Chip vs Chase Saver: Which Savings App Pays More?

Comparing Chip vs Chase savings comes down to one honest question: are you chasing the biggest headline rate for the first year, or the best rate to leave money sitting for the long run? These two apps answer that question differently. Chase leads with a punchy new-customer boost that beats almost everyone for twelve months, then quietly drops to a low standard rate. Chip does the opposite, offering a smaller boost but a genuinely competitive rate that stays useful after the promotion ends. Get the timing right and either can be the better home for your cash.

The quick answer

For the first twelve months, Chase pays more. Its boosted Saver reaches 4.5% AER for new customers, which is well ahead of Chip’s 3.81% AER new-customer rate. But look past year one and it flips: Chase falls to a 2.25% AER standard rate, while Chip’s underlying rate is 3.50% AER and tracks the Bank of England base rate, so it stays respectable. If you will move your money when the boost ends, Chase wins. If you want somewhere to leave savings and forget about them, Chip is the steadier pick.

Rates change often at both providers, so always check the live figure in each app before you act. The numbers below are a snapshot at the time of writing.

Chase Saver: the first-year winner

Chase, which is the UK app bank backed by J.P. Morgan, runs its easy-access Saver at a standard 2.25% AER (2.23% gross) variable. The headline, though, is the boost. New customers can get an extra 2.25% fixed on top of the standard rate for twelve months, taking the total to 4.5% AER (4.41% gross). Interest is paid monthly and the account is genuinely easy access, with no cap on penalty-free withdrawals and room to save up to £3 million.

There are two catches worth knowing. First, you need a Chase current account to open the Saver, and you have to activate the boost within your first 31 days as a customer. Second, the boost is fixed for twelve months only. When it ends you drop to the 2.25% standard rate, which is well below the best buys, so this is a rate to use and then review, not set and forget.

Chip Saver: the one that lasts

Chip is a savings and investing app rather than a full bank, and its Easy Access Saver takes the opposite approach. The gross rate of 3.45% tracks 0.30% below the Bank of England base rate, which works out at 3.50% AER for existing customers. New customers get a small boost of 0.31%, lifting the rate to 3.81% AER for the first twelve months.

That headline is lower than Chase’s, but the tracker design is the point. Because the rate follows the base rate rather than a fixed promotional figure, it does not collapse the moment a bonus period ends. Interest accrues daily and is paid monthly on the fourth working day.

The one rule to respect is withdrawals. You get three penalty-free withdrawals in any twelve-month period. Make a fourth and the rate drops sharply, by 2.10% AER, for that period. So Chip suits money you are genuinely leaving alone, such as an emergency fund or a savings goal, rather than a pot you dip into every few weeks.

Rate head to head

Here is the comparison that actually matters, split by time.

In year one, for a new customer, Chase pays 4.5% AER against Chip’s 3.81% AER. On £5,000 that is roughly £34 more interest over the year with Chase, before tax. Chase wins clearly.

From year two onward, Chase reverts to 2.25% AER while Chip sits at 3.50% AER. On the same £5,000, Chip now pays roughly £63 more over a year. Chip wins clearly.

So the sensible strategy for many savers is not to pick one and stick with it. Take Chase’s boost for the first year, then move the money to Chip (or whatever is top of the tables at that point) before the boost expires. If you would rather not diarise a switch, start with Chip and skip the admin.

Withdrawals and access

This is where the two accounts differ most in day-to-day use. Chase is true easy access with no limit on withdrawals, so it doubles well as a place to hold money you might need at short notice. Chip’s three-withdrawal rule makes it better for money you are committed to leaving in place. If you want a rainy-day fund you can raid without thinking, Chase is friendlier. If you want a rate that rewards you for not touching it, Chip fits.

For more on choosing the right home for cash you might need quickly, see our guide to where to keep your emergency fund.

Are Chip and Chase safe?

Both are covered by the Financial Services Compensation Scheme. The FSCS limit rose to £120,000 per person, per banking licence on 1 December 2025, up from the long-standing £85,000. Chase UK operates under J.P. Morgan and holds its own protection. Chip is not a bank itself: its Easy Access Saver is provided through ClearBank, so your money is FSCS protected up to £120,000 under ClearBank’s licence, shared across any other ClearBank-backed products you hold through Chip. You can confirm current protection on the FSCS website. Both are legitimate, regulated ways to hold savings, so the choice is about rate and access, not safety.

Which should you choose?

Choose Chase if you are a new customer, happy to open its current account, and want the biggest rate for twelve months, with the discipline to move your money before the boost ends. Choose Chip if you want a strong rate that holds up over time, you can live with three withdrawals a year, and you would rather not manage a rate that expires.

The smartest play combines them: bank Chase’s first-year boost, then roll the balance into Chip. For the wider picture, compare the field in our roundup of the best high-interest savings apps in the UK, or read our full Chip app review and Chase vs Monzo comparison.

Frequently asked questions

Does Chip or Chase pay more interest? It depends on timing. For the first twelve months a new Chase customer earns more, at 4.5% AER against Chip’s 3.81% AER. From year two, Chase drops to 2.25% AER while Chip stays at 3.50% AER, so Chip pays more over the longer term.

Do I need a Chase current account to open the Saver? Yes. The Chase Saver, including the boosted rate, requires a Chase current account, and you must activate the boost within your first 31 days as a customer. Chip’s saver does not require a separate current account.

How many withdrawals can I make from the Chip Saver? Three penalty-free withdrawals in any twelve-month period. A fourth withdrawal reduces your rate by 2.10% AER for that period, so the account suits money you plan to leave untouched. Chase, by contrast, has no withdrawal limit.

Is my money safe with Chip and Chase? Yes. Both are protected by the FSCS up to £120,000 per person, per banking licence, following the increase on 1 December 2025. Chase operates under J.P. Morgan, while Chip’s Easy Access Saver is held through ClearBank, so your protection sits under ClearBank’s licence.

What happens to the Chase boost after 12 months? The 2.25% boost is fixed for twelve months only. When it ends your rate falls to Chase’s standard 2.25% AER, which is well below the best available rates, so it is worth moving your money or reviewing your options before the boost expires.

Can I use both Chip and Chase? Yes, and it can be the best move. Many savers take Chase’s boosted rate for the first year, then transfer the balance to Chip or another top-paying account before the boost runs out, capturing the high headline rate without being stuck on the low standard rate afterwards.