Will I get the Chip £50 bonus? Five-question checker

The checker is above. This page explains why each question is there, using Chip’s own terms, and what the checker cannot know about you. The full mechanics of the offer are on our Chip referral code page.

The five questions

One question decides whether you can open a Chip account at all: your age and tax residency. The other four decide whether the referral pays once you have one. Most failed referrals come down to the first question, a past Chip account, or the fourth, a balance that dips during the 90 days.

1. Have you ever held a Chip account?

This is the rule with no way round it. The terms say: “A new customer is defined as someone who has never previously held a Chip account.” That includes an account you opened years ago and never paid into, and one you have since closed.

It is easy to forget a sign-up from a while back, which is why the checker offers “not sure”. If you pick it, the result suggests two quick checks: search your email for messages from Chip, and see whether the app recognises your email address. If either turns something up, assume the bonus will not pay. The savings app offers page lists deals from other providers you may still be new to.

2. Are you 18 or over and UK tax resident?

Chip’s savings accounts are app-only and for UK tax residents aged 18 or over. That is a condition of opening an account, not of the referral, so a “no” here ends the check: no care at sign-up will change it. The Chip alternatives page is the better next step.

3. Can you deposit £1,000 into an eligible account?

You need to deposit at least £1,000. Can be split across more than one eligible account. The eligible savings accounts are the Smart Cash ISA, the Instant Access Account or the Prize Savings Account. Chip’s investment accounts also count under the terms, but this site covers savings only. With investments, your capital is at risk.

The trap is the Easy Access Saver. It is a Chip savings account and pays 3.81% AER (variable tracker) for 12 months, then 3.50% AER, but it is not on the eligible list. Money there does nothing for the bonus. Our Instant Access vs Easy Access comparison sets out the rate gap and the withdrawal penalty. If you want tax-free interest, the Smart Cash ISA counts, and pays 4.68% AER (variable tracker) for 12 months, then 3.50% AER.

4. Can you leave £1,000 untouched for 90 days in a row?

After the deposit, you must keep at least £1,000 in eligible accounts for 90 days in a row. The terms are specific: “If your Chip balance falls below the minimum balance of £1,000 at any point during the holding period, then your holding period countdown will start again from 0 once you meet the minimum balance again.”

So a single dip, even for a day, sends the count back to zero. And everything, including the 90 days, has to fit inside 120 days of being referred. That leaves 30 days of slack for the deposit and any restart. Money above £1,000 is yours to move as you like; the rule only cares about the floor.

If you think you may need the money within three months, the honest answer is to wait. Our guide to Chip withdrawals covers how quickly money comes out, which matters if an emergency fund is part of the plan.

5. Will you use the link, or type the code within 14 days?

Chip has to know you were referred. There are two ways. With the link, you enter your email address on Chip’s referral page, then download the app within 30 days and sign up with the same email; Chip applies the code for you. Without the link, you download Chip, sign up and type the code yourself, within 14 days of downloading.

If you plan to do neither, the checker flags it, because nothing can be added once those windows close. People often read on a laptop and sign up on a phone, which is why the result shows the code as well as the link. You will also need app version 4.56.0 or later. Our step-by-step guide to signing up to Chip shows the order to do things in.

What the checker cannot check

It cannot run Chip’s identity checks or see Chip’s records. A “you should qualify” result means your answers match the published terms, not that Chip will pay. The bonus is paid at Chip's discretion, Chip can change or end the offer at any time, and bonuses are not FSCS protected. When it does pay, it lands once all the conditions are met and the bonus itself does not earn interest.

It also does not tell you which account to use. That depends on your amount and how long you will save, and the savings interest calculator works it out with the boost ending on time.

If the answer is no

A “no” is not always a reason to avoid Chip. If you have held an account before, Chip may still suit you, just without the bonus. If the problem was the deposit, the account or the timing, you can usually fix it by waiting until you can do it in one go. And if Chip is simply not for you, the alternatives page and the offers page are there for exactly that.