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

By Joy Dumasia

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.