2.55%.... Market leading... The Chip Instant Access is live

Agree. It effectively lowers the real bonus/interest rate on the account over time as the bonus builds.

This will be more noticeable if you then need to make a partial withdrawal of ‘return generating’ funds. Basically a smaller proportion of what remains is then generating returns for you.

Whilst it may not matter now, longer term this is not sustainable. users will end up withdrawing everything just to remove the bonus, then re-add return generating funds. Sounds as impractical as time before we could switch between accounts.


I did think I’d made it clear but happy to repeat myself. You said your money was transferred in seconds. That is quite a privilege when “most people aren’t able to move money into the new savings account in seconds. It can take 24 hours on a working day and longer if weekends.” It would be like the old days when you take a cheque into the bank then have to wait a week, or longer, for the money to clear. Handing the cheque over takes seconds but that isn’t transferring money. You said your money was transferred in seconds. People need to know the truth for what I believe most people will see, that transferring the money can take 24 hours.

Well I do believe I said “transferred in seconds” which it was. I know it didn’t clear straight away

Are you really still at it? If you can’t access it it hasn’t been transferred. Anyone knows what transferring money between banks or accounts means. It means the process of moving that money from one place to another, enabling you to use it. As I’ve already said, transferring a cheque from you to the bank can take a split second but it is totally irrelevant, as you can’t spend it. Why not stop trying to mislead people, it doesn’t help Chip when people find out it isn’t true. Chip have always taken longer than most places to transfer money and it is a problem that should be solved in this day and age, but if people are aware of it they can account for it. If some ‘person’ comes along and says they can transfer it in seconds and they try and realise it’s not true it can cause problems, and all because someone is trying to make out Chip are something they most certainly are not.


Hello I was just looking at mse tables

And I notice chip says only 2 withdrawals then £1 fee after, is this correct and why isn’t this made more clear?

Have I missed something here?

I have to agree. Chip took money for an autosave from me on 3rd November and it’s still showing as processing on 7th November. I don’t understand why it takes so long.

See page 3 here:

Fees haven’t been implemented yet but they are planning that to come in at some point

Chip have said that they plan to move to interest from bonus, that the latter was easier to implement

Hey all, lots to unpack here, thanks for all your responses.

With regards to the bonus… our existing technology mimics interest in the form of bonus. From a customer perspective the bonus works in the same way (accrued daily, paid monthly), without the compounding for now. The bonus system lets us be more agile than the banks and faster to market, and react quickly to rate changes going forward. This was essentially due to it being the fastest way we could get this account live and give you a great rate (we already had the tech from previous products, scaled up to handle the larger customer base that we have now). However in the future it absolutely is our ambition to change this.

On being market leading… we’re joint-top of the table on MSE, as has been posted in this thread, and you can see this on their website at the time of writing. Looking at accounts that pay just under 2.55% but don’t yet reflect the base rate change, I’m not sure what you mean by this. That there are accounts that may or may not change their rates due to the BoE base rate rise has no bearing on the fact that we are market leading at this moment, we can’t predict what others will do - our aim is to offer a great, sustainable rate, and that’s what we’re aiming to do here.

@Imawalrus this new account has instant deposits and withdrawals, same as the Prize Savings Account. Whilst there are instances where this may take a little longer (as with any provider), we’ve personally tested and moved money in and out of the account in mere seconds.

This is referring to our upcoming fair usage fees on the Chip Basic plan - these have not yet come into effect and as of this moment these fees do not apply, something that has not been made perfectly clear on third-party websites.

@NikChip So maybe you can explain it to me personally as I’ve also personally tested and moved money into the account from Allica and from clicking to transfer money from one account to the other it showed ‘processing’ for more than 23 hours. Now that certainly is not instant, or in seconds, or even ‘a little longer’. When I was at school it was 23 hours. I wouldn’t have bothered replying as it seems to be within your rules, but as you seem to want to push the point of it being instant, then I think an explanation as to why it took over 23 hours is in order. I think it is wrong and unethical to mislead people as to how long transfers can take. ‘Processing’ is not ‘transferred’.

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Apologies, I think there’s been a miscommunication here. The instant withdrawals and deposits refers to withdrawing or depositing into the account from your linked bank account. Transfers from Allica can take longer, yes, which is something that is stated during this process as you’ve mentioned - that’s something that we’re actively working to improve upon, and we appreciate your feedback on the importance of this!


Jumping in late here - where do I find this new account? I can’t see it in the app anywhere…

Are you on the latest version?

I tried to open this yesterday for my partner and couldn’t find it at first. I had to open a prize savings accounts first then the 2.55% account appeared.

That woke it up, thanks :slight_smile:

gone up to 2.9% now… :smiley:

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From tomorrow that is…

We’ve just made the change now… announcing tomorrow. Good spot @wrighpd


I stand corrected.

Nice one :point_up: