Open banking-powered Autosaving and easy access savings for all users.
Instead, autosaving of up to £85,000 is now available for free, with cash going either into an easy access Allica account that currently pays 0.7 per cent interest, or a general investment account with three funds on offer (and a 0.5 per cent annual platform fee).
That leaves Chip with just a free tier and an unchanged ChipX tier at £3/month, which offers a Stocks and Shares ISA wrapper on investments and access to a larger universe of funds, including emerging markets and actively managed funds, along with a lower 0.25 per cent platform fee.
“We are confident this big step of simplifying the app, features and fees will take our mission to the next level, and remove any question that we’re building the best savings account in the world,” said Simon Rabin, Chip CEO and founder.
These included the launch of more savings accounts, more investment funds and expanding its automatic investment features.