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Image of Mike Brown

Michael Brown

Acting Editor
Published: 21/02/2023
Person viewing a fintech logo on a phone

The latest uplift marks the provider’s second rate rise in ten days for its instant access account.  

Chip, a fintech savings and investments provider, has increased the rate on its instant access account to a market-leading 3.15% AER today.

This increase comes ten days after the account’s last rate rise and when it priced this offer at 3.05% AER.

Despite the recent rate rise, much of the other account information remains the same.

Interest is still paid monthly, meaning it could be an ideal option if you’re looking to supplement your regular income, while minimum deposits start at a single pound.

The account is still powered by ClearBank, which is a fully regulated provider, and is app operated.

  • Chip

    Account: Instant Access powered by ClearBank

    Notice: None

    Rate: 3.15% AER 

How were the best rates determined?

The top rates in this article were based off an initial deposit of £10,000. This means that there might be better rates on the market for you. You can personalise the top rates on offer by filtering our charts. 

What does Chip do?

Chip is a digital provider which offers a platform for saving or investing through its app.

“We’re not a big bank. We’re a fintech challenger founded in late 2017,” its website states.

Still, it’s important to remember that Chip is regulated like all other providers on the Moneyfacts site, and its savings accounts are covered by the Financial Services Compensation Scheme (FSCS).

As for investments, Chip currently allows its users to invest in several different funds. However, some of these are only available to ChipX subscribers.

These subscribers pay a fee of £4.99 every 28 days and receive other perks such as 0% platform fees and access to a set-up a stocks & shares ISA.

Alternatively, fee-free subscribers can still access its instant access account while some of the other account features might come with an excess charge.

Easy access competition

The latest increase follows a period of intense competition among the best easy access accounts on the market.

Earlier this month, Paragon Bank increased its Triple Access Account - Issue 11 to a then market-leading rate of 3.10% AER while more recently Shawbrook Bank also made a notable increase to its Easy Access - Issue 33.


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