back Back

Chip launched a savings account with 0.70% interest and FSCS protection

By Joy Dumasia

September 07, 2021

Share

Chip, the digital savings app, has launched new savings account offering 0.70% interest, easy access and Financial Services Compensation Scheme (FSCS) protection, placing the new account at the very top of the savings tables.

Chip aims to build the best savings account in the world and, as part of that mission, fight to bring its users the best rates possible. Unlike traditional savings accounts, Chip actively scours the market and works with private banks to bring exclusive top-table savings rates to its users.

Chip, which has saved its users over half a billion pounds to date, has partnered with Flagstone, the UK’s leading cash deposit platform, to access this interest rate and combine the savers’ money into a trust account. This means that all savers, regardless of whether they have £5 or £5,000 in their account, can benefit from some of the advantages normally only available to Flagstone clients.

The new account is powered by Allica Bank, a UK-based business bank working with British small-medium enterprises. To ensure that as many users can take advantage of the account, Chip initially capped total deposits per person at £30,000.

Simon Rabin, CEO of Chip, commented: “I’ll never tire of saying that at Chip, our mission is to build the best savings app in the world. Granted, it’s a hell of a goal, but 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.”

Recently, IBS Intelligence reported that Savings and investment platform Chip had launched the new Chip Investment Platform with funds powered by BlackRock. Investments aim to offer easy and hassle-free access to investment funds and enable users to grow their money and build a diversified investment portfolio in just a couple of taps.

Previous Article

September 07, 2021

Nucleus Commercial Finance gets accredited to offer RLS term loans

Read More
Next Article

September 07, 2021

Zeidler Group appoints Valentin Chantereau as Head of Legal in Paris

Read More







Advertise with us



IBSi Daily News Analysis

FinTech digital payment in India

May 16, 2022

Digital payments caused a paradign shift in rural India

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

3 FinTechs of the real estate sector in the UK and Europe

Read More

Today

BigPay goes live on Amlock’s Financial Crime Detection and Management Solution

Read More

Today

Uplinq partners with Ranqx to accelerate digital lending to SMBs

Read More

Related Reports

Sales League Table Report 2021

£ 1,500.00 / year

Know More
Emerging Technologies in Capital Markets

£ 500.00

Know More
Global Digital Banking Vendor and Landscape Report Q1 2022

£ 1,500.00 / year

Know More
Wealth Management & Private Banking Systems Report Q1 2022

£ 1,500.00 / year

Know More
Treasury and Capital Markets Systems Report 2021

£ 1,500.00 / year

Know More