Chip Bank
Chip is a technology company which does not have its own banking license. Instead, it relies on ClearBank to provide banking services to its customers. Because of the critical role that ClearBank has in making lending decisions, Chip has received the same rating as ClearBank.
ClearBank does not lend to companies. Instead, customer funds are deposited with the Bank of England. There is no risk of your money funding fossil fuel companies!
Have you opened an account with Chip Bank since visiting Bank.Green?
Key Facts
Type: Financial App
Mobile Banking: Yes
Environmental Policy: No
Founded: 2017
Serving: Consumers
Local Branches: No
Products
Checking Accounts: No
Savings Accounts: Yes
Credit Cards: No
Mortgages or Loans: No
Business Lending: No
ISAs: Yes
Fees
Overdraft Fee: Yes
Account Maintenance Fee: Yes
Free ATM Network: No
Impact
Chip leverages technology to make saving seamless and investing accessible, with a focus on automated savings and diverse investment options. They aim to democratise financial growth through innovative financial products.
Security
Chip is regulated by the Financial Conduct Authority and ensures customer funds are protected up to £85,000 under the Financial Services Compensation Scheme through their partnership with ClearBank.
Service
Offering both savings and investment products, Chip provides a user-friendly app that automates saving and investing, supported by artificial intelligence to optimize financial decisions.
Accessibility
Chip offers a highly digital experience, suitable for users comfortable with managing their finances via mobile apps. The platform is designed for easy navigation, promoting a hands-off approach to saving and investing.
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