Un-Interesting Rates

Everybody is putting their interest rates up and now 0.7% is looking a bit rubbish. Is the rate on the Chip Allica account going up any time soon?


Exactly. This is the main reason why I am not putting money into the Chip app even though I am a shareholder.

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On another thread they’ve stated they’re not aiming for top rates anymore. They’re just looking at providing rates that are good enough compared to high street banks. Time to ditch and switch

It’ll be interesting to see if they bother to raise rates after yesterday’s Boe rate rise or just stick with 0.65 for new customers and 0.7 for existing

Considering they’ve still yet to launch the ever promised notice savings account I highly doubt they’ll be looking to raise rates on the easy access account anytime soon. With Boe rates increasing each month and the amount of time it takes chip to launch a product I think they’re set to be a few steps behind everyone else for the foreseeable future.

Hi @zagreus360 ,

I’ve seen a few of your posts this morning so will just cover it off here. To be clear we are every day negotiating with the banks and lobbying them to raise rates. These rates are not “ours” they are dictated by our partner banks.

It is an industry wide problem that banks are dragging their feet to raise saving rates, but this is largely due to mass uncertainty surrounding the war in Ukraine and the impact that’s having on financial markets. Banks are still being very cautious.

Bringing our savers great rates and negotiating with the banks is always our core focus and we are never deviating from that. The bottom line is that banks are being slow to respond to the base rate rises. However we are still speaking to them daily and as soon as as rate rise is on the table you will all be first to know.

(i’ll copy this post to your similar comments)


@actlatham : For those that invested in the first investment round did get interest for life investment rewards.
If Chip did not lie about the terms of this reward and did honour them fully then that would help those that had this reward.

You did not tell investors at the time when they paid for this reward, that the rewards on Crowdcube were not legally binding or that Chip had terms that meant they did not have to give this reward. This was not mentioned when that reward was paid for!!! And you then just changed the terms of this reward to make it less generous.
Do be honest with investors!!!

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I just withdrew all my savings from chip.
Because Chase just announce a 1.5% AER savings account, no strings attached, easy access, up to 250k£.

Shame Chip didn’t get there first to bump up their offerings. Hopefully they can beat it or at least match it


Agreed. 1.5% up to £250k is a no brainer compared to chip now.


I removed all my savings from Chip and moved it to Chase.

Money went in instantly rather than having to wait a few days for Chip.

Right now, what Chip are offering is way way way behind Chase.


Exactly! I don’t blame you. Chase comes out with a 1.5% instant access and Chip’s response is to raise their rate to 0.9% a couple if weeks after? Literally too little, too late! I’d already moved everything to Chase by then as well…

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Wow. Looks like there has been a mass exodus of savings from Chip in the last couple of weeks…

They’ll need a very strong response as they were totally caught on the hop.

I too have moved to chase because what they offer far exceeds what chip does from a savings perspective.

  1. Money transfers instantly - chip takes 2 days
  2. Interest rate is 1.5% - chip is 1.0% (updated 21st Apr)
  3. Get a debit card with 1% cashback - chip is NA
  4. You can set up an account for roundups that pays 5% interest - chip is NA

There is just no comparison when it comes to savings accounts. Autosaving was a gimmick, and could never be 100% right unless you had all your cash and bills in one account and not being paid by credit cards for example but even then it was a bit random at times. Investing I have always done in another platform where I have my LISA, ISA and SIPP and gives me access to any share or fund available.

It is with regret to say that Chip has fallen behind its competitors and has been very slow to respond to Chase entering the market. As an investor, we can only hope this changes or there is an acquisition of Chip.


I don’t know how you can compare Chase with Chip
Chase has assets rolling into Trillions of Dollars and is trying to get a foothold into UK Banking by using loss leading rates to attract customers
In a years time it will probably reduce rates to 0.1% like most banks and try then sell you mortgages/loans/credit cards to gain back the money
Chip is a start up company trying to get a foot in the door to beat corporate banking institutes like JPMorgan


Of course you can compare them! They both offer competing banking products. They both set interest rates they hope will attract customers. They both begin with ‘Ch…’! Any differences behind the scenes is their business. Am I meant to keep my savings with the lower rate because I feel sorry for the company or because I admire their ambition? No bank, big or small, respects their customers or has our best interests at heart. If, as you say, Chase lowers their rates in a year, I’ll simply move my savings to the next big thing…

Yes Chase is paying a great rate but investors aren’t helping the company by withdrawing funds from Chip
So if everyone moved all their money out of Chip there would be no Chip so the company would fold which wouldn’t please the investors.
I have invested in Chip to make thousands of pounds on my crowdfund investment not withdraw my money to make additional £6 for every £1000 I have in my Chip savings
Short term lose for a long term gain


So what you are saying is investors should continue to use chip and lose money, just because they have invested in Chip.

Whilst I admire your loyalty, we live in a world now where loyalty doesn’t exist, especially when it comes to money, unless you can afford to take the loss. I suspect many of the users of Chip cannot afford to lose money in this way so would be attracted by the best rate available.

Chip, until December 2021 was the most competitive on the market with 1.25% bonus payable, but it stopped that product and had not replaced it with anything meaningful, especially when the BoE had already raised interest rates 3 times increasing by 0.65%. In that time Chip has increased their interest by 0.2%. There is a view that by the end of the year, the interest rate could double to be at 1.5%. Chip need to be able to keep up otherwise even the most loyal of users won’t stay.

Chip has said their USP, was that banks were too slow to react and it would create an opportunity for customers to save and grow their money. Now that the banks have reacted, what is Chip’s USP?


Investors will lose a lot more money if they don’t use Chip for Savings and Investments as without supporting the product there will be no product so the Millions of pounds invested in the company will just be wasted.
I know there is no loyalty when a company bribes it customers but shouldn’t investors have some loyalty to a company it has shares with.
My money is invested in Chip as I want to support the product as Chase will soon be lowering it’s rates soon as the 12 months is up


If you’ve invested in Chip then you should be demanding a better response from them. The 1% today is extremely poor.

You might have some loyalty to them because you are an investor, but most are not so have no loyalty whatsoever and will go to the better product.

They can’t operate from the generosity of investors alone


Al Rayyan bank have a fixed 1.90% APR for a year meanwhile Allica with Chip offers 1%. People will now be asking themselves “Do I withdraw my money and put it to Al Rayyan?” With an average saving amount of £6,000 I can get close to £120 with a competitor meanwhile I’m getting half that here at Chip.

We really need to fast track our plans or get some better negotiators to negotiate these deals we are claiming to be doing behind closed doors. Right now what Chip is doing is lacklustre and poor. I appreciate that rates are decided by the banks which is why we only got 1%, so why are we not poaching banks with better rates? Also, food for thought - not every user craves an instant access saving account.


To be fair though, a fixed rate for a year is a different kettle of fish, a lot of people want to be able to access their savings in the next year, especially while waiting to see how the BoE interest rate changes, and Chip Allica is competing at the top of the easy access market with 1%.