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Image of Mike Brown

Michael Brown

Acting Editor
Published: 02/05/2023
Piggybank Savings

The top three easy access rates have all increased over the past 14 days.

Chip, Aldermore and Shawbrook Bank have all increased the rates on their easy access accounts over the past 14 days to enhance the competition at the top of the market.

Shawbrook Bank did lead the way after increasing its rate last Tuesday, but this proved short-lived after Chip’s increase late on Friday. 

Meanwhile, Aldermore’s rate rise a week prior to 3.55% AER was joint-market-leading at the time, but it now only warrants third place on our charts.

Rate hikes have occurred across the easy access market, with some of the pursuing competition following suit with their own raft of changes.

Yesterday, Nationwide BS upped the rate on its triple access range to 3.20% AER, while Marcus by Goldman Sachs® bettered the return on its easy access offering last Tuesday.

These recent rises are perhaps reflected in an increase in the average easy access rate, which now stands at 2.07% AER. In comparison, it stood at 1.96% AER at the start of April.

The Instant Access powered by ClearBank

Chip’s Instant Access account now offers a rate of 3.71% AER which is paid monthly on balances of a single pound or more.

According to its website, it means a £1,000 deposit will earn £37.10 in interest over the course of a year.

As a fintech company, this offer is only operated through Chip’s free to use app. However, there is the option of accessing this rate through a ChipX membership at £4.99 every 28 days.

While you’ll be able to make unlimited use of its autosaves and recurring saves feature under this subscription, its main benefit is perhaps in its stocks and shares ISA.

ChipX members also gain access to 0% platform fees and a range of different investment funds.

Last updated: 13/08/2024

  • Chip

    Provider: Chip

    Account: The Instant Access powered by ClearBank

    Notice: None

    Rate: 3.71% AER

    Interest paid: Monthly

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