Chip savings rates in October 2026: where they sit against Bank Rate

Bank of England Bank Rate is 3.75%. Every interest-paying Chip savings account is a variable tracker: its standard rate is set a fixed margin below Bank Rate and moves when Bank Rate moves. New customers also get a boost on top for the first year. That gives each account two numbers worth knowing, the headline rate today and the standard rate you settle on.

The rates, account by account

• Instant Access: 3.51% AER for 12 months, then 3.00% AER. The standard rate tracks 0.79% below Bank Rate (gross), and the boost is 0.51% AER. Unlimited withdrawals with no penalty.
• Easy Access Saver: 3.81% AER for 12 months, then 3.50% AER. It tracks 0.30% below Bank Rate (gross), with a 0.31% AER boost. It allows 3 penalty-free withdrawals in a 12-month period; from the next one the rate is cut by 2.10% AER.
• Smart Cash ISA: 4.68% AER for 12 months, then 3.50% AER. It tracks 0.30% below Bank Rate (gross), with a 1.18% AER boost. It is a flexible ISA.
• Prize Savings: no interest. Instead of interest, balances are entered into a monthly prize draw.

Standard versus boost

The boost is what makes the headline rates look competitive, and it lasts 12 months. After that, Instant Access savers drop from 3.51% to 3.00% AER, and Smart Cash ISA savers from 4.68% to 3.50% AER. If you are comparing Chip with another app for the long term, compare standard rates, because that is what you will earn from month 13.

The Smart Cash ISA stands out because of the size of its boost. Its standard rate is 3.50% AER, but the boost on top is 1.18% AER, and the interest is tax-free. Our Smart Cash ISA guide explains the flexibility and the transfer rules.

Why the margins matter

A tracker margin is the gap Chip keeps between Bank Rate and what it pays. Because each margin is fixed, a Bank Rate cut would lower all three standard rates by the same amount, and a rise would lift them. Easy Access and the Smart Cash ISA sit closest to Bank Rate, at 0.30% under. Instant Access sits further below, at 0.79% under, which is the price of unlimited penalty-free withdrawals.

There is one more trade-off. Only Instant Access, the Smart Cash ISA and Prize Savings count for Chip’s £50 referral bonus. The higher-paying Easy Access Saver does not.

What to do with this

Note when your boost ends, and set a reminder for a month before. When it does, compare the standard rate with what other apps pay after their own boosts. The Chip interest rates page is updated after every Bank of England decision. For how boosts work in general, see introductory bonus rates explained, and for a side-by-side view of other apps, the best savings apps comparison. The savings interest calculator shows what the boost ending means in pounds.