We're not here to mess about... 3.40% AER

Good afternoon Chip Investors!

We’re increasing the interest rate on the Chip Instant Access to 3.40% AER (variable) today - putting us top of the table once more, by a very good margin.

We’re delighted to take rates up to a convincing position 1 and lead the way again, and give Chip customers the best savings deal on the market. But I thought I’d take a moment to explain why we’re doing it…

Obviously we’re growing like crazy right now, with tens of millions coming in every day and thousands of users joining us. The phrase “make hay whilst the sun shines” has been said a lot around the Chip office lately; basically we’re absolutely making the most of this unique opportunity to drive growth and enjoy our time in the sun at the top of the table.

The important thing is we now have the infrastructure in place to sustainably scale our savings deposits well into the many billions AND pay a market leading rate AND make money for the business. It’s a very exciting time for us all.

But of course we also have one eye on the future, we’re aware a day may come where we won’t be top of the table, and easy access savings customers and deposits by definition can be fickle, so we want to make sure behind the scenes we’re building a true wealth app; one place for savings and investments, that ensures customers stay with us long term to build wealth.

So the wider team are hard at work improving our UX and ISA features, to ensure we can deliver on a “come for the best rate, stay for the wealth building features on ChipX” strategy.

On that note, just wrapping up with a friendly reminder that the end of the tax year is approaching! Our next big product announcement is just around the corner, and we can’t wait to share it with you.


I put some money into the 3.4%account and can’t see it anywhere in my app. Please help

is this fixed at the moment?

I can’t say I’ve had these problems. Money appears straight away after depositing.

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It’s variable. If the account had a fixed rate, they couldn’t have upped the rate, and it wouldn’t be an instant access account, either.

I meant his issue with the app, not the rate

When I deposit with ApplePay, or with debit card directly, how is my money FSCS protected whilst the deposit clears?

It is ‘safeguarded’, not FSCS protected (if I am reading this correctly).

This article is linked to at 2.3 of the Terms v2.0 (11/02/23).


I think you might be right.

So that would render debit card and ApplePay deposits useless for me.