Launching compounding interest

Dear shareholders,

Tomorrow is an absolutely huge day in our history, and one we’re so excited to share with you.

When Chip first launched, we were a simple little e-money account. Just a few of us in a tiny little office, a shoestring budget and big dreams. Fast forward five years, half a million customers and £1.3 billion saved, we’re launching one of the biggest changes we’ve ever made.

As of tomorrow morning, the Chip Instant Access will pay out REAL INTEREST, with a new rate of 3.05% AER (variable).

No more bonus, no more caveats, no more asterisks in our emails and on the league tables - this is the real deal. We’ll be paying monthly compounding interest, added directly into your balance, and the interest will be covered by FSCS protection - just like deposits - on eligible balances up to £85k. You can also hold upto £250,000 in the account too, earning interest on the full balance.

This is the first time we’ve ever offered a Chip-branded interest-bearing account that we control the rate on. I cannot stress enough how much this means to us as a business. We’re already in one of the strongest positions that we’ve ever been in, and this account is growing incredibly quickly, with over £2m in deposits a day. We’re confident that this change will only speed this up as we continue to compete at the top of the table.

None of this would have been possible without each and every one of you. Your support has been absolutely vital to our success, especially over the last few months shouting about this account. We know how much it meant to you to get the bonus turned into interest, and we’re really proud to be able to deliver this for you.

As always, we’re already looking ahead to how we can continue to make Chip even better. Better returns, more accounts and funds, a better experience in the app - all of this is coming, and we can’t wait to work with you to build the best possible future for Chip.

To steal a line from Simon - thank you for being part of our journey.




Fantastic news onwards and upwards :clap::clap:

1 Like


I withdrew my savings from Chip a while back, in large part because of the way bonus payments were implemented. So I may now return for another look.

Does the launch of a proper interest bearing account also mean Chip will be looking to launch lending products to monetize customer deposits? If so, have there been any announcements as to what those products will be?