Chip is a savings app that uses AI technology to set aside money to save on your behalf. Chip is now launching interest accounts to its customers allowing them to put their money into a trust account. Find out more about how Chip works as a savings vehicle in our post here.
Chip has partnered up with Flagstone, an online deposit marketplace, to be able to offer these accounts. Flagstone's services are typically offered to high net-worth individuals with large deposits however Chip customers are able to benefit from their services and negotiate the best interest rates.
All money saved in a Chip savings account is protected by FSCS, Financial Services Compensation Scheme. This is a government guarantee that your money is protected up to £85,000, should the company go bust.
The Chip savings account will currently be one of the market leaders in terms of the interest rate. There are plans to add more accounts to their catalogue meaning that this is the first of many. This is an easy-access account which allows you to withdraw your money without any prior notice. The interest rate at present is 0.9% AER although this is subject to change and you will be notified if that is the case.
Interest is paid daily by the Chip partner bank, Hampshire Trust. The interest will be added to your balance and is available for withdrawal as soon as it is added. The minimum deposit you can make is £1 and the maximum is £5,000. This cap will be increased to £85,000 for ChipX users (due to launch later this year).
Anyone who is a Chip saver and has a UK bank account that supports online banking will be eligible. These savings accounts will be open to all savers towards to end of the year but for now, early access is going to be given to the Chip investors community, ChipX. If you'd like to join the waitlist for the investor's community, join here.
To download the Chip app, click here.