By Aisling Finn on Monday 6 September 2021
Users can deposit up to £30,000 into the new account, which offers 0.70 per cent interest and is FSCS protected.
As many banks have reduced their interest rates down to next to nothing—with some even flirting with the idea of negative interest rates—fintech has been striding ahead of traditional banks and financial institutions.
Savings and investment fintech Chip has today launched a new savings account, which carries a (whopping) 0.70 per cent interest—compared to the market average of around 0.01 per cent, it’s an attractive offering.
Chip customers are able to deposit up to £30,000 into the new savings account, with the limit potentially being raised in the future.
Users can deposit a maximum of £5,000 at a time up to five times a day and is available to customers on the ChipAI and ChipX, which cost £1.50 and £3 every 28 days respectively.
“In the last 12 months alone we crossed the half a billion pound mark for the amount saved for our users, started working with the world's largest asset manager, launched investments, built ChipX and now…we have negotiated the best easy-access interest rate on the market for our savers,” Chip’s CEO Simon Rabin said.
“We have even more exciting savings accounts on the way and are in fact in the process of negotiating with a few banks right now.”
Chip’s new account is powered by the fintech friendly Allica Bank, which specialises in working with UK SMEs, and has been enabled by the cash deposit platform Flagstone, to give access to this market-leading interest rate
Interest on savings held in the new account is accrued and compounded daily and any money held is FSCS protected.
Clearly not happy with providing market-leading accounts for its customers, Chip also is one of the best places to work for.