Market leading rates

Good afternoon!

We are working on something extremely exciting at the moment and want to know as we roll out new accounts, what can we do at Chip to encourage you to maximise the use of these rates?

Here are some suggestions we’ve had in the past:

  • Auto-saving directly into accounts
  • Goals linked to all or specific accounts
  • Pay day put away directly into an interest account

We would love to hear what else would make your experience even better!


Since presumably these accounts have an account number and sort code, are you able to add standing orders to the app?


This is something I’ve wanted for a while! Direct debit/standing orders

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Savings goals/pots, and a low break even point where it financially makes sense to use Chip rather than say NS&I with their 1.16% monthly interest account. That would bring in lots of new users.

Let’s say Chip offer an account paying 0.1% higher than NS&I to all who pay the £1.50 monthly fee, then the saver would need almost 20k saved before they are Financially better off using Chip. It doesn’t make sense to use Chip long term / hold what most people consider large balances in this model(balances of 1k up to 20k).

That would make Chip the goto app for both new and long term savers!


Chip should offer a comprehensive open banking API so that third party providers can access Chip accounts.

More and more these days I’m choosing to avoid account providers who don’t offer comprehensive open banking APIs as using those providers means I can’t see all my accounts in my aggregator. Savings accounts are a particular blind spot.

Currently very few non-payment account providers offer open banking API. Chip could stand out here.


You could hold the balance long term and just disable autosavings so you don’t pay £1.50 / 28 days.

If Chip can offer a market leading rate and make this available to all savers, that should automatically prompt people to use the market leading rates.

MSE would say something like:

Rate? 1.2% (for e.g.)
Unlimited withdrawals? Yes (1)
Min/Max Deposit: £1 / £5,000 (or £85,000?)
How to open: App
Max FSCS protection: £85,000

(1) One free withdrawal per month, extra withdrawala charged at 50p each

In an article, they might say:

Chip also offers the ability to autosave, though you pay a fee of £1.50 in every 28-day period you use that feature so if this is your main attraction we recommend looking at X and Y instead.

You also have to be able to link your current account, which means that you cannot use the account if you bank with a bank that does not have an Open Banking API.

Chip offers its rates by partnering with other providers and its rates are not fixed [unless they are] so be sure to keep an eye out for any changes in the advertised rate. You can of course close the account at any time should the rate drop.

Chip is a relatively new company and is currently rated 3.3/5 on Trustpilot.



The £1.50 fee is only for auto saving so you could have an interest account with chip free. This means any interest level higher than NS&I would lead to more returns


This would be an amazing addition, comprehensive open banking API would be the cherry on the cake

The only thing that would make me save with Chip is if the instant access rate I was getting after all charges was better than what I could get elsewhere in the market, and if fee free withdrawals are going to be limited I would want an interest rate enhancement to reflect that. I would want saving to be simple and straightforward, for instance I would want to be able to disable autosaves until further notice if I choose, not have to remember to keep pausing them every few weeks to prevent them being automatically reinstated. Chip is becoming too complicated and doesn’t offer enough in return to entice me to save with them.

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I’d like access to the interest account seeing as i keep hearing about all this stuff and i’m still waiting.

So, it seems that their partner bank are not too keen on accepting new interest-paying deposits which has stalled the introduction of the interest accounts to the main Chip cohort.

However, Chip sent out a Ts & Cs change email to interest account holders, which it sounds as though will pave the way for them to offer the account to more users (and eventually all users).

Unfortunately, Covid has had an effect here, as with everything else. I think they are doing their best to be able to roll out the account as soon as they can, although it has not been as smooth as they had been hoping. Best laid plans… and all that.


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