Savings Interest Rates, Switch Offers and Guides for Chip

Who they are

Chip is a digital savings and investment app, founded in 2017 with the help of crowdfunding. It is not a bank, but it is fully regulated by the Financial Conduct Authority (FCA) and has around half a million active accounts. The idea from the start was to make saving feel less like a chore - the app helps build your savings without you lifting a finger, using award-winning auto-saving technology and artificial intelligence to calculate how much you can afford to save each month. Chip has been crowned "Best Personal Finance App" in 2025, 2024, 2022, and 2019 at the British Bank Awards.

On the safety side, ClearBank Ltd is a UK-authorised and regulated clearing bank, and Chip has partnered with ClearBank to provide the underlying infrastructure for its FSCS-protected savings accounts - when you deposit money, it is held securely with ClearBank. This matters for your protection: the Chip Cash ISA, Chip Instant Access, Easy Access Saver, and Chip Prize Savings Account are powered by ClearBank, meaning deposits across these accounts and any other accounts held with ClearBank would be eligible for a total of £120,000 of FSCS protection only. In plain terms, if you also hold money directly with ClearBank under another brand, both pots count toward the same £120,000 limit.

Savings accounts

Chip currently offers four variable-rate, instant-access savings accounts. All figures below come from our live data - rates are variable and will change over time, so always check the current numbers shown on this page.

The Easy Access Account pays 3.81% AER variable. That headline rate includes a 0.31% bonus on top of a 3.50% base, and the boost runs for 12 months from opening. You can start with as little as £1. The Instant Access Account pays 3.51% AER variable, with a 0.51% boost for 12 months over a 3.00% base, and allows unlimited withdrawals with no stated minimum deposit.

For tax-free saving, Chip offers two Cash ISA options both currently paying 4.41% AER variable. The Cash ISA and the Smart Cash ISA share the same rate - a 0.66% boost for 12 months sitting above a 3.75% base - and both open from £1. All four accounts carry FSCS protection up to £120,000 per person through the ClearBank licence arrangement described above.

One thing to plan for with any of these accounts: once the introductory boost period ends, the underlying base rate applies. Worth diarising the date so you can reassess.

Is it right for you?

Chip suits savers who are happy to be entirely app-based and want a genuinely slick experience. There are no monthly or annual fees on any of Chip's deposit savings accounts, which is a clean starting point. If savers want a regular recurring saving amount there is no charge, but the autosave feature - which uses AI - charges 45p per save transaction, and the charges could be disproportionately high if you are only saving small amounts. So if you plan to use the automated saving feature heavily, it is worth doing the maths first.

There is no current account switching offer here, and Chip does not offer a traditional current account. If you are looking purely for a competitive easy-access or Cash ISA rate in a well-regarded app, it is a credible option. If you want the flexibility of a multi-bank savings marketplace, other platforms may suit better.

As ever, the live rates on this page are the most up-to-date figures to go by - check them before you decide.