Chip vs Chase Saver: boosted rates compared

The quick verdict

Pick Chase if you are happy to open a Chase current account, you are new to Chase and can get the boost, and you mostly want a high rate for one year. The boosted Chase Saver pays 4.50% AER for 12 months, higher than Chip’s Instant Access 3.51%.

Pick Chip if you want to keep your current bank, you want a Cash ISA, or you are thinking beyond the first year. Once the boosts end, Chip’s Instant Access standard rate of 3.00% AER is higher than Chase’s 2.25%, and Chip’s Smart Cash ISA pays 4.68% AER for 12 months, then 3.50% AER tax-free.

Both have a £50 referral bonus, and the conditions differ. We cover both honestly below.

Chip and Chase side by side

Chip figures come from Chip’s account and pricing pages. Chase figures come from its Chase Saver page, boosted rate page, round-ups page and refer-a-friend terms, checked on 16 October 2026.

Rates are variable. New-customer boosts last 12 months, then the standard rate applies. Eligibility criteria apply. The £50 is for people who have never held a Chip account, who deposit £1,000 into an eligible account and keep at least £1,000 there for 90 days in a row.

Boosted and standard rates

Chase’s boost is bigger; Chip’s standard rates are higher. The Chase Saver pays 2.25% AER variable. New customers who qualify get a boost of 2.25% AER, fixed for 12 months on top of the variable rate, taking it to 4.50%. Because the boost sits on top of a variable rate, the total can still move if Chase changes the underlying rate.

Chip’s Instant Access Account pays 3.51% AER for 12 months, then 3.00% AER, and its Easy Access Saver 3.81% AER for 12 months, then 3.50% AER. Both are variable trackers that sit below the Bank of England’s Bank Rate, so they move when Bank Rate moves.

Simple illustration: today’s variable rates held for two years, a steady £10,000 balance, interest not added back in, and the Chase boost applied. Chip’s Easy Access figures assume no more than 3 penalty-free withdrawals in a 12-month period.

Over two years, Chase stays slightly ahead of Chip’s Instant Access (£24 more), and trails Chip’s Easy Access. From year three, Chip pays more on either account at today’s rates. If you are the kind of saver who moves money when a boost ends, Chase’s year one is the better deal. If you tend to leave savings where they are, Chip’s higher standard rates matter more. Our guide to introductory bonus rates covers what to do when a boost ends, and Chip Instant Access vs Easy Access helps you choose between Chip’s two accounts.

Who gets the Chase boost?

New Chase customers, but the wording leaves some doubt. Chase’s boosted rate page says the boost is for customers who open a saver within their first 31 days. It adds that the offer may be withdrawn at any time, and only one boosted account is allowed per customer.

The boost terms say eligible customers are contacted. That leaves it unclear whether every new customer gets the boost automatically, or only those Chase invites. If the boost is the reason you are choosing Chase, check the Chase app before you move money. Without the boost, the Chase Saver pays 2.25%, which is lower than Chip’s Instant Access standard rate.

Chip’s account pages describe its boost simply as a new-customer boost for 12 months, with no invitation step in the wording we checked.

No Cash ISA at Chase

Chase does not offer a Cash ISA. Chip does. That matters if your savings interest could go over your Personal Savings Allowance, which GOV.UK sets at £1,000 for basic-rate and £500 for higher-rate taxpayers. Interest from the Chase Saver counts towards it.

Chip’s Smart Cash ISA pays 4.68% AER for 12 months, then 3.50% AER, tax-free, with unlimited withdrawals; flexible, so you can put money back in the same tax year. You can pay in up to £20,000 this tax year across all your ISAs. On £10,000, a higher-rate taxpayer earning £450 at Chase would have most of their allowance used by that one account. See the Chip Smart Cash ISA page and our Cash ISA allowance guide.

Withdrawals

Both allow withdrawals at any time. Chase says you can withdraw any time with no fees, with a £25,000 daily limit on transfers out to other banks. Because the saver sits next to your Chase current account, moving money across to spend is quick.

Chip’s Instant Access Account has unlimited withdrawals with no penalty. Chip’s Easy Access Saver gives 3 penalty-free withdrawals in a 12-month period; from the fourth, the rate drops by 2.10% AER. Withdrawals from Chip go to your linked bank account. Our Chip withdrawals page has the details.

Protection

Both are FSCS-protected up to £120,000. Chase is a bank: your money is held by J.P. Morgan Europe Limited (Chase) and covered by the FSCS up to £120,000. That limit is shared with your Chase current account.

Chip is an app, not a bank: your savings are held with partner banks. Chip savings are held with ClearBank and eligible deposits are protected by the FSCS up to £120,000 per person, shared across all your money at ClearBank. The Smart Cash ISA is spread across a panel of UK banks including Barclays, Lloyds and HSBC. Read is Chip safe? for more.

Costs and conditions

Neither charges a fee to save, but Chase asks you to bank with it. Chase lists the saver as: Free; needs a Chase current account. Chip’s Basic plan is free; autosave costs 45p per autosave, and recurring deposits are free on both plans. ChipX costs £5.99 every 28 days or £65.05 a year and is optional.

Chase also links its saver to its current account perks: 2% cashback on everyday spending (up to £20 a month) needs a £1,000+ saver balance among other conditions. That can be worth having if you would use Chase for everyday spending.

Autosave and round-ups

Chase’s round-up account pays a high rate on small sums; Chip’s autosave saves more but charges per save on Basic. Chase’s round-ups round your Chase debit card spending to the nearest pound and pay 5.00% AER variable. The round-up terms say only debit card round-ups can go in, and there is one account per customer, so the balance grows a few pence at a time.

Chip’s autosave looks at your current account and moves amounts it thinks you can spare. It costs 45p per autosave on Basic, and you can adjust or pause it. The Chip autosave page explains how it decides.

Referral offers: both pay £50

Chase has its own £50 referral bonus, and its condition is quicker to meet. We earn from Chip referrals, so it is fair to say that plainly. Chase’s refer-a-friend terms pay £50 each when your friend deposits £1,000 within 30 days. The person joining must not have applied to Chase before, must enter the code in time, and Chase can end the offer at any time. We do not have a Chase referral code, so you would need one from a friend who banks with Chase.

Chip’s bonus takes longer. You and the person who referred you each get £50 when you deposit £1,000 or more into the Smart Cash ISA, the Instant Access Account or the Prize Savings Account and keep at least £1,000 there for 90 days in a row. Note that if your balance drops below £1,000 at any point, the 90-day countdown starts again from zero. The Easy Access Saver does not count, you must have never held a Chip account before, and the bonus is paid at Chip's discretion.

They are not either-or. If you are new to both, you can qualify for each separately. Our savings app offers page lists the current bonuses we can verify.

Where Chase wins

Here is where Chase is honestly the better choice:

• A bigger first-year rate. 4.50% with the boost is higher than anything Chip pays on easy access.
• A faster referral bonus. Chase’s condition is a deposit within 30 days, rather than a 90-day hold.
• A high-rate round-up pot. 5.00% on round-ups, with no per-save fee.
• Everything in one bank. If you want a new current account anyway, the saver and its perks come with it.
• You have had Chip before. Chip’s bonus is only for new customers. See Chip alternatives.

Who should choose which