention staff members by name, particularly Ben, who helped resolve account linking issues promptly. One customer described receiving “a reply from an actual human” as a pleasant surprise.
The main complaints centre on payment method limitations and occasional difficulties reconnecting bank accounts. Some users express frustration about needing online banking access to withdraw funds, which proves problematic if you bank with institutions like Santander or Ulster Bank.
Reviews note that the support team demonstrates empathy and patience when addressing technical problems. The company responds to nearly all reviews, showing active engagement with user feedback.
Onboarding and Support Channels
You can contact Chip’s customer service team seven days a week through the in-app chat function. The platform doesn’t offer phone support, which may disappoint you if you prefer speaking directly with representatives.
The onboarding process takes just minutes to complete. You’ll need to link your bank account through Open Banking, which some users find challenging depending on their bank’s system.
When technical issues arise, the support team provides step-by-step instructions via the chat feature. Most administrative tasks, such as name changes, require photo verification of original documents but are processed quickly once submitted.
Comparisons With Competitors
Chip’s customer service response times compare favourably against competitors like Plum and Moneybox, which also use chat-based support systems. Unlike traditional banks such as Monzo or Starling, Chip focuses solely on savings and investments rather than current accounts.
The platform scores well for beginner suitability but receives slightly lower marks for fees compared to some competitors. The automated savings features distinguish Chip from traditional savings providers, though this automation sometimes causes confusion if you’re used to manual transfers.
Frequently Asked Questions
Chip protects your money through regulated financial institutions and offers multiple account types with varying access levels and interest rates. Understanding withdrawal limits and banking partnerships helps you make informed decisions about your savings.
What are the safety measures implemented by Chip savings accounts?
Chip isn’t a bank itself, but your savings are protected through ClearBank, which is fully authorised and regulated by the Financial Conduct Authority (FCA). Your funds receive protection up to £120,000 under the Financial Services Compensation Scheme (FSCS).
The app uses encryption technology to keep your personal details secure from fraudsters. Chip connects to your bank account through open banking technology, which is a regulated and secure method of accessing your financial information.
Your investment accounts are held by Seccl Custody Limited, another FCA-regulated provider. This means both your savings and investments benefit from the same level of regulatory protection.
Can you provide an overview of Chip’s savings and investment options?
Chip offers four different savings accounts to suit various needs. The Instant Access account pays 4.35% AER variable, whilst the Easy Access account offers 4.37% AER variable with three penalty-free withdrawals per year.
You can also open a Cash ISA paying 3.80% AER variable, which allows tax-free interest on deposits up to £20,000 per tax year. The Prize Savings Account offers monthly prize draws instead of standard interest, with prizes ranging from £5 to £250,000.
For investments, Chip provides a General Investment Account and a Stocks and Shares ISA. Basic plan users can access five funds with a 0.25% platform fee, whilst ChipX members access 19 funds with no platform fees for £5.99 monthly.
How does the Chip Instant savings account differ from traditional savings accounts?
The Chip Instant Access account operates entirely through a mobile app rather than a traditional bank branch or website. You manage all deposits and withdrawals directly from your phone.
Chip automatically seeks out competitive rates from partner banks on your behalf. This means you benefit from market-leading rates without needing to research and switch accounts yourself.
You can only link one bank account to Chip, and you cannot use standing orders to make deposits. All transfers happen through the app using open banking connections to move money instantly.
What are the benefits of the Chip savings refer a friend programme?
Chip runs promotional offers for referring friends to the platform. These programmes typically reward both you and your friend when they sign up and meet certain criteria.
The specific rewards and terms change regularly based on current promotions. You’ll need to check the app for the latest refer a friend offer details and qualifying conditions.
Are there any restrictions on withdrawing funds from a Chip savings account?
The Easy Access account limits you to three penalty-free withdrawals in any 12-month period. From your fourth withdrawal onwards, your interest rate drops to 2.27% AER variable during the boost period, or 0.64% AER once the boost expires.
Both the Instant Access account and Cash ISA allow unlimited withdrawals without penalties. You can move money in and out of these accounts whenever you need it.
The Prize Savings Account also permits instant, penalty-free deposits and withdrawals. This flexibility means you won’t lose any prizes or entries by accessing your money.
What partner banks does Chip collaborate with for its savings account services?
Chip collaborates with ClearBank to provide its savings accounts.
ClearBank securely holds your deposits and ensures they are covered by Financial Services Compensation Scheme (FSCS) protection.
The Chip app negotiates rates with various UK banking partners to offer competitive returns.
As an account holder, you interact only with Chip, not directly with the underlying banks.
Chip’s partnership model allows it to switch between FCA-regulated banking partners to secure better rates for customers.
Your FSCS protection remains in place regardless of which partner bank currently holds your funds.