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Original poster

Is anyone using Chip instant access savings account?

39 replies

IamwhoIsayIam · 20/03/2023 21:06

Chip instant access savings account is 3.4% and it keeps getting flagged on MSE and other places as 'market leading'. I've downloaded the app and it all seems simple but I want to put a fair whack in and something about it makes me nervous. No 'real' people to speak to - I'm probably a bit more traditional than I realised.

Anyone had experience with it? Good or bad.

OP posts:
TeaAndToastx2 · 20/03/2023 22:34

I have used it for ages. I really like it once I got used to the idea of it being just an app. I’ve moved money around within Chip to different accounts and withdrawn into my current account many times with no problems at all.

wonderstuff · 20/03/2023 22:37

I have had it for over a year, very straightforward and it’s fca regulated so up to £85k is protected by government. I’d not put more than that with any one bank.

WalkAwaySugarbear · 25/03/2023 07:50

I've set it up this week, seems straightforward enough.

JayAlfredPrufrock · 03/09/2023 08:42

I’ve just opened an account and came on here to see if it was ok before transferring my savings.

Combusting · 03/09/2023 08:56

Yep have a few thousands in it and a monthly regular payment that whacks £250 on each month on payday and it's marvellous to see the interest accrue daily

Pammela2 · 03/09/2023 08:58

I have one too and once you’re used to it, it’s great. Interest rates are excellent compared to high st banks.

JayAlfredPrufrock · 03/09/2023 09:21

Thanks. Off to transfer the rest of my meagre savings.

Amboseli · 03/09/2023 11:49

I've got one. Have made £250 interest so far. Very easy to use. Would recommend.

JayAlfredPrufrock · 03/09/2023 12:02

It’s just weird not having to set up any security like Face ID.

MikeRafone · 03/09/2023 12:56

If you want Face ID then Chase account does that and has a savings account built in paying 4.1% along with a save the change paying 5%

MuchTooTired · 03/09/2023 12:58

I’ve been using it for a while, and have also invested in the company. It’s bloody brilliant! Interest is paid monthly, their customer services is great, and whilst I was wary initially I’m fully on board with it and I love the app. Would thoroughly recommend it.

december212 · 03/09/2023 13:11

I'm also really liking the Chip app. I've added face ID / pin code for access through the security settings within the profile part. Transfers seem pretty instant and interest rate is very competitive.

Combusting · 03/09/2023 13:30

JayAlfredPrufrock · 03/09/2023 12:02

It’s just weird not having to set up any security like Face ID.

Not sure what you mean @JayAlfredPrufrock ? I very much have Face ID and a passcode set upon my chip. Profile — settings —- security — passcode and Face ID.

JayAlfredPrufrock · 04/09/2023 08:56

Thanks I’ve set up Face ID now.

IusedToBeYoung1 · 04/09/2023 08:59

I love chip for saving bits and pieces but prefer Monzo for actual bulk savings, I currently have 2 pots, earning 4% instant access and another at 5.73% locked in for a year.

Amboseli · 04/09/2023 12:13

@IusedToBeYoung1 chip has instant access at 4.84%pa. Could be better to use that for instant access and something else for long term. NS&I are doing 6.2% ATM.

userxx · 04/09/2023 14:14

IusedToBeYoung1 · 04/09/2023 08:59

I love chip for saving bits and pieces but prefer Monzo for actual bulk savings, I currently have 2 pots, earning 4% instant access and another at 5.73% locked in for a year.

5.73% is pretty decent. When did you open that pot? I cant see it in the app.

Pablosdog · 04/09/2023 19:44

Tandem is 5% on instant access savings at the moment

JayAlfredPrufrock · 04/09/2023 19:46

Investec 6% locked in for a year.

caramond · 04/09/2023 20:59

Pablosdog · 04/09/2023 19:44

Tandem is 5% on instant access savings at the moment

Where are you seeing that rate? Mine is 4.65% on instant access. Just opened it last week.

Combusting · 04/09/2023 21:01

caramond · 04/09/2023 20:59

Where are you seeing that rate? Mine is 4.65% on instant access. Just opened it last week.

Show quote history

There is a bonus for the first year and the total is 5%

userxx · 04/09/2023 21:02

@caramond you should be able to turn on a top us bonus in the app.

caramond · 04/09/2023 21:06

userxx · 04/09/2023 21:02

@caramond you should be able to turn on a top us bonus in the app.

Mine says IASA Top Up no longer available for new customers so it sounds like it was a limited deal they've withdrawn.

Chip is the best instant access rate I've found currently.

Residentnumber1 · 04/09/2023 21:15

Santander now doing 5.2% instant access

WalkAwaySugarbear · 04/09/2023 21:22

I've just moved everything to Santander 5.2% but Chip and Tandem have been good.